Coin News

The post Better Late than Never? Bitcoin Segwit2x Scheduled for December 28th appeared first on CCN

Last week, the Segwit 2x team indicated in a CCN press release that they were planning to move forward with their proposed hard fork in the coming weeks.  Now, Segwit 2x lead developer Jaap Terlouw has confirmed on the project’s website that the team will finally execute the fork on December 28th. Originally scheduled for

The post Better Late than Never? Bitcoin Segwit2x Scheduled for December 28th appeared first on CCN

The post Belarus Acknowledges Bitcoin as a Legal Currency, Legalizes ICOs appeared first on CCN

The government of Belarus, with the approval of its President Alexander Lukashenko, has officially acknowledged bitcoin as a legal currency and has legalized initial coin offerings (ICOs), smart contracts, and blockchain development. Tax-Free, ICO Legalized, Blockchain Industry The document approved by President Lukashenko entitled “On Digital Economy Development,” read: “The main goal of the document

The post Belarus Acknowledges Bitcoin as a Legal Currency, Legalizes ICOs appeared first on CCN

The major equity indexes closed marginally lower on the first day of a shortened week of trading. 

Meanwhile, bitcoin rose more than 10% and back above $16,000 following its drop last week.

Here's the scoreboard: 

• Dow: 24,746.24, -7.82, (-0.03%)
• S&P 500: 2,680.47, -2.87, (-0.11%)
• Nasdaq: 6,936.25, -23.71, (-0.34%)
• WTI crude oil: $59.97, +$1.50, (+2.6%)

1. WTI touched $60 per barrel for the first time since mid-2015. The move was supported by an explosion on a crude pipeline in Libya and voluntary OPEC-led supply cuts.
2. Apple fell 3% following reports that demand for the iPhone X is weaker than the company expected. Taiwan's Economic Daily News said Apple will cut its sales forecast for the iPhone X this quarter from 50 million units to 30 million units. 
3. Retailers had a big holiday shopping season. Sales (excluding autos) from November 1 through Christmas Eve were up 4.9% over last year, according to data from Mastercard SpendingPulse. That's the highest rate of growth since 2011. 
4. Department-store stocks surged on the news. JCPenney was up by as much as 8%, while Macy's gained 4%. 

Additionally: 

TOM LEE: Bitcoin just had a much-needed pullback and is quickly headed back to $20,000

A US regulator is proposing to roll back regulations put in place following the Deepwater Horizon oil spill

'To survive, you have to dollarize': Venezuela's crashing economy is turning the screws on buyers and sellers

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NOW WATCH: How the sale of Qdoba will impact Chipotle's future

• Tesla CEO Elon Musk said Tuesday that the company will begin production of its first electric pick-up truck after it begins building the Model Y SUV, which is expected to go into production in late 2019 or early 2020. 
• But there is a good chance that Tesla will give a sneak peek of the pick-up truck in 2018 or 2019. 
• Musk said he is 'dying' to build the truck, though. So there's a chance the timeline could be expedited. 

Tesla CEO Elon Musk hinted at when the company would build its all-electric pick-up truck.

Musk said via Twitter on Tuesday that the company plans to build the consumer truck right after Tesla finishes its Model Y SUV, which is slated to begin production in late 2019 or early 2020. So that means it's likely to be another two to three more years before Tesla's pick-up hits the market. 

"I promise that we will make a pickup truck right after Model Y. Have had the core design/engineering elements in my mind for almost 5 years. Am dying to build it," Musk said. 

While Tesla won't begin to make the truck for a few more years, there's a good chance we could get a sneak peek of the vehicle as soon as next year. 

In April, Musk said to expect the company to reveal the pick-up truck in 18 to 24 months, which means the company could unveil it anytime between October 2018 and April 2019. 

Given that Tesla generally reveals its cars a year before it actually begins production, Musk's timeline of when the company will begin making the pick-up makes sense. 

Musk, of course, has been talking about building a pick-up truck for a while. 

In 2013, he told Business Insider that Tesla planned to build a truck, but he said that it would likely be five years before the company would get to it. And in July 2016, he reiterated in his Master Plan Part Deux that the company was working on vehicles to address all segments, including pick-ups.

Pick-up trucks aren't the only new segment Tesla is pushing into. 

In November, Tesla also revealed its first electric semi-truck for commercial use. The vehicle has 500 miles of range per charge, can go from 0-60 mph in five seconds without a trailer attached, and will go into production in 2019. 

SEE ALSO: 11 wild predictions Elon Musk has made about the future

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NOW WATCH: The 5 issues to consider before trading bitcoin futures

The post Strategist Tom Lee Boosts Bitcoin Price to $20,000 in Mid-2018 appeared first on CCN

Tom Lee, co-founder of Fundsrat Global Advisors, the only major Wall Street strategist covering bitcoin, sees a silver lining in bitcoin’s current fallout and has raised his bitcoin price target from $11,500 to $20,000 for mid-2018,. Lee said bitcoin’s intrinsic value has increased over the last month due to the growth of new bitcoin wallets,

The post Strategist Tom Lee Boosts Bitcoin Price to $20,000 in Mid-2018 appeared first on CCN

• Bitcoin cleared $16,000 Tuesday after a rough week for the digital coin. 
•  It was trading up 15% at $16,026 a coin at 11:53 a.m. ET, according to data from Markets Insider. 

Bitcoin climbed back over $16,000 a coin after a holiday season slump. 

The second half of December was a tough one for the red-hot cryptocurrency. 

After hitting an all-time high above $19,500 on December 17, the digital coin witnessed one of its most dramatic downturns in 2017. It bottomed out on December 22 at $10,834, according to data from cryptocurrency watcher CoinDesk. 

But it was trading in the green Tuesday morning at $16,026, up 15% against the US dollar. 

Most market watchers expected the downturn and thought it was healthy considering bitcoin's explosive gains in November. 

Tom Lee, the cofounder of Fundstrat, doubled down on his bullish stance while bitcoin plunged, raising his mid-2018 target to $20,000 from $11,500. He estimates that fair value for bitcoin is $19,103, or about 26% above its current levels.

As for the correction, economist and Bloomberg View columnist Mohamed El-Erian noted in an op-ed Tuesday it indicates a critical junction for the coin.

If the correction successfully shook out "excessive irrational exuberance," then it could pave the way for the development of a more mature ecosystem for cryptocurrencies, according to El-Erian. Such an ecosystem could protect retail investors in the case of a bubble burst. 

"Absent this, not even the deep commitment of true believers will be enough to protect individual retail investors who would end up experiencing a price appreciation and collapse that would rival even the biggest investment bubbles in history," he wrote. 

SEE ALSO: TOM LEE: Bitcoin just had a much-needed pullback and is quickly headed back to $20,000

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NOW WATCH: PAUL KRUGMAN: Trump can't take credit for the soaring stock market

• Bitcoin cleared $16,000 Tuesday after a rough week for the digital coin. 
•  It was trading up 15% at $16,026 a coin at 11:53 a.m. ET, according to data from Markets Insider. 

Bitcoin climbed back over $16,000 a coin after a holiday season slump. 

The second half of December was a tough one for the red-hot cryptocurrency. 

After hitting an all-time high above $19,500 on December 17, the digital coin witnessed one of its most dramatic downturns in 2017. It bottomed out on December 22 at $10,834, according to data from cryptocurrency watcher CoinDesk. 

But it was trading in the green Tuesday morning at $16,026, up 15% against the US dollar. 

Most market watchers expected the downturn and thought it was healthy considering bitcoin's explosive gains in November. 

Tom Lee, the cofounder of Fundstrat, doubled down on his bullish stance while bitcoin plunged, raising his mid-2018 target to $20,000 from $11,500. He estimates that fair value for bitcoin is $19,103, or about 26% above its current levels.

As for the correction, economist and Bloomberg View columnist Mohamed El-Erian noted in an op-ed Tuesday it indicates a critical junction for the coin.

If the correction successfully shook out "excessive irrational exuberance," then it could pave the way for the development of a more mature ecosystem for cryptocurrencies, according to El-Erian. Such an ecosystem could protect retail investors in the case of a bubble burst. 

"Absent this, not even the deep commitment of true believers will be enough to protect individual retail investors who would end up experiencing a price appreciation and collapse that would rival even the biggest investment bubbles in history," he wrote. 

SEE ALSO: TOM LEE: Bitcoin just had a much-needed pullback and is quickly headed back to $20,000

Join the conversation about this story »

NOW WATCH: The CIO of a crypto hedge fund shares the 3 biggest risks of investing in cryptocurrencies

The post Nonfactual FUD: China Cannot Control Bitcoin Network by Seizing Miners appeared first on CCN

Recently, Stuff.co.nz, a popular New Zealand-based news publication, claimed that the Chinese government could gain control over the Bitcoin network and sabotage it by seizing miners and mining equipment based in China. The author of the report quoted by Stuff, Vladyslav Makarov, wrote: “It is obvious what this country can do to the network. [It]

The post Nonfactual FUD: China Cannot Control Bitcoin Network by Seizing Miners appeared first on CCN

• Crude oil traded at the highest level since mid-2015 following a report of a pipeline explosion in Libya. 
• Trading volume is thin due to the Christmas holiday. 

Crude oil traded at its highest level since mid-2015, supported by an explosion on a crude pipeline in Libya and voluntary OPEC-led supply cuts.

The move towards restart of a key North Sea pipeline, Forties, capped the rally. The pipeline is being tested after repairs and full flows should resume in early January, its operator said on Monday.

Brent crude, the international benchmark for oil prices, rose $1.79, nearly 3%, to $66.83 a barrel at noon in New York. West Texas Intermediate Crude oil, the US benchmark, added $1.37 at $59.84.

"The confirmation that Forties is coming back ....has the potential for capping Brent," said Olivier Jakob, analyst at Petromatrix.

Trading activity was thin due to the Christmas holiday in many countries.

Oil turned positive following the explosion at the Libyan pipeline, which feeds the Es Sider terminal. It was not immediately clear what impact the blast will have on Libyan output, which has been recovering in recent months after being hampered for years by conflict and unrest.

Brent has risen 17% in 2017. The Organization of the Petroleum Exporting Countries, plus Russia and other non-members, have been withholding output since Jan. 1 to get rid of a glut.

The producers have extended the supply cut agreement to cover all of 2018.

Iraq's oil minister said on Monday there would be a balance between supply and demand by the first quarter, leading to a boost in prices. Global oil inventories have decreased to an acceptable level, he added.

That is earlier than predicted in OPEC's latest official forecast, which calls for a balanced market by late 2018. 

While the OPEC action has lent support to prices all year, the unplanned shutdown of the Forties pipeline on Dec. 11 pushed Brent to its mid-2015 high.

Forties plays an important role in the global market as it is the biggest of the five North Sea crude streams underpinning Brent, the benchmark for oil trading in Europe, the Middle East, Africa and Asia.

Rising production in the United States is offsetting some of the OPEC-led cuts.

The US oil rig count, an early indicator of future output, held at 747 in the week to Dec. 22, according to the latest weekly report by Baker Hughes.

(Additional Reuters reporting by Henning Gloystein; Editing by Peter Graff and John Stonestreet)

SEE ALSO: Oil discoveries are at an all-time low — and the clock is ticking

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NOW WATCH: How to buy and sell bitcoin using one of the most popular cryptocurrency apps on the iPhone

• Shares of department-store chains rallied on Tuesday following Mastercard data that shows they're having a strong holiday-shopping season. 
• Mastercard SpendingPulse said retail sales (excluding autos) rose 4.9% from November 1 through Christmas Eve, the strongest pace since 2011. 
• Retail stocks have outperformed the broader market late this year. 

Shares of large department-store chains jumped in trading on Tuesday following a report that affirms they're seeing strong holiday sales. 

Retail sales (excluding automobiles) from November 1 through Christmas Eve rose 4.9% compared to the same period last year, according to data from Mastercard SpendingPulse. That's the strongest pace since 2011.

The report noted that retailers benefitted from the holiday falling on a Monday, because shoppers had a full weekend to make last-minute purchases. 

The lowest unemployment rate in 17 years and strong consumer confidence in the economy are supporting gift buying this year, according to Mastercard. 

Here's how some of the biggest movers are trading at 10:40 a.m. ET: 

• JCPenney: +8%
• Kohl's: +5%
• Macy's: +4%
• Express: +4%
• Dillard's: +3%

Retail stocks outperformed the broader market late this year as investor sentiment on the embattled sector improved. Retailers announced more than 8,000 store closures in 2017 amid declining traffic to their physical stores. Online sales have provided the biggest boost this holiday season, according to Mastercard.

Mastercard SpendingPulse had projected on December 15 this holiday shopping season could be the strongest in at least six years. Also, the Commerce Department said earlier in December that US retail sales rose 0.8% in November, more than analysts had forecast. This indicated that the holiday-shopping season was off to a strong start. 

SEE ALSO: The '12 Days of Christmas' gifts would set you back $35,000

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NOW WATCH: PAUL KRUGMAN: Bitcoin is a more obvious bubble than housing was

The post Major Bitcoin Exchange Bittrex’s Customers Have Been Unable to Withdraw For Months appeared first on CCN

On various online bitcoin communities, forums, and social media platforms, clients of major US-based bitcoin and cryptocurrency exchange Bittrex have expressed their concerns over long-lasting withdrawal issues. Bittrex Verification Issues, Resolution Several users disclosed that withdrawal of funds on the Bittrex cryptocurrency trading platform have been delayed for many weeks, up to a month, for

The post Major Bitcoin Exchange Bittrex’s Customers Have Been Unable to Withdraw For Months appeared first on CCN

Welcome to Crypto Insider, Business Insider’s roundup of all the bitcoin and cryptocurrency news you need to know today. Sign up here to get this email delivered direct to your inbox.

The price of bitcoin surged more than 10% early Tuesday, as the volatile cryptocurrency recouped losses from the previous day.

Here's the scoreboard as of Friday morning: 

• Bitcoin (BTC): $15,660 (13%)
• Ethereum (ETH): $735 (2%)
• Bitcoin Cash (BCC): $2,787 (1.4%)
• Ripple (XRP): $0.99 (0.15%)
• Litecoin (LTC): $273 (4.5%)

What's happening:

1. TOM LEE: Bitcoin just had a much-needed pullback and is quickly headed back to $20,000. 
   The recent plunge in bitcoin's price has cheapened the cryptocurrency and created another buying opportunity for traders, according to Lee.
2. Morgan Stanley says the true price of bitcoin might be zero. Morgan Stanley analyst James Faucette and his team sent a research note to clients a few days ago suggesting that the real value of bitcoin might be ... $0.
3. We talked to Charles Schwab's investment strategist about what 2018 holds for equities, the Fed, and bitcoin. "The big question about bitcoin is, is it a bubble?" Jeffrey Kleintop, Charles Schwab's chief investment strategist, told Business Insider.
4. Bitcoin is surging towards a serious mining problem — and no one knows what will happen when it gets there. Business Insider UK spoke with University of Cambridge Research Fellow Garrick Hileman about cryptocurrency mining and the potential problems that it could bring in the future.
5. A certified financial planner explains just how risky of an investment bitcoin is. Bitcoin has been soaring in value at times, but crashing at others. Lauren Lyons Cole, a certified financial planner and senior editor at Business Insider, explains the risks of investing in cryptocurrency.

SEE ALSO: Bitcoin bull Tom Lee has identified 12 stocks that are perfect if you don’t want to own it

Join the conversation about this story »

NOW WATCH: The chief global strategist at Charles Schwab says stocks will keep soaring in 2018

Welcome to Crypto Insider, Business Insider’s roundup of all the bitcoin and cryptocurrency news you need to know today. Sign up here to get this email delivered direct to your inbox.

The price of bitcoin surged more than 10% early Tuesday, as the volatile cryptocurrency recouped losses from the previous day.

Here's the scoreboard as of Friday morning: 

• Bitcoin (BTC): $15,660 (13%)
• Ethereum (ETH): $735 (2%)
• Bitcoin Cash (BCC): $2,787 (1.4%)
• Ripple (XRP): $0.99 (0.15%)
• Litecoin (LTC): $273 (4.5%)

What's happening:

1. TOM LEE: Bitcoin just had a much-needed pullback and is quickly headed back to $20,000. 
   The recent plunge in bitcoin's price has cheapened the cryptocurrency and created another buying opportunity for traders, according to Lee.
2. Morgan Stanley says the true price of bitcoin might be zero. Morgan Stanley analyst James Faucette and his team sent a research note to clients a few days ago suggesting that the real value of bitcoin might be ... $0.
3. We talked to Charles Schwab's investment strategist about what 2018 holds for equities, the Fed, and bitcoin. "The big question about bitcoin is, is it a bubble?" Jeffrey Kleintop, Charles Schwab's chief investment strategist, told Business Insider.
4. Bitcoin is surging towards a serious mining problem — and no one knows what will happen when it gets there. Business Insider UK spoke with University of Cambridge Research Fellow Garrick Hileman about cryptocurrency mining and the potential problems that it could bring in the future.
5. A certified financial planner explains just how risky of an investment bitcoin is. Bitcoin has been soaring in value at times, but crashing at others. Lauren Lyons Cole, a certified financial planner and senior editor at Business Insider, explains the risks of investing in cryptocurrency.

SEE ALSO: Bitcoin bull Tom Lee has identified 12 stocks that are perfect if you don’t want to own it

Join the conversation about this story »

NOW WATCH: The chief global strategist at Charles Schwab says stocks will keep soaring in 2018

Welcome to Crypto Insider, Business Insider’s roundup of all the bitcoin and cryptocurrency news you need to know today. Sign up here to get this email delivered direct to your inbox.

The price of bitcoin surged more than 10% early Tuesday, as the volatile cryptocurrency recouped losses from the previous day.

Here's the scoreboard as of Friday morning: 

• Bitcoin (BTC): $15,660 (13%)
• Ethereum (ETH): $735 (2%)
• Bitcoin Cash (BCC): $2,787 (1.4%)
• Ripple (XRP): $0.99 (0.15%)
• Litecoin (LTC): $273 (4.5%)

What's happening:

1. TOM LEE: Bitcoin just had a much-needed pullback and is quickly headed back to $20,000. 
   The recent plunge in bitcoin's price has cheapened the cryptocurrency and created another buying opportunity for traders, according to Lee.
2. Morgan Stanley says the true price of bitcoin might be zero. Morgan Stanley analyst James Faucette and his team sent a research note to clients a few days ago suggesting that the real value of bitcoin might be ... $0.
3. We talked to Charles Schwab's investment strategist about what 2018 holds for equities, the Fed, and bitcoin. "The big question about bitcoin is, is it a bubble?" Jeffrey Kleintop, Charles Schwab's chief investment strategist, told Business Insider.
4. Bitcoin is surging towards a serious mining problem — and no one knows what will happen when it gets there. Business Insider UK spoke with University of Cambridge Research Fellow Garrick Hileman about cryptocurrency mining and the potential problems that it could bring in the future.
5. A certified financial planner explains just how risky of an investment bitcoin is. Bitcoin has been soaring in value at times, but crashing at others. Lauren Lyons Cole, a certified financial planner and senior editor at Business Insider, explains the risks of investing in cryptocurrency.

SEE ALSO: Bitcoin bull Tom Lee has identified 12 stocks that are perfect if you don’t want to own it

Join the conversation about this story »

NOW WATCH: The chief global strategist at Charles Schwab says stocks will keep soaring in 2018

The post Bitcoin Price Recovers to $15,000 in Boxing Day Rally appeared first on CCN

The bitcoin price recovered to $15,000 during a Boxing Day rally that restored some semblance of stability to the markets following a month of extraordinary volatility. In a break from the recent trend, no top 10-cryptocurrency moved more than 10 percent against the dollar, and just three moved more than five percent. Altogether, the cryptocurrency

The post Bitcoin Price Recovers to $15,000 in Boxing Day Rally appeared first on CCN

The year of interoperability? Or enterprise digital asset adoption? Both futures might be on the table for 2018, according to Ripple's CTO.

• Apple's stock fell 3% in early trading on Tuesday following reports that demand for the iPhone X is weaker than the company expected. 
• Taiwan's Economic Daily News reported, citing unidentified sources, that Apple will cut its sales forecast for the iPhone X this quarter from 50 million units to 30 million units. 
• According to Reuters, the Chinese broker Sinolink Securities said the phone's price, which starts at $999 in the US, could weaken consumer demand. 
• Trading volume in Apple shares just after the market open was more than double its average for that time of day, according to Bloomberg. This week is expected to be quieter because of the holidays. 
• Apple suppliers including Genius Electronic Optical Ltd. and Pegatron Corp. fell earlier in trading on the Taiwan Stock Exchange.  

SEE ALSO: Apple suppliers fall in Asia following local news report of weak iPhone X demand

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NOW WATCH: PAUL KRUGMAN: Bitcoin is a more obvious bubble than housing was

• Apple's stock fell nearly 3% in early trading on Tuesday following reports that demand for the iPhone X is weaker than the company expected. 
• Taiwan's Economic Daily News reported, citing unidentified sources, that Apple will cut its sales forecast for the iPhone X this quarter from 50 million units to 30 million units. 
• According to Reuters, the Chinese broker Sinolink Securities said the phone's price, which starts at $999 in the US, could weaken consumer demand. 
• Trading volume in Apple shares just after the market open was more than double its average for that time of day, according to Bloomberg. This week is generally expected to be quieter because of the holidays. 
• Apple suppliers including Genius Electronic Optical Ltd. and Pegatron Corp. fell earlier in trading on the Taiwan Stock Exchange.  

SEE ALSO: Apple suppliers fall in Asia following local news report of weak iPhone X demand

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NOW WATCH: PAUL KRUGMAN: Bitcoin is a more obvious bubble than housing was

• Retailers are slashing prices and boosting online sales, Keith Jelinek of the Berkeley Research Group said.
• A majority of retailers expect promotions to play a key factor in driving sales this year.
• Free delivery is putting added pressure on profits.

Retailers, struggling with souring sales and the looming threat of Amazon, are trying to copy the ecommerce giant by offering steep discounts and focusing on online sales.

That may just spell their own demise, said Keith Jelinek the managing director of Berkeley Research Group's retail and consumer practice unit.  

While it may seem intuitive for retailers to offer promotions and go where the consumer is going, which is online, it will also hurt their profits in the long run, Jelinek said.

"Anytime you increase your promotions, you're going to hit your operating margins," Jelinek told Markets Insider. "It's not going to taste good." 

He has observed retailers offering steeper-than-usual discounts this year in order to sell products and get rid of inventory. Yet retailers are losing money anyway because they are sometimes selling items at a cheaper price than it costs to make.

This is especially troubling for retailers that are trying to entice consumers online, often by offering promotions, Jelinek said. Around 64% of retailers said they expect promotions to play a larger factor in sales compared to last year, a BRG survey found.

Jelinek has also seen the threshold for the amount of money needed to be spent to get free shipping come down even lower this year. Particularly for brick-and-mortar retailer who are not set up to handle the increased demand from online sales as efficiently as an ecommerce giant like Amazon, Jelinek said. Retailers will pay more for shipping, delivery and other associated costs.

There is hope for retailers though. 

"The retail opportunity for retailers to be successful is to get a double bump," Jelinek said. Retailers should offer incentives to drive sales online, but have customers pick up in-store.

"If you can get them to come into the store, retailers will have a higher probability of buying one more thing," he said.

To read about how retail stocks aren't doing as bad as you thought, click here.

SEE ALSO: Retail stocks have been crushing the market against all odds — and traders are betting on more gains

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NOW WATCH: Here's what bitcoin futures could mean for the price of bitcoin

• Business Insider recently spoke with Jeffrey Kleintop, Charles Schwab's chief investment strategist, about what 2018 holds for equities, investment opportunities, and bitcoin. Schwab manages $320 billion in assets.
• Kleintop thinks equities can continue to rally in 2018 because of continued earnings growth fueled by the expansion of global economies.
• He thinks the flattening of yield curves could point to a recession in 2019 or later.
• "The most important thing is to go global," he said when asked where to invest.

Following is a transcript of the interview as aired on "The Bottom Line." It has been edited for clarity.

Sara Silverstein: Equity valuations are by most measures at their all-time highs, and a lot of people are wondering, is this the top? Can they continue higher?

Jeffrey Kleintop: I think 2018 could be a really good year. It'll be the first year of back-to-back, broad global economic growth that we've seen in more than a decade. Every one of the world's 45 largest economies is going to grow next year, very likely. That means further earnings growth. That was the secret to 2017's success. It was really about earnings growth rising every month, pushing stocks higher every month. We could see that again in 2018. The only concern I would have is this: Yield curves are beginning to flatten out a little bit. This usually could be bad news for those high valuations, could point to a recession in 2019 or beyond. So while 2018 looks good, you have to keep on watch.

Silverstein: For 2018, is there anything you're watching that might concern you that could lead to an equity crash?

Kleintop: There are a number of risks. China's economic growth — certainly a potential for a slowdown there could shock the rest of the world. Emerging markets have been a big part of why stocks did so well in 2017.

Natural disasters, geopolitics — all these things that are ever present in the markets could come back to be a risk in 2018, particularly if economic growth begins to slow later in the year. That could create some vulnerabilities we didn't see in 2017, where politics, geopolitics, and the like really couldn’t nudge the markets very much at all.

Silverstein: You didn't mention the Fed or inflation at all. You're not worried about the Fed?

Kleintop: Not so much. I think we're actually starting to see a clearer path for inflation. Inflation expectations are beginning to tick up, and that means the personalities at the Fed and other central banks matter less because the data is going to matter more. Currently, the expectations in the market are for the Fed to do two, maybe as many as three rate hikes next year. I think the market is braced for that. I don't think it will be a big risk.

Silverstein: Is there a particular place that you think is a great place to invest?

Kleintop: The most important thing is to go global. Usually, in the last year or two of a business cycle, international stocks tend to outperform US stocks. They’re more cyclical, they're more inflation-sensitive, and valuations look a little bit more attractive, too. But one thing you have to keep in mind is don't concentrate. You want to be broad and really be diversified.

Here's why. Usually we always look for a certain sector or country that's going to do well, but for the first time in 20 years, correlations have come down. Now, this is important, this is how different markets behave relative to each other. So we're seeing the lowest correlations, meaning the best benefit from diversification, in 20 years. You don't want to overlook that. For some investors, this is the best environment for global diversification they've ever seen in their investing careers.

Silverstein: When we talk about high valuations and equities, we're also seeing extremely high valuations in tech. Do you feel differently about tech than the rest of equities?

Kleintop: We still like tech, actually, and I think it's business spending. It needs to pick up in 2018. Tech will benefit from that. Maybe not the consumer side of tech, which has really been where the markets have been focused on. Maybe more the business spending side of technology where the valuations aren’t quite as high but could see more earnings momentum in 2018.

Silverstein: What do you think the impact of tax reform will be for equities in 2018?

Kleintop: The thing about tax reforms is it's not just in the US. We're seeing it everywhere. Many countries have cut corporate taxes in the last few years. The budget in France — they've already proposed some corporate tax cuts for next year. In Japan, they've already put it in the legislation; it's already baked in. They're phasing it in next year. In Germany, the coalition talks are coming around — one of the only things they can agree on is some corporate tax cuts. So we may see that across the board next year. A further lift of profits in 2018 should be good news for investors who continue to be very focused on profit growth.

Silverstein: Is that generally already priced in to global equity prices?

Kleintop: Well, I think there's some optimism about that taking place, but we're not seeing analysts putting it in their estimates yet, and that's key because stocks tracked estimates in 2017.

Silverstein: I have to ask about bitcoin. A lot of people are calling it a bubble. What do you think, and what are your clients asking you about?

Kleintop: I get this question a lot everywhere I go, all around the country, really, all around the world. The big question about bitcoin is, is it a bubble? From the fear of "Did I miss it?" But also "What happens if the bubble bursts?" We know what happened when the dot-com bubble burst. We know what happened when the housing bubble burst. But I think the bitcoin bubble, if you want to call it that, is something different. If prices for bitcoin were to plunge suddenly, because it's so independent from the financial system, it's kind of its own thing. It hasn't yet become embedded in the economy and the financial structure.

Join the conversation about this story »

The post Wells Fargo Securities Says Bitcoin Crash Could Drag down Stock Prices appeared first on CCN

If the alleged Bitcoin bubble bursts, it could affect the stock market as well, according to Wells Fargo.

The post Wells Fargo Securities Says Bitcoin Crash Could Drag down Stock Prices appeared first on CCN

• Bitcoin's plunge is a buying opportunity, according to Tom Lee, co-founder of Fundstrat and one of the earliest mainstream strategists to publish a price target. 
• Bitcoin fell 27% last week, its worst week in three years. 
• Lee raised his mid-2018 target on the cryptocurrency to $20,000 from $11,500. 
• He disagrees that bitcoin is in a bubble, and says anyone who pegs the rally on speculation hasn't done their homework.

The recent plunge in bitcoin's price has cheapened the cryptocurrency and created another buying opportunity for traders. 

That's according to Tom Lee, the co-founder of Fundstrat. This summer, while bitcoin was still below $5,000 per coin, he became one of the earliest Wall Street strategists to endorse its rise. 

Last week was the worst in three years for bitcoin. As bitcoin plunged, Lee turned even more bullish, and raised his mid-2018 target to $20,000 from $11,500. He estimates that the current fair value for bitcoin is $19,103, or about 26% more expensive than its current levels. 

"We are revising our mid-2018 target to reflect the surge in activity in the past few months — that is, the base of users is up," Lee said in a note on Friday.

"Going forward, our projection is wallets (unique IP address) will rise to 50% by mid-2018 and activity per user up 10% from current levels. Think about it, adoption of bitcoin is still in the earliest stages, in US and globally (it's more than a millennial story outside the US). If wallets double in the future, the value of bitcoin would on a log basis (square) to that growth."

Bitcoin recovered some of its losses over the long Christmas weekend and traded near $15,157 per coin at 7:51 a.m. on Tuesday. Lee told Bloomberg TV on Friday that the pullback was "very healthy." 

The number of wallets and transaction activity per wallet help explain about 93% of bitcoin's rise since 2013, according to Lee. He also disagrees with the idea that speculation is the only explanation for bitcoin's rise, and says anyone who claims that hasn't done their homework. 

"If someone says bitcoin's a bubble, it's the smallest, least held bubble I've ever met," Lee told Bloomberg TV. "I don't know very many institutions that own bitcoin. So how can something be deemed a bubble that's only held by a few?"

SEE ALSO: Bitcoin bull Tom Lee has identified 12 stocks that are perfect if you don’t want to own it

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Earlier today, on December 26, bitcoin price surged by more than 10 percent and entered the $15,000 region for the first time this week. The recent price surge of bitcoin follows a major correction which occurred on December 23 and 24, which led to a sudden drop in the price of bitcoin to $11,500. However,

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Here is what you need to know.

There's a hidden way for investors to score big on tax reform. Goldman Sachs says to look at downtrodden small-cap stocks for stock-picking opportunities in the aftermath of GOP tax reform.

Bitcoin flirts with $15,000. The cryptocurrency trades up 7.49% at $14,918 a coin, according to Markets Insider data. It was as low as $10,775 on Friday. 

Morgan Stanley says bitcoin's true price could be zero. A note from Morgan Stanley analyst James Faucette and his team didn't give a price target for bitcoin, but said the cryptocurrency's true value could be zero because it isn't widely accepted and its acceptance is shrinking.  

Israel's regulator wants to ban bitcoin-linked companies from trading on its stock exchange. "If we have a company that their main business is digital currencies we would not allow it," Shmuel Hauser, the chairman of the Israel Securities Authority (ISA), told business leaders of proposals he would introduce next week. "If already listed, its trading will be suspended." 

China shuts off oil exports to North Korea. China didn't export any gasoline, jet fuel, diesel or fuel oil to North Korea during the month of November, Reuters reports, citing Chinese customs data.

Oil discoveries are at an all-time low. It is estimated that less than 7 billion barrels of oil equivalent have been discovered in 2017 through Thursday, the lowest since the 1940s, according to Rystad Energy, an oil and gas consultancy. 

Consumer prices tick up in Japan. Core prices rose 0.9% versus a year ago, making for an 11th straight month of gains, Japanese government data showed.

Theranos is gearing up for a rebound. The embattled blood-testing startup has raised $100 million in secured debt funding, according to an investor letter reviewed by Business Insider.  

Stock markets around the world are mostly closed. China's Shanghai Composite (-0.50%) lost ground in Asia and markets are shuttered across Europe. The S&P 500 is set to open little changed near 2,686.

US economic data flows. Case-Shiller home prices will be released at 9 a.m. ET and Dallas Fed Manufacturing crosses the wires at 10:30 a.m. ET. 

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• A bitcoin was worth $15,338 at 8.20 a.m. GMT on Boxing Day.
• The cryptocurrency is up more than 10%, recouping losses from the previous day.
• Its value has fallen sharply over the past week, and has been declining more modestly since.

The price of bitcoin surged more than 10% on Boxing Day to $15,338, as the volatile cryptocurrency recouped losses from the previous day, according to data from Markets Insider.

The cryptocurrency had lost almost 2% of its value on Christmas day. The movement was a modest lost after much sharper gains earlier in the week, when bitcoin plummeted from an all-time high of $19,843.

A bitcoin bought on January 1, 2017 has increased in value more than twelve-fold, despite the late December drop.

Here's the chart for Boxing Day morning:

The currency is difficult to value with any objective criteria, and traditional investors remain very wary of it.

Business Insider highlighted a note from investment analysts at Morgan Stanley, which suggested that bitcoin may soon have a practical value of nothing. 

Analyst James Faucette highlighted the tiny number, and declining, number of retailers prepared to exchange bitcoin for actual goods, which could spell a rocky future. Faucette said bitcoin is not like a currency, it's not like gold, and it has had difficulty scaling.

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• London-based True Retail invests in retail tech startups and connects them with established retailers.
• Traditional bricks-and-mortar shops are increasingly interested as High Street sales dive and shift online accelerates.

LONDON — 2017 was a tough year for retail.

John Lewis and Next, two UK retail bellwethers, issued profit warnings this year, High Street traffic is declining, and hedge funds are increasing their bets against retailers.

The High Street is feeling the impact of this squeeze on retail, with traditional retailers losing out to online retailers like Amazon. Richard Fleming, managing director and head of European restructuring at consultancy Alvarez & Marsal, predicted a "long-term, straight line decline" for physical retail in an interview with Business Insider earlier this year.

"Change is constant," Matt Truman, the CEO and cofounder of True Retail, told Business Insider recently. "The reality is that the pace of change is in fact quickening."

Truman, a former longtime JPMorgan retail analyst, is trying to help traditional bricks-and-mortar retailers deal with that quickening pace of change.

London-based True Retail, which he cofounded three years ago, invests in and incubates retail tech startups, getting involved at both the venture and private equity stage.

The company also connects startups with big retailers, in the hope that both parties will get something from the introduction.

"The real challenge for traditional retailers is: how do I access — in a sustainable, pre-emptive way — that innovation, that change, that access to the behavioural shift?" Trueman told BI.

"By putting them [startups and big retailers] together, they both benefit from this reciprocal advantage. The startup gets accelerated because of the scale of the traditional retail company. The traditional retailer gets the benefit of seeing something they may never have seen because they're not set up to see it."

True Retail works with the likes of department store John Lewis, supermarket Morrisons, discounter TK Maxx, Australian supermarket Woolworths, and shoe retailer Jimmy Choos — all brands with big physical footprints.

"If I'm a big behemoth of a traditional retailer, I don't see that every day because I'm trying to run a big retail company," Truman said. "What True provides them with is an always-on, 365-days-a-year view of thousands of companies from 38 countries.

"We effectively act as the innovation filter for them, identifying the technologies, products and services that offer a response to fast-changing consumer behaviours and a challenging business environment."

On a recent visit to True's office, BI met a wide range of startups: mobile payment startup Mishipay, analytics platform Localistico, customized video editing platform Photospire, mobile analytics business Pixoneye, and digital mental health platform Unmind.

If you didn't know that the focus was retail, you probably wouldn't have guessed. But the idea is to push traditional retailers to think more creatively about what they do and how they might be able to do it differently.  

"The benefit may be millions of pounds, it may end up being a new product on the shelves, it may end up being robotic tech in the distribution channels," Trueman said. "Whatever it is, by bringing these two networks together, we are able to provide solutions to combat escalating challenges and ensure retailers are fit for the future."

Retailers are increasingly cottoning on to the appeal of working with startups. John Lewis first launched a 12-week retail startup "accelerator," JLAB, in 2014 as part of efforts to see what ideas are out there. Earlier this month department store House of Fraser announced a partnership with startup Popertee, which will run "pop-up" space within the department store that will allow other startup brands to pilot products and services.

These types of partnerships are not limited to the UK. True Retail recently led a trade mission to New York in partnership with the UK Department of International Trade. While there, True Retail showcased UK retail tech startups to 13 major US retailers.

"The Trade Mission resulted in 70 targeted and purposeful introductions lead by True that allowed the startups to discuss areas they can support the retailers, such as personalisation, digital marketing, product discovery, in-store experience and consumer analytics," Trueman said.

"There's a lot of focus on what could be next and what could be new. It's more dramatic and I don't see that slowing anytime soon."

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NOW WATCH: This is one of the best responses to Jamie Dimon calling bitcoin a fraud that we have heard so far