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A suspicious package forced a terminal to shut down at a California airport

Business Insider, 1/1/0001 12:00 AM PST

san jose airport

  • Terminal B at Mineta San Jose International Airport was evacuated and closed for nearly an hour on Tuesday because of a suspicious package.
  • Local authorities determined the package was "non-threatening."
  • The contents of the package have not been revealed.

 

Terminal B at Mineta San Jose International Airport was evacuated this morning because of a suspicious package. The airport's Twitter account noted that the terminal closed at 11:00 am on Tuesday and reopened at 11:55 am.

The package was first noticed around 10 am, an airport representative told Business Insider. The San Jose Police Department, San Jose Fire Department, and a bomb squad were on site to investigate the package and decided it was "non-threatening." The contents of the package have not been revealed.

Rather than forcing the passengers in Terminal B to go outside, the airport moved them to Terminal A so they wouldn't have to go through security again. Southwest and Alaska Airlines operate out of Terminal B.

The evacuation was documented on Twitter.

san jose airport

san jose airport

 

san jose airport

 

SEE ALSO: A burnt bagel forced an entire terminal at a St. Louis airport to evacuate

Join the conversation about this story »

NOW WATCH: We talked to Nobel Prize-winning economist Paul Krugman about tax reform, Trump, and bitcoin

Report: Peter Thiel's Founders Fund Bets Millions on Bitcoin

CoinDesk, 1/1/0001 12:00 AM PST

PayPal co-founder Peter Thiel's VC firm reportedly made hundreds of millions by putting $15 million to $20 million down on bitcoin last year.

STOCKS START THE YEAR GREEN: Here’s what you need to know

Business Insider, 1/1/0001 12:00 AM PST

Times Square New Years 2018

Stocks finished higher on the first day of trading in 2018, with the S&P 500 and Nasdaq hitting records to open the year.

Markets will be seeking to repeat the successes of 2017 — a year in which the S&P 500 gained in each of the 12 months.

Here’s Monday’s scoreboard:

  • Dow: 24,819.10 (+0.40%)
  • S&P 500: 2,695.82 (+0.83%)
  • Nasdaq: 7,006.90 (+1.50%)

What happened:

  1. The world's hottest investment product is showing signs of slowing down: Exchange-traded-fund closures hit a record for a second straight year in 2017, according to Citigroup data, signaling the ETF market is maturing as traders shift how they're using the funds.
  2. Oil is holding the $60 per barrel mark as anti-government protests in Iran provide support.
  3. Energy giant BP expects a long term 'Trump bump' from the new US tax plan — but it's taking a $1.5 billion hit for now
  4. Warren Buffett has won his $1 million bet against the hedge fund industry

In other news…

  1. Peter Thiel's Founders Fund made a bet on bitcoin that's now worth hundreds of millions of dollars, and the price of bitcoin spiked on the news.
  2. Millennials did a terrible job picking stocks in 2017, with six of Robinhood’s top 10 traded stocks ending the year lower than where they began.
  3. Steve Cohen’s new hedge fund will reportedly have an army of investigators to snoop on traders’ chats and calls.
  4. The cofounder of Ripple is now one of the world’s richest people after the company’s cryptocurrency, XRP, gained more than 37,000%

Finally, here’s what 12 Wall Street prof are predicting for the stock market in 2018.

SEE ALSO: Bitcoin's share of the crypto market hits an all-time low as 'alt-coins' go wild

Join the conversation about this story »

NOW WATCH: A Nobel Prize-winning economist says Trump's tax plan won't crash the economy

STOCKS START THE YEAR GREEN: Here’s what you need to know

Business Insider, 1/1/0001 12:00 AM PST

Times Square New Years 2018

Stocks finished higher on the first day of trading in 2018, with the S&P 500 and Nasdaq hitting records to open the year.

Markets will be seeking to repeat the successes of 2017 — a year in which the S&P 500 gained in each of the 12 months.

Here’s Monday’s scoreboard:

  • Dow: 24,819.10 (+0.40%)
  • S&P 500: 2,695.82 (+0.83%)
  • Nasdaq: 7,006.90 (+1.50%)

What happened:

  1. The world's hottest investment product is showing signs of slowing down: Exchange-traded-fund closures hit a record for a second straight year in 2017, according to Citigroup data, signaling the ETF market is maturing as traders shift how they're using the funds.
  2. Oil is holding the $60 per barrel mark as anti-government protests in Iran provide support.
  3. Energy giant BP expects a long term 'Trump bump' from the new US tax plan — but it's taking a $1.5 billion hit for now
  4. Warren Buffett has won his $1 million bet against the hedge fund industry

In other news…

  1. Peter Thiel's Founders Fund made a bet on bitcoin that's now worth hundreds of millions of dollars, and the price of bitcoin spiked on the news.
  2. Millennials did a terrible job picking stocks in 2017, with six of Robinhood’s top 10 traded stocks ending the year lower than where they began.
  3. Steve Cohen’s new hedge fund will reportedly have an army of investigators to snoop on traders’ chats and calls.
  4. The cofounder of Ripple is now one of the world’s richest people after the company’s cryptocurrency, XRP, gained more than 37,000%

Finally, here’s what 12 Wall Street prof are predicting for the stock market in 2018.

SEE ALSO: Bitcoin's share of the crypto market hits an all-time low as 'alt-coins' go wild

Join the conversation about this story »

NOW WATCH: A Nobel Prize-winning economist says Trump's tax plan won't crash the economy

Bitcoin's share of the crypto market hits an all-time low as 'alt-coins' go wild

Business Insider, 1/1/0001 12:00 AM PST

A general view of the Bitcoin booth at the 2015 International CES at the Las Vegas Convention Center on January 8, 2015 in Las Vegas, Nevada. CES, the world's largest annual consumer technology trade show, runs through January 9 and is expected to feature 3,600 exhibitors showing off their latest products and services to about 150,000 attendees.

  • Crypto's total market cap hit an all-time high above $660 billion on Tuesday as so-called alternative coins, or  "alt-coins," charged upwards. 
  • Meanwhile the largest crypto, bitcoin, lagged behind small rival coins.
  • Bitcoin's share of the total cryptocurrency market cap hit an all-time low on Tuesday below 36%.

 

With a market share of nearly 90%, bitcoin's dominance over the cryptocurrency space appeared unshakable at the start of 2017.

As the year progressed, and new coins came onto the market, bitcoin's position dwindled. That trend has continued into 2018.

Bitcoin's market capitalization as a percentage of the total crypto-market hit an all-time low below 36% on Tuesday as smaller so-called alternative cryptocurrencies rallied, according to data provider CoinMarketCap.com. That's down from 65% at the start of December. 

To be sure, bitcoin gained an eye-popping 1,300% in 2017. Still, over the past month alternative digital currencies have far outpaced bitcoin, thus cutting into its share of the overall market.

Ripple, Stellar, and Cardano were all up more than 80% over the last week, for instance. Meanwhile, bitcoin was trading down more than 6% over the same period. What's striking is that typically when bitcoin is down, the entire market takes a hit. But even as bitcoin lagged, crypto's total market cap soared above $665 billion as alts charged upwards. Screen Shot 2018 01 02 at 10.12.56 AM

John Spallanzani, the chief macro strategist at GFI Group, told Business Insider that a healthy shift from bitcoin to other cryptocurrencies has been taking place in the space. 

"Rotation is good," he said in a Twitter direct message."It's healthy when money moves around, goes to where it is treated best."

Ryan Taylor, the CEO of cryptocurrency Dash, told Business Insider that bitcoin's market share will continue to decline as more cryptocurrency projects enter the market. 

"It is inevitable," he said. "One blockchain cannot be all things or address all market needs optimally."

crypto gains v2

Ripple's XRP, for instance, is designed to improve international money transfers. As for Dash, it seeks to act as a convenient vehicle of exchange in ecommerce. Those use-cases, according to Taylor, have been attracting investors to alts. 

"While bitcoin is increasingly viewed as digital gold, other blockchains are focused on delivering smart contracts, tracking logistics data, serving specific industries, or facilitating transactions," Taylor said. 

David Sønstebø, the founder of cryptocurrency Iota, said bitcoin's identity crisis has provided a breeding ground for new projects to eat its lunch. Power brokers in the bitcoin community have squabbled over its purpose for years. Some have said it is better suited to behave as a store of value - sort of like a digital gold - whereas others see it better suited as a payments networks. Investors,  Sønstebø said, will pour into those cryptocurrencies with a clear use-case. 

"I believe 2018 will be the year where crypto has to prove its utility beyond a speculative asset, and bitcoin cannot do that today," Sønstebø said. "I don't even like calling projects 'alts' anymore, rather bitcoin was a prototype and now we are seeing the future incarnations being built."

Still, not everyone thinks market capitalization is a meaningful indicator. Jimmy Song, a bitcoin developer, said the data is unreliable and doesn't paint a precise picture of what's going on in the cryptocurrency market. 

"Like with most things, Bitcoin Dominance is a very crude metric and one that’s unfortunately very easy to manipulate," he said in a Medium post

Some coins, such as Ripple, are pre-mined. As such, the entities behind the coins can increase or decrease the supply as they see fit.

"This isn’t anything new and in the stock market, stocks that play float manipulation games generally become juicy targets for short-sellers," he wrote. "Alt-coins like Gnosis, for example only floated 5% of their coins, so ask yourself, how much of Gnosis’s $115M market cap as of this writing is real?"

Join the conversation about this story »

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

Bitcoin's share of the crypto market hits an all-time low as 'alt-coins' go wild

Business Insider, 1/1/0001 12:00 AM PST

A general view of the Bitcoin booth at the 2015 International CES at the Las Vegas Convention Center on January 8, 2015 in Las Vegas, Nevada. CES, the world's largest annual consumer technology trade show, runs through January 9 and is expected to feature 3,600 exhibitors showing off their latest products and services to about 150,000 attendees.

  • Crypto's total market cap hit an all-time high above $660 billion on Tuesday as so-called alternative coins, or  "alt-coins," charged upwards. 
  • Meanwhile the largest crypto, bitcoin, lagged behind small rival coins.
  • Bitcoin's share of the total cryptocurrency market cap hit an all-time low on Tuesday below 36%.

 

With a market share of nearly 90%, bitcoin's dominance over the cryptocurrency space appeared unshakable at the start of 2017.

As the year progressed, and new coins came onto the market, bitcoin's position dwindled. That trend has continued into 2018.

Bitcoin's market capitalization as a percentage of the total crypto-market hit an all-time low below 36% on Tuesday as smaller so-called alternative cryptocurrencies rallied, according to data provider CoinMarketCap.com. That's down from 65% at the start of December. 

To be sure, bitcoin gained an eye-popping 1,300% in 2017. Still, over the past month alternative digital currencies have far outpaced bitcoin, thus cutting into its share of the overall market.

Ripple, Stellar, and Cardano were all up more than 80% over the last week, for instance. Meanwhile, bitcoin was trading down more than 6% over the same period. What's striking is that typically when bitcoin is down, the entire market takes a hit. But even as bitcoin lagged, crypto's total market cap soared above $665 billion as alts charged upwards. Screen Shot 2018 01 02 at 10.12.56 AM

John Spallanzani, the chief macro strategist at GFI Group, told Business Insider that a healthy shift from bitcoin to other cryptocurrencies has been taking place in the space. 

"Rotation is good," he said in a Twitter direct message."It's healthy when money moves around, goes to where it is treated best."

Ryan Taylor, the CEO of cryptocurrency Dash, told Business Insider that bitcoin's market share will continue to decline as more cryptocurrency projects enter the market. 

"It is inevitable," he said. "One blockchain cannot be all things or address all market needs optimally."

crypto gains v2

Ripple's XRP, for instance, is designed to improve international money transfers. As for Dash, it seeks to act as a convenient vehicle of exchange in ecommerce. Those use-cases, according to Taylor, have been attracting investors to alts. 

"While bitcoin is increasingly viewed as digital gold, other blockchains are focused on delivering smart contracts, tracking logistics data, serving specific industries, or facilitating transactions," Taylor said. 

David Sønstebø, the founder of cryptocurrency Iota, said bitcoin's identity crisis has provided a breeding ground for new projects to eat its lunch. Power brokers in the bitcoin community have squabbled over its purpose for years. Some have said it is better suited to behave as a store of value - sort of like a digital gold - whereas others see it better suited as a payments networks. Investors,  Sønstebø said, will pour into those cryptocurrencies with a clear use-case. 

"I believe 2018 will be the year where crypto has to prove its utility beyond a speculative asset, and bitcoin cannot do that today," Sønstebø said. "I don't even like calling projects 'alts' anymore, rather bitcoin was a prototype and now we are seeing the future incarnations being built."

Still, not everyone thinks market capitalization is a meaningful indicator. Jimmy Song, a bitcoin developer, said the data is unreliable and doesn't paint a precise picture of what's going on in the cryptocurrency market. 

"Like with most things, Bitcoin Dominance is a very crude metric and one that’s unfortunately very easy to manipulate," he said in a Medium post

Some coins, such as Ripple, are pre-mined. As such, the entities behind the coins can increase or decrease the supply as they see fit.

"This isn’t anything new and in the stock market, stocks that play float manipulation games generally become juicy targets for short-sellers," he wrote. "Alt-coins like Gnosis, for example only floated 5% of their coins, so ask yourself, how much of Gnosis’s $115M market cap as of this writing is real?"

Join the conversation about this story »

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

Cardano Blockchain's First Use Case: Proof of University Diplomas in Greece

Bitcoin Magazine, 1/1/0001 12:00 AM PST

cardano use case

Greek graduates may soon be able to prove their qualifications by way of a blockchain.

GRNET, the national research and education network of Greece, is working on a pilot project with blockchain research and development company IOHK to verify student diplomas on Cardano, a blockchain that launched in September.

The project is notable because it is the first official use case of Cardano, a proof-of-stake-based cryptocurrency and soon-to-be smart contract platform currently under development by IOHK.

The GRNET app will be built on Enterprise Cardano, a private or permissioned ledger version of Cardano. Unlike a public blockchain, where anyone can join in and participate, a private blockchain allows only a restricted set of users to validate block transactions.

So far, three Greek universities are participating in the project. While IOHK is providing the decentralized database, GRNET is providing the web front end and support and will bring together other universities participating beyond the pilot.

Funding for the project comes in part from Horizon 2020, a European program for research and innovation. Development of the prototype is already under way, Aggelos Kiayias, IOHK’s chief scientist, told Bitcoin Magazine.    

Why Diplomas?

Given IOHK’s deep ties with academia, it is no surprise to find the company working on a project that involves universities. But why diplomas?

Putting diplomas on a blockchain takes the paperwork out of the process and makes it easy and simple to check if someone holds a degree.

Typically, when a student graduates, they receive a paper copy of a diploma signed by the dean and co-signed the university’s registrar. All of the students’ transcripts and records are stored in the university’s centralized database.

To confirm that a graduate has the degree they claim to have, an employer has to check the official diploma or call the university. The labor-intensive process makes it too easy for unqualified applicants to slip under the radar.

Putting documents and records on the blockchain eliminates opportunity for fraud in that it allows graduates and universities to “issue a proof that a qualification exists that is undeniable,” said Kiayias. “This is a point of reference that can be agreed [on] by everyone.”

Cryptographic Proof

But to protect student privacy, instead of putting an entire diploma on the blockchain, GRNET plans to put only a cryptographic hash of a diploma on the blockchain.

Digital documents are easy to alter in ways that are undetectable to the human eye. But as long as the digital version shown to an employer hashes to the same output as what is stored on the blockchain, that proves the document is the original, unaltered version.

“We cannot put any plaintext on the blockchain, as diplomas and transcripts are personal information. We only put hashes; we may put entire diplomas and transcripts, but they will always be encrypted,” Panos Louridas, GRNET consultant and associate professor at Athens University of Economics and Business, explained to Bitcoin Magazine in an email.

This is not the first effort to store diplomas on the blockchain. In October, MIT announced its own pilot project to verify digital diplomas using the blockchain.   

But Louridas claims the GRNET pilot is different from prior projects in that it stores the entire chain of verification steps on the blockchain. Each step would be recorded as its own immutable transaction on a separate block in the blockchain.  

“You don’t really need a blockchain to store diplomas: a simple system with some digital signatures by the host institution would do,” he said. “We want to be able to record that somebody has asked for proof of a degree, that the proof has been granted, that the proof has been forwarded to a verifier, and that the verifier can verify that the degree is valid, and nobody can dispute any of the above steps.”

The three Greek universities taking part in the pilot include Aristotle University of Thessaloniki, Democritus University of Thrace and Athens University of Economics and Business.



The post Cardano Blockchain's First Use Case: Proof of University Diplomas in Greece appeared first on Bitcoin Magazine.

Millennials did a terrible job picking stocks in 2017 (AMD, FIT, SNAP, GPRO, F, AAPL, TWTR)

Business Insider, 1/1/0001 12:00 AM PST

millennials gen z phones

  • Millennial investors favored tech and bitcoin in 2017.
  • The generation's favorite stocks were mostly winners last year.


While some millennials surely spent 2017 swiping through dating apps and posting selfies on social media, an increasing number of them started investing for their futures. The bad news is, they don't seem to be very good at it.

In 2017 Robinhood, the trading app popular with millennials, users tended to buy well-known consumer names. Some of their picks, mainly the big tech companies, did well, but six of the 10 most popular stocks on Robinhood last year ended the year lower than they started.

The 10 most popular stocks on the app and their one-year returns are as follows.

  1. Advanced Micro Devices (AMD) -3.14%
  2. Fitbit (FIT) -25.39%
  3. Snap (SNAP) -39.42%
  4. GoPro (GPRO) -13.81%
  5. Ford (F) +0.32%
  6. Apple (AAPL) +47.89%
  7. Twitter (TWTR) +48.97%
  8. General Electric (GE) -43.51%
  9. Chesapeake Energy Corporation (CHK) -40.04%
  10. Tesla (TSLA) +49.03%

Tech stocks tended to give millennials the best returns, with Amazon, Apple, Facebook, Nvidia, and Tesla resulting in the biggest dollar gains for Robinhood users. Those who invested in AMD, GE and Snap saw some of the biggest losses, the company told Markets Insider in an email.

Users of the Stockpile app, which allows users to buy fractional shares of expensive companies, saw similar trends from its users in 2017. Its top stock was Amazon, followed by Bitcoin Investment Trust, a fund that seeks to track the price of bitcoin.

"We're finding that millennials like to buy stocks of companies they know and whose products and services they use personally, or aspire to use. So Amazon, Snapchat, Facebook, Tesla all make sense." a Stockpile spokesperson told Markets Insider. "As far as Bitcoin, many millennials see this as a growth opportunity created by their generation and something they can get in on early."

Read about the "submarine trend" that is hard to see but is affecting nearly every company you know.

SEE ALSO: There's a 'submarine trend' in the tech world, and it's affecting nearly every company you know

Join the conversation about this story »

NOW WATCH: THE BOTTOM LINE: Bitcoin mania, a Nobel Prize-winning economist talks Trump, and a deep dive on unstoppable tech stocks

Millennials did a terrible job picking stocks in 2017 (AMD, FIT, SNAP, GPRO, F, AAPL, TWTR)

Business Insider, 1/1/0001 12:00 AM PST

millennials gen z phones

  • Millennial investors favored tech and bitcoin in 2017.
  • The generation's favorite stocks were mostly winners last year.

 

While some millennials surely spent 2017 swiping through dating apps and posting selfies on social media, an increasing number of them started investing for their futures. The bad news is, they don't seem to be very good at it.

In 2017 Robinhood, the trading app popular with millennials, users tended to buy well-known consumer names. Some of their picks, mainly the big tech companies, did well, but six of the 10 most popular stocks on Robinhood last year ended the year lower than they started.

The 10 most popular stocks on the app and their one-year returns are as follows.

  1. Advanced Micro Devices (AMD) -3.14%
  2. Fitbit (FIT) -25.39%
  3. Snap (SNAP) -39.42%
  4. GoPro (GPRO) -13.81%
  5. Ford (F) +0.32%
  6. Apple (AAPL) +47.89%
  7. Twitter (TWTR) +48.97%
  8. General Electric (GE) -43.51%
  9. Chesapeake Energy Corporation (CHK) -40.04%
  10. Tesla (TSLA) +49.03%

Tech stocks tended to give millennials the best returns, with Amazon, Apple, Facebook, Nvidia, and Tesla resulting in the biggest dollar gains for Robinhood users. Those who invested in AMD, GE and Snap saw some of the biggest losses, the company told Markets Insider in an email.

Users of the Stockpile app, which allows users to buy fractional shares of expensive companies, saw similar trends from its users in 2017. Its top stock was Amazon, followed by Bitcoin Investment Trust, a fund that seeks to track the price of bitcoin.

"We're finding that millennials like to buy stocks of companies they know and whose products and services they use personally, or aspire to use. So Amazon, Snapchat, Facebook, Tesla all make sense." a Stockpile spokesperson told Markets Insider. "As far as Bitcoin, many millennials see this as a growth opportunity created by their generation and something they can get in on early."

Read about the "submarine trend" that is hard to see but is affecting nearly every company you know.

SEE ALSO: There's a 'submarine trend' in the tech world, and it's affecting nearly every company you know

Join the conversation about this story »

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

Peter Thiel’s Founders Fund is Holding Hundreds of Millions of Dollars in Bitcoin

CryptoCoins News, 1/1/0001 12:00 AM PST

The post Peter Thiel’s Founders Fund is Holding Hundreds of Millions of Dollars in Bitcoin appeared first on CCN

One of Silicon Valley’s most respected venture capital firms has stockpiled hundreds of million dollars in bitcoin. Citing several people familiar with the matter, The Wall Street Journal reports that Founders Fund is sitting on several thousand bitcoins, spread across several of its recently-launched funds. Co-founded by billionaire Peter Thiel, Founders Fund has more than

The post Peter Thiel’s Founders Fund is Holding Hundreds of Millions of Dollars in Bitcoin appeared first on CCN

This 1 Thing You May Be Doing Could Cripple Your Business Strategy

Inc, 1/1/0001 12:00 AM PST

When you're looking for magical data answers, you are the problem.

South-west London is now seeing the biggest falls in property prices in the capital

Business Insider, 1/1/0001 12:00 AM PST

london houses property market

South and west London are experiencing the steepest drops in property prices in the British capital, according to estate agents Savills. Things may now finally stabilising — but Brexit uncertainty means prices are unlikely to rise any time soon.

In a report published Tuesday, the company said that it had seen a 4.2% drop in prices in "prime" south west London locations — including Battersea, Clapham, Wandsworth, Fulham, and Richmond — versus drops of 4% in prime central London. Outer prime London faired better, but still dropped 3.3% throughout the year. (We first saw the data via The Guardian.)

It's the first time since 2012 that house prices in the "prime southwest" have fallen by more than "prime central" London, Savills said.

The south-west is now down 7.3% on its peak in 2014 — but has still grown 9.9% overall over the last five years.

In a statement, Savills head of residential research Lucian Cook said confusion around Brexit means imminent price growth is unlikely in London: "The prime central London market may be bottoming out, but we don’t expect a return to growth until there’s greater clarity regarding the Brexit process.

"A backdrop of political and economic uncertainty means the market will remain highly discretionary, while the high tax environment means that even international buyers remain reluctant to take advantage of the currency play. Our forecasts anticipate it will be two years before we see a bounce in values."

Join the conversation about this story »

NOW WATCH: We talked to Nobel Prize-winning economist Paul Krugman about tax reform, Trump, and bitcoin

Bitcoin spikes after reports Peter Thiel’s fund owns ‘hundreds of millions of dollars’ of the cryptocurrency

Business Insider, 1/1/0001 12:00 AM PST

Screen Shot 2018 01 02 at 2.15.24 PM

  • The price of bitcoin spiked over 10% Tuesday to around $14,900 a coin after the Wall Street Journal reported Peter Thiel’s Founders Fund had "amassed hundreds of millions of dollars" worth of the cryptocurrency.
  • According to the report, the fund bought "$15 to 20 million" worth of the digital currency and has told investors that the bet is now worth over five times the principal investment.
  • It’s not clear when the fund purchased the tokens, or if they’ve sold any, but the firm will likely see hefty profits after bitcoin’s 1,341% rise in 2017.
  • The extremely volatile cryptocurrency is quickly gaining popularity among mainstream investment shops: Two exchanges launched bitcoin futures contracts in December, and Goldman Sachs is reportedly building a cryptocurrency trading desk.

SEE ALSO: Read the full WSJ report here

Join the conversation about this story »

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

Bitcoin spikes after reports Peter Thiel’s fund owns ‘hundreds of millions of dollars’ of the cryptocurrency

Business Insider, 1/1/0001 12:00 AM PST

Screen Shot 2018 01 02 at 2.15.24 PM

  • The price of bitcoin spiked over 10% Tuesday to around $14,500 a coin after the Wall Street Journal reported Peter Thiel’s Founders Fund had "amassed hundreds of millions of dollars" worth of the cryptocurrency.
  • According to the report, the fund bought "$15 to 20 million" worth of the digital currency and has told investors that the bet is now worth over five times the principal investment.
  • It’s not clear when the fund purchased the tokens, or if they’ve sold any, but the firm will likely see hefty profits after bitcoin’s 1,341% rise in 2017.
  • The extremely volatile cryptocurrency is quickly gaining popularity among mainstream investment shops: Two exchanges launched bitcoin futures contracts in December, and Goldman Sachs is reportedly building a cryptocurrency trading desk.

SEE ALSO: Read the full WSJ report here

Join the conversation about this story »

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

Move Over, Winklevoss Twins: There Could Be 200 Bitcoin Billionaires

CryptoCoins News, 1/1/0001 12:00 AM PST

The post Move Over, Winklevoss Twins: There Could Be 200 Bitcoin Billionaires appeared first on CCN

Gemini co-founders Cameron and Tyler Winklevoss grabbed headlines last month when the value of their publicized bitcoin holdings surpassed $1 billion, making them the first “verified” bitcoin billionaires. However, blockchain data indicates that there could be as many as 200 bitcoin billionaires who have kept their holdings a secret to maintain their privacy. That’s according

The post Move Over, Winklevoss Twins: There Could Be 200 Bitcoin Billionaires appeared first on CCN

Keep an Eye Out for These Bitcoin Tech Trends in 2018

Bitcoin Magazine, 1/1/0001 12:00 AM PST

toptrends2018-header-1400x400(fills).png

The post Keep an Eye Out for These Bitcoin Tech Trends in 2018 appeared first on Bitcoin Magazine.

Crypto Market Sets New High as Bitcoin Dominance Drops to Historic Low

CoinDesk, 1/1/0001 12:00 AM PST

The cryptocurrency market sets all-time-high above $660 billion while bitcoin dominance dropped to its historic low.

New Bitcoin Cash Tech Takes Aim at Accidental Spending Issue

CoinDesk, 1/1/0001 12:00 AM PST

Bitcoin ABC, a full node implementation for bitcoin cash, released a new BCH address format to prevent funds from going to BTC addresses instead.

Warren Buffett has won his $1 million bet against the hedge fund industry

Business Insider, 1/1/0001 12:00 AM PST

warren buffett

  • In 2007, Warren Buffett entered a million-dollar bet with fund manager Protégé Partners that the S&P 500 would beat a basket of hedge funds over the next decade. 
  • His S&P 500 index fund compounded a 7.1% annual gain over 10 years, beating an average increase of 2.2% by the basket of funds selected by Protégé Partners.
  • The prize money will go to Girls Inc. of Omaha. 
  • Buffett took issue with hedge funds' high fees and their promise of outperforming the market. 

 

With 2017 over, Warren Buffett has sealed his victory over hedge funds in a bet he made a decade ago. 

The Berkshire Hathaway chairman in 2007 bet $1 million of his money that the S&P 500 would outperform a selection of hedge funds over the following 10 years. As of last week Friday, his S&P 500 index fund compounded a 7.1% annual gain over that period. The basket of funds selected by Protégé Partners – the managers with whom he made the bet — gained 2.1%, according to The Wall Street Journal.

Buffett agreed to give the prize money charity. Girls Inc. of Omaha, a non-profit that Buffett has supported a number of times before, is the beneficiary.

Each side first put $320,000 into a zero-coupon Treasury bond that they estimated would be worth $1 million by 2018. But it was moved into Berkshire Hathaway's class B shares when the bond's value rose faster than they were expecting. The 11,200 shares they bought in 2012 were worth $2.22 million on Friday, the Journal noted. 

Buffett has long taken issue with hedge funds' promise of outperforming the market, and their high fees that take away from the returns their clients earn. 

He's turned out right on both fronts. Actively managed funds have seen outflows while passive funds gained since the financial crisis. At the same time, an abundance of exchange-traded funds has made it cheaper and easier for investors to buy into just about any group of stocks. 

"My guess is that doubling down on a bet with Warren Buffett for the next 10 years would hold greater-than-even odds of victory," wrote Ted Seides, a founder of Protégé Partners, in an early concession piece in Bloomberg View.

"The S&P 500 looks overpriced and has a reasonable chance of disappointing passive investors," Seides said in May.

SEE ALSO: Here's how virtually everything you can invest in performed in 2017

Join the conversation about this story »

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

The combined jackpots for the next Mega Millions and Powerball are $783 million — here's when they're drawn

Business Insider, 1/1/0001 12:00 AM PST

Mega Millions

  • The Mega Millions jackpot is up to $343 million, while the Powerball jackpot is up to $440 million.
  • Mega Millions' next drawing is scheduled for Tuesday evening, with Powerball to follow on Wednesday evening.
  • Math still suggests buying a lottery ticket is a losing bet.


It's a big week for the lottery.

The Mega Millions drawing scheduled for 11 p.m. ET on Tuesday has an estimated jackpot of $343 million, as of about noon ET, and the Powerball drawing scheduled for 10:59 p.m. Wednesday has an estimated prize of $440 million.

That's about $783 million between the two multistate lotteries.

Of course, the odds of winning either, let alone both, are astronomically stacked against ticket buyers.

Indeed, Business Insider looked at the similarly large jackpots before last weekend's drawings and concluded that, even though the headline prizes were getting pretty big, the math suggests buying a ticket would not be a winning bet.

Regardless, good luck to anyone playing either or both of this week's drawings!

SEE ALSO: We did the math to see whether it's worth buying a Powerball or Mega Millions lottery ticket

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Steve Cohen's new hedge fund will reportedly have an army of investigators to snoop on traders' chats and calls

Business Insider, 1/1/0001 12:00 AM PST

steve cohen

  • Steve Cohen is planning a comeback to the hedge fund world, several years after shutting down his last fund in 2014 amid a lengthy insider-trading investigation.
  • His new firm, Stamford Harbor Capital, will reportedly feature a 50-person team of investigators who will snoop on traders' calls, chats, and emails to flag suspicious behavior. 

 

Hedge fund legend Steve Cohen is planning a highly watched comeback, and his new firm will feature an army of internal investigators who will try and make sure traders don't run afoul of the law. 

It's not yet clear just how much money Cohen will manage at Stamford Harbor Capital outside of his own $10 billion-plus fortune — reports vary, but it's expected to be at least a couple billion — but it's clear he's trying to steer clear of the regulatory scrutiny that proved the downfall in 2014 of his previous fund SAC Capital, which had a record of astonishing returns but also the legacy of an ugly insider trading investigation.

Bloomberg reports that Cohen's new launch will include a 50-person "command center" staffed with compliance officers who will monitor traders in real time, listening in on calls and scouring emails for suspicious behavior.

Stamford Harbor is looking to hire analysts for its "Intelligence Team" with five to 10 years of experience as investigators or working in the US intelligence community, according to the report. 

Cohen has been running a family office called Point72 Asset Management, with some $11 billion of his personal fortune and that of some staffers, since 2014 after he agreed not to manage other people's money and return outside investors' capital.

The agreement came after a years-long insider trading investigation at SAC that ended with a conviction for one of Cohen's subordinates but not him. His failure, according to the SEC, was to supervise those traders as head of SAC Capital. SAC also pleaded guilty and paid a record fine, $1.2 billion, to settle insider-trading claims.

But the ban was lifted, and Cohen is able to raise a new fund as of 2018.

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MACQUARIE: Netflix is leaps and bounds ahead of the competition (NFLX)

Business Insider, 1/1/0001 12:00 AM PST

Reed Hastings Netflix

  • Shares of Netflix spiked Tuesday morning after Macquarie gave the stock a $220 price target. 
  • The bank says Netflix will continue to dominate any existing and future streaming service. 


Shares of Netflix spiked 4.42% Tuesday morning, crossing $200 mark for the first time since October, after Macquarie upgraded the streaming video giant from neutral to outperform.

The upgrade was "part of a broad realignment of views on media," analyst Tim Nollen said in a note to clients Tuesday. "Where we prefer companies with subscription over ad-driven content, and scaled distribution with an international presence. We also appreciate the improving quality of Netflix’s revenue and earnings."

As annoying ads continues to drive consumers to subscription streaming services, Netflix is "miles ahead of its peers," the bank said. Even Disney, which plans to launch its own service and yank its content form Netflix in 2020, "won’t threaten Netflix."

Macquarie now has a price target of $220 for shares of Netflix — 10% above Tuesday’s prices and roughly in-line with Wall Street’s consensus target of $217.

Netflix will report fourth-quarter 2017 earnings on January 22. Analysts polled by Bloomberg, as well as Macquarie, expect the company to report earnings of $0.416 per share. In October, Netflix reported third-quarter earnings of $0.29 per share, lower than the expected $0.322.

"Quality of revenue and earnings are important," the bank said. "We believe Netflix is taking several steps to improve this beyond the market’s obsession with sub numbers to date. On the revenue side, a second round of price increases is now coming through." 

Shares of Netflix gained 56.48% in 2017, more than doubling the S&P 500's 19.14% benchmark in the same period. 

Netflix stock price

SEE ALSO: Roku soars 23% after a Wall Street analyst says it could compete with Netflix

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Weight Watchers enlists DJ Khaled in a strategy that has already seen Oprah boost its stock 500% (WTW)

Business Insider, 1/1/0001 12:00 AM PST

DJ Khaled weight watchers

  • Weight Watchers' stock is soaring on Tuesday after the company announced that DJ Khaled will be its social media ambassador.
  • Scoring endorsement deals with high-profile celebrities is a strategy that's worked well for the company in the past.
  • Oprah Winfrey's investment in and subsequent affiliation with Weight Watchers has spurred a major stock price recovery since late 2015.


Weight Watchers has added another celebrity to its stable of endorsers in an attempt to replicate the success it's had with Oprah Winfrey.

Plus-sized star DJ Khaled will now represent the weight-loss company as a social media ambassador, which will involve him documenting his experience and progresses on various channels, according to a company release.

The decision marks the latest installment in a corporate strategy that involves tying the Weight Watcher brand to influential celebrities — one that's succeeded in lifting the company's stock from the doldrums.

Weight Watchers, which was trading below $7 per share in October 2015, doubled in a single day on Oprah's initial announcement. Since then, the stock has exploded by more than 574%, including almost 300% in 2017 alone. And it's been a mutually beneficial set-up, with Oprah's full stake in the company reaching a value of more than $500 million along the way.

Weight Watchers will be looking for DJ Khaled's branding efforts to be similarly accretive to its share price. And by the looks of investor positioning, they'll have much less resistance than in the past.

Short interest on Weight Watchers — a measure of bets that a stock will drop — declined by more than $10 million, or 59%, in 2017 as shares rallied, according to data compiled by financial analytics firm S3 Partners.

In other words, traders are relatively unhedged, and they're not directionally bearish. And with the stock up as much as 7% on Tuesday, the so-called "Oprah effect" will soon looks alive and well with DJ Khaled as a new driving force.

Screen Shot 2018 01 02 at 11.09.54 AM

SEE ALSO: The world's hottest investment product is showing signs of slowing down

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Tesla is rising despite slashed Model 3 delivery estimates (TSLA)

Business Insider, 1/1/0001 12:00 AM PST

tesla factory


Shares of Tesla are up 2.33% to $317.96 on the first day of trading in 2018. The company is expected to release is production and delivery numbers for the fourth quarter of 2017 this week and some Wall Street firms aren't too optimistic.

Jeffrey Osborne, an analyst at Cowen, slashed his delivery target for Model 3s in the fourth quarter from 9,100 to just 2,250 on Tuesday, a 75% cut.

"While [Model] S/X metrics are likely to be strong, we are taking a more conservative stance on Model 3 deliveries," Osborne said. "While the exact delivery number isn't that relevant to the long-term investor's view of Tesla shares, we believe more telling will be the run rate production levels."

Osborne is bearish on the company and isn't the only one. Analysts from KeyBanc cut their fourth-quarter Model 3 delivery targets by about 70% toward the end of 2017, according to CNBC.

Tesla is struggling to break free of production issues plaguing its newest car. The Model 3 has been going through "production hell" as it tries to ramp up production to meet its 450,000-strong list of preorders. The company just recently seemed to overcome a battery manufacturing issue that forced some parts of the batteries to be assembled by hand.

Tesla hopes to produce about 5,000 Model 3s a week by the end of the first quarter. Its original plan was to hit that target by the end of the fourth quarter. The company only recently started delivering the cars to non-employees.

Tesla was up 48% over the last year.

Read about a tech "submarine trend" that is affecting nearly every company you know.

Tesla stock price

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Stellar Price Soars 33% on OKEx Listing, Up 165% in 7 Days

CryptoCoins News, 1/1/0001 12:00 AM PST

The post Stellar Price Soars 33% on OKEx Listing, Up 165% in 7 Days appeared first on CCN

The stellar price soared by 33 percent on Tuesday following its addition to cryptocurrency exchange OKEx. Stellar Price Leaps by 33 Percent It’s been a good month for projects founded by Jed McCaleb. The developer’s former project — ripple — returned the best performance of any cryptocurrency in 2017, and the token’s price has increased

The post Stellar Price Soars 33% on OKEx Listing, Up 165% in 7 Days appeared first on CCN

In Search of a Complete Guide to Initial Coin Offerings

Bitcoin Magazine, 1/1/0001 12:00 AM PST

ICO Token News Thumb.png

Interest in cryptocurrencies is at a fever pitch with untold numbers of token projects taking place every month. Initial coin offerings (ICOs) have yielded north of $1 billion in 2017, making this, clearly, the year of token launches. 

In Q3 alone, ICOs captured more than $1.3 billion for related ventures. This is estimated to be five times more than all of the venture capital funding raised in the blockchain industry. 

Amid this sea of activity, the average investor is left to stumble around aimlessly in search of comprehensive, up-to-date information about the cryptocurrency world. Most of these investors, big and small, are anxious to capitalize on some of the investment gains tied to bitcoin’s and other cryptocurrency’s meteoric rises. 

In this environment, blind corners abound with participants tasked with steering clear of poorly conceived crypto projects, some of which are outright scams. On the other hand, some people choose to opt out completely, intimidated by the complexity of this nascent landscape. In doing one’s due diligence, knowing what red flags to look for can be the difference between a positive experience or the loss of significant money. 

The Epiphany

With over 200 ICOs launched in 2017, due diligence exacts a heavy burden, even for experienced investment analysts, let alone amateur investors. Moreover, blockchain technology is still in its infancy, an early-stage advancement that is fueling new projects and use cases every day. 

Unfortunately, few educational sites exist that provide comprehensive up-to-date information regarding this space. With the unrelenting uptick of interest, replete with esoteric terminology and uncertain regulatory structures, it is a growth trajectory that is likely to continue in 2018 and beyond.

The Response

Sensing the need and demand, a growing number of websites are appearing with the goal of delivering better and more comprehensive information about ICOs and the altcoins they produce. 

One example is ICO Token News, which offers a comprehensive look at ICO basics, statistics, the growth of altcoins and the status of blockchain technology in general. It also provides a listing of upcoming conferences and events for those desiring to meet the movers and shakers in the ICO landscape. 

Another example, Crypto Coin Judge, provides cryptocoin casino reviews, unbiased broker reviews on fundamentals in Bitcoin and Ethereum, including profitable trading and investment strategies.  

The Promise

As today’s ICO landscape continues to evolve, participants will desire more and more educational portals that allow them to become better informed and more thoughtful with respect to their decisions. Sites like the ones noted above, while still relatively early in the game, are promising. They offer a timely response to what people need.

Note: Trading and investing in digital assets is speculative and can be high-risk. Based on the shifting business and regulatory environment of such a new industry, this content should not be considered investment or legal advice.


The post In Search of a Complete Guide to Initial Coin Offerings appeared first on Bitcoin Magazine.

In Search of a Complete Guide to Initial Coin Offerings

Bitcoin Magazine, 1/1/0001 12:00 AM PST

ICO Token News Thumb.png

Interest in cryptocurrencies is at a fever pitch with untold numbers of token projects taking place every month. Initial coin offerings (ICOs) have yielded north of $1 billion in 2017, making this, clearly, the year of token launches. 

In Q3 alone, ICOs captured more than $1.3 billion for related ventures. This is estimated to be five times more than all of the venture capital funding raised in the blockchain industry. 

Amid this sea of activity, the average investor is left to stumble around aimlessly in search of comprehensive, up-to-date information about the cryptocurrency world. Most of these investors, big and small, are anxious to capitalize on some of the investment gains tied to bitcoin’s and other cryptocurrency’s meteoric rises. 

In this environment, blind corners abound with participants tasked with steering clear of poorly conceived crypto projects, some of which are outright scams. On the other hand, some people choose to opt out completely, intimidated by the complexity of this nascent landscape. In doing one’s due diligence, knowing what red flags to look for can be the difference between a positive experience or the loss of significant money. 

The Epiphany

With over 200 ICOs launched in 2017, due diligence exacts a heavy burden, even for experienced investment analysts, let alone amateur investors. Moreover, blockchain technology is still in its infancy, an early-stage advancement that is fueling new projects and use cases every day. 

Unfortunately, few educational sites exist that provide comprehensive up-to-date information regarding this space. With the unrelenting uptick of interest, replete with esoteric terminology and uncertain regulatory structures, it is a growth trajectory that is likely to continue in 2018 and beyond.

The Response

Sensing the need and demand, a growing number of websites are appearing with the goal of delivering better and more comprehensive information about ICOs and the altcoins they produce. 

One example is ICO Token News, which offers a comprehensive look at ICO basics, statistics, the growth of altcoins and the status of blockchain technology in general. It also provides a listing of upcoming conferences and events for those desiring to meet the movers and shakers in the ICO landscape. 

Another example, Crypto Coin Judge, provides cryptocoin casino reviews, unbiased broker reviews on fundamentals in Bitcoin and Ethereum, including profitable trading and investment strategies.  

The Promise

As today’s ICO landscape continues to evolve, participants will desire more and more educational portals that allow them to become better informed and more thoughtful with respect to their decisions. Sites like the ones noted above, while still relatively early in the game, are promising. They offer a timely response to what people need.

Note: Trading and investing in digital assets is speculative and can be high-risk. Based on the shifting business and regulatory environment of such a new industry, this content should not be considered investment or legal advice.


The post In Search of a Complete Guide to Initial Coin Offerings appeared first on Bitcoin Magazine.

Malaysian Minister: No Bitcoin Trading Ban Planned

CoinDesk, 1/1/0001 12:00 AM PST

A Malaysian finance minister has said the government will not ban cryptocurrency trading, though it will remain cautious on the technology.

Weight Watchers is rising after announcing DJ Khaled as a spokesperson (WTW)

Business Insider, 1/1/0001 12:00 AM PST

DJ Khaled



With the new year comes New Year's resolutions, which is good news for Weight Watchers. The company is trading 4.74% higher to $45.75 as stocks begin trading for the first time in 2018.

The company announced its new "Freestyle" program in December and has been using its celebrity spokespeople to promote the new product in a time when people are looking to change their eating habits in the new year.

Weight Watchers announced DJ Khaled, the musician and social media star, as a new ambassador for the brand on Monday via Twitter:

DJ Khaled weight watchers

Oprah has long been a promoter of Weight Watchers. The TV star owns 10% of the company's stock and has made about $300 million from the company as its shares have risen about 700% since she invested in 2015.

The stock was up 300% last year.

Read about a "submarine trend" in the tech world that's affecting nearly every company you know.

weight watchers

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Weight Watchers is rising after announcing DJ Khaled as a spokesperson (WTW)

Business Insider, 1/1/0001 12:00 AM PST

DJ Khaled



With the new year comes New Year's resolutions, which is good news for Weight Watchers. The company is trading 4.74% higher to $45.75 as stocks begin trading for the first time in 2018.

The company announced its new "Freestyle" program in December and has been using its celebrity spokespeople to promote the new product in a time when people are looking to change their eating habits in the new year.

Weight Watchers announced DJ Khaled, the musician and social media star, as a new ambassador for the brand on Monday via Twitter:

DJ Khaled weight watchers

Oprah has long been a promoter of Weight Watchers. The TV star owns 10% of the company's stock and has made about $300 million from the company as its shares have risen about 700% since she invested in 2015.

The stock was up 300% last year.

Read about a "submarine trend" in the tech world that's affecting nearly every company you know.

weight watchers

SEE ALSO: There's a 'submarine trend' in the tech world, and it's affecting nearly every company you know

Join the conversation about this story »

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

Ripple's 37,000% rise has made its co-founder one of the world's richest people

Business Insider, 1/1/0001 12:00 AM PST

Chris Larsen Linkedin

  • Chris Larsen, the co-founder and former CEO of Ripple owns 5.19 billion XRP, Forbes reported Tuesday.
  • That stash, plus a 17% stake in the company, means he could be worth $37.3 billion.


XRP, a cryptocurrency for international money transfers by the fintech company Ripple, has been on a tear this winter, skyrocketing to the No. 2 cryptocurrency by market cap.

That astronomical rise to $2.47 a coin — up from $0.25 in mid-December — has made the co-founder and former CEO of the company one of the world’s richest people.

Chris Larsen, who founded Ripple Labs — now known as just Ripple — in 2012, owns 5.19 billion of its XRP cryptocurrency, Forbes reports. At Tuesday’s exchange rate, that gives his holdings a value of $12.82 billion. 

Forbes also reports that Larsen owns a 17% stake in the company, citing sources inside the firm, bringing his total net worth to $37.3 billion. That would make him the 21st richest person in the world, according to Bloomberg’s Billionaire Index — just behind Indian business magnate Mukesh Ambani.

The 57-year-old stepped down as CEO of Ripple in November 2016, turning over the reigns to current CEO Brad Garlinghouse, who owns a 6.3% stake in the company, Forbes reports. Larsen currently serves as chairman.

XRP was easily the best performing cryptocurrency of 2017, rising 37,900% from $0.0065 per token in January 2017, to $2.47 by the end of the year. The cryptocurrency now has a market cap of $94 billion, according to CoinMarketCap.com, placing it behind only bitcoin in total value.

XRP

SEE ALSO: Ripple hires Facebook communications manager after its cryptocurrency triples in a week

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Ripple's 37,000% rise has made its co-founder one of the world's richest people

Business Insider, 1/1/0001 12:00 AM PST

Chris Larsen Linkedin

  • Chris Larsen, the co-founder and former CEO of Ripple owns 5.19 billion XRP, Forbes reported Tuesday.
  • That stash, plus a 17% stake in the company, means he could be worth $37.3 billion.


XRP, a cryptocurrency for international money transfers by the fintech company Ripple, has been on a tear this winter, skyrocketing to the No. 2 cryptocurrency by market cap.

That astronomical rise to $2.47 a coin — up from $0.25 in mid-December — has made the co-founder and former CEO of the company one of the world’s richest people.

Chris Larsen, who founded Ripple Labs — now known as just Ripple — in 2012, owns 5.19 billion of its XRP cryptocurrency, Forbes reports. At Tuesday’s exchange rate, that gives his holdings a value of $12.82 billion. 

Forbes also reports that Larsen owns a 17% stake in the company, citing sources inside the firm, bringing his total net worth to $37.3 billion. That would make him the 21st richest person in the world, according to Bloomberg’s Billionaire Index — just behind Indian business magnate Mukesh Ambani.

The 57-year-old stepped down as CEO of Ripple in November 2016, turning over the reigns to current CEO Brad Garlinghouse, who owns a 6.3% stake in the company, Forbes reports. Larsen currently serves as chairman.

XRP was easily the best performing cryptocurrency of 2017, rising 37,900% from $0.0065 per token in January 2017, to $2.47 by the end of the year. The cryptocurrency now has a market cap of $94 billion, according to CoinMarketCap.com, placing it behind only bitcoin in total value.

XRP

SEE ALSO: Ripple hires Facebook communications manager after its cryptocurrency triples in a week

Join the conversation about this story »

NOW WATCH: THE BOTTOM LINE: Bitcoin mania, a Nobel Prize-winning economist talks Trump, and a deep dive on unstoppable tech stocks

Ripple's 37,000% rise has made its co-founder one of the world's richest people

Business Insider, 1/1/0001 12:00 AM PST

Chris Larsen Linkedin

  • Chris Larsen, the co-founder and former CEO of Ripple owns 5.19 billion XRP, Forbes reported Tuesday.
  • That stash, plus a 17% stake in the company, means he could be worth $37.3 billion.


XRP, a cryptocurrency for international money transfers by the fintech company Ripple, has been on a tear this winter, skyrocketing to the No. 2 cryptocurrency by market cap.

That astronomical rise to $2.47 a coin — up from $0.25 in mid-December — has made the co-founder and former CEO of the company one of the world’s richest people.

Chris Larsen, who founded Ripple Labs — now known as just Ripple — in 2012, owns 5.19 billion of its XRP cryptocurrency, Forbes reports. At Tuesday’s exchange rate, that gives his holdings a value of $12.82 billion. 

Forbes also reports that Larsen owns a 17% stake in the company, citing sources inside the firm, bringing his total net worth to $37.3 billion. That would make him the 21st richest person in the world, according to Bloomberg’s Billionaire Index — just behind Indian business magnate Mukesh Ambani.

The 57-year-old stepped down as CEO of Ripple in November 2016, turning over the reigns to current CEO Brad Garlinghouse, who owns a 6.3% stake in the company, Forbes reports. Larsen currently serves as chairman.

XRP was easily the best performing cryptocurrency of 2017, rising 37,900% from $0.0065 per token in January 2017, to $2.47 by the end of the year. The cryptocurrency now has a market cap of $94 billion, according to CoinMarketCap.com, placing it behind only bitcoin in total value.

XRP

SEE ALSO: Ripple hires Facebook communications manager after its cryptocurrency triples in a week

Join the conversation about this story »

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

Ripple's 37,000% rise has made its co-founder one of the world's richest people

Business Insider, 1/1/0001 12:00 AM PST

Chris Larsen Linkedin

  • Chris Larsen, the co-founder and former CEO of Ripple owns 5.19 billion XRP, Forbes reported Tuesday.
  • That stash, plus a 17% stake in the company, means he could be worth $37.3 billion.


XRP, a cryptocurrency for international money transfers by the fintech company Ripple, has been on a tear this winter, skyrocketing to the No. 2 cryptocurrency by market cap.

That astronomical rise to $2.47 a coin — up from $0.25 in mid-December — has made the co-founder and former CEO of the company one of the world’s richest people.

Chris Larsen, who founded Ripple Labs — now known as just Ripple — in 2012, owns 5.19 billion of its XRP cryptocurrency, Forbes reports. At Tuesday’s exchange rate, that gives his holdings a value of $12.82 billion. 

Forbes also reports that Larsen owns a 17% stake in the company, citing sources inside the firm, bringing his total net worth to $37.3 billion. That would make him the 21st richest person in the world, according to Bloomberg’s Billionaire Index — just behind Indian business magnate Mukesh Ambani.

The 57-year-old stepped down as CEO of Ripple in November 2016, turning over the reigns to current CEO Brad Garlinghouse, who owns a 6.3% stake in the company, Forbes reports. Larsen currently serves as chairman.

XRP was easily the best performing cryptocurrency of 2017, rising 37,900% from $0.0065 per token in January 2017, to $2.47 by the end of the year. The cryptocurrency now has a market cap of $94 billion, according to CoinMarketCap.com, placing it behind only bitcoin in total value.

XRP

SEE ALSO: Ripple hires Facebook communications manager after its cryptocurrency triples in a week

Join the conversation about this story »

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

Bitcoin Price Will ‘Burn Out in Spectacular Crash’: Fmr White House Budget Chief

CryptoCoins News, 1/1/0001 12:00 AM PST

The post Bitcoin Price Will ‘Burn Out in Spectacular Crash’: Fmr White House Budget Chief appeared first on CCN

A former White House budget director said that he believes the bitcoin price will experience a “spectacular crash,” teaching the “really stupid” cryptocurrency investors a serious lesson about how markets function. Bitcoin Price to See ‘Spectacular Crash’ David Stockman, who served as the director of the US Office of Management and Budget during the Reagan

The post Bitcoin Price Will ‘Burn Out in Spectacular Crash’: Fmr White House Budget Chief appeared first on CCN

Bitcoin is fighting back

Business Insider, 1/1/0001 12:00 AM PST

bitcoin



LONDON — Bitcoin is close to climbing above $14,000 in afternoon trade in Europe.

The cryptocurrency has seen a sustained pullback since hitting all-time highs above $19,000 in mid-December. Bitcoin started Tuesday on the back foot in London and the futures market was pricing in further falls.

John Stoltzfus, Chief Investment Strategist at Oppenheimer Asset Management, said in a note to clients on Tuesday: "Bitcoin, the cryptocurrency, saw a marked increase in price volatility over the past two weeks leading many (including us) to wonder if the bubble is beginning to burst. We continue to be skeptical of the proposition of Bitcoin as a currency."

But bitcoin is rallying slightly against the dollar in afternoon trade, as US investors wake up. Bitcoin is up over 3% to $13.952.11 at 2.10 a.m. GMT (9.10 a.m. ET).

The slight recovery comes amid a wider rally for the cryptocurrency markets. All of the top ten cryptocurrencies by market value are rising, according to data provider CoinMarketCap.com, and seven are enjoying double-digit percentage gains. The biggest riser is Stellar, which is up 36% against the dollar to $0.56 over the past 24-hours according to CoinMarketCap.com. 

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The world's hottest investment product is showing signs of slowing down

Business Insider, 1/1/0001 12:00 AM PST

danger warning sign quicksand

  • Exchange-traded fund closures hit a record high for a second straight year in 2017, according to Citigroup data.
  • The firm says that's just one signal the ETF market is maturing as traders shift how they're using the funds.


It used to be that if you wanted to attract interest in an exchange-traded fund, all you had to do was launch one. After all, as the ETF market exploded over the course of the past decade, investor demand seemed to outpace supply.

That's no longer the case, which could mean a serious slowdown as the ETF landscape matures, according to Citigroup.

The firm notes that although 2017 saw more ETF launches than the prior year, it still failed to top the roughly 270 new funds from 2015. Meanwhile, closures hit a new record in 2017 for a second straight year, Citigroup data show.

Screen Shot 2018 01 02 at 8.57.48 AM

Looking further below the surface of the ETF market, Citigroup highlights another dynamic that suggests the whole landscape is shifting — and it has to do with how the funds are being used.

The firm finds that investors are increasingly using ETF for allocation purposes, meaning they're seeking broad asset class exposure, rather than making more specifically pointed trades. The two charts below highlight this, showing just how much more growth "allocation ETFs" have seen.

Screen Shot 2018 01 02 at 9.04.59 AM

The shifts outlined above mirror something similar in the ETF investment strategy known as "smart beta," which takes the passive approach of mirroring an index and combines it with the more analytical practice of stock picking. Only 36 new smart-beta funds had launched in 2017 through the first week of November, on pace for the lowest annual number 2014, according to Goldman Sachs data.

All of these developments point to an ETF market that's exiting its rapid-growth phase and entering a more mature period. Sure, funds of all types will continue to be used for all sorts of trader sorcery, but it's clear that those specific applications will keep morphing over time.

SEE ALSO: The best stock market trade of 2017 was one that experts hate

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Here's a super-quick guide to what traders are talking about right now

Business Insider, 1/1/0001 12:00 AM PST

Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., November 9, 2017. REUTERS/Brendan McDermid

Dave Lutz, head of ETFs at JonesTrading, has an overview of today's markets.

Here's Lutz:

Good Morning, and Happy New Year – Here’s to a great 2018 for us all!!   US Futures are steadily rallying as Traders man their terminals – The DJIA is up 25bp, but Nasdaq lagging despite the Sloppy Close last Friday, led by 1%+ drops in Mega Tech and Banks.  Strong Global PMIs coming in, but those EU equities are lagging as the Euro pops - DAX down 90bp and on 3month lows, with Autos and Miners leading to downside.  Fins are in the green as Sov Yields pop and the FT talks consolidation in Europe, but the export heavy industries weigh.   FTSE is off 50bp as Sterling rallies and the Miners slide.  Very Strong Overnight in Asia on better Chinese PMI - Hang Seng up nearly 2% as Tech and Fins jumped - China H shares hit 2 1/2year peaks - KOSPI up 50bp despite Hyundai smoked for 4.5% - Fins weighed in Aussie, keeping ASX unch, while Japanese Markets closed until Thursday for Holiday

With these PMI beats, seeing decent selling across Sovs, with the US 10YY up 3bp and Steepeners going thru.   The DXY remains under pressure tho, with Sterling and Euro moving to 4month highs against the Greenback - $/Y under decent pressure, and the Won to 3Y highs on Optimism about North relations.  Ore adds 2.3% overnight in China, but Copper is being sold early in London.   Gold is adding to it’s biggest annual rise in 7 years, but Platinum is the leader, adding nearly 1%.  WTI up small as Oil shrugging off Iranian Protests as the Forties Pipe comes back online – while Natty Gas is retreating from a early 2% pop despite the cold weather all over America. 

Here are the 10 things you need to know today.

SEE ALSO: 10 things you need to know before the opening bell

Join the conversation about this story »

NOW WATCH: THE BOTTOM LINE: Bitcoin mania, a Nobel Prize-winning economist talks Trump, and a deep dive on unstoppable tech stocks

Cryptocurrency Market Cap Nears All-Time High as Bitcoin Dominance Hits Historic Low

CryptoCoins News, 1/1/0001 12:00 AM PST

The post Cryptocurrency Market Cap Nears All-Time High as Bitcoin Dominance Hits Historic Low appeared first on CCN

The cryptocurrency market cap came within $11 billion of its all-time high on Tuesday, signaling that the ecosystem has recovered from the late-December downturn that temporarily caused more than $200 billion in capital to evaporate from the markets. This rally has been altcoin-driven, and, as the bitcoin price continues to languish below $14,000, the flagship

The post Cryptocurrency Market Cap Nears All-Time High as Bitcoin Dominance Hits Historic Low appeared first on CCN

Cryptocurrency Market Cap Nears All-Time High as Bitcoin Dominance Hits Historic Low

CryptoCoins News, 1/1/0001 12:00 AM PST

The post Cryptocurrency Market Cap Nears All-Time High as Bitcoin Dominance Hits Historic Low appeared first on CCN

The cryptocurrency market cap came within $11 billion of its all-time high on Tuesday, signaling that the ecosystem has recovered from the late-December downturn that temporarily caused more than $200 billion in capital to evaporate from the markets. This rally has been altcoin-driven, and, as the bitcoin price continues to languish below $14,000, the flagship

The post Cryptocurrency Market Cap Nears All-Time High as Bitcoin Dominance Hits Historic Low appeared first on CCN

ECB's Yves Mersch Calls Bitcoin a 'Major Threat' to Financial Stability

CoinDesk, 1/1/0001 12:00 AM PST

Yves Mersch has said bitcoin could pose a threat to economic stability if financial infrastructure institutions get involved with the cryptocurrency.

3 Ways Blockchain And Cryptocurrencies Will Transform Startups in 2018

Inc, 1/1/0001 12:00 AM PST

Blockchain and cryptocurrencies like bitcoin will fundamentally change how startups work now and in the future.

Business Insider UK is hiring a paid editorial partnerships fellow

Business Insider, 1/1/0001 12:00 AM PST

BI UK team

Business Insider UK is hiring a paid digital fellow to work on editorial partnerships from our London office.

This fellowship will teach you the ins and outs of how a digital news site operates.

This candidate will be responsible for promoting Business Insider UK's content to key editorial partners, as well as tracking and analysing our best-performing stories. He or she will also review and select stories from our partners and rewrite headlines to make them pop on our website. This fellow will become familiar with a variety of verticals and assist the partnerships editor with searching for new partners across all topic areas. 

We are looking for a voracious news reader:

  • with excellent copy-editing skills, who can work quickly and independently
  • who knows how to package stories in an exciting and smart way
  • who has a good instinct for what Business Insider readers find interesting
  • who knows how to use blogs, Twitter, LinkedIn, Facebook, and other social media to attract and engage an audience

A background in journalism and light HTML and photo-editing skills are a huge plus.

As a digital fellow at Business Insider, there is no getting coffee, filing, or making copies.

APPLY HERE with a cover letter about why this position appeals to you.

This position requires that you work in our London office, located near the Aldgate East tube station. Fellows are encouraged to work 40 hours a week for a six-month period from the start date.

Join the conversation about this story »

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

The CEO of Investopedia breaks down 2017's top search terms — you can probably guess what was No.1

Business Insider, 1/1/0001 12:00 AM PST

Siegel_David2

  • Investopedia, an online glossary of financial terms and concepts, gets over 30 million monthly visitors
  • We spoke to CEO David Siegel about bitcoin, blockchain, and how high cryptocurrencies can go. 


Investopedia, the online glossary of terms you were probably too embarrassed to admit you didn’t actually know, has ten times the amount of retirement content as it does about bitcoin.

However, more visitors to the eighteen-year-old site were reading about bitcoin than retirement in 2017 — a number that's doubling every single month, CEO David Siegel told Business Insider. The numbers were so astonishing that the site had to hire a full time editor for the space.

"We launched the term bitcoin in August 2011 — that was really early," Siegel told Business Insider in an interview. "We launched the term blockchain in June 2014, so we were also early into blockchain too, but we were ridiculously early to bitcoin."

That preparedness has helped the site, which was purchased by InterActive Corp. for $80 million in 2013, to rank first — or close to first — for most searches containing bitcoin.

Not surprisingly, blockchain and ICOs aren’t far behind bitcoin on the list. Siegel, who worked at DoubleClick during the heyday of the 90’s dotcom bubble, is much more bullish on the former rather than the later.

"People talk about bitcoin, and often they talk about crypto, but really the amazing thing is blockchain,” he said. "Blockchain is the infrastructure that makes everything happen."

Cyptocurrencies are a much different story.

“So many new terms are coming up regarding this, like potcoin. There's even a new coin out there called the shitcoin” Siegel said. “I don't know how much more these cryptocurrencies are going to grow, but they will continue to grow with accelerated growth for some period of time — and then there's going to be a massive crash. Now that crash could still end up 200%-300% up from where it was a couple years ago, which is still incredible, but it's dangerous for people who are coming right into it, because they will not be up the same amount.

"In my mind, it's not question of if, it's just a question of when that will happen."

Here’s the full list of Investopedia’s top terms on its site in 2017, with commentary from Siegel:

10. Millennials

"With baby boomers and Gen Xers in retirement or rapidly approaching it, millennials are about to witness the largest wealth transfer in history, bringing major changes to traditional investing tactics and retirement planning.

9. Behavioral Economics

"With thanks to Professor Richard Thaler, a key proponent of behavioral economics, this term jumped back into the spotlight when Thaler won the 2017 Nobel Memorial Prize in Economic Sciences for his development of the nudge theory.

8. Impact Investing

"A subset of socially responsible investing, impact investing aims to generate not only financial gain but also social and environmental benefits. As millennials continue to increase their wealth and start investing, they are increasingly interested in aligning their money with their values. This has catalyzed investment management firms to build new funds and products to cater to their new customers’ needs.

7. Artificial Intelligence

"One of the buzziest words in 2017, firms across all industries are talking about adopting machine learning and artificial intelligence. While 2017 was the year of building AI technology, 2018 will be the year the industry sees it in application.

6. MiFID II

"This is the newest European regulation that financial firms must comply with by January 3, 2018. Financial services firms are spending tens of millions of dollars to adapt to these new regulations, which are designed to make investing safer and more transparent.

5. Trumpcare

"President Trump made repealing Obamacare one of his top priorities as he attempted to pass his Trumpcare bill three times. While Obamacare still lives to fight another day, the administration is attempting to roll back key parts of the Affordable Healthcare Act through the latest tax reform plan and other measures.

4. ICO

"With celebrity endorsers like DJ Khaled and Paris Hilton, ICO’s have been one of the most talked about terms not only in the financial space, but in the mainstream media, as well. While more than three billion dollars has been raised in ICOs, the SEC and other regulatory bodies have cracked down on the offerings. Despite this, investment flows have not slowed amidst the bitcoin boom.

3. FAANG

"This new term was coined by Jim Cramer to represent the top performing stocks in the market, Facebook, Apple, Amazon, Netflix and Google (Alphabet). These five companies continue to dominate financial headlines as their market caps race to $1 Trillion.

2. Blockchain

"Wall Street might write bitcoin off as all hype, but blockchain is poised to disrupt multiple industries. In 2017, CB Insights reported that more than $327 million was invested in blockchain start-ups this year, with major backing from major brands such as Google, Goldman Sachs and Citi.

1. Bitcoin

"$8,000! $11,000! $20,000?! 2017 was the year of bitcoin mania. The cryptocurrency started the year at $1,000 and since then, has risen more than 1500%. While some say bitcoin is a bubble, its aggressive growth has dominated the minds of the media and the financial services sector. 2017 saw the first bitcoin billionaires as well as the introduction of bitcoin futures. With only 1,000 users owning more than 40% of the currency, according to some reports, investors are carefully watching if the price will fall or continue to rally.

Join the conversation about this story »

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

The CEO of Investopedia breaks down 2017's top search terms — you can probably guess what was No.1

Business Insider, 1/1/0001 12:00 AM PST

Siegel_David2

  • Investopedia, an online glossary of financial terms and concepts, gets over 30 million monthly visitors
  • We spoke to CEO David Siegel about bitcoin, blockchain, and how high cryptocurrencies can go. 


Investopedia, the online glossary of terms you were probably too embarrassed to admit you didn’t actually know, has ten times the amount of retirement content as it does about bitcoin.

However, more visitors to the eighteen-year-old site were reading about bitcoin than retirement in 2017 — a number that's doubling every single month, CEO David Siegel told Business Insider. The numbers were so astonishing that the site had to hire a full time editor for the space.

"We launched the term bitcoin in August 2011 — that was really early," Siegel told Business Insider in an interview. "We launched the term blockchain in June 2014, so we were also early into blockchain too, but we were ridiculously early to bitcoin."

That preparedness has helped the site, which was purchased by InterActive Corp. for $80 million in 2013, to rank first — or close to first — for most searches containing bitcoin.

Not surprisingly, blockchain and ICOs aren’t far behind bitcoin on the list. Siegel, who worked at DoubleClick during the heyday of the 90’s dotcom bubble, is much more bullish on the former rather than the later.

"People talk about bitcoin, and often they talk about crypto, but really the amazing thing is blockchain,” he said. "Blockchain is the infrastructure that makes everything happen."

Cyptocurrencies are a much different story.

“So many new terms are coming up regarding this, like potcoin. There's even a new coin out there called the shitcoin” Siegel said. “I don't know how much more these cryptocurrencies are going to grow, but they will continue to grow with accelerated growth for some period of time — and then there's going to be a massive crash. Now that crash could still end up 200%-300% up from where it was a couple years ago, which is still incredible, but it's dangerous for people who are coming right into it, because they will not be up the same amount.

"In my mind, it's not question of if, it's just a question of when that will happen."

Here’s the full list of Investopedia’s top terms on its site in 2017, with commentary from Siegel:

10. Millennials

"With baby boomers and Gen Xers in retirement or rapidly approaching it, millennials are about to witness the largest wealth transfer in history, bringing major changes to traditional investing tactics and retirement planning.

9. Behavioral Economics

"With thanks to Professor Richard Thaler, a key proponent of behavioral economics, this term jumped back into the spotlight when Thaler won the 2017 Nobel Memorial Prize in Economic Sciences for his development of the nudge theory.

8. Impact Investing

"A subset of socially responsible investing, impact investing aims to generate not only financial gain but also social and environmental benefits. As millennials continue to increase their wealth and start investing, they are increasingly interested in aligning their money with their values. This has catalyzed investment management firms to build new funds and products to cater to their new customers’ needs.

7. Artificial Intelligence

"One of the buzziest words in 2017, firms across all industries are talking about adopting machine learning and artificial intelligence. While 2017 was the year of building AI technology, 2018 will be the year the industry sees it in application.

6. MiFID II

"This is the newest European regulation that financial firms must comply with by January 3, 2018. Financial services firms are spending tens of millions of dollars to adapt to these new regulations, which are designed to make investing safer and more transparent.

5. Trumpcare

"President Trump made repealing Obamacare one of his top priorities as he attempted to pass his Trumpcare bill three times. While Obamacare still lives to fight another day, the administration is attempting to roll back key parts of the Affordable Healthcare Act through the latest tax reform plan and other measures.

4. ICO

"With celebrity endorsers like DJ Khaled and Paris Hilton, ICO’s have been one of the most talked about terms not only in the financial space, but in the mainstream media, as well. While more than three billion dollars has been raised in ICOs, the SEC and other regulatory bodies have cracked down on the offerings. Despite this, investment flows have not slowed amidst the bitcoin boom.

3. FAANG

"This new term was coined by Jim Cramer to represent the top performing stocks in the market, Facebook, Apple, Amazon, Netflix and Google (Alphabet). These five companies continue to dominate financial headlines as their market caps race to $1 Trillion.

2. Blockchain

"Wall Street might write bitcoin off as all hype, but blockchain is poised to disrupt multiple industries. In 2017, CB Insights reported that more than $327 million was invested in blockchain start-ups this year, with major backing from major brands such as Google, Goldman Sachs and Citi.

1. Bitcoin

"$8,000! $11,000! $20,000?! 2017 was the year of bitcoin mania. The cryptocurrency started the year at $1,000 and since then, has risen more than 1500%. While some say bitcoin is a bubble, its aggressive growth has dominated the minds of the media and the financial services sector. 2017 saw the first bitcoin billionaires as well as the introduction of bitcoin futures. With only 1,000 users owning more than 40% of the currency, according to some reports, investors are carefully watching if the price will fall or continue to rally.

Join the conversation about this story »

NOW WATCH: THE BOTTOM LINE: Bitcoin mania, a Nobel Prize-winning economist talks Trump, and a deep dive on unstoppable tech stocks

$26 billion in fines and 28 jail sentences: How global regulators are cracking down on financial crime

Business Insider, 1/1/0001 12:00 AM PST

tom hayes sarah 1

  • Global regulators have levied over $26 billion in market conduct fines since 2012, with a sharp increase in 2017, according to a new report.
  • The majority of fines were imposed by US regulators, on both US-based and international institutions.
  • 28 people have also been sentenced to jail time for financial crime.


LONDON — Global financial regulators have levied over $26.4 billion (£19.5 billion) in market conduct fines since 2012 and intensified their crackdown on malpractice in 2017, according to new research by risk analysis firm Corlytics.

2015 was the peak year for market conduct fines for both firms and individuals. It was followed by a decrease in activity in 2016 but the first three quarters of 2017 saw a steep increase in fines.

More than 70% of the total fines between 2012 and the third quarter 2017 were for market abuse cases. A substantial portion of the fines related to the LIBOR rigging scandal that came to light in 2012, in which traders at a number of banks artificially manipulated the interest rate at which banks lend to each other to increase profits.

British trader Tom Hayes in 2015 became the first, and so far only, person to be sentenced to jail for rigging LIBOR. He was sentenced to 14 years in prison, reduced to 11 on appeal.

Globally, 139 senior executives faced market bans and 28 people were sentenced to prison for financial crimes during the last five year, according to Corlytics' report.Screen Shot 2018 01 02 at 10.39.15"Making individuals responsible for their own actions through threat of penalties is becoming a favourite mechanism for regulators to improve compliance with market conduct regulation," said John Byrne, CEO at Corlytics.

"It is apparent that conduct and culture are high on the agenda of many financial services businesses. Although many financial institutions have put programmes in place to address the culture that often leads to bad behaviour and market conduct issues."

The US is the global financial enforcer

Almost 80% of fines between 2012 and Q3 2017 were issued by US regulators, the majority of which (85%) related to market abuse and disclosure.

The UK's Financial Conduct Authority (FCA) accounted for $3.1 billion (£2.2 billion) of the conduct fines handed out over the same period.

European banks are not safe from US regulators: nearly half (47%, or $9.7 billion of the $20 billion total) of all fines levied by US regulators were imposed on banks based in the UK, France, Germany, and Switzerland, indicating that US regulators are treating foreign and domestic banks in similar ways.Screen Shot 2018 01 02 at 10.43.49Non-financial institutions are also increasingly in the spotlight. Of the 34 enforcement actions in the period for disclosure issues, 33 went to non-financial institutions, including tech firms, pharmaceutical companies, ratings agencies and individuals. Sanctions for these firms could include market bans, injunctions, and even jail time.

In 2016, for example, the US Securities and Exchange Commission (SEC) took enforcement action against a cannabis consultancy firm in the US. The firm falsely touted "record" revenue numbers to investors and claimed to be a leader in the marijuana industry, when in fact some of its earnings came from sham transactions with a secret affiliate.

Continuing malpractice is partly due to a lack of information among financial institutions about risks, according to regulatory advisor Peter Oakes.

"Despite its obvious importance, there is no legislation, policy or rule definition as to what is meant by 'conduct regulation,' leaving many firms struggling to address this important risk control," Oakes said. Since the financial crisis, he said, regulator intervention has grown "exponentially."

Speaking to Business Insider last year, Mark Yallop, Chair of the UK's FICC Markets Standards Board, said repeated market misconduct was fueled by a "generational-type problem" and often came in 25-year cycles.

Join the conversation about this story »

NOW WATCH: We talked to Nobel Prize-winning economist Paul Krugman about tax reform, Trump, and bitcoin

Inside New York's stylish new Times Square hotel and celebrity hangout which boasts one of the city's largest rooftop bars — and has rooms from $99 a night

Business Insider, 1/1/0001 12:00 AM PST

east_patio_bar_Warren Jagger

  • Moxy Times Square opened its doors in September 2017.
  • It offers guests designer rooms, co-working spaces, restaurants, bars, and a very large rooftop from the bargain price of $99.
  • Heidi Klum hosted her infamous Halloween party at the Magic Hour rooftop in October. 


While Airbnb is an increasingly popular option among travellers, nothing beats a slice of luxury like a night's stay in a plush hotel. The problem is, it usually comes at a cost — especially if you’re in New York City, where hotel rooms are notoriously expensive.

Fortunately for travellers on a budget who are still on the hunt for a bit of a style, a new alternative has opened up in the Big Apple.

Moxy Times Square is a cool 612-room hotel that opened in September 2017 — and you can stay there from just $99 (£73) a night.

The hotel offers guest rooms and co-working spaces designed by international design firm Yabu Pushelberg, as well as the Magic Hour, which it says is the city's largest indoor/outdoor hotel rooftop.

Room rates start at $139 (£103) a night for a standard double, but the hotel also has 19 $99 "Crashpad" rooms on offer "meant for customers who order one too many drinks or don’t want the night to end," bookable only through the Magic Hour, which also just so happens to be where Heidi Klum hosted her most recent Halloween party.

The 612-room hotel is located just south of Times Square, "a New York minute from everywhere you want to be: the Theater District, Fashion District, Bryant Park, Madison Square Garden, [and] 5th Avenue shopping."

Moxy Times Square Exterior

Inside you'll find plenty of places to eat, drink, chill out, and party. There's the Legasea seafood brasserie, the Bar Moxy lobby bar and lounge, The Pickup cage, and Egghead, an all-day egg-centric sandwich shop.

Check in Atrium with Bear Installation

Yabu Pushelberg is behind the design of the guestrooms and communal spaces while Rockwell Group has designed the dining venues.

corridoor_entry_Warren Jagger

There are communal co-working spaces open to guests and locals, furnished with a mix of leather and canvas furniture, high-top worktables, stools, and low-slung sofas.

Lobby Lounge + Meeting Studio

The seating areas are reconfigurable for socialising. There are also meeting rooms available which are divided by sliding, copper-framed glass doors.

Meeting Studios Adjoined

Rates start at $139 per night for a standard double, but there are also "crashpad" rooms available for $99 when booked through the rooftop bar.

Guests can pick from a selection of bedroom options, including lofted bunks (pictured below)...

Quad Bunk   View 2

"Cosy" kings...

King

...and toe-to-toe doubles.

The Yabu Pushelberg custom-designed furniture includes tables, chairs, and stools that can be folded up and
hung on a wall-peg system around the room’s perimeter, so that guests can arrange their rooms to suit their needs.

All of the bedrooms are fitted with oversized walk-in rain showers.

Bathroom 1   Horizontal

The hotel's pièce de résistance has to be the Magic Hour.

street_gate_Warren Jagger

Set across 10,000 square feet and offering impressive Empire State Building views, the hotel says it is the city's largest indoor/outdoor hotel rooftop bar and lounge. 

east_patio_dusk_Warren Jagger

Magic Hour can accommodate private events for up to 500 guests, and it just so happens to be where Hedi Klum hosted her most recent Halloween party. By day it offers guests a space for a spot of morning yoga.

east_patio_bar_Warren Jagger

It even has its own mini pitch and putt course.

fore_play_golf_Warren Jagger

SEE ALSO: Heidi Klum's party is one of the wildest events you can go to on Halloween — see what it's like inside

Join the conversation about this story »

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

Oil holds $60 as anti-government protests in Iran provide support

Business Insider, 1/1/0001 12:00 AM PST

WTI crude oil

  • West Texas Intermediate crude oil is holding the $60 per barrel mark as anti-government protests in Iran provide support.
  • Tuesday's bid has WTI trading up 0.63% at $60.48 a barrel, and at its best level since June 2015.
  • At least 20 people are dead and more than 450 have been detained since the protests began last week, according to the Associated Press.
  • WTI has rallied about 5% since OPEC producers and Russia announced the oil production cuts were extended through 2018.
  • A move above $62.58 will have WTI trading at its best level since December 2014.

Join the conversation about this story »

NOW WATCH: THE BOTTOM LINE: Bitcoin mania, a Nobel Prize-winning economist talks Trump, and a deep dive on unstoppable tech stocks

Oil holds $60 as anti-government protests in Iran provide support

Business Insider, 1/1/0001 12:00 AM PST

WTI crude oil

  • West Texas Intermediate crude oil is holding the $60 per barrel mark as anti-government protests in Iran provide support.
  • Tuesday's bid has WTI trading up 0.63% at $60.48 a barrel, and at its best level since June 2015.
  • At least 20 people are dead and more than 450 have been detained since the protests began last week, according to the Associated Press.
  • WTI has rallied about 5% since OPEC producers and Russia announced the oil production cuts were extended through 2018.
  • A move above $62.58 will have WTI trading at its best level since December 2014.

Join the conversation about this story »

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

China’s Largest Bitcoin Exchange Heads to Japan and South Korea With Major Bank Deal

CryptoCoins News, 1/1/0001 12:00 AM PST

The post China’s Largest Bitcoin Exchange Heads to Japan and South Korea With Major Bank Deal appeared first on CCN

Huobi, formerly the largest cryptocurrency exchange in the Chinese market prior to the cryptocurrency trading ban imposed by the local government, is reallocating to Japan, the second largest cryptocurrency market in the world. Huobi Will Move to Japan and South Korea In late 2017, China’s three major cryptocurrency trading platforms Huobi, OKCoin, and BTCC officially

The post China’s Largest Bitcoin Exchange Heads to Japan and South Korea With Major Bank Deal appeared first on CCN

A person has died after falling from a building in Canary Wharf

Business Insider, 1/1/0001 12:00 AM PST

Screen Shot 2018 01 02 at 12.10.07

A man has been found dead after falling from a building in Canary Wharf.

According to the International Business Times, which is based nearby, the man's body was found in a trench beneath a partially-built skyscraper.

He was found on Bank Street, at the site of a new building which will house Société Générale, at around 8.45 a.m. on Tuesday.

A spokesman from London's Metropolitan Police said: "The body of a man was found after apparently falling into a deep trench.

"The man was pronounced dead at scene. His death is being treated as unexplained and he is not thought to be a member of the construction team."

The London Ambulance Service said it was called to Bank Street after reports of a person falling from one of the buildings.

"Sadly, the patient was dead at the scene," a spokesman said.

More follows.

Join the conversation about this story »

NOW WATCH: We talked to Nobel Prize-winning economist Paul Krugman about tax reform, Trump, and bitcoin

This simple money saving plan can help you bank £1,500 in 2018 — and it requires no more than £7 a day

Business Insider, 1/1/0001 12:00 AM PST

monopoly money pixabay LuckyLife11

  • Putting aside a little money each day really adds up.
  • A new saving idea suggests putting aside £1 to £7 each day for a year.
  • This adds up to around £1,460 over the space of 12 months, letting you start the next year with some extra funds with next to no effort.


After a Christmas of giving, partying, and indulging, many of our bank accounts are looking a little deflated.

Luckily, a simple saving hack doing the rounds on the internet could help you bank up to £1,500 in 2018 just by putting aside a couple of pounds each day.

The idea, known as "The 365 Challenge," involves depositing just £1 every Sunday, followed by £2 every Monday, and so on, adding an extra pound each day, until the next Sunday when the sum goes back down to £1. Over the space of 12 months, these tiny deposits add up to around £1,460 depending on which day of the week you start the challenge.

The saving plan originates from the lifestyle and interior design online community Apartment Therapy, where members share design hacks, DIY how-tos, and shopping guides with their fellow savvy home-doer-uppers.

The plan's creator — Brittney Morgan — modelled it as an alternative to "The 52-Week Challenge" which encourages partakers to put aside £1 in the first week of the year, £2 in the second week, and so on until you put £52 into your savings account in the final week of the plan. In total, savers put aside an impressive £1,378 while partaking.

But Morgan believes that while putting £1 or £5 into savings at a time is achievable, putting around £50 into savings a week — especially around Christmas — just isn't feasible for many people.

Instead, "The 365 Challenge" looks at money saving techniques on a smaller scale and offers a new, revised version of the popular money-saving "52-Week Challenge" which means that you're never depositing more than a feasible £7 at a time — that's just the price of two takeaway coffees or a large glass of wine in a pub.

Rather than looking at a money-saving plan as an ever-increasing deposit over an extended period, Morgan wanted to look at putting away funds for a rainy day on a smaller scale.

While putting £52 into savings may feel like a pinch, depositing £1, £3, or even £7 each day seems like a much more feasible way to save spare change and make a difference in the long term.

SEE ALSO: New Year's resolutions you should make based on science — and how to keep them

Join the conversation about this story »

NOW WATCH: Economist Jim Rickards on gold versus bitcoin — intrinsic value is meaningless for both but the bitcoin prices aren't real

Bitcoin may be struggling — but ethereum just posted a fresh all-time high

Business Insider, 1/1/0001 12:00 AM PST

  • Ethereum hits a fresh record-high of around $880 on Tuesday.
  • Last week it was surpassed as the second biggest cryptocurrency by market capitalisation by Ripple.
  • Ethereum's surge comes as bitcoin remains under pressure.



LONDON — Cryptocurrency ethereum posted a fresh all-time high on Tuesday morning, shaking off the troubles that have dragged down the price of its better established rival, bitcoin, in recent weeks.

By 10.30 a.m. GMT (5.30 a.m. ET) on Tuesday, the price of ethereum has climbed more than 11% to trade at around $842. Earlier in the morning it climbed as high as $880, it's record high, as the chart below illustrates:

Screen Shot 2018 01 02 at 18.29.09

Ethereum, which has been the second biggest cryptocurrency by market capitalisation for some time, saw that crown come under threat during the Christmas period after a huge surge in the price of XRP, a currency created by Ripple that is focused on bank transfers.

According to coinmarketcap.com, Ripple's total capitalisation is now around $91 billion, while ethereum's is roughly $85 billion.

"A fierce battle is playing out in the crypto world at the moment between Ethereum and Ripple," Mati Greenspan, an analyst for eToro said in an email on Tuesday morning.

"While Bitcoin has been declining in market share, Ripple was on a massive run. The logic is that if bitcoin fails to replace the banking system, the current institutions may just use the Ripple network to integrate blockchain technology, speed up transactions, and lower prices."

Ethereum's fresh high comes as bitcoin remains under pressure after dropping from $19,000 to around $13,000 in a matter of days.

Bitcoin is starting the new year on the back foot, with investors betting that the digital currency has further to fall. Bitcoin futures, which launched in early December, are down over 7% on Tuesday.

Join the conversation about this story »

NOW WATCH: Economist Jim Rickards on gold versus bitcoin — intrinsic value is meaningless for both but the bitcoin prices aren't real

Bitcoin may be struggling — but ethereum just posted a fresh all-time high

Business Insider, 1/1/0001 12:00 AM PST

  • Ethereum hits a fresh record-high of around $880 on Tuesday.
  • Last week it was surpassed as the second biggest cryptocurrency by market capitalisation by Ripple.
  • Ethereum's surge comes as bitcoin remains under pressure.



LONDON — Cryptocurrency ethereum posted a fresh all-time high on Tuesday morning, shaking off the troubles that have dragged down the price of its better established rival, bitcoin, in recent weeks.

By 10.30 a.m. GMT (5.30 a.m. ET) on Tuesday, the price of ethereum has climbed more than 11% to trade at around $842. Earlier in the morning it climbed as high as $880, it's record high, as the chart below illustrates:

Screen Shot 2018 01 02 at 18.29.09

Ethereum, which has been the second biggest cryptocurrency by market capitalisation for some time, saw that crown come under threat during the Christmas period after a huge surge in the price of XRP, a currency created by Ripple that is focused on bank transfers.

According to coinmarketcap.com, Ripple's total capitalisation is now around $91 billion, while ethereum's is roughly $85 billion.

"A fierce battle is playing out in the crypto world at the moment between Ethereum and Ripple," Mati Greenspan, an analyst for eToro said in an email on Tuesday morning.

"While Bitcoin has been declining in market share, Ripple was on a massive run. The logic is that if bitcoin fails to replace the banking system, the current institutions may just use the Ripple network to integrate blockchain technology, speed up transactions, and lower prices."

Ethereum's fresh high comes as bitcoin remains under pressure after dropping from $19,000 to around $13,000 in a matter of days.

Bitcoin is starting the new year on the back foot, with investors betting that the digital currency has further to fall. Bitcoin futures, which launched in early December, are down over 7% on Tuesday.

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Vietnam Bitcoin Adopters Face Criminal Prosecution, Fines Up to $9,000

CryptoCoins News, 1/1/0001 12:00 AM PST

The post Vietnam Bitcoin Adopters Face Criminal Prosecution, Fines Up to $9,000 appeared first on CCN

Vietnam’s central bank has enforced laws that prohibit the issuance and usage of bitcoin as legal tender in the country. The State Bank of Vietnam (SBV), Vietnam’s central bank, has outlawed bitcoin as a legal means of payment after refusing to include the cryptocurrency among non-cash payment methods approved by the authority. As reported by

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Shiny Leaf Announces Bitcoin Cash Support & Free Gift for All Who Use It to Pay

CryptoCoins News, 1/1/0001 12:00 AM PST

The post Shiny Leaf Announces Bitcoin Cash Support & Free Gift for All Who Use It to Pay appeared first on CCN

This is a paid-for submitted press release. CCN does not endorse, nor is responsible for any material included below and isn’t responsible for any damages or losses connected with any products or services mentioned in the press release. CCN urges readers to conduct their own research with due diligence into the company, product or service mentioned

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Bitcoin Evangelist Charlie Shrem Joins Particl’s Team of Advisors

CryptoCoins News, 1/1/0001 12:00 AM PST

The post Bitcoin Evangelist Charlie Shrem Joins Particl’s Team of Advisors appeared first on CCN

This is a paid-for submitted press release. CCN does not endorse, nor is responsible for any material included below and isn’t responsible for any damages or losses connected with any products or services mentioned in the press release. CCN urges readers to conduct their own research with due diligence into the company, product or service mentioned

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Ethereum Briefly Overtakes Ripple, Surges to All-Time High at $914

CryptoCoins News, 1/1/0001 12:00 AM PST

The post Ethereum Briefly Overtakes Ripple, Surges to All-Time High at $914 appeared first on CCN

Earlier today, on January 2, Ethereum briefly overtook Ripple and retained its title as the second most valuable cryptocurrency in the market. Ethereum Hits $88 Billion The price of Ether, the native cryptocurrency of the Ethereum blockchain network, achieved a new all-time high at $914, briefly obtaining a market valuation of $88 billion and surpassing

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Fire Lotto Has Launched the First Truly Transparent Decentralized Blockchain Lottery Using Bitcoin

CryptoCoins News, 1/1/0001 12:00 AM PST

The post Fire Lotto Has Launched the First Truly Transparent Decentralized Blockchain Lottery Using Bitcoin appeared first on CCN

This is a paid-for submitted press release. CCN does not endorse, nor is responsible for any material included below and isn’t responsible for any damages or losses connected with any products or services mentioned in the press release. CCN urges readers to conduct their own research with due diligence into the company, product or service mentioned

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The Brexit-driven surge in British manufacturing is starting to stutter

Business Insider, 1/1/0001 12:00 AM PST

LONDON — Britain's manufacturing slowed down into the end of 2017, but remained solid, according to the latest PMI survey released by IHS Markit on Tuesday.

December's reading for the sector came in at 56.3, down from 58.2 in November — a reading that was the highest in more than four years.

"The UK manufacturing sector ended 2017 on a positive note," a statement from IHS Markit said.

"Although December saw rates of expansion in output, new orders and employment slow from November’s highs, growth in all three remained solid and well above long-run trends."

The purchasing managers index (PMI) figures from IHS Markit are given as a number between 0 and 100.

Anything above 50 signals growth, while anything below means a contraction in activity — so the higher the number is, the better things look for the UK.

Here's the chart:

Screen Shot 2018 01 02 at 17.30.59

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Compass chairman 'deeply shocked and saddened' by CEO's death in seaplane tragedy

Business Insider, 1/1/0001 12:00 AM PST

Richard Cousins, Compass

  • Compass Chairman Paul Walsh expressed his sympathies on Tuesday after CEO Richard Cousins died in a seaplane crash on New Year's Eve.
  • Cousins was due to retire from the catering firm in March.
  • An investigation has been begun into the crash, which was described by Australian police as a "tragic accident."


LONDON — The chairman of FTSE 100 catering company Compass said he is "deeply shocked and saddened" by the death of CEO Richard Cousins in a seaplane crash in Australia on New Year's Eve.

Cousins, 58, died alongside his fiancee Emma Bowden, 48, his two sons William, 25, and Edward, 23, and her daughter Heather, 11, while on holiday in Australia. Their flight crashed near Sydney Harbour, in what Australian police described as a "tragic accident."

The plane came down off Jerusalem Bay near Cowan, 25 miles north of Sydney centre, at about 3.10 p.m. local time (4.10 a.m. GMT) on Sunday. A sixth person, Australian pilot Gareth Morgan, also died in the crash.

An investigation into the crash is ongoing.

"We are deeply shocked and saddened by this terrible news. The thoughts of everyone at Compass are with Richard's family and friends, and we extend our deepest sympathies to them," chairman Peter Walsh said in a statement on Tuesday.

"It has been a great privilege to know Richard personally and to work with him for the last few years. Richard was known and respected for his great humanity and a no-nonsense style that transformed Compass into one of Britain's leading companies."

French company Sodexo, which competes with Compass in the food services market, offered condolences from its board of directors in a separate statement on Tuesday.

"Mr. Cousins was a recognized leader by the entire industry," Sodexo said in a statement. "Under these tragic circumstances, we offer our sincerest sympathies."

Cousins became CEO of Compass in 2006 and helped turn around the fortunes of the then-struggling business. He was recently named as one of the world's best-performing CEOs by the Harvard Business Review and was due to stand down as chief executive in March.

Compass confirmed in a separate statement on Tuesday that Dominic Blakemore, who was due to take over from Cousins in March, will take over as CEO immediately.

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The hottest property in Britain last year wasn't in London — it was in Cheltenham

Business Insider, 1/1/0001 12:00 AM PST

Cheltenham_Municiapl_Offices

  • The spa town of Cheltenham saw the biggest rise in average house prices in 2017, according to a new report by Halifax.
  • Prices in Cheltenham rose 13%, nearly five times the UK's average increase of 2.7%.
  • In cash terms, two London boroughs saw the biggest rises, both of more than £40,000.


LONDON — House prices in Cotswolds spa town Cheltenham rose nearly five times the UK national average in 2017, according to new research by Halifax.

The average price of homes in Cheltenham increased by 13% last year, rising from £277,118 to £313,150. The percentage increase was nearly five times the UK average of 2.7% and more than any other major UK town or city.

Cheltenham is known for its annual horse jumping festival and its picturesque Regency architecture. The town also hosts several music and literary festivals, and has been named an Area of Outstanding Natural Beauty.

Property in the seaside towns of Bournemouth and Brighton also jumped in value last year, according to Halifax, with both areas seeing price increases of 11%.

"A number of towns and cities have recorded significant rises in house prices over the past year, with all of the top 20 performers recording growth of at least double the national average," Russell Galley, managing director of Halifax, said in a statement.

"Unlike last year, the top performers are not exclusive to London and the South East, with the top spot now belonging to Cheltenham in the South West."

Although 15 of the top 20 performers were in London and the South East, others at the top of the list included Huddersfield, Nottingham, Lincoln in the East Midlands, Stockport in the North West, and Swansea in Wales.

13 towns recorded declines in house prices last year. Perth replaced Aberdeen as the town with the greatest fall. House prices in Scottish town Perth dropped by 5.3%, falling from £190,813 in 2016 to £180,687.

"The majority of towns in which house prices have dropped in the last year are situated within Scotland or Yorkshire and the Humber," said Galley.

"Generally speaking, property prices in these areas have been constrained by lower employment levels or relatively weaker economic conditions when compared to those areas that have seen house price growth."

In cash terms, average prices rose most in the London boroughs of Richmond upon Thames and Barnet. Each saw rises of over £40,000.

The top 10 risers were:

  • Cheltenham — 13%
  • Bournemouth — 11.7%
  • Brighton — 11.4%
  • Crawley — 10.4%
  • Newham — 10.2%
  • Peterborough — 10.1%
  • Gloucester — 9.5%
  • Huddersfield — 9.3%
  • Exeter — 9.1%
  • Nottingham — 8.9%

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Bitcoin Isn’t Legal Tender in India, Says Finance Minister

CryptoCoins News, 1/1/0001 12:00 AM PST

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India’s foremost financial official has publicly refuted bitcoin as a currency and legal tender in the country. Speaking at Tuesday’s session of the Indian Parliament, finance minister Arun Jaitley doubled down on his take on cryptocurrencies and specifically, bitcoin. According to local publication ZeeBiz, Jaitley refuted bitcoin’s acceptance as legal tender in the country while

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BP expects long term 'Trump bump' from the new US tax plan — but it's taking a $1.5 billion hit for now

Business Insider, 1/1/0001 12:00 AM PST

Donald Trump

  • Oil and gas giant BP expects a boost from Trump's new tax plan in the long term.
  • But re-evaluating accounts means it could take a one-off $1.5 billion (£1.1 billion) balance sheet hit.
  • Trump's plan has been the subject of intense debate in the USA.


LONDON — British oil and gas giant BP expects newly passed tax changes in the USA to "positively" impact future earnings but warned it will take a short-term hit due to the adjustments.

In a statement to the markets released on Tuesday morning, the FTSE 100-listed firm said that it expects "its future US after-tax earnings to be positively impacted by the recently-enacted changes to US corporate taxes, largely due to the reduction of the US federal corporate income tax rate from 35% to 21%."

Estimate the exact impact is difficult as it is "subject to a number of complex provisions in the legislation which BP is reviewing," the company said.

While the tax changes should be positive in the long term, BP expects a short term negative hit to its balance sheet. BP currently accounts for certain tax discounts based on the old system and re-evaluating this will result in one-off charges.

"The lowering of the US corporate income tax rate to 21% requires revaluation of BP's US deferred tax assets and liabilities," BP said. "The current estimated impact of this will be a one-off non-cash charge to the Group income statement of around $1.5 billion that will impact BP's fourth quarter 2017 results."

The tax changes brought in by the Trump administration just before Christmas have been the subject of intense debate in the USA. Supporters tout the new plan as a wage-boosting, job-creating boon to the middle class, as well as a means of simplifying the tax system. Critics argue that it is simply a thinly disguised way of cutting taxes for the rich and big corporations.

BP's tax update comes shortly after analysts at JPMorgan reaffirmed their "overweight" rating on BP's stock for the foreseeable future — meaning that they are effectively recommending that clients buy the company's shares.

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Bitcoin futures are getting burned

Business Insider, 1/1/0001 12:00 AM PST

LONDON — Bitcoin is starting the new year on the back foot, with investors betting that the digital currency has further to fall.

Bitcoin is close to a one-month low on Tuesday morning, down 0.4% to $13,445.91 at 7.25 a.m. GMT (2.25 a.m. ET). It's a long way off the record high of $19,511 reached on December 18 and around $500 lower than where it was on Sunday.bitcoin

The cryptocurrency has seen a sustained pull back since hitting its all-time high and investors are betting that the slump has further to run. Bitcoin futures, which launched in early December, are down over 7%, according to Investing.com. Institutional buying activity is pricing bitcoin at $13,355 by January 18, as the chart below illustrates:

futures

Bitcoin's price rocketed over 1,500% against the dollar across 2017, while the wider cryptocurrency market rose along with it. The total value of all cryptocurrencies in circulation is over $600 billion, according to data provider CoinMarketCap.com.

Mati Greenspan, an analyst with trading platform eToro who follows the crypto space closely, said in an email on Monday evening: "This new asset class has probably seen the quickest rise in value and market capitalization of any asset class in any year in history. The total value of all cryptocurrencies in circulation has risen by 3,137% from January 1st to December 31st.

"The amazing thing is that the rate of acceleration has continued to increase as the year progressed. Even the massive pullback that we saw in the week leading up to Christmas seems like a tiny blip when we look at the big picture."

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10 things you need to know in markets today

Business Insider, 1/1/0001 12:00 AM PST

Revelers brace freezing cold temperatures in Times Square ahead of New Year's celebrations in Manhattan, New York, U.S., December 31, 2017.

Good morning! Here's what you need to know in markets on Tuesday.

1. South Korea's Hyundai Motor and Kia Motors on Tuesday flagged only modest sales growth in 2018, suggesting a slow recovery from a slump linked to their lack of SUVs in the United States and diplomatic tensions with China. Hyundai and smaller affiliate Kia, which together make the world's fifth-largest automaker, said demand was expected to soften in the US and Chinese markets as they unveiled a combined sales target of 7.55 million vehicles this year.

2. Asian stocks began the new year close to their highest in a decade, helped by news that North Korea leader Kim Jong Un said he was "open to dialogue" with South Korea. Japan's Nikkei share index was closed for a national holiday, but the Hong Kong Hang Seng is up 1.8% at the time of writing (6.25 a.m. GMT/1.25 a.m. ET) and China's Shanghai Composite is up 1.07%.

3. Bitcoin has started the new year on the back foot. The digital currency is near a one-month low, down 0.5% t0 $13,434.24 at the time of writing (6.35 a.m. GMT/1.35 a.m. ET). Bitcoin futures are down 8% at the same time.

4. It's manufacturing PMI day. From 8.15 a.m. GMT (3.15 a.m. ET) onwards, data provider Markit will publish estimates of growth in the manufacturing sectors of Spain, Italy, France, Germany, Greece, the UK, and the Eurozone as a whole in December.

5. The UK’s economy will slow further in 2018 as business investment remains on hold, interest rates creep up, and indebted consumers curb their spending, according to more than 100 leading economists. The majority of economists who took part in the Financial Times annual predictions survey agreed that inflation would start to recede this year, after last year correctly forecasting it would rise sharply.

6. The Co-op has confirmed plans to open 100 new stores across the UK this year, creating an estimated 1,600 jobs, as part of a continued drive to expand its footprint across the country. The Telegraph reports that the retailer is spending more than £160 million on new store launches, with more than 20 set to open in London, 10 in Wales, and 18 in Scotland.

7. Funding Circle, the UK's biggest peer-to-peer lending platform, is preparing to hire advisers to oversee a £1 billion-plus London flotation. Sky News has learnt that the company has told investment banks that it will hold a beauty parade towards the end of the first quarter of 2018, with a listing possible as soon as the late autumn.

8. There is a 40% likelihood that Apple will acquire Netflix now that US President Trump's corporate tax cut has been passed, according to Citi analysts Jim Suva and Asiya Merchant. The cut in corporate taxes, along with a one-time allowance for companies to repatriate cash stored overseas without a major tax hit, will give Apple a much larger cash warchest to buy new companies.

9. Uber is considering rolling out a subscription model for its food delivery service, UberEats, according to one of the company's UK executives. The Uber subsidiary, which is on course to do $3 billion (£2.2 billion) in sales this year according to a document seen by The Financial Times, has already been experimenting with subscriptions.

10. The rise in the value of bitcoin could be adding 0.3% to Japanese GDP growth, according to Nomura analysts Yoshiyuki Suimon and Kazuki Miyamoto. In a recent note to clients, they argued that the "wealth effect" on Japanese bitcoin holders is likely to spur consumer spending that will have a measurable effect on GDP.

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Premature: Seoul Academic Blasts South Korean Government’s Bitcoin Regulations

CryptoCoins News, 1/1/0001 12:00 AM PST

The post Premature: Seoul Academic Blasts South Korean Government’s Bitcoin Regulations appeared first on CCN

Yoo Byung-joon, business administration professor at Seoul National University, the most prestigious college in South Korea, has stated that the South Korean government introduced premature regulations for the bitcoin and cryptocurrency market. Premature Regulations As CCN reported in December, the South Korean government released various policies to strictly regulate the South Korean cryptocurrency market and

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