Day: August 17, 2020

Goldman Sachs Strategists Raise Target for S&P 500 by 20%

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Goldman Sachs strategists have set a new price target for the S&P 500. Up by 20% from its earlier target, the revised target is pegged at 3,600. The strategy team led by David Kostin, an analyst at U.S. investment banking firm Goldman Sachs (NYSE: GS) has lifted his year-end price target for the S&P 500 Index (INDEXSP: INX). In his revised call, Kostin raised his price target from 3,000 to 3,600 which is an increase of about 20%. The bullish call comes off following the rally by the S&P 500…

Crypto Exchange Token Is Poised for Bull Run

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The price movements of crypto exchange tokens are strongly connected with the crypto trading platform itself. Therefore, AAB token, a native token for the fast-rising AAX exchange, is poised for a massive price rally. Over the years, exchanges have become some of the most formidable entities in the nascent crypto industry. As such, it comes as no surprise that crypto exchange tokens have become integral components of the budding crypto market. These assets offer investors and users access to special features and investment opportunities, among other benefits. However, regardless of…

Grayscale Brings Altcoins to Over-the-Counter Trading

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Grayscale Investments, the asset manager behind the world’s largest Bitcoin trust, announced that its Bitcoin Cash Trust and Litecoin Trust are eligible for deposit at the Depository Trust Company, the largest securities depository in the world. The Depository Trust Company (often shortened to DTC) was founded in 1973 and is based in New York. It holds securities worth $54.2 trillion as of July 31, 2017. By clearing the bar to deposit here, Grayscale also happens to meet a requirement for being listed on major stock exchanges like the New York…

Blockchain Interoperability: The Big Picture

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Simplicity is directly proportional to efficiency; when there are fewer things to break, we expect that on average, even fewer things will do so. Asymptotically, decentralized systems are the embodiment of simplicity; they tend toward sustaining complexity and (inter)connectivity to viable levels. In the context of blockchain platforms, it would then seem paradoxical to question the significance of interoperability and interconnectivity. However, in practical terms, end-users, developers and businesses are even now compelled to navigate multiple layers of gratuitous complexity to try to address even the simplest of scenarios that…

Bitcoin Price Hits 13-Month High of $12,200, Liquidating $22M Shorts

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Bitcoin (BTC) triggered $24 million of liquidations on BitMEX alone Aug. 17 as a fresh move saw markets reclaim $12,000. Cryptocurrency market daily snapshot, Aug. 17. Source: Coin360 BTC price “clear fake-out” costs shorters big Data from Cointelegraph Markets and Coin360 showed BTC/USD hitting $12,200 briefly on Monday. A subsequent correction managed to erase the gains and more, bouncing at $11,785 to recross the $12,000 mark — all within a matter of minutes. At press time, Bitcoin circled $12,080, equating to 24-hour gains of 2.5% and the highest price for…

Bitcoin’s Hashrate Hits Record High 130 EH/s, as BTC Price Faces Resistance at $12,000

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Bitcoin’s seven-day average hashrate has reached a new all-time high of 130 exahash per second (EH/s) – a feat that might positively influence the asset’s price, while adding to the fundamental strength of the Bitcoin network. According to the latest data from charts.Bitcoin.com, the previous peak of about 127 EH/s was recorded on July 28. The Bitcoin (BTC) hashrate dropped sharply after the last halving on May 11, falling to about 90 EH/s, as miners with old, inefficient mining rigs closed shop. However, the decline was quickly reversed as miners…

Milestone Reached as Total Value Locked in DeFi Climbs to $6 billion

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Decentralized finance reached a new milestone over the weekend as the Total Value Locked (TVL) in DeFi broke $6 billion for the first time. What’s more, the rate of DeFi growth is reflecting the explosion in interest witnessed over the past few months. One Twitter user, @cryptounfolded, documented the number of days each one billion dollar milestone took to reach. The jump from $5 billion to $6 billion occurred in less than three days. This contrasts significantly with the launch of DeFi in August 2017, when it took two and…

Buffett Bought Gold, Will Buy Bitcoin: Morgan Creek Digital Co-Founder

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Co-founder and partner at hedge fund Morgan Creek Digital, Jason Williams, predicted that famous investor and business tycoon Warren Buffett will buy Bitcoin (BTC). In a tweet sent on Aug. 15, Williams pointed out some of the most recent investment decisions of the American billionaire and predicted that he will end up buying Bitcoin. Buffett sold banks and bought gold. He will buy #Bitcoin soon. — Jason A. Williams🚀 (@GoingParabolic) August 15, 2020 Williams was referring to the most recent changes to the portfolio of Berkshire Hathaway, where Buffett is…