Business

  • Can Bitcoin Price Hit $424,000 Sometime in Late 2021?

    YouTube bitcoin and crypto price analyst Benjamin Cowen yesterday released a new video examining the BTC 20-week moving average (20MA) as a macro-level market indicator. What does it say?  Bitcoin Price: Support or Resistance Based on historical data, when the 20MA is acting as support for BTC price, Bitcoin has tended to be in an extended bull market. Conversely, the times that 20MA has acted as resistance against the upward movement in Bitcoin price, have been during bear markets. In the last market cycle, the Bitcoin price broke above the 20MA in June 2015. However, it didn’t stay above this level, until 33 weeks later in February 2016, thereafter creating support. In this present cycle, we first broke above the 20MA in March 2019. We stayed above this level without needing it as support for about 26 weeks, then dipped back below, and have recently retaken the 20MA, 43 weeks after first breaking above it. Where Do We Go From Here? Obviously, there is no indication yet as to whether the 20MA will now act as support for an extended…

    Jan 25, 2020
  • Donald Trump May Have Been Behind Jeff Bezos’ Phone Hack

    It looks likely that Saudi Arabian officials hacked Jeff Bezos’ personal phone, but their reason for doing so is unclear. The timing of the ordeal doesn’t quite line up with current theories. Donald Trump is a common thread that links Bezos, Prince Salman and the National Enquirer. Everyone wants to know how Amazon owner Jeff Bezos got hacked. Not only because it’s surprising to learn that the tech big-wig’s phone wasn’t adequately protected against cybercrime, but because it matters in today’s political landscape. A forensic analysis of Jeff Bezos’ cell phone pointed to a WhatsApp video as the source of the hacking attack. The video was sent to Bezos by Saudi Arabian Crown Prince Mohammed bin Salman.  Embassy Denies that Saudi Arabia Hacked Bezos Following reports of the hacking source, the Saudi Arabian embassy issued a statement on Twitter calling the accusations absurd. After all, why would Saudi officials want Jeff Bezos’ personal information? Saudi Arabian officials are denying the attack. | Source: Twitter There are a few potential answers to that— the first and most prominent being to hold…

    Jan 25, 2020
  • Bitcoin is the Most Popular Crypto Asset Amongst Investors

    The Bitcoin and crypto market cap figures that we get from CoinMarketCap, whilst being infinitely more reliable than its data on daily volumes, just tell us how much of each particular cryptocurrency is out there. But with vast swathes of these tokens being held by early adopters, whales, exchange wallets, or just forever lost, it doesn’t answer the question. Just which cryptocurrencies are investors actually holding in their portfolios? Market Cap vs Dominance and Popularity Fortunately, the team behind the Shrimpy Portfolio Management app has dug into their extensive sample data to give us a snapshot. Ignoring market cap, we will instead look at the dominance of Bitcoin and cryptocurrencies within portfolios and their popularity. The dominance indicates the average weighting of a cryptocurrency within the portfolios. This ignores the relative values of the portfolios. So a $100 million portfolio containing 25% BTC and a $10k portfolio containing 75% Bitcoin, would still average out at 50% BTC. Popularity measured what percentage of the sample portfolios hold a particular token, ignoring the relative proportion in each. So if each of 10…

    Jan 25, 2020
  • Why the Stock Market Shouldn’t Take Trump’s Bait on ‘Tax Cuts 2.0’

    Donald Trump and his advisors have begun to tease the stock market with hints about a second round of tax cuts. They clearly want investors to price in another tax reform package ahead of the 2020 U.S. elections. History says that the stock market shouldn’t take the bait. Every U.S. president has received undue credit – or blame – for how the stock market fared under his watch. But Donald Trump and his advisors have taken it upon themselves to inflate the appetites of Wall Street bulls with a steady stream of market-friendly talking points. From promises of business-friendly tax cuts to constant assurances that crucial trade deals are just a few minor edits away, the White House has supplied the stock market with ample rocket fuel to launch the Dow and other indices to all-time highs. The S&P 500 (blue) and other stock market benchmarks have rocketed to all-time highs since the 2016 election. | Source: Yahoo Finance As dubious as some of those breadcrumbs have been – the White House said a comprehensive U.S.-China trade agreement was 90%…

    Jan 25, 2020
  • Bernie Sanders Slams Jamie Dimon On Socialism – They’re Both Wrong

    Bernie Sanders went after Jamie Dimon on Twitter calling him a hypocrite for his comments on socialism. Senator Sanders is not telling the whole truth when it comes to Wall Street bailouts. Jamie Dimon is also wrong as corporate welfare is rampant, and creating a dangerous imbalance in U.S. society. What is the saying about people in glass houses? Jamie Dimon has been getting a lot of press for his comments on several economic topics at the billionaire ski-meet, otherwise known as the World Economic Forum in Davos. Of particular interest were his comments regarding socialism, of which the JPMorgan Chase CEO and Chairman were very critical. The United States’ most famous socialist, Senator Bernie Sanders, is not having it, and reminded Dimon of a very inconvenient truth. Source-Twitter Bernie Sanders Stretches The Truth To Slam Jamie Dimon While the above tweet will no doubt get Bernie Bros feeling the Bern and pumping their fists, a note of caution. JPMorgan Chase did pay back their bailout money, and Bernie Sanders must be referring to Wall Street as a whole, not…

    Jan 25, 2020
  • Ripple Plummets, Lacks Buyers at Critical Support

    Jan 25, 2020 at 13:40 // News Unexpectedly, XRP dropped from $0.23 to $0.21 shortly after the bulls failed to defend the critical support. In the previous week, XRP has been ranging over $0.23 because of the inability of bulls to sustain above $0.25. Now the coin has fallen to $0.21again because of a lack of buyers at the critical support. It is doubtful if the current fall has ended. The market is still on a downward move. The fall may certainly get to the low of $0.20 because the bears have broken below the exponential moving average. We hope that the price will hold at the $0.20 support. If it does, the bulls will try to push the price over the EMAs because the market will continue its fall, once the price is beneath the EMAs. Nonetheless, if the $0.20 support cracks, XRP will fall to the low of $0.18. Ripple (XRP) Indicator Analysis From the EMAs, Ripple may continue with its recent fall because the price has reached the downtrend zone. XRP is also trading below a 40%…

    Jan 25, 2020
  • Bitcoin ‘Needs More’ PR from People Like Peter Schiff: Binance CEO

    Bitcoin (BTC) skeptic and gold bug Peter Schiff is unwittingly advertising the cryptocurrency’s virtues over other investments, says the CEO of exchange Binance. In a tweet on Jan. 25, Changpeng Zhao (known as “CZ” in crypto circles) argued Schiff was failing in sewing distrust of Bitcoin among social media followers and beyond. CZ: We need more “negative voices” “I think Peter is doing great to promote bitcoin. He probably does not realize that given his illogical reasoning, most people will do exactly opposite of what he says,” he wrote. CZ concluded:  “We need more of these types of ‘negative’ voices.” The Euro Pacific Capital hedge fund manager was already somewhat notorious for his posts attacking Bitcoin which claim gold to be superior. Last week, however, Schiff was already undermining his credentials after blaming wallet provider Blockchain for “losing” his Bitcoin holdings worth 0.21 BTC ($1,750) he received in the form of donations in 2019. In the event, Schiff had simply confused his pin with his password.  Nonetheless, he continued to allege that Bitcoin investors were the true ignorant party for…

    Jan 25, 2020
  • Ripple IPO is Unnecessary, XRP Will be Useless and Price will Dump: Critics |

    Twitter Facebook reddit Pinterest Hacker News LinkedIn Tumblr Google+ VKontakte At the World Economic Forum in Davos, Brad Garlinghouse, the CEO of Ripple Inc., the $10 billion firm that owns a majority of XRP, reportedly said the firm is planning for an initial public offering. Unexpected, the reaction has been mixed with some venting through social media channels. Ripple IPO in 12 Months With billions of XRP translating to millions of dollars, critics are taking on Brad Garlinghouse and Ripple Inc.’s decision. Speaking at the World Economic Forum in Davos on Jan 23, Brad said: “In the next 12 months, you’ll see IPOs in the crypto/blockchain space. We’re not going to be the first and we’re not going to be the last, but I expect us to be on the leading side… it’s a natural evolution for our company.” “In the next 12 months, you’ll see IPOs in the crypto/blockchain space. We’re not going to be the first and we’re not going to be the last, but I expect us to be on the leading side… it’s a natural evolution…

    Jan 25, 2020
  • Ethereum Moves up After a Breakdown

    Jan 25, 2020 at 12:49 // News In the last 48 hours, Ethereum has been on a downward move, but within a confined range of $160 and $173. Today, the price reaches a low of $157 and it is making an upward move to reach a high of $173. Ethereum is currently fluctuating in the range after its failure to break above the $180 on January 19. It is expected that if the bulls break the recent high at $173, the pair will pick up momentum to reach a high of $200. Conversely, if the bulls fail to break the recent high, Ether will continue its fluctuations.   Ethereum Indicator Analysis  The RSI period 14 has dropped to level 55 which indicates that the coin is in the bullish trend zone. The coin is also likely to rise. Meanwhile, RSI was earlier above level 70 when it indicated that the market was overbought. At that time sellers came in to push the price downward. The indicator also drops to level 55.  Twitter Facebook reddit Pinterest Hacker News LinkedIn Tumblr Google+ VKontakte…

    Jan 25, 2020
  • Is Kareem Hunt Doomed to Become the Next Josh Gordon?

    Kareem Hunt looked destined for greatness before the video of him kicking a woman surfaced, resulting in him getting cut by the Chiefs and suspended for eight games. The Browns gave him a second chance by signing him to a one-year deal this season. But depending on how the Browns want to view his recent marijuana incident, he may not be coming back. Nothing may happen from this incident, but the fact that he even had it may be enough for teams to question whether Hunt can stay out of trouble and remain eligible. Being mentioned in the same conversation as some of the NFL’s greatest is likely a dream for most players. After accounting for 246 total yards and three touchdowns (148 rushing and 98 receiving) in his NFL debut, some were already talking about Kareem Hunt having that kind of potential. But not anymore. His rising star came crashing down when a video surfaced of him assaulting a woman. NFL fans can be forgiving of a lot of things (right, Michael Vick?), but not acts of domestic violence…

    Jan 25, 2020
  • This Ripple Backed Firm is Eyeing Indian Market Dominance

    MoneyGram, the cross-border payment system backed by Ripple, will aim to become a leader in carrying remittances for the Indian market. Ripple Backed MoneyGram Aims for Bigger Share of the Indian Remittances Market After forming a strategic partnership with EbixCash, MoneyGram will aim to grab the biggest market share in India, reported The Hindu Business Line. Cross-border payment systems help the Indian economy connect to worldwide services, and MoneyGram aims for a larger part of that market. But so far MoneyGram has met problems spreading to the Indian market, commented Alex Holmes, chairman, and CEO of MoneyGram. The partnership with EbixCash will solve the “last mile” problem of money transfers. EbixCash is one of the vastest fintech networks, encompassing multiple preloaded, utility and general payment services. MoneyGram is one of its latest partners, and thus connects India’s payment ecosystem with Ripple, Inc. The San-Francisco based firm, which invested $50 million MoneyGram in the summer of 2019, continuing its expansion to link the space of cryptocurrencies with regular payment systems. MoneyGram is still in the experimental stages of using RippleNet’s ecosystem…

    Jan 25, 2020
  • Will Pope Francis Be Getting a Jimmy Garoppolo Jersey Soon?

    Football players, coaches, and fans are typically a superstitious lot. Even if an advantage is just a perceived one, it is still an advantage and worth having. So, if the 49ers want every possible advantage they can get heading into Super Bowl LIV, they may want to send Pope Francis a Jimmy Garoppolo jersey ASAP. When Kyle Shanahan is coming up with his game plan for defeating the Kansas City Chiefs, he is going to try and take away as many competitive edges as he can from the Chiefs. It doesn’t matter what the advantage is or whether it is real or imagined. If it can help the Chiefs beat his team, he has to plan for it. So, that must mean that between now and Feb. 2, it will be someone’s job to get a signed Jimmy Garoppolo jersey in the hands of the Pope. Divine Intervention? After the Ravens narrowly beat the 49ers during the regular season, Baltimore Archbishop William E. Lori brought Pope Francis a custom Ravens jersey signed by Lamar Jackson and head coach John Harbaugh….

    Jan 25, 2020
  • Are Altcoins Not Investments but “Trades” to Be Sold for More Bitcoin (BTC)? |

    Twitter Facebook reddit Pinterest Hacker News LinkedIn Tumblr Google+ VKontakte Bitcoin maximalists are assertive and vocal. In a space where dominance matters, one supporter now says altcoins are not worthy investments but mere assets for price speculation. It his view that Bitcoin—enjoying its first-mover status, is a long-term investment and altcoins exits should be another reason for ramping up BTC. Bitcoin is King Expressing his view on Twitter, his post spurred discourse. His conclusion comes when Bitcoin and the whole cryptocurrency market is correcting following an impressive first two weeks of January when superb gains were registered. “Alts are not an investment. They are trades. Something you get in and get back out of and at the end you should have sold them for more Bitcoin than you had before. Bitcoin should be the only long-term exposure you have to cryptocurrency. It is an investment.” Alts are not an investment. They are trades. Something you get in and get back out of and at the end you should have sold them for more Bitcoin than you had before. Bitcoin should…

    Jan 25, 2020
  • Nedbank Not Looking to Shut Down Crypto Exchange Bank Accounts

    Contrary to reports, prominent South African bank, Nedbank is not considering closing down accounts belonging to crypto exchanges in the country. Nedbank Not Taking New Digital Asset Exchange Customers According to South African crypto news outlet SACrypto, reports stating that Nedbank is planning to shut down bank accounts of crypto exchanges are false. Commenting on the situation, Richard De Sousa, the CEO of AltcoinTrader, one of South Africa’s crypto exchange platforms remarked: I commented in the IT Web article about Nedbank closing crypto accounts. But I believe it has turned into media hype. The reality is: Nedbank are no longer taking on new accounts for crypto related companies, but they are not closing current accounts. As previously reported by Bitcoinist FNB closed down accounts linked to cryptocurrency exchanges in November 2019. However, stakeholders at major South African crypto exchanges say fellow ‘big five’ bank Nedbank is not planning on adopting a similar course of action. On Friday (January 24, 2019), South African tech publication ITWeb had reported that Nedbank was looking to follow FNB’s footsteps in shutting down crypto exchange…

    Jan 25, 2020
  • Vietnamese Dong to See Listing Support on Binance 

    Binance has revealed that another fiat currency will be getting a listing on the platform. The second fiat currency set to get support on Binance has been announced to be the Vietnamese Dong. The CEO of Binance, Changpeng Zhao has spoken on the matter. Binance has revealed that another fiat currency will be getting a listing on the platform. The first currency is supposed to be the Chinese Yuan, which makes for an exciting development. Now though, the second fiat currency that is set to get support on Binance has been announced to be the Vietnamese Dong. The CEO of Binance, Changpeng Zhao has said: “Binance is committed to providing our global users with more convenient fiat gateways and easy access to cryptocurrency, and our P2P service aims to lower the barriers to entry to the crypto world. We are pleased to introduce fiat-to-crypto P2P trading services to Vietnamese users to flexibly trade cryptocurrency at low costs.” This peer to peer service is only going to be available for those in the respective countries when it comes to trading such…

    Jan 25, 2020
  • Bitcoin Risk-Return a ‘Different Beast’ Compared to Amazon: Analyst

    Bitcoin’s (BTC) risk-return is a “different beast” compared to even the darling of the stock market of the 2000s, Amazon. That was the conclusion drawn by one of the cryptocurrency industry’s best-known analysts and the creator of a uniquely accurate Bitcoin price model. PlanB: Amazon “normal” compared to BTC Uploading a chart showing BTC risk-return versus Amazon stocks, U.S. bonds, gold and the S&P 500 on Jan. 24, PlanB showed Bitcoin behaved completely differently as an investment.  Amazon’s significant losses in the year 2000, combined with its revered recovery ever since still keeps it far below Bitcoin’s risk-reward ratio.  “Bitcoin… is a different beast!” PlanB summarized, describing Amazon’s position on the chart as “much closer to normal.” Amazon’s share price appeared to shake off revelations involving Saudi Arabia allegedly hacking CEO Jeff Bezos this week. Both $AMZN and BTC nonetheless fell over the past seven days, with the latter potentially reacting to uncertainty stemming from China. Bitcoin risk-return vs. major investments. Source: PlanB/ Twitter A volatile winning bet The impressive contrast comes days after Cointelegraph reported on Bitcoin’s risk-adjusted returns…

    Jan 25, 2020

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