Day: August 18, 2020

Will the USD Hold Up as the Global Reserve Currency?

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The USD is a global reserve currency. Therefore, while many currencies weaken during times of crisis, the US Dollar not only stays put but grows stronger. This has been happening over and over, so it’s expected that in the coronavirus recession, USD should behave the same way. And it does stand strong at the moment. However, the long-term forecast for this currency isn’t so bright. It’s quite possible that with the rise of digital payments in the pandemic, a crypto reserve currency is in our future. Is the USD Truly…

SpaceChain Completes First Bitcoin Multisignature Transaction in Space

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On August 18, SpaceChain announced the successful completion of the first multisignature blockchain transaction in space through the International Space Station’s Bitcoin wallet. On August 18, SpaceChain UK Limited (SpaceChain) announced the successful completion of the first multisignature blockchain transaction in space. SpaceChain Bitcoin wallet confirmed the signing of a multi-signature transaction on the International Space Station (ISS). That transaction marked the completion of a major milestone supported by the European Space Agency (ESA) Space Solutions as a significant Kick-start Activity. SpaceChain co-founder and CTO Jeff Garzik performed the said…

Bitcoin and Gold Short-Lived Correlation Not a Sign of Comparability

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The Bitcoin (BTC) and gold one-month correlation reached a record high of 68% as Bitcoin hit $12,000 early in August, but the correlation crashed by 20% the following week. Despite this, Bitcoin looks set to become digital gold in 2020 considering the price correlations and trends in the futures market. Both gold and Bitcoin are having a phenomenal year in terms of year-to-date returns. According to Skew Analytics, gold has a 27.93% YTD return, while Bitcoin has racked up a 71.68% YTD yield. Although Bitcoin sees much higher volatility than…

Here’s What Could Come Next

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On Monday, Bitcoin underwent a notable breakout. The asset surged from the $11,800 baseline it was trading at to a daily high just shy of $12,500 in the span of hours. The move brought BTC above the pivotal $12,000 region, which acted as resistance at the highs of three separate rallies over the past two weeks. Bitcoin is reversing lower, though, as bears have initiated a strong sell-off. Over the past hour, the asset has plunged from $12,240 to a local low of $11,920. BTC now trades at $12,040 as…

Bitcoin Bull Market ‘Confirmed’ Says PlanB as RSI Repeats 2016 Halving

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The creator of arguably the most famous Bitcoin (BTC) price forecasting tool has declared that the largest cryptocurrency is in a bull market. In a tweet on Aug. 18, quant analyst PlanB, creator of the Stock-to-Flow series of Bitcoin price models, said that with a relative strength index (RSI) of 64, the bull market was “confirmed.” PlanB: BTC “looking strong” RSI is used to determine whether Bitcoin is overbought — or oversold — at a specific price point. Current behavior mimics that of previous halving cycles, with 2012 and 2016…

Microsoft and Oracle Competing in TikTok U.S. Business Acquisition

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After Trump’s executive order directing TikTok parent company ByteDance to sell its U.S. business in 90 days, Microsoft and Oracle are said to be competing to purchase the Chinese video-sharing app. Lawrence Ellison, CEO at Oracle Corporation (NYSE: ORCL) that is a long-time business rival of Microsoft Corporation (NASDAQ: MSFT), is said to be in talks with TikTok parent company ByteDance to acquire its U.S., Canadian, Australian and New Zealand assets. Through his company, Oracle Corp. (NYSE: ORCL) will be challenging Microsoft’s possible TikTok acquisition, where the talks are said…

Strong Technical Indicators Help Bitcoin Shoot Through $12,000, What Lies Ahead?

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The bitcoin price, on Aug 17, soared above $12,000 to new 2020 highs coinciding with similar gains posted by the US equities following a depressing Q2 pinned to the slowing effects of COVID-19. Bitcoin Prices Rally at The Back of Supportive Technical Indicators A Bloomberg report shows that at yesterday’s peak, the Bitcoin price rose to $12,473 during the New York session as other coins like Litecoin and Bitcoin Cash posted impressive results.  Consequently, the Bloomberg Galaxy Crypto Index spiked to its highest level since June 2019. At the time of writing,…

WMT Stock Down 1% in Pre-market, Walmart Reports Q2 Earnings

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Walmart’s e-commerce sales in the U.S. shot up by 97%. The retailer’s U.S. same-store sales grew by 9.3% in the second quarter, fueled by purchases of food and general merchandise. American multinational retail corporation Walmart Inc (NYSE: WMT) reported on its earnings for its financial Q2 of 2021. According to the official statement, the company’s net sales and operating results were significantly impacted by a prolongation of the global pandemic situation. Bigger demand for products across numerous categories led to strong top-line and gross margin results. Doug McMillon, President and…

Elon Musk Becomes Fourth-Richest Person, Tesla Stock Hits New Record

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Having become the fourth-richest person in the world, Musk is remaining behind Facebook’s Mark Zuckerberg ($99 billion), Microsoft’s Bill Gates ($121 billion), and Amazon’s Jeff Bezos ($188 billion). Tesla Inc (NASDAQ: TSLA) stock saw another historic surge on August 18. It jumped over 8% after the bell rang on Monday, retesting its all-time high of over $1,788. By the end of the trading session, Tesla shares rose 11.20% to close at $1,835.64, which marked a new all-time high for the stock. Such a jump has not only made Wall Street…

Robinhood Valuation Climbs $11.2 Billion with New $200 Million Funding

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With the latest funding, Robinhood announced an additional $200 million amid a season of consistent growth for the company. Robinhood Markets Inc is now at a valuation of $11.2 billion after its latest funding on Monday. The fintech startup said it raised $200 million from an investment firm, D1 Capital Partners. The recent funding marks the company’s third major cash investment in the last four months. In May, Robinhood’s valuation hit $8.3 billion after it raised $280 million. In addition, the fintech company raised $320 million more, pushing its valuation…