Day: September 3, 2020

CBDC Privacy and Transparency: Double-Edged Sword of Blockchain

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Central banks around the world are exploring and in some cases even piloting Central Bank Digital Currencies (CBDCs). CBDCs hold the promise of realizing a broad range of new capabilities, including direct government disbursements to citizens, frictionless consumer payment and money-transfer systems, and a range of new financial instruments and monetary policy levers. The present concept of CBDCs was directly inspired by Bitcoin and pushed into rapid development at the announcement of the Facebook Libra project—but CBDC’s are different from virtual currencies and cryptocurrencies, as they will be issued by the state…

3 Reasons Bitcoin Just Tanked Below $11K for First Time in a Month

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Bitcoin prices tumbled 6.2% Thursday, falling below $11,000 for the first time in a month. The price drop trimmed the largest cryptocurrency’s 2020 rally to 50% and sent digital-asset market traders and analysts scrambling to explain the sell-off. Here are three reasons cited by analysts: 1. Bitcoin slid in sync with traditional markets. The Standard & Poor’s 500 Index of large U.S. stocks retreated Thursday after climbing to a new record high earlier in the week. A report showing new U.S. jobless claims at 881,000 in the final week of…

Digital cold war? United States and China vie for blockchain supremacy

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Two nations, two visions of the financial future: “The tech cold war is here — and the US isn’t winning,” wrote Ripple co-founder Chris Larsen in an opinion piece for The Hill recently. According to him, China has “a once-in-a-century opportunity to wrest away American stewardship of the global financial system, including its ultimate goal of replacing the dollar with a digital yuan.” Western values of openness and freedom could be lost in this new financial order. Others have sounded similar concerns. “There is a new space race. It is…

John Boyega’s Star Wars Complaints Won’t Win Him Much Sympathy

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John Boyega became a household name when he was cast as Finn in The Force Awakens back in 2015. As the trilogy progressed, the character of Finn was less and less prevalent in the movies. Boyega has now spoken out about his experience on Star Wars being anything but inclusive. For many movie fans, John Boyega first burst onto the scene as Finn, the rogue Stormtrooper in The Force Awakens back in 2015. It’s safe to say that a lot has happened since that time, with Boyega making headlines for…

Why Are Bitcoin Miners Moving An “Unusually” Large Amount of BTC?

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Bitcoin is an asset unlike any other. Not only are prices impacted by normal market participants buying and selling, but miners powering the underlining network with massive BTC reserves can also have an even greater effect. Several large miners were seen moving “unusually large” sums of BTC overnight, just ahead of the massive market collapse. Could they be responsible for the most recent plummet in Bitcoin price below $11,000? And why are these miners suddenly selling their cryptocurrency when the asset is supposed to be in a new bull market?…

The Stock Market Is Crashing as the Tech Bubble Finally Starts to Pop

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After rising for several days, U.S. stock indexes plunged sharply on Thursday. Big tech stocks dragged down the whole stock market. The overvalued tech sector was due for a correction. Thursday is a bad day for U.S. equity markets. Stocks fell sharply after the recent rally hit all-time highs. The tech sector, the market leader since the rebound began in late March, is dragging down the whole stock market.  The U.S. Stock Market Is Plunging The Dow Jones Industrial Average fell more than 2%, the S&P 500 slipped by more…

Bitcoin Needs to Reclaim This One Crucial Level to See Further Upside

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Bitcoin has been flashing signs of overt weakness throughout the past few hours, dropping as low as $10,400 before facing an influx of buying pressure that allowed its price to surge back up to highs of $10,800. The cryptocurrency now appears to be caught within a short-term consolidation phase as bears and bulls fight for control over its near-term trend. This may cause it to see some range-bound trading in the near-term, but analysts are noting that its outlook still remains positive as long as it continues defending one crucial…

Bitcoin could hit $500k or drop to zero

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In September’s crypto outlook newsletter, Bloomberg’s analyst Mike McGlone observed that the price of Bitcoin (BTC) could either be heading to the $500,000 mark, or it could fail. McGlone has continued to reiterate that in his view, Bitcoin is set to become digital gold. He emphasized once again how Bitcoin’s limited supply and increasing demand were key adoption indicators, and drew comparisons to the 2017 bull run: “Much of the broad crypto-asset market echoes 2017’s excesses, but the foundation is firming due to expanding decentralized exchanges (DEXs) and finance (DeFi).…

FB Stock Down 4%, Facebook to Ban Political Ads Before U.S. Election

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After last year’s announcement to allow political ads, Facebook will ban these ads shortly before the upcoming elections. FB stock price is falling. Facebook Inc (NASDAQ: FB) announced plans to ban political ads in the week before the U.S. presidential election. According to the announcement, some posts will be put down, while some will be labeled. Meanwhile, Facebook stock is currently trading at $289.30, with a 4.39% loss from its previous close of $302.50. Apart from declining less than 2% in the last five days, FB has been rising for…