Day: August 12, 2020

Tencent Reports Incredible Q2 Earnings despite Trump’s Ban on its WeChat App

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Tencent has reported its Q2 earnings, but this fastest revenue-growing quarter in over a year will not outshine prohibiting order for WeChat. The U.S. government is continuing to wage an economic war with China and disrupt the activity of companies operated mainly from there. Earlier, the U.S. President Donald Trump administration announced plans to ban the TikTok app on the premise that it is capable of being used to gather data on Americans for use by Beijing. Besides, Trump banned U.S. transactions with TikTok’s owner ByteDance and Tencent (OTCMKTS: TCEHY),…

Chainlink Jumps 9% on the Day Crypto Market Loses $8bn; Here’s Why

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Chainlink (Ticker: LINK) rebounded from its short-term corrective downtrend on Wednesday as its price surged 9 percent on a 24-hour timeframe. The LINKUSD exchange rate established an intraday high near $14.11 on Binance exchange, up 21.95 percent from its week-to-date low. The pair’s gains appeared despite a broader sell-off in the cryptocurrency market, wherein the overall valuation fell by more than $8 billion. Chainlink chart on TradingView.com shows its bullish continuation bias. What helped the Chainlink token during the turbulent 24-hour period is the growing demand for DeFi assets. Traders…

Three Reasons Why NFT Market Is Bound to Rise and Shine

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In early July 2020, the total sales of nonfungible tokens, or NFT, hit $100 million. And that is just the start. As the DeFi market reached $4 billion in locked value and leading cryptocurrencies started their rally to yearly highs, we might soon see a hockey-stick growth pattern in the NFT space. Let’s have a look at why it might be the case. Where do NFTs come from? It’s no secret that the best thing a project can do during a crypto winter is to build — and that’s exactly…

Gold Price Plunges 5%, Treasury Yield Up on Coronavirus Vaccine Efforts

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Gold hit its worst single-day decline as its price fell more than 5% but Treasury yields increased. Analysts have tied this movement to the progress in the development of COVID-19 vaccines. Despite considerable global progress with the coronavirus pandemic, the price of gold fell as there is an increase in Treasury yields. The price decline marks the worst single-day decline for gold. Gold dropped over 5% to $1,927.39 per ounce, a considerable reduction from Friday’s record high of $2,089.20. The recent price loss is the worst gold has been, in…

Tesla Announces 5:1 Stock Split, TSLA Stock Jumps 7% in Pre-market

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Announcing its stock split, Tesla said that they were looking to make its shares more accessible to employees and small investors.  On Tuesday, August 11, automobile tech giant and electric car maker Tesla Inc announced its five-for-one stock split post market hours. By Tuesday market closing hours, TSLA (NASDAQ: TSLA) stock was down 3.1% slipping below $1400 levels. However, soon after the split announcement, Tesla stock surged 5.57% in the post-market hours. Now in the pre-market, the stock is 6.81% up, trading at $1,468.00. As per the announcement, the split goes…

Crypto-Friendly British App Revolut Reportedly Tripled Losses in 2019

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Revolut, a crypto-friendly trading app and one of the biggest fintechs in Europe, reportedly tripled its losses in 2019 despite growth in revenue and new customers. The London-based company reportedly posted a total loss of more than 106 million British pounds ($139 million), up from about 33 million pounds ($43 million) in 2018. Nik Storonsky, founder and CEO at Revolut, outlined that the massive losses in 2019 came despite a significant surge in customers, CNBC reports Aug. 11. “We increased daily active customers by 231% and the number of paying…

MicroStrategy Buys 21,454 BTC, Makes Bitcoin Treasury Reserve Asset

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As a result of the announcement by MicroStrategy about purchasing BTC, the company’s shares jumped 9.12% yesterday. MicroStrategy Incorporated (NASDAQ: MSTR), the largest independent publicly-traded business intelligence company, yesterday announced that it purchased 21,454 BTC worth $250 million, inclusive of fees and expenses. The company said that the decision to make Bitcoin its primary treasury reserve asset was in accordance with its long term investment strategy. “Our investment in Bitcoin is part of our new capital allocation strategy, which seeks to maximize long-term value for our shareholders,” said Michael J.…

India’s Election Commission Proposed Using Blockchain for Remote E-Voting

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India’s Election Commission proposed using blockchain technology as a solution for bringing transparency for remote voting in a discussion on addressing geographical voting issues. Election Commissioner Sushil Chandra expressed concerns over transparency and voter security with blockchain’s distributed consensus mechanism. India’s political systems have witnessed a fair share of issues in its electoral system. Electoral data from the Centre for Research and Debates in Development Policy stated that 15 percent of citizens were not included in the voter lists.  Chandra stated that if a blockchain solution is used for remote…

Compound Rallies 35% Following YAM Farming Launch; Time for Caution?

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COMP, the native token of Ethereum-based lending platform Compound, blasted through the roof on increasing bids for decentralized finance (DeFi) assets. The latest wave of buying sentiment in the DeFi market followed the launch of Yam Finance. The so-called “yield farming” project surfaced with the promise of offering an elastic supply crypto-asset called YAM as a reward for staking COMP and similar tokens. “We have employed a fork of the Compound governance module, which will ensure all updates to the Yam protocol happen entirely on-chain through community voting,” the announcement…