Day: March 7, 2020

Stock Market’s Whiplash Is Eerily Similar to 2008 Crash

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The stock market rallied Wednesday, the second trading session this week to interrupt the frantic selloff that begin mid-February. But that doesn’t mean the selloff is over. A legendary economist and global strategist says this is exactly what happened in the 2008-09 bear market. In fact, bear markets are more prone to outlandish, one-day surges in stock prices. This week’s whiplash rallies indicate the bull run is over. The stock market rallied Wednesday as markets warmed up to the Federal Reserve’s emergency interest rate cut of half a percentage point. The…

Stock Market’s Whiplash Is Eerily Similar to 2008 Crash

boss

The stock market rallied Wednesday, the second trading session this week to interrupt the frantic selloff that begin mid-February. But that doesn’t mean the selloff is over. A legendary economist and global strategist says this is exactly what happened in the 2008-09 bear market. In fact, bear markets are more prone to outlandish, one-day surges in stock prices. This week’s whiplash rallies indicate the bull run is over. The stock market rallied Wednesday as markets warmed up to the Federal Reserve’s emergency interest rate cut of half a percentage point. The…

Coronavirus Plagues US Crypto Conferences

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There has been a rapid escalation of the COVID-19 coronavirus outbreak worldwide. Two major crypto conferences in the US have been affected by the epidemic so far. “Bitcoin 2020”, originally scheduled for March 27 and 28 in San Francisco, has moved to Q3 of 2020. The Chamber of Digital Commerce also postponed next week’s “DC Blockchain Summit 2020” conference. The rescheduled dates are not yet confirmed, according to the announcements on March 6. Bitcoin 2020 has assured all attendees that their tickets for the conference will automatically be valid for…

Does Anyone Still Believe the Federal Reserve Runs Independently?

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The Federal Reserve slashed interest rates half a percent Tuesday. But President Trump immediately tweeted it wasn’t enough. The Fed announced the rate cut after aggressive prodding by the president. While the Fed is independent from politics in theory, it hardly looks that way. That’s because it hasn’t been for decades. The Federal Reserve aggressively rolled back interest rates Tuesday. The fifty basis point (or half percentage point) Fed rate cut is a worrisome development for two reasons: It was the first unscheduled, emergency rate cut since 2008, and it…

ICOBox Startup Fails to Acknowledge US SEC Action, Owes $16M

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The U.S. Securities and Exchange Commission, or SEC, has ordered that ICO broker ICOBox must pay $16 million after the startup failed to act on previous legal action from the commission. U.S. District Judge Dale Fischer of California sided with the SEC in a default judgement, after the alleged unregistered broker failed to respond to the commission’s lawsuit against the startup from September 2019, according to a March 6, 2020 statement. ICOBox allegedly conducted an unregistered token offering, as well as unregistered broker activities. The SEC filed with California courts…

Bitcoin Just Printed a “Darth Maul” Candle at $9,000: Here’s What It Means For BTC

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If you’ve been following the Bitcoin market over the past 30 minutes, you’ve likely noticed the odd bout of price action depicted below — Bitcoin spiked 1% in a few minutes to only crash by 3% in three minutes, then continue lower and lower as if there was no support under BTC. As many on Twitter explained, the candles that came from this price action look exactly like the lightsaber of Darth Maul, which has blades protruding from each side. Jokes aside, analysts say that the existence of a so-called…

‘Bitcoin Coronavirus’ Search Traffic Overtakes ‘Bitcoin Halving’

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Curiously, the search term “bitcoin coronavirus” has overtaken “bitcoin halving” on Google Trends. The odd search term is seeing the most traffic from Europe. Research indicates that Austria, Switzerland, and Ireland comprise the three jurisdictions that produce the most searches for “bitcoin coronavirus.” 12-Month Search Trends for “Bitcoin halving” and “Bitcoin coronavirus”: Google Singapore, Germany, Australia, and Canada are also producing significant traffic for the keyword, while the United States ranks 13th. Interest in ‘Bitcoin halving’ outpaces ‘ETH 2.0’ Interest in the Bitcoin’s upcoming halving is significantly dwarfing queries for…

CDC Commits Unthinkable Errors That Can Send U.S. Coronavirus Cases Skyrocketing

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The Central for Disease Control released a woman suffering from the novel coronavirus. The CDC shunned World Health Organization testing guidelines and created a faulty test. The CDC refuses to test a nurse whose symptoms fit the criteria for testing. When the coronavirus (SARS-CoV-2) hit China, both the central and local governments delivered bold and drastic measures to curb the spread of the disease. They quarantined millions of people and built hospitals at breakneck speed to accommodate the influx of patients. As a wealthier nation, you’d expect the U.S. and…

Bitcoin Price Bouncing Back or Dead Cat? 4 Key Levels to Watch for

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The crypto markets are experiencing a small relief rally during the week, as the price of Bitcoin (BTC) bounced from $8,400 towards $9,150. This bounce was heavily needed after a massive red candle the week before. However, is the upward momentum back in the fields? Or is it just a dead cat bounce before more downside? Crypto market daily performance. Source: Coin360 Bitcoin breaks back above $9,000, but can’t break $9,150 resistance During the week, Bitcoin has seen a breakthrough in the $9,000 level, which is currently providing support for…

Coronavirus Quarantine Hotel in China Collapses

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A coronavirus quarantine hotel in China collapsed Saturday. 70 people were trapped under the building in Quanzhou, Fujian. 28 have been rescued so far as teams pull victims from the rubble. A hotel in China collapsed around 7pm local time Saturday in Fujian, China while the building was being used as a quarantine location for people infected with coronavirus. Also staying in the building were people who had had recent contact with others suffering from COVID-19. There are currently 80,651 confirmed cases of COVID-19 in China. Meanwhile official Chinese death…