Day: March 3, 2020

Is Bitcoin Elon Musk’s Favorite Crypto? No, Apparently Not

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It’s no secret that Elon Musk’s Twitter feed is weird, to say the least; his activities on the platform are eccentric, with the tweet being published representing some of the Tesla CEO’s quirkiest and funniest thoughts. This was proven to be true on March 3rd, when he published the below tweet, professing his love for dogs in the form of a meme. He followed this up in another tweet with “they have the best coin,” referencing Dogecoin, the meme cryptocurrency that somehow has a market capitalization of hundreds of millions,…

The Ugly Truth About This Fed Rate Cut’s Impact on the Stock Market

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The Federal Reserve’s massive emergency rate cut caught Wall Street off guard on Tuesday. Jerome Powell confirmed how serious the economic impact of the coronavirus could be in the U.S. There is barely any stimulus left to help negate a stock market crash. While Donald Trump insists everything is fine in the United States, the Federal Reserve made an extraordinary move to implement an emergency interest rate cut and pump a colossal amount of cash into the repo market. The FOMC has almost no tools left to juice growth in…

Walmart Joins Hyperledger Alongside 7 Other Companies

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Walmart has become the latest major conglomerate to join open-source blockchain consortium Hyperledger. Walmart is among eight new members to join the platform. The new members were announced on March 3 at the Hyperledger Global Forum 2020 in Phoenix, Arizona. Sanjay Radhakrishnan, the vice president of Walmart Global Tech, expressed excitement in joining the platform, stating: “We’ve seen strong results through our various deployments of blockchain, and believe staying involved in open source communities will further transform the future of our business.” Hyperledger was launched in 2016 and is hosted…

One-Man DeFi Developer Quits Citing ‘Hostile Community’

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Andre Cronje, the one-man development team behind decentralized finance (DeFi) protocol iEarn, has quit the project. Cronje cites a thankless experience with the DeFi community as the catalyst for his decision to leave. Speaking to Cointelegraph, Cronje states that his time with iEarn was “equally the best time, and the worst.” After experiencing “absolute euphoria” during the nascent stages of the project, the developer states that the pressures began to mount once platform became successful: “It drew the ire of a new anti-dev movement happening in defi, where devs are…

Dow Jones Could Crash 40% Over Coronavirus Pandemic: Dr. Doom

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Nouriel Roubini, who predicted the 2008 crash correctly, claims global equities could take a 40% hit because of the coronavirus outbreak. Dow Jones jumped over 5% on Monday, but such volatility is indicative of a bear market rally. Roubini’s prediction may prove correct as rate cuts will fail to work as a measure to stimulate spending. Investors losing faith in the Federal Reserve’s ability can lead to a brutal stock market crash. Famed economist Nouriel Roubini is known for making gloomy predictions that often come true. He was warning the…

Major Crypto Exchanges Lament Outsized Scrutiny From US IRS

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Representatives of major crypto exchanges today told the United States Internal Revenue Service that they want to see clear regulations rather than vague suspicion from the tax authority. In a March 3 panel that is a continuation of a broader crypto summit at the IRS building in Washington, D.C., representatives from Coinbase, Kraken, and major accounting firm RSM US LLP argued that the crypto world had experienced outsized scrutiny from regulators compared to its size and darkness. U.S. crypto exchanges say they aren’t that scary The representatives from Coinbase —…

Bitcoin Drops 2% Following Fed’s First Emergency Rate Cut Since 2008

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Bitcoin prices slid Tuesday after the U.S. Federal Reserve announced an emergency cut in interest rates to counteract risks to the economy from the spreading coronavirus.  The largest cryptocurrency by market value was down 2.2 percent to $8,722 as of 15:28 UTC (10:28 a.m. ET). Prices had surged 4.6 percent on Monday, rising alongside U.S. stocks as traders in traditional financial markets bet the Fed would soon cut rates to address the economic impact of the contagion. Efforts to contain the outbreak have disrupted travel and business activity while threatening…

Bitcoin Drops 2% Following Fed’s First Emergency Rate Cut Since 2008

boss

Bitcoin prices slid Tuesday after the U.S. Federal Reserve announced an emergency cut in interest rates to counteract risks to the economy from the spreading coronavirus.  The largest cryptocurrency by market value was down 2.2 percent to $8,722 as of 15:28 UTC (10:28 a.m. ET). Prices had surged 4.6 percent on Monday, rising alongside U.S. stocks as traders in traditional financial markets bet the Fed would soon cut rates to address the economic impact of the contagion. Efforts to contain the outbreak have disrupted travel and business activity while threatening…

This Is Why the Dow Jones’ Fed-Fueled Surge Suddenly Fizzled Out

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The Dow Jones Industrial Average (DJIA) surged after the Federal Reserve executed an emergency interest rate cut. But after suddenly pivoting higher, the stock market quickly erased its session gains. Here’s what’s driving the stock market’s volatile day. Despite securing a historic rally yesterday, the Dow Jones Industrial Average (DJIA) lurched back into decline after the G-7 statement failed to deliver the stock market the central bank juice it craved. That all changed 30 minutes after the opening bell. A surprise Federal Reserve policy action stunned investors, and the U.S.…

Coronavirus Is Threatening to Cancel All Sport for Months

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The spread of coronavirus is resulting in waves of sports cancellations across the world. The NBA is the latest governing body to take action, issuing a ridiculous warning over high-fives. Unnecessary cancellations mean that sport is effectively being used to scare and subdue the general population. The coronavirus is ruining sport. Whether in Italy, China or the United States, sporting bodies are cancelling events because of COVID-19. Either that, or they’re taking measures that seriously damper the usual enjoyment. And now, with the NBA warning players not to high-five fans,…