Month: November 2020

XRP Price Up after RippleNet General Manager Says Bitcoin Maximalism Is Over

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Despite RippleNet general manager’s belief that Bitcoin maximalism is over, the king coin has been pulling in continuous jump. The price of Ripple‘s XRP jumped after RippleNet general manager Asheesh Birla said Bitcoin maximalism in the crypto space is over. In reaction to the comment, Cointelegraph noted that XRP jumped from $0.25 to $0.92.  RippleNet General Manager Bullish on XRP In a recorded podcast on the 5th of November, Asheesh talked about the gradual acceptance of other altcoins in 2020. Acknowledging that Bitcoin is a “pretty innovative alternative to gold,” the general…

Despite 12% Crash, Bitcoin Looks Set to Make Highest Monthly Close Ever

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Despite the sharp pullback last week, bitcoin looks on track to post its highest-ever monthly price close. The number one cryptocurrency by market value fell by over $3,000 to $16,242 on Nov. 26, clearing out excess leverage from the derivatives market. The dip was short-lived and prices have recovered more than 50% of the pullback in the days since. At press time, bitcoin is trading around $18,600 on major exchanges. That’s significantly higher from the peak month-end price of around $13,880 observed on Dec. 31, 2017. The impending record close…

Bitcoin, Ether, and XRP Weekly Market Update November 30, 2020

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The total crypto market cap added $13.5 billion to its value for the last seven days and now stands at $552.8 billion. The top 10 currencies showed mixed results for the same time period – Ripple’s (XRP) added 40 percent while Polkadot (DOT) and Litecoin (LTC) lost 5.8 and 4.6 percent respectively. By the time of writing bitcoin (BTC) is trading at $18,354, ether (ETH) moved up to $582. XRP stabilized around $0.624. BTC/USD Bitcoin closed the trading day on Sunday, November 22 at $18,432 or 15 percent higher compared…

It’s Time for Global Investors to Raise China Share Allocation up to 20%

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During the pandemic, China has been revising its trade agreements with different countries to meet the new world order. As the global economy evolves to match the new world order, market strategist at Willis Towers Watson Paul Colwell thinks it’s prudent for global investors to put more focus on the China share allocation. According to Colwell, global investors have approximately 5% of their portfolios in China shares. However, according to him, it is high time that investors raise their allocation up-to fourfold to reap anticipated benefits in the next decade.…

Record gold outflow ‘isn’t going into ripples’ — only Bitcoin, says fund manager

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The ongoing Bitcoin (BTC) rally has primarily been driven by institutions, analysts say, with metrics such as CME’s open interest and Grayscale’s assets under management (AUM), supporting this narrative.  At the same time, the gold market has seen large outflows in recent weeks. On Nov. 24, independent financial researcher Jan Nieuwenhuijs reported that gold saw its largest weekly outflow in history. Largest outflow from gold ever. pic.twitter.com/Re4o3PHrel — Jan Nieuwenhuijs (@JanGold_) November 23, 2020 The timing of the heightened level of outflows from the gold market is noteworthy because it…

S&P Global to Merge with IHS Markit in $44 Billion Deal

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According to those familiar with the matter, the parties are hoping to announce completing the deal later today. US financial services giant Standard & Poor’s Financial Services LLC (S&P Global) may acquire London-based data provider IHS Markit Ltd for $44 billion. According to the Wall Street Journal, the deal would be the largest merger of this year. If combined, the two companies would have a common market value of about $13 billion. Neither S&P Global nor IHS Markit commented on the news. According to those familiar with the matter, the…

TSLA Stock Price Volatility Drives Concerns ahead of Tesla S&P 500 Entry

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Investors are expecting a massive capital inflow to Tesla shares over its entry to the S&P 500. Analysts say that even fund managers like Vanguard and Fidelity will be forced to seek exposure to the electric car company. Tesla Inc (NASDAQ: TSLA) has had a phenomenal journey throughout 2020 so far with the company hitting new milestones this year. Despite the pandemic, Tesla has managed to register a surge in vehicle deliveries every consecutive quarter. TSLA stock price has multiplied investors’ wealth by 7x appreciating 600% this year. While all…

Guggenheim Fund Seeks $500M Worth Exposure in BTC via Grayscale Bitcoin Trust

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In its filing with the US SEC, Guggenheim says that it wants to facilitate a 10% exposure from its $5 billion Macro Opportunities Fund, to Bitcoin. The investment, however, will happen through the Grayscale Bitcoin Trust and could be the biggest institutional investment after MicroStrategy. The Chicago-based global investment giant Guggenheim Partners is looking for a massive investment in Bitcoin. The financial services giant is among the latest institutional players seeking exposure to Bitcoin. As per its filing on November 27 with the US Securities and Exchange Commission (SEC), Guggenheim’s…