Day: August 27, 2020

Daimler’s Now-Sold Tesla Stake Is Approaching Its Entire Market Cap

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As Tesla’s stock price soared, the EV maker has become more valuable than major traditional carmakers. Daimler was an early investor in Tesla but sold its nearly 10% stake six years ago. Toyota is another early Tesla backer that has seen its market cap dwarfed by the Elon Musk-led firm. Tesla (NASDAQ:TSLA) becoming the world’s most valuable company is a tired line already. For some of the legacy carmakers that Tesla has passed on its way to the top, the most painful thing is not being outshone–it is missing out…

Polkadot-Based Acala Raises $7M as DeFi Grabs Land on Another Blockchain

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Decentralized finance (DeFi) continues to expand beyond Ethereum with the help of top-tier investors. Acala, a DeFi startup building on the Polkadot blockchain, has closed a $7 million simple agreement for future tokens (SAFT) led by Pantera Capital. Other investors in the funding round include 1confirmation, Arrington XRP Capital, ParaFi Capital, Coinfund, Spartan Capital and others. Polkadot is a blockchain designed both to easily integrate with other blockchains and to host a number of independent but interconnected chains. Acala functions as what the Polkadot ecosystem calls a parachain, allowing it…

Bitcoin’s Powell Pump Could Be Crypto Market Shakeout Claims Pseudonymous Trader

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This morning, just as the Fed’s Jerome Powell began his speech, Bitcoin started pumping in a fast-moving short squeeze, driven by inflation narrative. However, the move just as quickly reversed, plummeting back down to lower than where the pump first began. Traders are calling the move a well-time shakeout. But what comes next for the cryptocurrency? Bitcoin Blasts $300 In An Hour, Tanks $300 Moments Later Investors and traders were watching markets like a hawk this morning, expecting some type of movement either way in response to Federal Reserve Chairman…

Joe Exotic’s Crack Legal Team Has a Presidential Pardon Plan

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Joe Exotic, the embattled star of “Tiger King,” is back in the news. This time, it’s because his team has announced that they’re going forward with a bid for a presidential pardon. Haven’t we had enough of horrible people doing horrible things? Joe Exotic wants a pardon — and he’s serious this time. Though he’s hinted, in the past, at wanting a presidential pardon from none other than Donald Trump — and who better than Trump, really, because terrible people tend to stick together — Exotic’s husband Dillon Passage went…

Delivery Hero Acquires InstaShop in $360 Million Deal

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Details of the acquisition show that Delivery Hero which valued InstaShop at $360 million made an upfront payment of $270 million with plans underway to pay another $90 million to complete the deal. In a deal that raised a record for Greek startups, the German retail delivery company Delivery Hero has acquired InstaShop, the Dubai- based instant grocery delivery company. In a release by the companies, they stated that the acquisition is meant to expand their markets share of the On-Demand delivery sphere. The deal is coming at a time…

Marvel’s Avengers’ 18 GB Day-1 Patch Laughs at Your Disc Purchase

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The upcoming live-service game, Marvel’s Avengers, will be releasing on September 4th. Square Enix announced an 18gb day one patch for the game. This huge update is a sign that the publisher rushed the game. Marvel’s Avengers will be out in barely over a week, and fans are starting to get excited. Fans who bought a physical copy, such as the $200 collector’s edition, will be less enthusiastic about learning that the game will require an 18gb update on day one. The massive data patch is a sign of the developers…

Don’t Bet Against the Fed—3 Reasons Strategists Expect Stock Market Rally

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The U.S. stock market has been rallying over the past week in anticipation of Fed chair Jerome Powell’s speech. Despite fundamental bearishness in the markets, investors are not betting against the Fed, rising liquidity, and low-interest rates. The positive stance from the Fed coincides with declining daily virus cases in the U.S. The Federal Reserve is rethinking its monetary policy. The new “market-friendly” Fed raises the likelihood of a prolonged stock market bull run in the near term. Investors turned bullish ahead of Fed Chair Jerome Powell’s speech at Jackson…

Bitcoin price hits $11.6K as Fed says it will let inflation pass 2%

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Bitcoin (BTC) spiked to $11,600 on Aug. 27 as the United States Federal Reserve committed to maintaining an average of 2% inflation. Data from Coin360 and Cryptox Markets showed BTC/USD jumping several hundred dollars on Thursday as Fed Chair Jerome Powell delivered a speech on the state of the economy. Cryptocurrency market daily snapshot, Aug. 27. Source: Coin360 Powell: inflation can go “moderately above 2%” Markets had been waiting for signs about inflation retargeting, with rumors previously suggesting that the Fed would allow rates to go as high as 4%.…

Bitcoin briefly hits $11.6K as Fed says it will let inflation pass 2%

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Bitcoin (BTC) spiked to $11,600 on Aug. 27 as the United States Federal Reserve committed to maintaining an average of 2% inflation. Data from Coin360 and Cointelegraph Markets showed BTC/USD jumping several hundred dollars on Thursday as Fed Chair Jerome Powell delivered a speech on the state of the economy. Cryptocurrency market daily snapshot, Aug. 27. Source: Coin360 Powell: inflation can go “moderately above 2%” Markets had been waiting for signs about inflation retargeting, with rumors previously suggesting that the Fed would allow rates to go as high as 4%.…