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The notoriously volatile   has struggled to reclaim its highs from earlier in the quarter. The price first fell to $32,0...
21/06/2021

The notoriously volatile has struggled to reclaim its highs from earlier in the quarter. The price first fell to $32,000 in early June and has been on a rollercoaster ride before briefly touching $40,000 last week.

Less than two weeks after Morgan Stanley said it will start offering bitcoin exposure to its wealthy clients, banking po...
02/04/2021

Less than two weeks after Morgan Stanley said it will start offering bitcoin exposure to its wealthy clients, banking powerhouse Goldman Sachs is also pushing deeper into the s**ce, announced this week that it’s looking to offer a “full spectrum” of cryptocurrency investments for its private wealth clients within the next few months.

Though Goldman has yet to state which crypto investments it will support to begin with, Reports suggested the bank ultimately hopes to offer a “full spectrum” of digital asset investments, including tokens themselves, as well as derivatives and traditional investment vehicles.

The development comes within weeks of Goldman restarting its cryptocurrency trading desk amid bitcoin’s recent resurgence, serving as a market-maker by buying and selling securities on behalf of clients but not actively managing cryptocurrencies itself.

At about $58,600, the price of bitcoin is up 3% over the past week and a staggering 810% higher than one year ago.

Bitcoin is on an inevitable path to have the same market cap and then a higher market cap as gold,Adoption is happening faster than most had predicted—it’s shocking how fast people are moving into the system.” The current market capitalization of gold is roughly $10.6 trillion, while bitcoin stands at about $1.1 trillion.

Bitcoin surged to $40,000 for the first time, doubling in value in less than a month and pushing the total market value ...
07/01/2021

Bitcoin surged to $40,000 for the first time, doubling in value in less than a month and pushing the total market value of cryptocurrencies beyond $1 trillion.

Cryptocurrencies hit the milestone after a fivefold climb in market value in the past year, data from tracker CoinGecko shows. Strategists have cited demand from speculative retail traders, trend-following quant funds, the rich and even institutional investors as among the reasons for the surge.
Bitcoin rose as much as 11% on Thursday to $40,065 And accounts for about two-thirds of cryptocurrency market value, followed by Ether at about 13%, according to CoinGecko data.

Coinbase Inc., the largest U.S. digital exchange, said it’s experiencing “connectivity issues” on both the website and mobile app for a second day.

Digital coins are jumping in a world awash with fiscal and monetary stimulus, even as some commentators fear an inevitable bust and others question the basic integrity of crypto markets. Proponents of Bitcoin argue it offers a hedge against dollar weakness and the risk of faster inflation, a bit like gold, while critics decry the intellectual soundness of comparing the two assets.

“The more that people perceive that their assets, particularly their liquid assets such as fiat currencies are eroding in value, the more they will look for alternatives,” said Geoffrey Morphy, president of Canadian crypto mining company Bitfarms Ltd.

Active Bitcoin accounts are nearing their all-time high levels of late 2017, according to researcher Flipside Crypto -- possibly a sign that some holders are planning to sell. Fewer than 2% of accounts hold 95% of Bitcoin supply, so a few big trades can impact prices. The last big Bitcoin boom began imploding in late 2017.

Some traders pointed to JPMorgan Chase & Co.’s long-term Bitcoin price forecast of $146,000 as possibly fueling the rally. Others said sentiment was boosted by a U.S. regulatory update that allows a class of less volatile coins to be used by banks for payments.

Bitcoin surpassed $20,000 for the first time, another milestone in what’s been an eye-popping rally for the controversia...
17/12/2020

Bitcoin surpassed $20,000 for the first time, another milestone in what’s been an eye-popping rally for the controversial digital asset this year.⠀

The world’s largest cryptocurrency rose as much as 3.8% to $20,154 on Wednesday, vindicating forecasts that were scoffed at months ago and leading to even higher prognostications. Bitcoin has almost tripled this year.⠀

“We have a new line in the sand and the focus shifts to the next round number of $30,000,” said Antoni Trenchev, co-founder and managing partner of Nexo, a crypto lender. This “is the start of a new chapter for Bitcoin. It’s a narrative the media and retail crowd can properly latch onto because they’ve been noticeably absent from this rally.”⠀

Bitcoin has surged despite a severe crash in March that saw it lose 25% amid the coronavirus pandemic. Proponents have seized on the narrative that the coin could act as a store of wealth amid supposed rampant central-bank money printing, even as inflation remains mostly muted.⠀

In addition, some Wall Street firms have taken a greater interest, with many seeking to capitalize on its gains in a world of rock-bottom interest rates. Guggenheim Partners LLC, for instance, recently said it might invest up to 10% of its $5.3 billion Macro Opportunities Fund in a Bitcoin trust.⠀

Bitcoin’s cross above $20,000 is its second major milestone in recent weeks -- the coin at the end of November reached a new high three years after setting a prior peak. It had traded at a few cents for several years after its late 2008 launch by an unknown software developer in the wake of the global financial crash.⠀

Over the past eight months, the Covid-19 pandemic has wrought havoc on the lives of the majority of Americans and create...
15/11/2020

Over the past eight months, the Covid-19 pandemic has wrought havoc on the lives of the majority of Americans and created concerns about the its lasting effects on the U.S. economy.

And some effects of the pandemic are worse than others. Jerome Powell, chair of the board of governors of the Federal Reserve System, addressed which ones he currently finds most concerning on Thursday during the European Central Bank Forum on Central Banking.

When asked what frightens him most, given the current environment brought about by the pandemic, Powell responded: “For me, would be the risk that there is some longer-run damage to the productive capacity of the economy and to people’s lives who have been disrupted by the pandemic — it’s women who are not by choice out of the labor force, it’s kids who aren’t getting the education they should be getting.”

Powell is also concerned about small businesses and “workers who are out of work for a long period of time and losing their connection to the labor force and really losing the life they had.”

His concerns are not without merit. Nearly 2.2 million women left the workforce between February and October, according to the National Women’s Law Center. The unemployment rate among women over the age of 20 was 6.5% for the month of October (see chart below), down from 7.7% in September, but higher among Black and Latina women.

Stocks tumbled in the U.S. and Europe as rising coronavirus infections and tougher lockdowns added to worries about the ...
28/10/2020

Stocks tumbled in the U.S. and Europe as rising coronavirus infections and tougher lockdowns added to worries about the economic hit from the pandemic.⠀

The S&P 500 Index fell 3.5%, the biggest drop since June, amid a surge in Covid-19 hospitalizations, especially in the Midwest. Energy shares sank with oil prices, and technology stocks were also among the worst performers, with Microsoft Corp. down after a disappointing forecast. The VIX Index, a measure of expected U.S. equity volatility, climbed to the highest level since June.⠀

The U.S. and European stock benchmarks are both down more than 5% this week as virus cases surge and after American lawmakers failed to agree on an economic aid package before the Nov. 3 election. Analysts are also warning about increased volatility ahead of the presidential vote and in its aftermath, with some saying that a contested outcome is still a worrisome possibility.⠀

China has started one of the biggest real-world trials for its digital currency as it pushes closer toward creating a ca...
18/10/2020

China has started one of the biggest real-world trials for its digital currency as it pushes closer toward creating a cashless future.⁠

Last week, the government in Shenzhen carried out a lottery to give away a total of 10 million yuan (about $1.5 million) worth of the digital currency. Nearly 2 million people applied and 50,000 people actually won.⁠ The winners can now download a digital renminbi app to receive the digital yuan and spend it at over 3,000 merchants in a particular district of Shenzhen. ⁠

The digital yuan is not a cryptocurrency like bitcoin. Instead, it is issued and controlled by the People’s Bank of China, the country’s central bank. It is not looking to replace digital wallets like Alipay or WeChat Pay. It will likely work together with them and other banks.⁠

China’s digital yuan has been in the works for the past few years and there have been just a handful of small trials across the country. The Shenzhen pilot appears to be the biggest so far.⁠

American workers continued to hit the unemployment line in large numbers last week, with 898,000 new claims filed for jo...
17/10/2020

American workers continued to hit the unemployment line in large numbers last week, with 898,000 new claims filed for jobless benefits. Economists surveyed by Dow Jones had been looking for 830,000.⁠⠀
⁠⠀
The total for the week ended Oct. 10 was the highest number since Aug. 22 and another sign that the labor market continues to struggle to get back to its pre-coronavirus pandemic mark as cases rise and worries increase over a renewed wave in the fall and winter. The number represented a gain of 53,000 from the previous week’s upwardly revised total of 845,000.⁠⠀
⁠⠀
Despite the higher-than-expected total, the level of continuing claims continues to fall at a brisk pace, declining by 1.165 million to just over 10 million. Continuing claims data runs a week behind the headline claims number.⁠⠀

Rihanna has landed on Forbes' list of the richest self-made women in America for the first time ever.The 32-year-old ent...
15/10/2020

Rihanna has landed on Forbes' list of the richest self-made women in America for the first time ever.

The 32-year-old entertainer made the list at No. 33 with a net worth of $600 million.

SoftBank is planning to launch a blank check acquisition company in the upcoming weeks, according to comments made today...
14/10/2020

SoftBank is planning to launch a blank check acquisition company in the upcoming weeks, according to comments made today at the Milken Virtual Conference by senior SoftBank executive Rajeev Misra.

Details: Axios has learned that Goldman Sachs and Citigroup would manage the IPO process, and that the intention is not to acquire an existing SoftBank portfolio company and bring it public.

The formal sponsor is expected to be SoftBank Investment Advisors, which manages the $100 billion Vision Fund and Vision Fund 2 (unknown size, funded entirely from SoftBank's balance sheet).

SoftBank Vision Fund invested in such companies as Uber, DoorDash, Slack, WeWork, and TikTok owner ByteDance. It also backed Opendoor, which recently agreed to be acquired by a S**C.

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Trading on the Tokyo Stock Exchange came to a halt on Thursday because of a problem in the system for relaying market in...
02/10/2020

Trading on the Tokyo Stock Exchange came to a halt on Thursday because of a problem in the system for relaying market information.

The Tokyo Stock Exchange said that all trading was stopped because of the problem, and will not resume for the rest of the day. It was unclear when it would be resolved and the system would be operating again.
Details on the Tokyo trading problems were not immediately available. Japan's nationally circulated Asahi newspaper, without citing sources, said the cause was likely a mechanical failure.

The Tokyo Stock Exchange is the world's third largest bourse after the New York Stock Exchange and Nasdaq, with market capitalization of nearly $6 trillion.

Previous outages occurred when the “arrowhead" system created by Fujitsu to handle its electronic trading became overwhelmed with too many orders at one time.

That's what happened on Oct. 9, 2018, according to a release on the TSE's website. But during that disruption, some backup systems for trading continued to function.

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