Day: February 25, 2020

Dow Plunge Intensifies as Stock Market Suffers Ugliest Loss Since 2008

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The U.S. stock market crashed for a second straight day. The Dow and S&P 500 plummeted more than 3%. CDC officials intensified the sell-off when they called the spread of the coronavirus in the United States inevitable. The Trump administration attempted to bolster stock market confidence by claiming the disease was contained. The Dow Jones cratered nearly 900 points on Tuesday, bringing its losses to nearly 2,000 points after an ugly crash on Monday. Another devastating drop in the S&P 500 marked the first time it had crashed more than…

Bank of Canada Prepares for Digital Currency “In Case One Is Needed”

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Although the Bank of Canada has no plans for issuing a digital currency immediately, the Central Bank is not ruling out the possibility of launching one due to potential mass adoption of private digital currencies — and the possibility of cashless societies. Bank of Canada Deputy Governor Tim Lane spoke at FinTech RDV 2020 in Montreal, and declared that although at the moment there is “not a compelling case” for a central bank digital currency (CBDC), a prototype is on the way and the Bank plans to consult with a…

It’s About Time the Stock Market Finally Calls Trump’s Coronavirus Bluff

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Donald Trump and his top advisors have sought to downplay the threat of the coronavirus outbreak. But with the stock market plunging to three-month lows, one thing is clear. Investors are calling the president’s bluff. It’s about time. As U.S. health officials warned the American public to brace for the coronavirus pandemic to strike U.S. soil, there was a very different conversation going on at CNBC. Larry Kudlow, Donald Trump’s top economic advisor, was poo-pooing the stock market crash that sent the Dow Jones spiraling to a three-month low. Trump…

Oil Crash Intensifies Following Dire Warning from Energy Watchdog

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U.S. crude futures approached 52-week lows on Tuesday, falling 3.4% to $49.69 a barrel. Brent crude, the international futures benchmark, declined 2.5% to $54.89 a barrel. The International Energy Agency has downgraded its demand forecast for crude due to the coronavirus outbreak. Crude oil resumed its plunge on Tuesday after the International Energy Agency (IEA) trimmed its forecast for oil demand growth, citing ongoing coronavirus risks to global supply chains. Crude Oil Slides The West Texas Intermediate (WTI) benchmark for U.S. crude futures fell 3.4% to $49.69 a barrel on…

Bitcoin Halving Mentions in Crypto Media Correlate With Bullish 2020 Price Action

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After evaluating data derived from crypto publication headlines, digital asset alternative data provider The TIE discovered a correlation between Bitcoin’s price in the market and mentions of the upcoming halving in media outlets. “We noticed how, as mentions of the halving were decreasing last fall, that tended to correlate with downward price movement,” The TIE CEO Joshua Frank told Cointelegraph on Feb. 25. “Once that narrative picked up again, Bitcoin saw upward price movement,” he continued. On Feb. 22, The TIE tweeted a chart showing the correlation. “The number of…

Markets Will ‘Crash Like Nobody Has Seen Before’ if I Lose: Trump

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Donald Trump expects the U.S. stock market to crash if he loses. Bernie Sanders is the current Democratic frontrunner. The avowed socialist has railed constantly at the “rigged” U.S. economy. Since Donald Trump’s election on November 8, 2016, the S&P 500 Index surged over 50% through December 2019. The Dow Jones Industrial Average also added nearly 10,000 points over that stretch. Source: Twitter While visiting India this week, Trump warned that the stock market gains could evaporate if he loses the upcoming presidential contest. According to The Times of India,…

South Korean Tax Policy Association Proposes Two-Step Tax on Cryptocurrencies

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South Korean tax experts have advised the Korean government to apply a low-level trading tax on cryptocurrency profits before subjecting citizens to a transfer income tax, according to a Business Korea report. The Korean government is expected to announce its tax reform plan in late 2020.  The low-level trading tax was recommended because there is a lack of legal infrastructure to enact transfer taxation. During a seminar on Feb. 21, members of the Korean Tax Policy Association advised the South Korean government to enact this two-step plan, arguing that taking…

Anthem Desperately Dangles Free Items to Entice Fickle Players Back

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Anthem is celebrating its one-year anniversary. To commemorate the event, players can grab a handful of skins if they log into the game. Developer BioWare has promised a major overhaul of the game, but free cosmetics are unlikely to tempt players back in the meantime. Time sure flies by. It’s been a year since Anthem flopped onto the scene and underwhelmed players. To mark the occasion, EA is handing out a bevy of free cosmetics to anyone that logs into the game next month. Free Skins to Celebrate Anthem’s One-Year…

Polkadot Aims for Ethereum Ecosystem with Chainlink Integration

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Polkadot is gearing up for its upcoming network launch as it revealed an integration with Chainlink (LINK) on Feb. 25. The integration of Chainlink oracles may be crucial for the development of Polkadot decentralized finance (DeFi) and other advanced smart contracts. Chainlink has completed an initial integration on Kusama, a canary network for Polkadot similar to a testnet. Chainlink was previously available on other blockchains through adapters, but this is the first move outside of the Ethereum (ETH) ecosystem in 2020. Polkadot developers will thus be able to access external…

Why Top Bitcoin Bulls Think Price Will Explode Over 1,000% Higher

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The recent volatility in the cryptocurrency markets hasn’t done much to fend off Bitcoin bulls. In fact, in two recent interviews with mainstream media, two of the industry’s most powerful executives and investors separately confirmed that they think the price of BTC will surpass $100,000 in the coming years. As crazy as they may sound in saying this, they backed their lofty predictions by citing a convergence of fundamental factors that could dramatically boost demand for Bitcoin. Tron’s CEO Thinks Bitcoin Will Rally to Six Digits By 2025 As the…