Day: August 24, 2020

U.S. to Kick Pandemic by September, Leading Stocks Higher: Analyst

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Fundstrat’s Tom Lee thinks the United States will soon become one of the world’s safest countries for Covid-19. Declining infections feed the ‘keep buying stocks’ narrative following the Fed’s unprecedented liquidity operation. Peter Schiff warns that Main Street’s misery is Wall Street’s gain. The stock market’s return to record highs is only just getting started, according to one strategist who called the market comeback following the “great liquidity crisis” of March. Tom Lee of Fundstrat Global Advisors thinks Covid-19 cases have not only peaked in America, but the country will…

Corporate Crypto Reserve Status: Software Firm Snappa Swaps 40% Cash Reserves for Bitcoin

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On Monday, Canadian graphics software company, Snappa, revealed that it was holding bitcoin as a reserve asset. Snappa follows the firms Microstrategy and the Canadian restaurant chain Tahini’s by deciding to convert cash reserves into the scarce crypto asset. The graphics software firm Snappa based in Ottawa has joined the trend of companies converting cash reserves into bitcoin (BTC). The company revealed its decision on Monday, August 24, when the company’s cofounder, Christopher Gimmer, wrote a blog post about the move. Additionally, Gimmer also spoke with the journalist, Zack Voell,…

Bitcoin Difficulty Sets New Record as Miners Enter Bullish Phase

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The massive financial overlay undertaken by major Bitcoin (BTC) miners is beginning to yield some significant results with mining difficulty reaching a new all-time high (ATH). The immediate post-halving period did see smaller operations exiting the market with participants moving towards more sophisticated hardware. Bitcoin Mining Difficulty Sets New ATH Tweeting on Monday, Bitcoin analyst and creator of the Stock-to-Flow (S2F) model, PlanB, revealed that the Bitcoin mining difficulty achieved a new all-time high of 17.6 trillion. Mining difficulty refers to the average hashing power required by miners to solve…

Despite a $13k+ price tag, YFI is one of the cheapest DeFi tokens by price-to-sales

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Messari believes that Yearn.Finance’s YFI token is one of the least expensive in the DeFi space, according to its price-to-sales multiple. The metric is calculated by dividing a token’s market capitalization by its annualized yield. In YFI’s case, its capitalization at the time of calculation was $390 million. According to Messari, its annualized sales stood at $21 million. Dividing the two numbers, we get approximately 20x. For reference, the same ratio for CRV, another popular DeFi token, is 1568x, making it 78 times more expensive according to this ratio. DeFi…

Two DeFi projects with $1.2B in TLV have major governance issues

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Curve Finance is currently the third largest DeFi protocol, with a total value locked, or TVL, of $1.1 billion. Recently the community realized that the project’s founder, Michael Egorov, had leveraged over 71% of the voting power, ultimately leading to backlash from the community. Andre Cronje, the founder of popular DeFi protocol yEarn.Finance, tweeted: Source: Twitter. The protocol’s next vote is scheduled for August 28. While Egorov’s share has gone down somewhat, he still controls over 50% of the vote at press time. YFValue was launched last week with a congenital…

Jerry Seinfeld’s NYC Op-Ed Is ‘Comedians In Cars With Blinders On’

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Jerry Seinfeld slammed a recent obituary for New York City by hedge fund manager James Altucher. But the superstar comedian can’t possibly relate to most New Yorkers, or how they weigh the pros and cons of staying in the city. High taxes and regulations have strangled it for decades. Now with pandemics and shutdowns, people aren’t getting what they’re paying for. Jerry Seinfeld slapped professional business nerd James Altucher around a bit Monday in a New York Times opinion piece. In case you don’t know Altucher, he’s like the Bill…

XRP Breaking This Key Multi-Year Level Could Spark a Massive Rally

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XRP has been moving in close tandem with Bitcoin and Ethereum in recent times, struggling to garner any independent momentum. This correlation exposed it to downside last week, before throwing it into a bout of prolonged consolidation. The cryptocurrency’s price is now hovering around $0.29, which is around where it has been trading throughout the past several weeks. This does mark a slight climb from recent lows of $0.27 that were set earlier this week, but the crypto is still struggling to garner any clear momentum in the near-term. That…

Travel Stocks Are Soaring on Vaccine Optimism. Can They Fly Higher?

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Travel stocks soared Monday as optimism about a Covid-19 treatment and vaccine mounted. A vaccine might not be the silver bullet investors are anticipating. Travel stocks will likely have a bumpy ride in the coming months. The S&P 500 hit another all-time high Monday, as optimism surrounding a Covid-19 treatment and vaccine drove stocks higher, especially travel companies. The S&P 500 closed at a record high Monday. | Source: Yahoo Finance David Rainey, co-portfolio manager of the Hennessy Focus Fund, said: The market is now working out well into next…

The Iranian government took down over a thousand crypto mining farms

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Whistleblowers helped Tavanir, Iran’s power company, shut down 1100 crypto mining farms that were allegedly operating without the proper licenses.  Although Tavanir says that some of the miners were using “high levels” of subsidized electricity, their report clarified that no significant changes were spotted in terms of electricity consumption. Local authorities said that this is why they had to rely on whistleblowers, noting that Tavanir “cannot detect all illegal farms solely by studying their consumption patterns.” Individuals who provided information leading to the detection of unauthorized miners received 100 million…

Market Wrap: Bitcoin Hits $11.8K; Ethereum Gas at All-Time High

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The bitcoin market is experiencing low volume Monday but ether continues to fuel DeFi’s growth. Bitcoin (BTC) trading around $11,737 as of 20:00 UTC (4 p.m. ET). Gaining 0.34% over the previous 24 hours. Bitcoin’s 24-hour range: $11,592-$11,823. BTC above its 10-day and 50-day moving averages, a bullish signal for market technicians. Bitcoin trading on Coinbase since August 22.Source: TradingView Read More: Leveraged Funds Take Record Bearish Positions in Bitcoin Futures Bitcoin’s price opened the week heading higher, hitting $11,823 on Monday before dipping lower. “Bitcoin has settled into a…