Day: September 21, 2020

GBP/USD Price Analysis: Another break lower could take cable close to 1.25
Forex

GBP/USD Price Analysis: Another break lower could take cable close to 1.25

GBP/USD is trading 0.77% lower on Monday.  The Feb extension and retracement match up at the 76.4% retracement. GBP/USD 4-hour chart GBP/USD has been selling off recently after the recent trendline retest. Elliott Wave analysts will be very interested in the Fib confluence lower down close to the 76.4% Fibonacci. At the moment the price is stalling at the wave low but if there is a break the targets lower down seem strong. At the moment, the bulls have found support at 1.2760. Looking at the chart the red circle illustrates the point where the 200% and 76.4% meet. The thing that makes it stronger is the support level from the consolidation in mid-July.  The indicators are also confirming the bearishness. The Relative Strength Index is just pulling away from the over...
Is a Bitcoin ‘death spiral’ imminent following yesterday’s massive difficulty adjustment?
Crypto News

Is a Bitcoin ‘death spiral’ imminent following yesterday’s massive difficulty adjustment?

Before the recent halving, many were prophesying a so-called “death spiral” for Bitcoin. This theory hinges on the idea that the halving of the block reward leads to an exodus of miners due to the sudden unprofitability of mining activities. As a result, the network hashrate decreases and the block time increases, meaning that miner revenue further diminishes, pushing more miners off the network. This loop would then allegedly continue until there is no one left to mine Bitcoin (BTC). Bitcoin mining difficulty. Source: Glassnode. On September 20, Bitcoin experienced one of the biggest upward mining difficulty adjustments in its history. In fact, it is the second major upward adjustment since the halving. So, were the doomsday prophets right all along? Bitcoin hashrate and block time (14...
Dow plunges 800 points as September sell-off continues
Business news

Dow plunges 800 points as September sell-off continues

Stocks fell sharply on Monday as fears about the worsening coronavirus as well as uncertainty on further fiscal stimulus rattled traders. The Dow Jones Industrial Average dropped 801 points, or 2.9%. The S&P 500 lost 2.3% while the Nasdaq Composite fell 1.3%. Monday's decline put the Dow on pace for its worst day since June 11, when it plunged more than 6%. The S&P 500 was headed for its biggest one-day sell-off since Sept. 8. These declines added to what has been a downbeat month on Wall Street. The S&P 500 is down more than 7% in September and the Dow has lost 5.5%. The Nasdaq Composite has tumbled 9.5% month to date and has reentered correction territory. The tech-heavy composite is now down more than 11% from its all-time high set on Sept. 2. The S&P 500, meanwhile,...
Snowflake IPO Was Everything we Hoped For
Online Trading

Snowflake IPO Was Everything we Hoped For

The hot cloud software firm Snowflake ($SNOW) went public on Wednesday, September 16, and the stock went nuts. Despite its IPO price of $120 per share, the stock closed its first day of trading at $253.93 after reaching an intraday high of $319.00.  Tech IPOs are scarce, and Snowflake’s IPO is one of the most anticipated in years. And that was before Warren Buffett’s Berkshire Hathaway hopped aboard.  On a price-to-sales basis, they’re more expensive than even Zoom (95x) and Shopify (50x), which have gone parabolic in recent months. This probably serves as a strong indication that the market is starved for the upcoming tech IPOs from firms like Unity and Asana.  What Does Snowflake Do? Snowflake does data integration on the cloud. Large companies that utilize ma...
AUD/USD hits 12-day lows at the 0.7200 area amid risk aversion
Forex

AUD/USD hits 12-day lows at the 0.7200 area amid risk aversion

Aussie drops sharply versus US dollar amid risk aversion. AD//SUD test support at 0.7200, so far it holds above but remains under pressure. The AUD/USD pair dropped further and bottomed at 0.7199, the lowest level since September 9. As of writing, it trades at 0.7205/10, down 80 pips from Friday’s close and remains under pressure. A stronger US dollar is the key driver on Friday in the currency market. The greenback is the top performer. The DXY rose to 93.75, reaching the highest level in a month. Risk aversion boosted the demand for the safe haven. In Wall Street, the Dow Jones is falling 3.00% and the S&P 500 2.35%. Commodities are also under pressure. Crude oil (WTI) drops 4.70% and gold 2.90%. The deterioration in risk sentiment had no particular triggers. In Europ...
Reliance Capital begins asset monetisation process
Stock News

Reliance Capital begins asset monetisation process

New Delhi: Anil Ambani-led Reliance Capital, which recently defaulted on repayments to its debenture holders and other creditors, has begun the process for monetisation of its assets, market sources said. The key assets of Reliance Capital include Reliance Securities, Reliance Health and Reliance General Insurance Company. Other assets include Reliance Nippon Life Insurance, which is a 51:49 joint venture with Nippon Life, and Reliance Capital's 49 per cent stake in Reliance Asset Reconstruction Company. The market sources said Reliance Capital has begun its monetisation plan and expression of interest (EoI) by the trustee -- Vistra -- will be issued this week. The resolution applicant can bid for controlling shareholding in Reliance Capital, or individual assets or any combination of ...
The reasons why I left a comfortable government job for crypto
Crypto News

The reasons why I left a comfortable government job for crypto

I thought we were the good guys when I worked in operations security for the Austrian government. After I learned how trivial it was for certain institutions or people in certain positions to fetch all the data related to citizens, I quickly began to understand how privacy had been under siege for probably 100 years. In a post-COVID-19 world, I fear those attacks are getting worse. When I took the job as an OpSec specialist for the government, I would have never thought about what I think today: I became skeptical of the system. I question everything now. Initially, however, I did not have the guts to confront anyone about it. I grew up as the son of an Austrian diplomat, and for a time, we lived in Northern Africa. Later in life, I returned to Africa and traveled around while on a vac...
ByteDance says it will own 80% of TikTok Global after Trump says deal has nothing to do with China
Business news

ByteDance says it will own 80% of TikTok Global after Trump says deal has nothing to do with China

This photo illustration taken on September 14, 2020 shows the logo of the social network application TikTok (L) and a US flag (R) shown on the screens of two laptops in Beijing. Nicolas Asfouri | AFP | Getty Images GUANGZHOU, China — Beijing-based ByteDance said it would own a majority stake in the new TikTok Global in the U.S., appearing to contradict President Donald Trump's claims the deal has "nothing to do with China." On Saturday, Trump gave his blessing to a deal that would see Oracle and Walmart take a minority stake in a U.S.-headquartered company called TikTok Global. Oracle would become the secure cloud provider and host American users' data in the country.  "It'll be a brand new company. It will have nothing to do with any outside land, any outside count...
S&P 500 Index needs further fiscal support to avoid a correction
Forex

S&P 500 Index needs further fiscal support to avoid a correction

S&P 500 is treading water at a fresh six week low and is headed to official correction territory as attention is returning to fiscal assistance given a loss of momentum in the economic data and the surge in COVID-19, FXStreet’s Ross J. Burland reports. Key quotes “With researchers around the world racing to develop a vaccine, the optimism has dimmed and investors have been spooked by the spike in new coronavirus cases in several European countries. This has encouraged some profit-taking, adjustments and rotation between sectors, or a rebalancing act between the biggest weights in the market to the smallest weights.” “Attention returns to the prospects of more fiscal assistance given a loss of momentum in the economic data. The problem lies with Senate Republicans. The equity rally...
MicroStrategy CEO seems to embrace Bitcoin maximalism
Crypto News

MicroStrategy CEO seems to embrace Bitcoin maximalism

MicroStrategy’s decision to use Bitcoin as its primary reserve currency has Michael Saylor seemingly favoring the asset over altcoins. In a Sept. 20 tweet, the business intelligence company’s CEO stated that he considers Bitcoin (BTC) to be a crypto asset network, unlike tokens like Ethereum (ETH) or stablecoins, which he referred to as “crypto-application networks.” Posting a chart from analytics site Bitcoin Dominance, the CEO claimed that the coin’s dominance “has advanced from a low of 71.05% on December 20, 2017 to 93.57% today.” When considering network dominance in the crypto industry, I find it clarifying to separate crypto-asset networks like #Bitcoin from crypto-application networks like Ethereum & stablecoins. Bitcoin dominance has advanced from a low of 71.05% on Dece...