Posts belonging to Category currencies



Bitcoin Reaches All Time High

Bitcoin’s Price Peaks Past $5800

The price of bitcoin has finally surpassed the $5K territory after a few teases this past spring and summer. During the earlier hours of October 12, bitcoin’s market value spiked past the $5,000 range and has reached an all-time high of $5846 per BTC across popular global exchanges. Bitcoin’s pathway to $6K is within sight.

https://news.bitcoin.com…  Fri.,  13  October 2017

Asia stocks reach 10-year peak

Federal Reserve showed a more guarded view towards inflation

Asian stocks reached a 10-year high on Thursday, riding the bull run in global equity markets, while the dollar sagged after the Federal Reserve showed a more guarded view towards inflation. Spreadbetters expected a mixed start for European stocks, forecasting Britain’s FTSE to open down 0.05 percent, Germany’s DAX to start 0.03 percent higher France’s CAC to open flat. MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.55 percent and at its highest since December 2007.

Japan’s Nikkei was up 0.4 percent after brushing 20,994.40, its highest since November 1996. South Korea’s KOSPI added 0.55 percent to mark a fresh record peak and Hong Kong’s Hang Seng scaled a decade-high. Asia took cues from Wall Street, where major indexes rose to yet another set of record closing highs overnight following a report that a market-friendly candidate was being pushed as successor to Janet Yellen at the helm of the Fed.

http://www.reuters.com…  Thu.,  12  October 2017

Bridgewater founder is not a believer in cryptocurrencies

Ray Dalio, founder of the world’s largest hedge fund, says ‘bitcoin is a bubble’

Bridgewater Associates founder Ray Dalio said Tuesday he is not a believer in cryptocurrencies. “Bitcoin today you can’t make much transactions in it. You can’t spend it very easily,” Dalio said on CNBC’s “Squawk Box.” “It’s not an effective storehold of wealth because it has volatility to it, unlike gold,” the hedge fund founder added. “Bitcoin is a highly speculative market. Bitcoin is a bubble.”

The investor said there are two important facets to being considered a valid currency: ease of transactions as a medium of exchange and being a “storehold of wealth.” “It’s a shame, it could be a currency. It could work conceptually, but the amount of speculation that is going on and the lack of transactions [hurts it],” he said.

http://www.cnbc.com…  Mon.,  09  October 2017

First big Wall Street firm to deal directly in the cryptocurrency market

Goldman Sachs Explores a New World: Trading Bitcoin

Goldman Sachs is flirting with the idea of setting up a bitcoin trading shop. The Wall Street powerhouse is in the very early stages of potentially setting up a bitcoin trading operation, according to a report by The Wall Street Journal’s Paul Vigna, Telis Demos, and Liz Hoffman. “In response to client interest in digital currencies we are exploring how best to serve them in this space,” a Goldman spokeswoman told The Journal.

If Goldman follows through, it will be the first blue-chip financial services firm to break into the cryptocurrency market, which this year has exploded in value. Goldman’s C-Suite has kept pretty quiet about digital coins. The rest of Wall Street has mixed reviews. On one hand, JPMorgan CEO Jamie Dimon called bitcoin “a fraud” and likened it to the tulip-bulb bubble of the 1600s. On the other, James Gorman, Morgan Stanley’s CEO, has taken a more moderate position on bitcoin, saying last week it was “more than just a fad.”

http://businessinsider.com…  Tue.,  03  October 2017

Next Financial Crisis

Where Deutsche Bank thinks the next financial crises could happen

Central banks unwinding quantitative easing, potential crises in China and Italy, elevated global trade imbalances and a backdrop of populism: Just some of the potential sources of the next financial crisis, according to the latest research from Deutsche Bank. In a report looking for the potential source of the next financial shock, Deutsche Bank strategists Jim Reid, Nick Burns, Sukanto Chanda and Craig Nicol warned that there are “a number of areas of the global financial system that look at extreme levels.”

“This includes valuations in many asset classes, the incredibly unique size of central bank balance sheets, debt levels, multi-century all-time lows in interest rates and even the level of potentially game changing populist political support around the globe. If there is a crisis relatively soon (within the next 2-3 years), it would be hard to look at these variables and say that there was no way of spotting them.” Although the strategists note that their list of potential sources for the next financial shock is “far from a prediction that they will occur,” their list is designed to show where some of the stresses are in the financial system and ones that could create global financial and economic problems.

http://www.cnbc.comThu.,  28  September 2017

J-Coin

Japan wants to launch a new digital currency: J-Coin

A consortium of Japanese banks are set to launch a new national digital currency in a bid to wean citizens off cash, the Financial Times reports.  The FT says that a consortium led by Mizuho Financial Group and Japan Post Bank plans to launch the new digital currency in time for the Tokyo 2020 Olympics.

The new project, which has the support of Japan’s central bank and regulators, aims to develop technology to allow Japanese people to pay for goods and services with their smartphone.

http://www.businessinsider.comWed.,  27  September 2017

China Is Said to Ban Bitcoin Exchanges

Bitcoin slumped

China plans to ban trading of bitcoin and other virtual currencies on domestic exchanges, dealing another blow to the $150 billion cryptocurrency market after the country outlawed initial coin offerings last week. The ban will only apply to trading of cryptocurrencies on exchanges, according to people familiar with the matter, who asked not to be named because the information is private. Authorities don’t have plans to stop over-the-counter transactions, the people said. China’s central bank said it couldn’t immediately comment.

Bitcoin slumped on Friday after Caixin magazine reported China’s plans, capping the virtual currency’s biggest weekly retreat in nearly two months. The country accounts for about 23 percent of bitcoin trades and is also home to many of the world’s biggest bitcoin miners, who use vast amounts of computing power to confirm transactions in the digital currency.

http://www.bloomberg.com…  Fri.,  15  September 2017

JP Morgan attacks Bitcoin

JP Morgan: bitcoin ‘is a fraud’

Bitcoin “is a fraud” and will blow up, Jamie Dimon, chief executive of JPMorgan Chase & Co (JPM.N), said on Tuesday. Speaking at a bank investor conference in New York, Dimon said, “The currency isn’t going to work. You can’t have a business where people can invent a currency out of thin air and think that people who are buying it are really smart.” Dimon said that if any JPMorgan traders were trading the crypto-currency, “I would fire them in a second, for two reasons: It is against our rules and they are stupid, and both are dangerous.”

Dimon’s comments come as the bitcoin, a virtual currency not backed by any government, has more than quadrupled in value since December to more than $4,100. Bitcoin is a digital currency that enables individuals to transfer value to each other and pay for goods and services bypassing banks and the mainstream financial system.

http://www.reuters.com…  Wed.,  13  September 2017

US debt is still climbing

The US government just passed $20 trillion in debt for the first time ever

For the first time in its history, the US federal government has more than $20 trillion in outstanding debt.

The milestone was technically hit Friday, with the Treasury Department settling its accounts at the end of the day with $20,162,176,797,904 of debt outstanding. Of that debt, the Treasury said $14,622,661,213,046 is held by the public, while $5,539,515,584,857 is held by various parts of the government, also known as Intragovernmental Holdings.

http://www.businessinsider.com…  Tue.,  12  September 2017

China’s crypto crackdown


Wording of edict makes all cryptocurrency trading illegal, according to eToro China exec

China’s crackdown on “initial coin offerings” may be much wider than first thought, with the wording of the crackdown potentially making all cryptocurrency trading illegal. However, other watchers of the space say the government is not looking to crackdown on digital currencies like bitcoin and ethereum.

The People’s Bank of China (PBoC) on Monday outlawed ICOs, a method of raising money by issuing new digital currencies. The trend has become hugely popular, with over $1.5 billion raised using this method in 2017 alone.

http://www.businessinsider.com…  Tue.,  05  September 2017