1 watch actual coin news with cryptomarket mood rating.

Wyre Adds MakerDAO Stablecoin Pairing for Global Money Transfers

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

MakerDao

Under the new framework, Wyre's regulated money transfer infrastructure will be used to facilitate the instantaneous movement of “fiat currency directly into and out of Dai,” thereby removing the unpredictability of “speculative cryptocurrencies like Ethereum and Bitcoin” and benefiting from the speed and security of the blockchain, a press release for the announcement states. The arrangement is designed to give customers a quick and secure money transfer protocol that offers full regulatory compliance.

“Pairing Dai to Wyre’s trading engine and global fiat on-ramps and off-ramps will enable nearly-instant movement of funds across borders. By decreasing the amount of time it takes to clear payments, businesses can increase the number of payment cycles, therefore increasing revenue. Remittance platforms or crypto services can also settle instantly in Dai rather than using international wires which can take up to 48 hours,” the release continues.

Through the partnership, Wyre now offers prospective users an Access Point Interface (API) to connect their bank accounts to the blockchain through Dai, while taking care of KYC/AML compliance and onboarding concerns. Using the API, users can now trade Dai against many of the world's major fiat currencies and cryptocurrencies including USD, GBP, EUR and more.

Speaking with Bitcoin Magazine, Rune Christensen, CEO of MakerDAO, said the alliance would be beneficial to API developers who can leverage Wyre's experience as a regulated money service business and focus on creating access from local currency to Dai to fulfill global transactions.

“Through this partnership, we are now helping API developers leverage Wyre’s experience in banking and compliance so they can take advantage of the stability of Dai stablecoin to build and engage their communities, cutting through the red tape, and leaving the off-chain complications to a regulated money services business,” he stated.

“As it relates to the supply chain, organizations that may have been hesitant to engage in crypto transactions can now go directly from fiat currency into Dai stablecoin without having to take the middle step of converting fiat to ETH and then to Dai.”

For his part, Wyre CEO Michael Dunworth indicated that the partnership offers users around the world a cost-effective means of breaking through bureaucratic red-tape in a compliant manner. In his own interview with Bitcoin Magazine, he said, “We’re committed to developing partnerships with leaders like MakerDAO to enable the blockchain ecosystem to evolve at a faster pace.”

Since its launch in 2017, Dai has maintained its advertised USD valuation, which has earned it the respect and esteem of the crypto community. Unlike other popular stablecoins like Tether and TrueUSD, which are backed by fiat, Dai is crypto-collateralized, backed by coins like ether and bitcoin.

This article originally appeared on Bitcoin Magazine.

Trouble on the Horizon? What Last Weekend’s Ruckus Means for Bitmain’s IPO

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

Bitmain

Over the weekend, information surfaced that could suggest that mining giant Bitmain may be facing an uphill battle as it looks to launch an IPO on the Hong Kong stock exchange.


Newly leaked public information reveals that, in its pre-IPO presentation to investors, Bitmain provided insight into its cryptocurrency holdings, which shows that Bitmain unloaded most of its bitcoin (BTC) to accumulate bitcoin cash (BCH) in its stead. In a snapshot of a slide from the original presentation, the leftmost column titled “Digital quantity of money” shows Bitmain’s bitcoin supply decreased from 71,560 BTC to 22,082 from December 2016 to Q1 2018. Over the same period, its BCH holding increased to over 1 million coins.


Bitmain


Samson Mow, CSO of Blockstream, pointed out that Bitmain has incurred half a billion dollars in losses through its BCH holdings over the last three months alone. Scrutinizing the company further, Mow pointed out that Bitmain chose not to disclose financial data for its Q2 inventory in 2018. The tweet by Mow brings to light that Bitmain reported $1.24 billion in inventory for Q1 2018, while it has not mentioned any numbers for Q2 despite already being well into Q3, raising speculation that Q2 was omitted because the company may have realized a loss between $600-700 million.


In a recent Medium blog post, a pseudonymous blogger by the name of Crypto Herpes Cat points out that these losses, and the lack of transparency surrounding its reporting, could have an impact on Bitmain’s forthcoming IPO.

Why This Matters


All this could spell concern for Bitmain’s current and potential investors, although some investors have still expressed continued support for the company despite the recent debacle.


A recent twitter thread by Vijay Boyapati, a software engineer at Peach Inc. and a prominent crypto blogger, argues that “Bitmain entered one of the worst trades of 2017” when it chose to support bitcoin cash over bitcoin, going on to state that the mining giant is sitting on a such a large supply of the cryptocurrency that “they have no ability to exit its billion dollar position in BCash without a complete collapse in its price.”


As the evidence from the pre-IPO presentation suggests, Bitmain could be holding 5 percent of the total supply of bitcoin cash at a time when the altcoin is falling below its all-time lows. With market conditions like these, price stability is fragile, making it difficult for a large holder of any cryptocurrency to offload a large number of coins without severely affecting the price. Given its stash of bitcoin cash, Bitmain could risk tanking the price even further, something that would obviously be against its own interests.


Another part of Bitmain’s business is also struggling thanks to increased competition from competitors like GMO, Avalon and Ebang, who have started producing more efficient chips than the 16nm ones that Bitmain’s S9 miner uses, according to Crypto Herpes Cat.


Market saturation and an overall decrease in demand for miners during the prolonged bear market has caused Bitmain, the largest Bitcoin mining hardware company, to incur what may be a substantial loss on its balance sheet. For instance, the antminer s9, Bitmain’s latest and most sophisticated ASIC, once sold for $3,500; now, it’s selling for $700 — a decline of over 80 percent.


The majority of Bitmain’s value, however, is derived from its treasure trove of crypto assets like bitcoin cash, as well as future cash flows from selling mining equipment. During the bull market that saw bitcoin rise to almost $20,000, the same speculative demand that drove prices and mining interest fueled the majority of Bitmain’s business. But since bitcoin’s price has retreated some 70 percent from its all-time highs, the demand for ASIC miners has decreased as well.


Through multiple funding rounds in 2017 and 2018, Bitmain witnessed its valuation balloon to $12 billion, and its IPO valuation has it figured upward of $40 billion.

Now, there is some speculation as to the motives behind Bitmain’s IPO, including suggestions that they may be providing a way for Bitmain to right the ship by offloading onto retail investors. Since Bitmain’s value was derived from its speculative business strategies, its IPO may be a way to sell part of its company at the high valuation they earned during the bull market, Crypto Herpes Cat suggests.

How Did Bitmain Get Here?


Bitmain’s support for Bitcoin Cash has lined up with its narrative since the original hard fork in August 2017. Jihan Wu, CEO and co-founder of Bitmain, has sat alongside proponents like Roger Ver in defending it as the future of Bitcoin and money.


More than this, as an unofficial continuation of Bitmain's “BIP148 contingency plan,” Bitcoin Cash was effectively initiated by Bitmain, while Bitmain-affiliated mining pool ViaBTC realized the coin by mining its first blocks. Between ViaBTC and its other proxy mining pools, Bitmain supported and mined bitcoin cash from its inception, accumulating a large number on top of what it had already received during the fork.


Through its mining pools, Bitmain supported and mined bitcoin cash, accumulating a large amount on top of what it had already received as a result of the fork. Bitmain has also made substantial investments into projects supporting bitcoin cash, investing $3 million into a bitcoin cash-powered, digital advertising platform.


Bitmain has not responded to Bitcoin Magazine’s request for comment at this time.


This article originally appeared on Bitcoin Magazine.

Trouble on the Horizon? What Last Weekend’s Ruckus Means for Bitmain’s IPO

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

Bitmain

Over the weekend, information surfaced that could suggest that mining giant Bitmain may be facing an uphill battle as it looks to launch an IPO on the Hong Kong stock exchange.


Newly leaked public information reveals that, in its pre-IPO presentation to investors, Bitmain provided insight into its cryptocurrency holdings, which shows that Bitmain unloaded most of its bitcoin (BTC) to accumulate bitcoin cash (BCH) in its stead. In a snapshot of a slide from the original presentation, the leftmost column titled “Digital quantity of money” shows Bitmain’s bitcoin supply decreased from 71,560 BTC to 22,082 from December 2016 to Q1 2018. Over the same period, its BCH holding increased to over 1 million coins.


Bitmain


Samson Mow, CSO of Blockstream, pointed out that Bitmain has incurred half a billion dollars in losses through its BCH holdings over the last three months alone. Scrutinizing the company further, Mow pointed out that Bitmain chose not to disclose financial data for its Q2 inventory in 2018. The tweet by Mow brings to light that Bitmain reported $1.24 billion in inventory for Q1 2018, while it has not mentioned any numbers for Q2 despite already being well into Q3, raising speculation that Q2 was omitted because the company may have realized a loss between $600-700 million.


In a recent Medium blog post, a pseudonymous blogger by the name of Crypto Herpes Cat points out that these losses, and the lack of transparency surrounding its reporting, could have an impact on Bitmain’s forthcoming IPO.

Why This Matters


All this could spell concern for Bitmain’s current and potential investors, although some investors have still expressed continued support for the company despite the recent debacle.


A recent twitter thread by Vijay Boyapati, a software engineer at Peach Inc. and a prominent crypto blogger, argues that “Bitmain entered one of the worst trades of 2017” when it chose to support bitcoin cash over bitcoin, going on to state that the mining giant is sitting on a such a large supply of the cryptocurrency that “they have no ability to exit its billion dollar position in BCash without a complete collapse in its price.”


As the evidence from the pre-IPO presentation suggests, Bitmain could be holding 5 percent of the total supply of bitcoin cash at a time when the altcoin is falling below its all-time lows. With market conditions like these, price stability is fragile, making it difficult for a large holder of any cryptocurrency to offload a large number of coins without severely affecting the price. Given its stash of bitcoin cash, Bitmain could risk tanking the price even further, something that would obviously be against its own interests.


Another part of Bitmain’s business is also struggling thanks to increased competition from competitors like GMO, Avalon and Ebang, who have started producing more efficient chips than the 16nm ones that Bitmain’s S9 miner uses, according to Crypto Herpes Cat.


Market saturation and an overall decrease in demand for miners during the prolonged bear market has caused Bitmain, the largest Bitcoin mining hardware company, to incur what may be a substantial loss on its balance sheet. For instance, the antminer s9, Bitmain’s latest and most sophisticated ASIC, once sold for $3,500; now, it’s selling for $700 — a decline of over 80 percent.


The majority of Bitmain’s value, however, is derived from its treasure trove of crypto assets like bitcoin cash, as well as future cash flows from selling mining equipment. During the bull market that saw bitcoin rise to almost $20,000, the same speculative demand that drove prices and mining interest fueled the majority of Bitmain’s business. But since bitcoin’s price has retreated some 70 percent from its all-time highs, the demand for ASIC miners has decreased as well.


Through multiple funding rounds in 2017 and 2018, Bitmain witnessed its valuation balloon to $12 billion, and its IPO valuation has it figured upward of $40 billion.

Now, there is some speculation as to the motives behind Bitmain’s IPO, including suggestions that they may be providing a way for Bitmain to right the ship by offloading onto retail investors. Since Bitmain’s value was derived from its speculative business strategies, its IPO may be a way to sell part of its company at the high valuation they earned during the bull market, Crypto Herpes Cat suggests.

How Did Bitmain Get Here?


Bitmain’s support for Bitcoin Cash has lined up with its narrative since the original hard fork in August 2017. Jihan Wu, CEO and co-founder of Bitmain, has sat alongside proponents like Roger Ver in defending it as the future of Bitcoin and money.


More than this, as an unofficial continuation of Bitmain's “BIP148 contingency plan,” Bitcoin Cash was effectively initiated by Bitmain, while Bitmain-affiliated mining pool ViaBTC realized the coin by mining its first blocks. Between ViaBTC and its other proxy mining pools, Bitmain supported and mined bitcoin cash from its inception, accumulating a large number on top of what it had already received during the fork.


Through its mining pools, Bitmain supported and mined bitcoin cash, accumulating a large amount on top of what it had already received as a result of the fork. Bitmain has also made substantial investments into projects supporting bitcoin cash, investing $3 million into a bitcoin cash-powered, digital advertising platform.


Bitmain has not responded to Bitcoin Magazine’s request for comment at this time.


This article originally appeared on Bitcoin Magazine.

90% of Cryptocurrency Market Facing ‘Extinction-Level Event’: Xapo President

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

A reckoning coming to the cryptocurrency markets, an “extinction-level event” that’s poised to wipe out 90 percent of the more than 1,800 coins and tokens that aren’t named bitcoin. That’s the prognostication of Xapo President Ted Rogers, anyway, who said that the impending altcoin bloodbath will provide discerning investors with an incredible opportunity to load

The post 90% of Cryptocurrency Market Facing ‘Extinction-Level Event’: Xapo President appeared first on CCN

90% of Cryptocurrency Market Facing ‘Extinction-Level Event’: Xapo President

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

A reckoning coming to the cryptocurrency markets, an “extinction-level event” that’s poised to wipe out 90 percent of the more than 1,800 coins and tokens that aren’t named bitcoin. That’s the prognostication of Xapo President Ted Rogers, anyway, who said that the impending altcoin bloodbath will provide discerning investors with an incredible opportunity to load

The post 90% of Cryptocurrency Market Facing ‘Extinction-Level Event’: Xapo President appeared first on CCN

Warren Buffett's Berkshire Hathaway now has a $3 billion stake in Goldman Sachs

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

warren buffett

  • Warren Buffett's Berkshire Hathaway raised its stake in Goldman Sachs by 21% to 13.2 million shares during the second quarter.
  • Berkshire's initial position in the Wall Street bank stemmed from an investment during the financial crisis.
  • Berkshire also added to its Apple position.

Warren Buffett added to his stockpile of Goldman Sachs shares during the second quarter. 

The investing legend's Berkshire Hathaway upped its stake in the investment bank by 21% to 13.2 million shares, according to a regulatory filing out Tuesday. It's total position in the firm is now worth more than $3 billion, assuming it has not sold any shares during Q3. 

Berkshire's position in Goldman began in the wake of the financial crisis when it invested $5 billion in preferred stock that paid a 10% dividend and were callable at any time at a 10% premium. It also received warrants to purchase up to $5 billion of Goldman common stock with a $115 strike price. 

In October of 2013, Berkshire received a handsome payday from the bank after exercising the warrants it bought during the financial crisis. The bank paid the conglomerate $2 billion in cash and gave it 13.1 million shares of stock. 

The 13-F released on Tuesday showed Berkshire raised its stake in Apple by 5% to 251 million shares. That stake is now worth $46.6 billion after Apple's market cap crossed the $1 trillion mark on August 3. 

Berkshire also upped its stakes in Southwest Airlines and Delta Air Lines by 19% apiece while trimming its stake in American Airlines by 3%.  

Join the conversation about this story »

NOW WATCH: An early bitcoin investor explains what most people get wrong about the cryptocurrency

Deutsche Bank's co-head of US high-yield trading has left the German lender as trader departures continue

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

Deutsche Bank

  • James Nessel, Deutsche Bank's co-head of US high yield trading, is leaving the German lender. 
  • Nessel joined Deutsche two years ago from Citigroup. 
  • It's the latest in a series of trader departures from Deutsche Bank. 

James Nessel, hired as Deutsche Bank's head of US high-yield trading two years ago, is leaving the bank, according to people with knowledge of the matter. 

Nessel resigned from the bank on Tuesday, the people said.

A Deutsche Bank spokesman declined to comment and Nessel could not be immediately reached for comment. 

Nessel, who joined Deutsche from Citigroup in 2016, marks the latest trader to leave the German lender, as CEO Christian Sewing looks to reduce the firm's reliance on fixed-income trading. In the second quarter, the bank reported a 17% decline in bond trading, compared to gains from US banks.

 

Join the conversation about this story »

NOW WATCH: An early bitcoin investor explains what most people get wrong about the cryptocurrency

Turkey crisis contagion fears persist: 'These things can turn on a dime'

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

turkey Recep Tayyip Erdogan

  • Global markets have stabilized after initial fears that Turkey's crisis would spread to other emerging economies or even Europe — but that does mean the danger is over. 
  • Turkey plays a key geopolitical role as a NATO member that makes any threats to its stability even more important to its neighbors.
  • Investors fear the crisis could spread to other vulnerable emerging states like South Africa and Argentina, while some European banks hold substantial exposure to Turkish assets.

Turkey’s deepening currency run, which some analysts worry may soon morph into a debt repayments crisis, has a good chance of affecting other key markets around the world for one key reason: the country’s political importance to the power struggle between the European Union and Russia is even greater than its economic might.

"Although Turkey is considered an emerging market economy, it’s still a NATO ally and some reports say that we have close to 50 nuclear weapons stored on their soil," said Chris Zacarelli, chief investment officer at Independent Investor Alliance, in a statement to reporters.

He added that Turkey had been moving away from the US politically, and had made overtures to Russia, China and Iran. 

"Since there doesn’t appear to be signs of contagion at this point – although Spanish, French and Italian banks are owed close to $140 billion by Turkish borrowers – it doesn’t seem like there is much to worry about, but these things can turn on a dime."

For Alistair George at  Edison Investments, Turkey serves as an "example of the effects of tighter US dollar funding conditions in combination with adverse geopolitical developments."

"Separated from the political angle, a Western-style refinancing and restructuring to resolve the excessively large inflation and current account deficit problems would appear to be a rational response to the problem," he writes in a blogpost.

"However, the antagonism between the Turkish administration and the US makes this scenario look far-fetched at present. We expect therefore the sense of crisis to persist until either the pressure on the economy forces concessions from Turkey or details of President Erdogan’s new alliances are forthcoming."

That means more potential contagion both to other large emerging markets that are current in fragile financial positions, like South Africa, Argentina and India, as well as into Europe via the exposure of Spanish and Italian banks to Turkey.

The market consensus is that the Turkish government’s response to the crisis thus far has been way too timid.

"Investors need to see serious economic measures and not political ones to prevent things getting completely out of control," said Hussein Sayed, chief market strategist at FXTM. "This includes an emergency interest rate hike by the central bank, imposing capital controls, fiscal reforms, securing a rescue package by the IMF or other lenders and ending the current diplomatic fight with Donald Trump. Until such steps are taken, investors will continue to selloff Turkish assets."

Turkish Lira

SEE ALSO: Turkey’s currency panic reveals a major downside of Trump’s ‘America First’ policy — and offers an early warning to the Fed

Join the conversation about this story »

NOW WATCH: An early bitcoin investor explains what most people get wrong about the cryptocurrency

Stocks rise as Turkish lira steadies

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

Traders react near the end of the day on the floor of the New York Stock Exchange in New York, U.S., February 8, 2018. REUTERS/Brendan Mcdermid

Stocks rose Tuesday as investors turned from a currency crisis in Turkey to solid economic data and strong earnings. The dollar and Treasury yields extended gains.

Here's the scoreboard:

Dow Jones industrial average25,296.43 +108.73 (+0.43%)

S&P 500: 2,841.04 +19.11 (+0.68%)

Nasdaq Composite7,870.47 +50.77 (+0.65%)

  1. After a sharp sell-off slashed more than a fifth of its value, Turkey's currency began to rebound. But structural issues behind the ailing economy and an escalating conflict between Washington and Ankara kept the lira near historic lows. Turkish President Recep Tayyip Erdogan said the country would boycott US electronic goods to retaliate against sanctions the Trump administration imposed earlier this month.
  2. Investors are still on edge with concerns the weakening lira could lead to economic turmoil in other emerging markets. Several currencies began to recover after weakening Monday. But the Indian rupee sold off for a second day, sliding past 70 per dollar to a record low.
  3. In a sign that rising borrowing costs haven't curbed American demand for credit, household debt in the US climbed to a record $13.3 trillion in the second quarter. That's up $454 billion from a year ago and marks a 16th consecutive month of increases.
  4. Cryptocurrencies spiraled to fresh 2018 lowsA broad sell-off has pressured the value of the digital currency market to below $200 billion for the first time this year. 
  5. Earnings season rolls on. Home Depot beat Wall Street expectations after stronger-than-expected sales. Tapestry reported a 31% rise in revenue.

And a look at the upcoming economic calendar:

  • The US reports retail sales and new housing construction numbers.
  • Walmart, Macy's, Cisco, and Tencent report earnings. 

SEE ALSO: Ethereum is down another 10% as the global crypto market goes into 'panic mode'

Join the conversation about this story »

NOW WATCH: An early bitcoin investor explains what most people get wrong about the cryptocurrency

Stocks rise as Turkish lira steadies

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

Traders react near the end of the day on the floor of the New York Stock Exchange in New York, U.S., February 8, 2018. REUTERS/Brendan Mcdermid

Stocks rose Tuesday as investors turned from a currency crisis in Turkey to solid economic data and strong earnings. The dollar and Treasury yields extended gains.

Here's the scoreboard:

Dow Jones industrial average25,296.43 +108.73 (+0.43%)

S&P 500: 2,841.04 +19.11 (+0.68%)

Nasdaq Composite7,870.47 +50.77 (+0.65%)

  1. After a sharp sell-off slashed more than a fifth of its value, Turkey's currency began to rebound. But structural issues behind the ailing economy and an escalating conflict between Washington and Ankara kept the lira near historic lows. Turkish President Recep Tayyip Erdogan said the country would boycott US electronic goods to retaliate against sanctions the Trump administration imposed earlier this month.
  2. Investors are still on edge with concerns the weakening lira could lead to economic turmoil in other emerging markets. Several currencies began to recover after weakening Monday. But the Indian rupee sold off for a second day, sliding past 70 per dollar to a record low.
  3. In a sign that rising borrowing costs haven't curbed American demand for credit, household debt in the US climbed to a record $13.3 trillion in the second quarter. That's up $454 billion from a year ago and marks a 16th consecutive month of increases.
  4. Cryptocurrencies spiraled to fresh 2018 lowsA broad sell-off has pressured the value of the digital currency market to below $200 billion for the first time this year. 
  5. Earnings season rolls on. Home Depot beat Wall Street expectations after stronger-than-expected sales. Tapestry reported a 31% rise in revenue.

And a look at the upcoming economic calendar:

  • The US reports retail sales and new housing construction numbers.
  • Walmart, Macy's, Cisco, and Tencent report earnings. 

SEE ALSO: Ethereum is down another 10% as the global crypto market goes into 'panic mode'

Join the conversation about this story »

NOW WATCH: An early bitcoin investor explains what most people get wrong about the cryptocurrency

Bitcoin Price Intraday Analysis: BTCUSD Falls to Lowest since June

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

Bitcoin continues to extend its downward momentum on Tuesday, lately falling to its lowest trading since June this year. The BTC/USD today opened at 6250-fiat and started recording losses thereafter – during the early Asian trading session. The pair formed a bear pole in pursuance of a breakout towards the south, as we had predicted

The post Bitcoin Price Intraday Analysis: BTCUSD Falls to Lowest since June appeared first on CCN

Millennials are snapping up the world’s largest publicly traded marijuana company ahead of its earnings report (CGC)

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

Canopy Growth marijuana weed


Canopy Growth — the world's largest marijuana company and the first to trade on the New York Stock Exchange — has been a wildly popular stock among millennial investors, and heading into the Canadian company's firs- quarter earnings report, that enthusiasm was only growing.

More than 26,000 investors on the stock-trading app Robinhood , which skews much younger than traditional brokerages, held the stock as of Tuesday afternoon. That's a 179% increase in holders since the stock first appeared on Robinhood's "Top 100" list in June. It's now the 42nd most-popular stock on the app.

Canopy soared earlier this year when Canada passed legislation legalizing marijuana throughout the country. However, it saw heavy selling Tuesday, down 7%, alongside its peers as the Ontario province delayed the launch of brick-and-mortar marijuana sales until April 2019.

Analysts polled by Bloomberg expect Canopy to report an adjusted loss of $0.11 a share on revenue of $26.33 million.

Shares of CGC have fallen by 12% this year. 

Read Business Insider's recent interview with the CEO of Canopy Growth here

Canopy Growth Stock

SEE ALSO: The 'world's biggest legal-pot dealer' talks about taking his company public and the future of weed (CGC)

Join the conversation about this story »

NOW WATCH: An early bitcoin investor explains what most people get wrong about the cryptocurrency

Distributed Dialogues: Weighing In on Privacy Implications

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

Distributed Dialogues: Weighing In on Privacy Implications

At the recent Distributed 2018 conference in San Francisco, Rick Lewis and Dave Hollerith from the Let’s Talk Bitcoin Network interviewed a host of different personalities in the blockchain space about digital privacy.

First, the team interviewed David Chaum, one of the forefathers of cryptocurrency as we know it today. Starting from these humble beginnings, Chaum describes a brief history of the earliest days of digital money, as he built much of the enthusiasm for cryptography himself. His brief account of his work in the field gives a huge amount of insight into the culture and passion for privacy that eventually birthed modern cryptocurrency.

Reuben Yap, chief operating officer of ZCoin, spoke about some of the cultural challenges in being the first real private cryptocurrency in Malaysia.

Yap believes that the most important way to emphasize this concept of digital privacy to a skeptical audience is by putting the issue in financial terms. As Yap puts it, people expect a higher degree of privacy from banks regarding the value of their assets, and he believes that he can tap into this expectation on a greater scale. The platform of ZCoin ultimately seeks to give crypto financial systems an equal expectation of privacy that regular banks would, and this ambitious goal sets it apart.

Finally, Patrick Byrne, founder and CEO of Overstock.com, talks about the path that led him to cryptocurrency as well as what he’s observed entering the space as a mainstream investor. Seeing the overreach that many investment firms are capable of in securities trading, Byrne envisions a model of using blockchains to make transactions much more equitable. His experience provides a firm basis for a mistrust of current Wall Street practices, and a way to use blockchain smart contracts to enforce regulations on privacy.

These interviews and more will be periodically available on the Let’s Talk Bitcoin Network over the next several days as the team from Distributed Dialogues releases interviews on a great number of topics in the crypto space from the Distributed 2018 conference.


This article originally appeared on Bitcoin Magazine.

Op Ed: Evaluating the Promise of Cardano: Has Ethereum Met Its Match?

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

Op Ed: Evaluating the Promise of Cardano: Has Ethereum Met Its Match?

This month, we celebrate Ethereum’s third birthday and reflect upon the many milestones that have occured in the industry since the dawn of the original smart contract blockchain. Mainstream interest is burgeoning, market capitalization for the industry has increased by over 5,900 percent, and the number of cryptocurrencies currently in circulation is at an all-time high. Up until recently, it seemed as if Ethereum would be one of the only platforms capable of fostering the mainstream adoption of blockchain technology. That is, until Cardano (ADA) appeared.

While admittedly in its early stages, Cardano is already being labeled by some experts as a scalable solution to several of the inefficiencies created by Ethereum, which, some say, seems to be suffering from its own success. In recent months, the platform has been inundated with a slew of new decentralized applications (DApps) that are creating a bottleneck effect on the Ethereum blockchain.

As famously portrayed by the meteoric rise of blockchain craze CryptoKitties, popular Ethereum applications require excessive bandwidth to remain afloat, which ultimately has a detrimental effect on network efficiency. And although ether’s hashrate is growing, it’s being far outpaced by the sheer number of projects being built on the blockchain.

By contrast, Cardano has been specifically designed to handle high-volume transactions, operating on a first-of-its-kind proof-of-stake (PoS) algorithm, dubbed Ouroboros, that, unlike other major cryptocurrencies, doesn’t require any form of crypto mining. Instead, token holders validate transactions by staking their involvement for a cut of what would otherwise be a “winner take all” reward — eliminating the need for exhaustive energy consumption and minimizing transaction times.

It’s a process that’s largely considered by the broader cryptocurrency community to be the future of the industry. While the team behind Ethereum has maintained that it will also transition to a PoS algorithm in the near future, Cardano will likely set the precedent for worldwide adoption.

In a rapidly evolving industry, being the first to adopt a leading technological advancement is not an insignificant development. Emerging startups looking for fast and secure transactions may select Cardano over Ethereum in an attempt to increase DApp efficiency for prospective users.

In fact, several pharmaceutical companies have already initiated a switch between the two platforms, and many others are likely to follow suit in the future. This is what’s perhaps most intriguing about the Cardano platform; its use cases are seemingly boundless, ranging from official records storage, to supply-chain optimization, to budget management.

Some may argue that Ethereum, especially in comparison to Cardano, is too solidified in the fabric of the industry to ignore. At present, 1 ether is worth an estimated $257 USD (with a market cap of $26 billion), while 1 ADA is only worth $0.09 (with a market cap of $2.3 billion). While the contrast is staggering, it’s hard to accurately predict what the true value of the Cardano platform will be until its features are fully operational. Once new and innovative DApps begin to find success using the Cardano blockchain, the value of ADA will likely increase to meet the growing demand.

What’s more, because Cardano’s PoS model holds or freezes a certain number of tokens in order to validate transactions, many believe that decreasing supply will ultimately cause its value to rise. As the Cardano community grows, more ADA will be needed to validate each transaction, which will likely contribute to industry growth. Over time, investors will increasingly view Cardano as an adequate store of value, and prospective users will flock to the platform in search of heightened opportunity.

This is not to say that Cardano doesn’t come with its own set of risks. As mentioned above, the project is in the preliminary stages of its development plan, which, while detailed, is far from completion. Because of this, investors should prepare for short-term fluctuations in the market as a result of speculation. As with any cryptocurrency, market volatility is an ever-present reality, and users should carefully consider the risks before deciding which project to invest in.

Still, Cardano shows tremendous promise for the future of the industry. Even in its earliest stages, users believe that it’s proving to be one of the most promising blockchain platforms on the market. Project leads Charles Hoskinson, co-founder of Ethereum and CEO of IOHK, and Michael Parsons, chairman and director of the Cardano Foundation, have worked to create a substantive roadmap for future growth — turning once-lofty ambitions into a tangible plan of action. It’s through their thought leadership that Cardano has been able to convey its mission to the broader cryptocurrency community, attracting loyal followers in the process.

With all of the excitement flying around in the crypto market right now, it’s often difficult to accurately predict which projects, like Ethereum, are going to survive to see their third birthdays. However, amidst an increasingly saturated market, Cardano stands out from other Ethereum competitors (e.g., NEO and EOS) by creating a one-of-a-kind platform that promises all of the best qualities of a smart contract blockchain, but with unprecedented scalability and interoperability. I, along with the rest of the cryptocurrency community, are looking forward to witnessing this growth.

This is a guest post by Mati Greenspan, senior market analyst at eToro. Views expressed are his own and do not necessarily reflect those of Bitcoin Magazine or BTC Inc. This article is for information purposes only and is not intended as investment advice.

This article originally appeared on Bitcoin Magazine.

What you need to know on Wall Street today

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

Welcome to Finance Insider, Business Insider's summary of the top stories of the past 24 hours. Sign up here to get the best of Business Insider delivered direct to your inbox.

'Tech trendiness' has spiked to the highest level in 15 years 

Anyone watching the stock market knows the tech sector is flying high in seemingly unstoppable fashion.

Contrarians have long called foul on this, blindly assuming that what goes up must surely come crashing down.

But that has been a long-running fool's errand. If you had dumped your tech shares at the first sign of overvaluation, you would have missed out on months — perhaps years — of massive returns.

Fortunately for those waiting for the ax to fall on tech, Jim Paulsen, the chief investment strategist at The Leuthold Group, has a tool meant to assess when that may happen. And based on his most recent findings, the next year may not be so pretty for the red-hot sector — and, by extension, the market at large.

Tinder's founders are suing Match Group and IAC, saying they've been ripped off 

A group of early Tinder employees, including cofounders Sean Rad, Justin Mateen, and Jonathan Badeen, announced on Tuesday that they had filed a lawsuit against InterActiveCorp and Match Group, the owners of Tinder.

They're alleging that IAC used a lowball valuation based on false information to reduce the value of stock options that early employees and founders held. The plaintiffs are seeking at least $2 billion.

The Tinder team received written contracts in 2014 outlining stock options as well as four dates they could exercise them, according to Tuesday's complaint.

But they allege that ahead of the first exercise date, in May 2017, IAC valued Tinder at $3 billion and merged it with Match, which "stripped away" the team's options in the fast-growing dating app, leaving them with less valuable Match options.

Elon Musk says he's hired Goldman Sachs to help take Tesla private 

Elon Musk hasn't been one to hide his disdain for Tesla skeptics on Wall Street.

But when it came time to hire bankers to advise him on taking the company private, the Tesla CEO enlisted a bank home to one of the most bearish Tesla analysts on Wall Street. Goldman Sachs' automotive analyst David Tamberrino has had a "sell" rating on the stock since February 2017.

Even Goldman's most optimistic scenario for Tesla doesn't even reach Musk's tweeted goal of $420.

Ethereum is down another 10% 

Ethereum's steep price fall continued on Tuesday as the entire cryptocurrency market continues to fall.

Ethereum is down just over 10% to $253.35 at 4.22 p.m. BST (11.22 a.m. ET). The current sell-off began on Monday, when Ethereum dropped to an 11-month low. Bloomberg reported that the slump was sparked by startups that had raised funding in ethereum through so-called initial coin offerings (ICOs) now cashing their holdings into traditional fiat money they can spend on development.

In markets news

Join the conversation about this story »

NOW WATCH: An early investor in Uber, Airbnb, and bitcoin explains why it's actually a good sign that no one is spending their crypto

The asset manager behind one of the first blockchain ETFs is preparing a $100 million crypto hedge fund even as the market sheds billions

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

Billions

  • Reality Shares, the tiny asset manager known for its blockchain exchange-traded fund, is preparing to launch a $100 million cryptocurrency hedge fund.
  • It joins a crowded market of over 300 such funds.

Even as the market for digital currencies sheds billion, corners of Wall Street are still hot on the burgeoning new asset class. 

Reality Shares, the tiny asset manager known for its blockchain-focused exchange-traded fund, is preparing to launch a $100 million cryptocurrency hedge fund. 

The California-based firm saw its assets under management increase by more than $100 million after its blockchain-ETF started trading earlier this year. Now, the firm is building out its new hedge fund, said a person familiar with the firm's plan. 

The fund, which will be capped at $100 million, already has a $25 million committed, according to the person. The multi-strat fund, which will be a mix of arbitrage, venture, and directional strategies, would join a crowded market of more than 366 digital asset-focused funds, according to research by Crypto Fund Research. 

2018 is on track to be a record year for crypto fund launches, according to the firm. Still, most are quite small. Only 28 manage more than $100 million. 

As for Reality Shares, the launch of a fund is part of a broader push into crypto, according to the person familiar with the firm's operations. 

At the same time, other traditional firms are getting more serious about the market for digital assets. Intercontinental Exchange announced the launch of its own crypto trading platform Bakkt, which the exchange-operators thinks will push digital assets into the mainstream. And Coinbase has lured a $20 billion hedge fund to its trading platform, as Business Insider previously reported. 

This is all despite a bear market, which has gripped the crypto market for much of 2018. At last check bitcoin, the largest digital currency, was trading close to a year-low of $6,000 a coin. In total, the market for digital currencies has shed more than $500 billion year-to-date.

See also: 

Join the conversation about this story »

NOW WATCH: How a Wall Street chief strategist's Costco shopping experience explains the biggest misconception about global trade

Judge Denies Effort to Move XRP Investor Lawsuit to Lower Court

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

A district judge has slapped down an investor's effort to move a lawsuit against payments firm Ripple to a lower court.

Elon Musk says he's hired Goldman Sachs to help take Tesla private — even though the bank's analyst is one of the most bearish on Wall Street (TSLA)

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

elon musk

  • Elon Musk tweeted late Monday that he was "excited to work with Silver Lake and Goldman Sachs" in his plan to take Tesla private. 
  • Goldman Sachs' analyst is one of the most bearish Tesla analysts on Wall Street, with a "sell" rating and $210 price target — 40% below where shares are trading.
  • Companies generally favor banks whose analysts rate them favorably. 
  • Musk is no stranger to hating Tesla bears, and interrupted two analysts with "sell" ratings on the company's first-quarter conference call. 
  • Follow Tesla's stock price in real-time here. 

Elon Musk hasn't been one to hide his disdain for Tesla skeptics on Wall Street.

But when it came time to hire bankers to advise him on taking the company private, the Tesla CEO enlisted a bank home to one of the most bearish Tesla analysts on Wall Street. Goldman Sachs' automotive analyst David Tamberrino has had a "sell" rating on the stock since February 2017.

Even Goldman's most optimistic scenario for Tesla doesn't even reach Musk's tweeted goal of $420.

"Our current valuation framework looks at potential upside scenarios where Tesla achieves mass market volumes —in the 2 million to 3 million vehicle range in 2025, versus our base case forecast for approx. 800k," Tamberrino wrote earlier in August. "In those upside scenarios, we ascribe valuations (discounted back to early 2019) for the overall company that average to approx. $414 per share."

Despite the blue-sky scenario, his price target remained $210 — a 45% discount to where shares were trading at the time. "Of course, our base case valuation implies a much lower potential value per share for Tesla —given the slower growth rate and forecasted lower margin profile," he said.

The dichotomy isn't unusual for Wall Street. Most brokerages and banks have a research arm attached, which writes and disseminates reports on stocks in order to win trading business for the firm as clients decide to buy or sell based on the notes.

Technically, there is a "firewall" between these two businesses — and any business relationships are disclosed at the bottom of every research report — but human nature can still cloud decisions, a professor told Business Insider.

"Human nature being what it is, no CEO is likely to throw business to a bank whose analyst is negative on the CEO's company," Erik Gordon, a professor at the University of Michigan's Ross School of Business, told Business Insider in a recent interview.

"There are examples of analysts reiterating 'buy' ratings 30 days before a company went under," he continued.

In addition, "sell" ratings are rare. The research firm FactSet said last year that only 6% of about 11,000 recommendations on stocks in the S&P 500 were sell (or equivalent), according to The Wall Street Journal

Here's what Goldman's disclosure looked like on its latest Tesla note, which was published on August 8:

Goldman Sachs has received compensation for investment banking services in the past 12 months: Tesla Inc.

Goldman Sachs expects to receive or intends to seek compensation for investment banking services in the next 3 months: Tesla Inc.

Goldman Sachs had an investment banking services client relationship during the past 12 months with: Tesla Inc.

Goldman Sachs had a non-securities services client relationship during the past 12 months with: Tesla Inc.

Goldman Sachs makes a market in the securities or derivatives thereof: Tesla Inc.

Still, the choice of Goldman Sachs is significant due to Musk's loudly voiced disdain for Wall Street skeptics. On an earnings call in May (one that he has since apologized for) he interrupted two analysts, calling their questions "boring" and "boneheaded."

His explanation on Twitter after the contentious call was that the "the 'dry' questions were not asked by investors, but rather by two sell-side analysts who were trying to justify their Tesla short thesis." He added: "They are actually on the *opposite* side of investors. HyperChange represented actual investors, so I switched to them."

Tesla surged to fresh highs last week after Musk's snap announcement of taking the company private, but had given up all of their gains by Tuesday, showing a lack of confidence from investors that the deal will actually get done. The stock is currently trading at $355 — 18% below the $420 price where Musk said he would take the company private.

Goldman Sachs declined to comment.

More on Tesla's proposal to go private:

Now read:

Tesla stock price

SEE ALSO: 'A private life is a happy life': Here's what Wall Street is saying about Tesla's plan to leave the stock market

Join the conversation about this story »

NOW WATCH: An early bitcoin investor explains what most people get wrong about the cryptocurrency

Pressure mounts on Tesla as it gets hit with a third securities fraud lawsuit in wake of Elon Musk's 'funding secured' tweet (TSLA)

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

elon musk

  • Tesla is facing another lawsuit accusing CEO Elon Musk of manipulating the company's stock price.
  • A complaint filed on Monday in US District Court in California alleges that some investors purchased Tesla stock "at artificially inflated prices and suffered significant losses and damages once the truth emerged" that Musk had not secured the funding necessary to convert Tesla into a private company for $420 per share, as he said on August 7.
  • Tesla declined Business Insider's request for comment.


Tesla is facing another lawsuit accusing CEO Elon Musk of manipulating the company's stock price. The suit follows two lawsuits filed against the company last week by investors alleging securities fraud.

A complaint filed on Monday in US District Court in California alleges that some investors purchased Tesla stock "at artificially inflated prices and suffered significant losses and damages once the truth emerged" that Musk had not secured the funding necessary to convert Tesla into a private company for $420 per share, as he said on August 7.

"Am considering taking Tesla private at $420. Funding secured," Musk said via Twitter.

"Investor support is confirmed. Only reason why this is not certain is that it’s contingent on a shareholder vote," he later said.

Tesla's share price surged after Musk's first tweet, rising by as much as 12%, to over $381, before settling at $379.57 when trading closed on August 7. But by the end of trading on August 9, it had fallen to $352.45 as reports emerged that the Securities and Exchange Commission made an inquiry into Tesla about whether one of Musk's tweets regarding the possibility of taking the company private was truthful. 

According to the lawsuit, "Musk’s tweets were an ill-conceived attempt to manipulate the stock price of Tesla upward in order to burn investors who had sold Tesla stock short," and, "had the desired effect of creating a massive one-day increase in the price of Tesla stock and causing short sellers large losses."

Tesla declined Business Insider's request for comment.

On Monday, Musk said in a statement that he used the phrase "funding secured" because he believed there was "no question" Saudi Arabia's Public Investment Fund would provide funding for a deal to convert Tesla into a private company after a July 31 meeting with the fund's managing director.

But Musk didn't mention any legally-binding agreements that were in place at the time he sent the August 7 tweet and said he was in discussions with the Saudi fund and other investors, which suggested some sources of funding were not be settled before the tweet was sent.

On Tuesday, Tesla said its board of directors had formed a special committee to examine Musk's preference to take the company private.

SEE ALSO: Meet Grimes, the Canadian pop star who streams video games and is dating Elon Musk

Join the conversation about this story »

NOW WATCH: An early bitcoin investor explains what most people get wrong about the cryptocurrency

‘Bitcoin is Stupid’ Author Gets a Lesson in the Value of Being Your Own Bank

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

As anyone who has ever attempted to explain bitcoin to their parents can understand, one of the most challenging parts of convincing them of the utility of this technology is making the case that a person should be his or her own bank. Occasionally, though, an object lesson bites you in the, err, mustache. The

The post ‘Bitcoin is Stupid’ Author Gets a Lesson in the Value of Being Your Own Bank appeared first on CCN

Pot Publication High Times Now Says It Won't Accept Bitcoin in IPO

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

High Times, which announced last week that it would accept bitcoin and ether for its coming IPO, said in an SEC filing Monday that this was an "error."

The world’s largest hedge fund likes Alibaba (BABA)

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

ray dalio

  • Bridgewater Associates, the world's largest hedge fund that oversees $150 billion in assets under management, bought $15.7 million worth of Alibaba shares during the second quarter, regulatory filings show.
  • Alibaba is one of the stocks included in the "FAANG+BAT" basket.
  • Watch Alibaba trade in real time here.

Bridgewater Associates, the $150 billion hedge fund founded by Ray Dalio, bought 84,629 shares of Alibaba in the second quarter, worth $15.7 million, according to regulatory documents filed Tuesday. A back of the envelope calculation shows the stake was established at an average price of $185.52. 

Alibaba is one of the market's most heavily traded tech stocks and part of the "FAANG+BAT" basket, which also includes Facebook, Amazon, Apple, Netflix, Google, and Chinese tech giants Baidu and Tencent. 

Bridgewater's buying of Alibaba shouldn't come as a surprise. Last September, the hedge fund launched a big investment fund in China as it was granted rare access to trade in local financial markets. 

In a LinkedIn post from March, Dalio wrote that an escalating tit-for-tat trade war would be a reason to "worry." But this investment is a way for Dalio to gain exposure to China without having to worry about the impact of a trade war with China. That's because the e-commerce giant is responsible for about 85% of e-commerce sales in China — which helps provide insulation from the trade spat.

Alibaba shares gained 4% in the second quarter despite Trump’s tariff trade spat with China. However they slumped 7% since July as investors have begun to rotate out of the "FAANG+BAT" group. 

Dalio’s other new investments disclosed in the filing include a $31.3 million stake in Cummins, a $14.4 million stake in Walmart, and a 76% decrease in its Facebook holdings — now worth $9.37 million.

Alibaba

Join the conversation about this story »

NOW WATCH: An early bitcoin investor explains what most people get wrong about the cryptocurrency

The world’s largest hedge fund loads up on Alibaba (BABA)

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

ray dalio

  • Bridgewater Associates, the world's largest hedge fund that oversees $150 billion in assets under management, bought $15.7 million worth of Alibaba shares during the second quarter, regulatory filings show.
  • Alibaba is one of the stocks included in the "FAANG+BAT" basket.
  • Watch Alibaba trade in real time here.

Bridgewater Associates, the $150 billion hedge fund founded by Ray Dalio, bought 84,629 shares of Alibaba in the second quarter, worth $15.7 million, according to regulatory documents filed Tuesday. A back of the envelope calculation shows the stake was established at an average price of $185.52. 

Alibaba is one of the market's most heavily traded tech stocks and part of the "FAANG+BAT" basket, which also includes Facebook, Amazon, Apple, Netflix, Google, and Chinese tech giants Baidu and Tencent. 

Bridgewater's buying of Alibaba shouldn't come as a surprise. Last September, the hedge fund launched a big investment fund in China as it was granted rare access to trade in local financial markets. 

In a LinkedIn post from March, Dalio wrote that an escalating tit-for-tat trade war would be a reason to "worry." But this investment is a way for Dalio to gain exposure to China without having to worry about the impact of a trade war with China. That's because the e-commerce giant is responsible for about 85% of e-commerce sales in China — which helps provide insulation from the trade spat.

Alibaba shares gained 4% in the second quarter despite Trump’s tariff trade spat with China. However they slumped 7% since July as investors have begun to rotate out of the "FAANG+BAT" group. 

Dalio’s other new investments disclosed in the filing include a $31.3 million stake in Cummins, a $14.4 million stake in Walmart, and a 76% decrease in its Facebook holdings — now worth $9.37 million.

Alibaba

Join the conversation about this story »

NOW WATCH: An early bitcoin investor explains what most people get wrong about the cryptocurrency

Despite its 70% Price Drop, Bitcoin Surpassed Gold in Settlement Volume

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

Nic Carter, a well respected cryptocurrency researcher, has said that Bitcoin has surpassed the OTC gold market in settlement volumes, even amidst a 70 percent drop in its price. Bitcoin as a Better Medium of Exchange According to the clearing statistics of the London bullion market (LBMA), five major clearing members of the LPMCL including

The post Despite its 70% Price Drop, Bitcoin Surpassed Gold in Settlement Volume appeared first on CCN

These are the countries most at risk if Turkey's lira crash spirals into a debt crisis

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

Pedestrians walk past an electronic board showing currency exchange rates in Buenos Aires' financial district, Argentina, June 29, 2018. REUTERS/Agustin Marcarian

  • The collapse of the Turkish lira and the strong dollar have hit emerging market currencies globally.
  • If the trend continues, countries may start to have trouble paying back dollar-denominated debts.
  • Analysts say Argentina, Pakistan, South Africa, and Colombia are among those most at risk.


LONDON — The collapse of the Turkish lira against the dollar is the focus of global markets but emerging market currencies are getting hammered across the board and there are concerns that the issue could spiral from a currency crisis into a debt crisis.

The Indian rupee hit an all-time low against the dollar overnight, the South African rand has been diving, Argentina's central bank hiked rates by 5% on Monday to arrest the peso's decline, and Indonesia's government is meeting to discuss emergency measures to defend the sinking rupiah.

"EM [emerging market] currencies (judged by the Bloomberg EM currency basket) are now at their lowest nominal value in the past three years – below the level reached in early 2016 at the time of the commodity price fall and period of US$ strength," analysts Stuart Culverhouse and Hasnain Malik from emerging market specialist bank Exotix said in a note on Tuesday.

UBS and Credit Suisse have both flagged the danger that Turkey's currency crisis could spiral into a debt crisis. If this does happen, we could see similar issues in other emerging markets.

Many emerging markets loaded up on dollar-denominated debts when interest rates were low. But a combination of falling local currencies and a soaring US dollar mean those debts are getting more expensive to pay off.

Turkey's foreign currency debts across businesses, banks, and the government are at 55% of GDP, according to the Telegraph. The newspaper reports that The Institute of International Finance "thinks events in Turkey are just the start of a long and painful hangover for those emerging markets that drank deepest from this cup." The report warns that South Africa, Indonesia, and Columbia are most at risk.

David Jones, chief market strategist at Capital.com, said in an email: "Given that the memories of the far-reaching effects of the Greek crisis have not been forgotten, do not be surprised if we see cautious trading and further US dollar strength in the days ahead as investors decide that it is better to be safe and late to any recovery - rather than be too early and very wrong."

Exotix's Culverhouse and Malik say that emerging markets are currently suffering mainly from the "risk off" sentiment rather than a belief among investors that they share similar characteristics with Turkey. But the pair refers to a ranking they made in May showing which countries could be most at risk if sentiment does shift.

Here's the ranking:scorecard

The Exotix pair writes: "Most of the others in our sample (except India) are too small to pose wider systemic risks. But difficulties could lead to localised, country-specific problems, especially for those with pre-existing weaknesses."

Lale Akoner, a market strategist in BNY Mellon’s global investment strategy group, said on Tuesday: "In our view, Turkey is mostly the exception and not the rule, and not necessarily demonstrative of the larger EM complex.

"Nevertheless, what is largely an idiosyncratic risk for Turkey did feed into the negative sentiment towards EMs in general."

SEE ALSO: UBS: Turkey could be heading into a balance-of-payments crisis

DON'T MISS: India's rupee hits an all-time low as the Turkish lira crisis spills over to other currencies

Join the conversation about this story »

NOW WATCH: An early bitcoin investor explains what most people get wrong about the cryptocurrency

Why the Cryptocurrency Bubble is Reminiscent of Hodling Amazon Stock: CoinShares CSO

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

What a difference a few weeks can make. Just 21 days ago, the bitcoin price was trading above $8,400, riding what appeared to many to be the first wave of a new bull market. The bottom, the analysts said, was in. Now, midway through August, bitcoin is fighting just to hold above $6,000. The altcoin

The post Why the Cryptocurrency Bubble is Reminiscent of Hodling Amazon Stock: CoinShares CSO appeared first on CCN

Why the Cryptocurrency Bubble is Reminiscent of Hodling Amazon Stock: CoinShares CSO

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

What a difference a few weeks can make. Just 21 days ago, the bitcoin price was trading above $8,400, riding what appeared to many to be the first wave of a new bull market. The bottom, the analysts said, was in. Now, midway through August, bitcoin is fighting just to hold above $6,000. The altcoin

The post Why the Cryptocurrency Bubble is Reminiscent of Hodling Amazon Stock: CoinShares CSO appeared first on CCN

The FBI is reportedly quietly warning banks of a potential large-scale hacking scheme that could hit their ATMs

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

Wells Fargo

  • The FBI reportedly sent a confidential email to banks Friday outlining a potential ATM security threat.
  • The scheme is known as an "ATM cash-out."
  • Hackers use malware to access machines, lift controls and access large sums of money.

The FBI is privately warning banks of a potential global hacking scheme that could be carried out through their ATMs.

The bureau sent a confidential alert to banks Friday to notify them individuals are planning a large-scale fraud scheme known as an "ATM cash-out," journalist Brian Krebs first reported on his cybersecurity news website. 

FBI spokesperson Lauren Hagee did not comment on the matter specifically, but sent Business Insider the following statement in response to questions about it:

"In furtherance of public-private partnerships, the FBI routinely advises private industry of various cyber threat indicators observed during the course of our investigations. This data is provided in order to help systems administrators guard against the actions of persistent cyber criminals."

In an ATM cashout scheme, hackers can use malware to access a bank or payment card processor and sometimes make fraudulent copies of cards by imprinting stolen card data on reusable magnetic strip cards.

Krebs said they can also manipulate account information and security settings to make large sums of money available for withdrawal.

"Just prior to executing on ATM cash-outs, the intruders will remove many fraud controls at the financial institution, such as maximum ATM withdrawal amounts and any limits on the number of customer ATM transactions daily," Krebs wrote.

SEE ALSO: 'Tech trendiness' has spiked to dangerous levels — here's why that could be signaling widespread market pain

Join the conversation about this story »

NOW WATCH: An early bitcoin investor explains what most people get wrong about the cryptocurrency

[promoted] FlipNpik’s Social Media Model: Boosting Incentives for Local Promotions

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

FlipNpik Thumb

Launched in 2009, the social networking app Foursquare was hailed as providing a cutting-edge approach for users to share their location with friends. Called a “check-in,” people would reveal their location through their mobile device by selecting the venue they were frequenting at that time.

The app grew immensely popular as users around the world accumulated points for spending time at their favorite retailers, restaurants, nightclubs, libraries or other venues. But the excitement around this movement soon abated as users began to realize that there was no utility around the points they had collected.

Now there’s a startup called FlipNpik that’s offering a new approach to this idea. This collaborative social media platform, dedicated to local businesses and connected to blockchain technology, allows users to monetize their social media engagement through a decentralized network where value is created and equitably distributed among FlipNpik’s community.

Major drivers behind the company’s creation were concerns on the part of small- to medium-sized businesses, particularly local ones, regarding the dominance of major advertising players like Facebook offering few promotional options to small enterprises with a limited budget. Predicated on the cultivation of mutually beneficial relationships, FlipNpik provides a robust setting for small businesses and community users to actively engage with one another in productive commerce.

Fostering a Two-Way Partnership

Through the use of FlipNpik’s creatively designed platform, businesses are able to obtain visibility and promotional buzz through the use of tools that allow them to compete with much larger advertising chains that have budgets that give them a major strategic advantage. 

Consumers, by way of FlipNpiks’ participatory model, are able to tap into monetary incentives tied to their social media posts that show support for their favorite places. These users can also participate in various other incentive-based activities such as adding new businesses to the app or by becoming an “Ambassador Partner.”

In return for these activities, active users receive Flip Social, a reward system designed to attract and retain users of the platform through various incentives and promotions. Users can either use their Flip Social to get promotions, to play on the app or can convert it into the FlipNpik token. If they wish to have more active roles and serve a specific business, they can also become “Ambassador Partners” and gain 20 percent of the business spending on the app. 

FlipNpik’s efforts to promote the democratization, collaboration and fair and equitable sharing of value creation with its community are fueled by “The FlipNpik” (FNP), a utility token, distributed and identified on the blockchain-based financial platform Stellar. Company leaders believe that Stellar is ideal for its project, given the platform’s ability to support high-volume microtransactions cost effectively and at high speeds.

Flipping the Page to the Journey Ahead

FlipNpik, which has operated in Canada since 2016 and in Europe since 2017, has witnessed a steady trajectory in the development of its model. Unlike scores of blockchain projects still in conceptual development, FlipNpik already has a viable product. The FlipNpik mobile app is available on iOS and Android, and its technology has been released in over a half-dozen countries including England, Switzerland, Ireland, France, Canada and Singapore.

While Yelp, Foursquare and social media titans such as Facebook and Instagram continue to be part of the same competitive landscape, FlipNpik is arguably the first platform to remunerate users for their social engagements.

“My main desire is to help small businesses succeed,” CEO Henri Harland said. “Social media has now become almost indispensable for all businesses if they want customers. But while they have to promote themselves and be seen, they often can’t keep up and compete with giant retailers who have unlimited resources.”

Harland added that FlipNpik aims to solve this inequitable state in the social media world by allowing small local businesses to have an ecosystem dedicated to them, one where all users are able to obtain remuneration for their social engagements. 

“We believe that with the power of the masses, small businesses will stand a chance to stay in the game and all users will finally be remunerated for their actions on social media,” he said. 

Harland cited inbound marketing as the underlying trend behind FlipNpik, one where consumers are attracted through relevant and helpful quality content shared through channels like blogs and search engines. He said that these very consumers are no longer interested in traditional advertisements, preferring peer-to-peer recommendations.

“To be enticed by a brand or attracted to a product, the consumer must have access to instructive, entertaining and personalized content shared by a trusted source,” Harland said. “And that’s how FlipNpik was designed — by rewarding and remunerating the community to build business content and pages and share it with their friends and family." 

Funding is a critical element of FlipNpik’s advancement, and the company is utilizing an initial coin offering (ICO) model. 

“We have made an unconventional but democratic move by opening the private sale to the public,” Harland explained. “We have offered bonuses that are generally only offered during the private sale phase of the ICO to anyone who can spend a minimum of $100, leveling the playing field for the small investor. To date we have raised $2.5 million in the private sale.”

Ultimately, it is all an effort to drive the project’s long-term vision.

“FlipNpik aims to become the first collaborative commercial social media platform to allow users to monetize their social media engagements,” Harland said. “In the next 12 to 18 months, we envision FlipNpik as the reference for consumers seeking to find small local businesses in their neighborhoods as well as inscribe and recommend new businesses to their peers. We are also excited about it becoming a reference for tourists worldwide seeking to find businesses recommended by locals.” 

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.

This promoted article originally appeared on Bitcoin Magazine.

Crypto Market Decline Aggravates as Ripple and Ethereum Hit Yearly Lows

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

The market is down $25 billion from yesterday’s high of $219 billion, sliding to $193 at the time of writing. Altcoins have been hit hard with Ethereum down almost 18% overnight according to coinmarketcap.com and hitting lows not seen since August 2017, now trading at $264. Ripple is also at a yearly low, down 14.33%

The post Crypto Market Decline Aggravates as Ripple and Ethereum Hit Yearly Lows appeared first on CCN

Crypto Market Decline Aggravates as Ripple and Ethereum Hit Yearly Lows

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

The market is down $25 billion from yesterday’s high of $219 billion, sliding to $193 at the time of writing. Altcoins have been hit hard with Ethereum down almost 18% overnight according to coinmarketcap.com and hitting lows not seen since August 2017, now trading at $264. Ripple is also at a yearly low, down 14.33%

The post Crypto Market Decline Aggravates as Ripple and Ethereum Hit Yearly Lows appeared first on CCN

A Wall Street investment chief says tech stocks have gotten too trendy for their own good — and explains why that could lead to market-wide pain

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

facebook mark zuckerberg

  • Jim Paulsen, chief investment strategist at the Leuthold Group, has concocted a tool to assess whether tech stocks have gotten too trendy.
  • He then applies that methodology to stock-market history, in order to find out what top-tier trendiness has historically meant for both tech and the broader market — and the results aren't exactly encouraging.

Anyone watching the stock market knows that the tech sector is flying high in seemingly unstoppable fashion.

Contrarians have long called foul on this, blindly assuming that what goes up must surely come crashing down at some point.

But that's been a long-running fool's errand. If you'd have dumped your tech shares at the first sign of overvaluation, you would've missed out on months — if not years — of massive returns.

Fortunately for those waiting for the axe to fall on tech, Jim Paulsen, the chief investment strategist at Leuthold Group, has a tool for assessing when that might happen. And based on his most recent findings, the next year may not be so pretty for the red-hot sector — and, by extension, the market at large.

Paulsen has concocted a measure for assessing "trendiness," which he defines as the number of weeks the tech sector's relative total return has either outperformed or underperformed the S&P 500, on a trailing one-year basis. By his methodology, a "persistent trend" requires that the measure meets or exceeds the previous week's reading.

His findings are reflected in the chart below. As you can see, tech "trendiness" is at its highest level in 15 years, having spiked into its top quintile — an event that's happened infrequently over the years.

Screen Shot 2018 08 14 at 9.08.45 AM

So what does that mean for the future of tech stocks? If history is any indication, the sector could be in for a rude awakening. Paulsen finds that, since 1990, top-quintile tech trendiness has resulted in 11% lower average returns, relative to the S&P 500. This divergence is reflected below.

Screen Shot 2018 08 14 at 9.18.02 AM

Paulsen also finds that overextended tech trendiness whips up price swings, which can make losses worse during turbulent times.

"Once trendiness reaches the top quintile, the risk of future underperformance rises significantly," he wrote in a client note. "It also significantly increases relative return volatility."

As for the broader market, Paulsen finds that it too is adversely affected by immense tech trendiness. A top-quintile reading has been associated with a future average-annualized weekly return of only 2.74% for the S&P 500, which he notes is aberrantly low, relative to history.

Ultimately, however, Paulsen qualifies his findings with the assurance that top-tier tech trendiness is not necessarily a death knell for the sector, nor the broader market.

It simply implies that a repricing may be in order for both — which hasn't always meant a major, bone-rattling market meltdown. Still, he stresses caution for tech bulls still riding high off recent success.

"They possess considerable positive price momentum, have sexy stories, offer huge future growth prospects, and are immensely popular with most investors," he said. "It’s a difficult time to sell! Perhaps though, technology has trended into a sell signal? While still mighty comfortable, the trend may no longer be a friend!”

SEE ALSO: There’s a $1 trillion question hanging over stocks right now — and the answer could determine the ultimate fate of the market

Join the conversation about this story »

NOW WATCH: An early bitcoin investor explains what most people get wrong about the cryptocurrency

Tesla's board has formed a special committee to consider going private (TSLA)

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

Tesla Model 3

  • Tesla's board of directors has formed a special committee to examine CEO Elon Musk's preference to take the company private, according to a statement on Tesla's website
  • Three independent board members — Brad Buss, Robyn Denholm, and Linda Johnson Rice — will sit on the special committee.
  • While Musk has not yet presented the committee with a formal proposal to convert Tesla into a private company, he will need the committee's approval before Tesla can go private.


Tesla's board of directors has formed a special committee to examine CEO Elon Musk's preference to take the company private, according to a statement on Tesla's website

Three independent board members — Brad Buss, Robyn Denholm, and Linda Johnson Rice — will sit on the special committee. While Musk has not yet presented the committee with a formal proposal to convert Tesla into a private company, he will need the committee's approval before Tesla can go private.

The committee has secured the law firm Latham & Watkins LLP as its legal counsel and intends to use an independent financial advisor.

Last week, Musk expressed his desire to take Tesla private in a now-controversial tweet.

"Am considering taking Tesla private at $420. Funding secured," Musk said via Twitter before issuing a formal statement on Tesla's website.

In that statement, Musk said taking the company private was "the best path forward." He said the pressures of being a public company created distractions and promoted short-term thinking that may not produce the best decisions in the long term.

Some were confused in the hours and days following the tweet, since Musk did not initially disclose who might provide the funding he mentioned.

The Wall Street Journal reported on Wednesday that the US Securities and Exchange Commission had made an inquiry into Tesla about whether one of Musk's tweets regarding the possibility of taking the company private was truthful. And on Thursday, Bloomberg reported that the agency was "intensifying" its inquiry.

On Monday, Musk said in a statement that he used the phrase "funding secured" because he believed there was "no question" Saudi Arabia's Public Investment Fund would provide funding for a deal to convert Tesla into a private company after a July 31 meeting with the fund's managing director. He made the announcement via Twitter, he said, because he wanted all Tesla investors to know about the possibility of Tesla going private at the same time.

Musk said he was in discussions with the Saudi sovereign wealth fund and other investors and planned to fund most of a potential take-private deal with equity rather than debt, since he does not want to increase Tesla's debt load.

Musk also estimated that about two-thirds of the shares owned by Tesla shareholders would roll over into shares of a private Tesla, were a deal to go through. In that case, he would not have to raise the over $70 billion that would be needed to buy out all current shareholders at $420 a share.

"Reports that more than $70B would be needed to take Tesla private dramatically overstate the actual capital raise needed," he said.

Musk said all relevant parties would be able to review a proposal before a decision was made about going private. He said a proposal would not be presented, however, until discussions with potential investors were finished.

The Saudi sovereign wealth fund first met with Musk early last year about taking Tesla private, Musk said, adding that they'd met multiple times. After the fund purchased about 5% of Tesla's shares, it requested another meeting with Musk, which Musk said took place July 31. Musk said that during this meeting the fund's managing director "strongly expressed his support" to contribute funding to take Tesla private.

Musk notified Tesla's board of directors of his desire to take Tesla private on August 2, he said.

Tesla's board released a statement on Wednesday morning that was very brief and offered few details other than news that Musk had met with the board last week to bring up the possibility of going private.

Tesla has been public since 2010, but Musk has previously said he would like to take Tesla private.

"I wish we could be private with Tesla," Musk said in an interview with Rolling Stone published in November. "It actually makes us less efficient to be a public company."

Musk has also said on multiple occasions that Tesla would become profitable by the end of this year and would not need to raise additional funds, despite its increased cash-burn rate in recent quarters.

At the end of June, Tesla said it achieved its goal of making 5,000 Model 3s in one week. Musk previously said that the company would hit that number by the end of 2017 and that sustaining such a production rate was critical for Tesla to become profitable.

Read Tesla's full comment below: 

Tesla, Inc. (the “Company”) announced today that its Board of Directors has formed a special committee comprised of three independent directors to act on behalf of the Company in connection with Elon Musk’s previously announced consideration of a transaction to take the Company private (the “Going Private Transaction”). The special committee has not yet received a formal proposal from Mr. Musk regarding any Going Private Transaction nor has it reached any conclusion as to the advisability or feasibility of such a transaction.

The special committee is composed of Brad Buss, Robyn Denholm and Linda Johnson Rice. The special committee has retained Latham & Watkins LLP as its legal counsel and intends to retain an independent financial advisor to assist in its review of a formal proposal once received. The Company has separately retained Wilson Sonsini Goodrich & Rosati as its legal counsel in this matter. 

The special committee has the full power and authority of the Board of Directors to take any and all actions on behalf of the Board of Directors as it deems necessary to evaluate and negotiate a potential Going Private Transaction and alternatives to any transaction proposed by Mr. Musk. The special committee’s grant of authority provides that no Going Private Transaction will be consummated without the approval of the special committee. The special committee expects to provide a further update concerning the process associated with Mr. Musk’s proposal as soon as practicable.

No assurances can be given regarding the likelihood, terms and details of any proposal or potential Going Private Transaction, that any proposal made by Mr. Musk regarding a potential Going Private Transaction will be accepted by the special committee, that definitive documentation relating to any such Going Private Transaction will be executed or that such a transaction will be completed. 

Forward Looking Statements

Certain statements in this announcement, including statements regarding a potential Going Private Transaction, are “forward-looking statements” that are subject to risks, uncertainties and contingencies. These risks, uncertainties and contingencies include, but are not limited to, the impact of the announcement of the formation of the special committee and review of a potential Going Private Transaction on the Company’s business and its ability to implement any potential Going Private Transaction.  Various important factors could cause actual results to differ materially, including the risks identified in our SEC filings. 

This list of factors is not intended to be exhaustive. Such forward-looking statements only speak as of the date of this announcement, and the Company disclaims any obligation to update information contained in these forward-looking statements.

This is a developing story. Check back for updates.

Have a Tesla news tip? Contact this reporter at mmatousek@businessinsider.com.

Join the conversation about this story »

NOW WATCH: An early investor in Uber, Airbnb, and bitcoin explains why it's actually a good sign that no one is spending their crypto

An $84 billion hedge fund used Facebook's struggles to build a massive stake (FB)

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

Facebook CEO Mark Zuckerberg hearing Congress Senate

  • Renaissance Technologies, a quant hedge fund that oversees $84 billion, bought up $479.5 million worth of Facebook between April 1 and June 30, regulatory filings show.
  • The hedge fund was apparently "buying the dip" after the social network's scandal-ridden spring caused shares to plunge by 20% at the end of March. 
  • Watch Facebook trade in real time here. 

Renaissance Technologies, the $80 billion hedge fund founded by Cold War code breaker James Simons, seems to think the worst for Facebook is over.

The hedge fund snapped up 2.47 million shares of the stock in the second quarter — at a valuation of $479.5 million — according to regulatory documents filed Tuesday. A back of the envelope calculation shows the stake was established at an average price of $194.13. 

Facebook has been one of the market’s top performing stocks in recent months, coming off the Cambridge Analytica data-privacy scandal. The stock rose 26% in the second quarter after tumbling 20% when the scandal first broke in late March.

Renaissance likely saw the brief lapse in stock price as a chance to "buy the dip" in the wake of the carnage at the end of the first quarter. That strategy has been wildly popular throughout the nine-year bull market.

It's possible Renaissance exited its position at some point during the first half of the third quarter. If it hasn't, it is likely underwater on the trade as shares are now near $180 apiece.  

Other new investments disclosed in the filing include a $706.9 million stake in Apple, a $191.3 million stake in Microsoft, and a 40% increase in its VMware holdings — now worth $777.4 million.

Screen Shot 2018 08 14 at 8.47.40 AM

Now read:

SEE ALSO: Elon Musk makes good on his promise to send David Einhorn 'a box of short shorts' after Tesla hurt the short-seller's performance

Join the conversation about this story »

NOW WATCH: An early bitcoin investor explains what most people get wrong about the cryptocurrency

Thousands of young Wall Streeters are finding out their results from one of the toughest exams in the world

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

taking an exam

  • The results of the Chartered Financial Analyst exams for 2018 will be released on Tuesday.
  • Students who sat for levels I and II of the CFA exam in June 2018 are finding out their results today.
  • Last year, just 43% of candidates passed Level I, while 47% passed Level II.
  • Pass percentages will not be made public until August 28, when Level III results will also be released.
  • The CFA is regarded as one of the most grueling exams in finance.

In June 2018, after countless hours of study, lots of late nights, and gallons of coffee, more than 100,000 aspiring financial analysts around the world sat for the notorious Chartered Financial Analyst (CFA) exam.

The exam, which asks candidates questions on everything from financial modeling to the ethics of business, is considered to be one of the most grueling tests in the world, with less than 50% of people passing each year.

It is split into three levels — I, II, and III — and on Tuesday, candidates who sat for Levels I and II back in June find out their fates.

Students who took Levels I and II in 2018 were given access to their results beginning at 9 a.m. ET (2 p.m. BST). The CFA Institute, which administers the exams, gives students around the world access to their results at the same time. 

"Each candidate who sits for a CFA Program exam is provided with a "pass" or "did not pass" exam result as well as detailed information on their performance," the CFA Institute said on its website.

Generally speaking, pass rates increase on each ascending level, with Level I tending to flush out underprepared candidates.

Only about one in five people who start the CFA program make it through all three levels and successfully complete the other requirements to become a charter-holder.

While students of Levels I and II find out how they did on Tuesday, details of the exam's pass percentages will not be released until August 28, when information about performances on all three levels of the CFA will be made public. Last year, 43% of people sitting for Level I passed the exam, 47% passed Level II, and 54% succeeded at Level III.

Becoming a CFA charterholder is a huge leg up for anyone hoping to build a career in investment management. It's also a much cheaper credential than an MBA. A CFA costs around $2,500 in total, while an MBA can easily run into the hundreds of thousands of dollars.

SEE ALSO: The CFA is the most brutal exam in the world of finance — here's what the questions look like

Join the conversation about this story »

NOW WATCH: An early bitcoin investor explains what most people get wrong about the cryptocurrency

UBS: Turkey could be heading into a balance-of-payments crisis

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

erdogan 2018 08 13 .JPG

  • The Turkish lira crisis is far from over.
  • The country is potentially heading into a balance-of-payments crisis, according to UBS.
  • President Tayyip Erdogan has made multiple speeches showing that he does not understand basic economics.
  • Without a sharp rise in interest rates, which Erdogan opposes, Turkey may have to restrict cash withdrawals from banks or get a bailout from the IMF.
  • Watch the Turkish lira trade in real time here.

The Turkish lira ticked up 6% Tuesday morning after the country's central bank increased the liquidity of Turkish banks by loosening their reserve requirements.

But the crisis is far from over.

The lira is down 43% against the US dollar this year. Unless President Tayyip Erdogan makes a major U-turn by ordering an increase in central bank interest rates, the lira — and Turkey's economy — is going nowhere fast.

That U-turn seems unlikely, analysts say, because of Erdogan's apparently irrational belief that high interest rates are "evil."

'The economy stands on the brink of a debt and currency crisis'

"A number of policy errors have led to Turkey's current predicament," Credit Suisse analysts Alexander Redman and Arun Sai told clients recently.

"The economy stands on the brink of a debt and currency crisis with only political will standing between resolution and a precipice, in our view. Turkish policy makers are left with unpalatable options including a sizeable emergency rate hike, the introduction of capital controls, a heavily conditional IMF bailout, or attempting to muddle through the uncertainty."

They continued: "As preventable crises go, Turkey's current episode is tough to eclipse." 

'Worse than Argentina'

It's "Worse than Argentina," according to Exotix Capital analysts Stuart Culverhouse and Hasnain Malik, referring to the hyperinflation that crippled that country earlier this year. Argentina is suffering from high inflation and a big budget deficit, brought on in part by the US dollar's relative strength against the weak peso. The Argentinian central bank has hiked rates to fight its crisis, all the way up to 45%.

But "Turkey’s currency crisis seems to be more pronounced than Argentina’s was in April 2018 and has produced the sharpest fall in EM currencies since Donald Trump was elected US President in November 2016," Culverhouse and Malik say.

It's also worse than the recession in Turkey started by the 2001 deficit payments crisis, according to Bank of America Merril Lynch's Ferhan Salman. "Gross external debt has reached US$466bn (Mar-2018, about 60% of GDP), surpassing the levels of the 2001 financial crisis. External debt rollover needs in the next 12 months are also high (US$180bn - about 22% of GDP)," he told clients. 

'We have been here before'

"We have been here before," says Russ Mould of AJ Bell, in terms of the 2001 crisis.

The immediate trigger for the collapse of the lira was US economic sanctions, mainly on steel and aluminum, imposed by President Donald Trump. But Turkey's currency — and thus its economy — was especially vulnerable because Erdogan has strongly held beliefs about the function of his central bank that most economists regard as irrational.

In basic terms, if you have high inflation then the central bank should increase interest rates to drive prices down again.

Turkey's inflation problem

In Turkey, inflation is currently running at 16%. (By contrast, it's about 2% in the UK and the US.) The Turkish central bank held its interest rates at 17.75% in July.

That spread between the two rates — about 2% — will not be enough to tempt Turks into depositing their cash in Turkish banks, analysts believe. Rather, Turkey needs to hike rates by 5 or 10 percentage points, to something like 25%, in order to create a "real" interest rate on cash above the rate of inflation.

Increased cash deposits would shore up the Turkish financial system, reduce the amount of cash in circulation, and bring inflation down. It would also increase the value of the lira, and stabilize Turkey's economy. The downside, of course, is that a reduction of cash in circulation would also trigger an increase in unemployment, something that Erdogan is no doubt keen to avoid.

lira v dollar

Erdogan says some irrational things

So analysts are peering back through the archives to gauge the likelihood of Erdogan being persuaded to change his mind. Credit Suisse's Redmun and Sai found two quotes from Erdogan published in mid-May, in which the president expressed unorthodox views about economics.

At a meeting in Chatham House, London, Erdogan told attendees to "please learn" that low interest rates deliver low inflation, according to the Financial Times.

Also in May, Erdogan spoke to reporters at Bloomberg. He said:

“When the people fall into difficulties because of monetary policies, who are they going to hold accountable? They’ll hold the president accountable. Since they’ll ask the president about it, we have to give off the image of a president who’s influential on monetary policies."

He also confirmed that he was going to have a role setting interest rates himself, confirming his central bank's monetary independence was over.

'How can you invest in a country when the guy doesn’t believe in basic interest rate theory?'

And he told Bloomberg staff at a lunch that he was resolutely opposed to raising rates.

“How can you invest in a country when the guy doesn’t believe in basic interest rate theory?” The FT reported one attendee as saying. “Turkey almost looks uninvestible.”

Then in June, Erdogan made an infamous election speech to business leaders in Ankara, in which he said interest rates were "evil" (emphasis ours):

"If my people say continue on this path in the elections, I say I will emerge with victory in the fight against this curse of interest rates ... Because my belief is: interest rates are the mother and father of all evil."

Turkey could be heading into technical bankruptcy

Tilmann Kolb of UBS wrote in a note four days ago that Turkey could be headed into "a full-fledged balance-of-payments crisis." In plain English, that would mean Turkey's currency becomes so devalued it becomes unable to pay its debts or buy services from abroad — technical bankruptcy for the entire country.

"At this point, we are not sure if the policymakers have a detailed plan for coordination or disagree on the measures, or if communication and implementation are being blocked at the highest level," Kolb wrote. "Any of these is worrying given the urgent need to act, in our view."

He added: "The crisis looks likely to deepen at this point, and so does a further depreciation of the lira. We think the risks are skewed toward a further dollarization of the Turkish economy, and possibly a full-fledged balance-of-payments crisis, the introduction of capital controls, or an involvement of the IMF. While the window for a rebound of the lira has not fully closed, we continue to advise investors to reduce exposure to the currency."

SEE ALSO: The reason Turkey's economic collapse is so scary is that Iran, Russia, and Syria are waiting in the wings

Join the conversation about this story »

NOW WATCH: An early investor in Uber, Airbnb, and bitcoin explains why it's actually a good sign that no one is spending their crypto

UBS: Turkey could be heading into a balance-of-payments crisis

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

erdogan 2018 08 13 .JPG

  • The Turkish lira crisis is far from over.
  • The country is potentially heading into a balance-of-payments crisis, according to UBS.
  • President Tayyip Erdogan has made multiple speeches showing that he does not understand basic economics.
  • Without a sharp rise in interest rates, which Erdogan opposes, Turkey may have to restrict cash withdrawals from banks or get a bailout from the IMF.
  • Watch the Turkish lira trade in real time here.

The Turkish lira ticked up 6% Tuesday morning after the country's central bank increased the liquidity of Turkish banks by loosening their reserve requirements.

But the crisis is far from over.

The lira is down 43% against the US dollar this year. Unless President Tayyip Erdogan makes a major U-turn by ordering an increase in central bank interest rates, the lira — and Turkey's economy — is going nowhere fast.

That U-turn seems unlikely, analysts say, because of Erdogan's apparently irrational belief that high interest rates are "evil."

'The economy stands on the brink of a debt and currency crisis'

"A number of policy errors have led to Turkey's current predicament," Credit Suisse analysts Alexander Redman and Arun Sai told clients recently.

"The economy stands on the brink of a debt and currency crisis with only political will standing between resolution and a precipice, in our view. Turkish policy makers are left with unpalatable options including a sizeable emergency rate hike, the introduction of capital controls, a heavily conditional IMF bailout, or attempting to muddle through the uncertainty."

They continued: "As preventable crises go, Turkey's current episode is tough to eclipse." 

'Worse than Argentina'

It's "Worse than Argentina," according to Exotix Capital analysts Stuart Culverhouse and Hasnain Malik, referring to the hyperinflation that crippled that country earlier this year. Argentina is suffering from high inflation and a big budget deficit, brought on in part by the US dollar's relative strength against the weak peso. The Argentinian central bank has hiked rates to fight its crisis, all the way up to 45%.

But "Turkey’s currency crisis seems to be more pronounced than Argentina’s was in April 2018 and has produced the sharpest fall in EM currencies since Donald Trump was elected US President in November 2016," Culverhouse and Malik say.

It's also worse than the recession in Turkey started by the 2001 deficit payments crisis, according to Bank of America Merril Lynch's Ferhan Salman. "Gross external debt has reached US$466bn (Mar-2018, about 60% of GDP), surpassing the levels of the 2001 financial crisis. External debt rollover needs in the next 12 months are also high (US$180bn - about 22% of GDP)," he told clients. 

'We have been here before'

"We have been here before," says Russ Mould of AJ Bell, in terms of the 2001 crisis.

The immediate trigger for the collapse of the lira was US economic sanctions, mainly on steel and aluminum, imposed by President Donald Trump. But Turkey's currency — and thus its economy — was especially vulnerable because Erdogan has strongly held beliefs about the function of his central bank that most economists regard as irrational.

In basic terms, if you have high inflation then the central bank should increase interest rates to drive prices down again.

Turkey's inflation problem

In Turkey, inflation is currently running at 16%. (By contrast, it's about 2% in the UK and the US.) The Turkish central bank held its interest rates at 17.75% in July.

That spread between the two rates — about 2% — will not be enough to tempt Turks into depositing their cash in Turkish banks, analysts believe. Rather, Turkey needs to hike rates by 5 or 10 percentage points, to something like 25%, in order to create a "real" interest rate on cash above the rate of inflation.

Increased cash deposits would shore up the Turkish financial system, reduce the amount of cash in circulation, and bring inflation down. It would also increase the value of the lira, and stabilize Turkey's economy. The downside, of course, is that a reduction of cash in circulation would also trigger an increase in unemployment, something that Erdogan is no doubt keen to avoid.

lira v dollar

Erdogan says some irrational things

So analysts are peering back through the archives to gauge the likelihood of Erdogan being persuaded to change his mind. Credit Suisse's Redmun and Sai found two quotes from Erdogan published in mid-May, in which the president expressed unorthodox views about economics.

At a meeting in Chatham House, London, Erdogan told attendees to "please learn" that low interest rates deliver low inflation, according to the Financial Times.

Also in May, Erdogan spoke to reporters at Bloomberg. He said:

“When the people fall into difficulties because of monetary policies, who are they going to hold accountable? They’ll hold the president accountable. Since they’ll ask the president about it, we have to give off the image of a president who’s influential on monetary policies."

He also confirmed that he was going to have a role setting interest rates himself, confirming his central bank's monetary independence was over.

'How can you invest in a country when the guy doesn’t believe in basic interest rate theory?'

And he told Bloomberg staff at a lunch that he was resolutely opposed to raising rates.

“How can you invest in a country when the guy doesn’t believe in basic interest rate theory?” The FT reported one attendee as saying. “Turkey almost looks uninvestible.”

Then in June, Erdogan made an infamous election speech to business leaders in Ankara, in which he said interest rates were "evil" (emphasis ours):

"If my people say continue on this path in the elections, I say I will emerge with victory in the fight against this curse of interest rates ... Because my belief is: interest rates are the mother and father of all evil."

Turkey could be heading into technical bankruptcy

Tilmann Kolb of UBS wrote in a note four days ago that Turkey could be headed into "a full-fledged balance-of-payments crisis." In plain English, that would mean Turkey's currency becomes so devalued it becomes unable to pay its debts or buy services from abroad — technical bankruptcy for the entire country.

"At this point, we are not sure if the policymakers have a detailed plan for coordination or disagree on the measures, or if communication and implementation are being blocked at the highest level," Kolb wrote. "Any of these is worrying given the urgent need to act, in our view."

He added: "The crisis looks likely to deepen at this point, and so does a further depreciation of the lira. We think the risks are skewed toward a further dollarization of the Turkish economy, and possibly a full-fledged balance-of-payments crisis, the introduction of capital controls, or an involvement of the IMF. While the window for a rebound of the lira has not fully closed, we continue to advise investors to reduce exposure to the currency."

SEE ALSO: The reason Turkey's economic collapse is so scary is that Iran, Russia, and Syria are waiting in the wings

Join the conversation about this story »

NOW WATCH: An early investor in Uber, Airbnb, and bitcoin explains why it's actually a good sign that no one is spending their crypto

Bitcoin and Ether Lack Momentum as Crypto Market Falls Below $200 Billion

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

In the past 24 hours, the crypto market has lost $23 billion, dropping from $217 billion to $194 billion, as major cryptocurrencies including Bitcoin showed a lack of momentum. What Has Happened to the Market? Without any exception, every major cryptocurrency in the market has plunged in value on August 14. Ether, the native cryptocurrency

The post Bitcoin and Ether Lack Momentum as Crypto Market Falls Below $200 Billion appeared first on CCN

Under Pressure: Bitcoin Price Could Defend $5.6K, Charts Say

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

Bitcoin risks printing fresh 2018 low below the June low of $5,755, but will likely defend the support at $5,650 in the short-run.

10 things you need to know before the opening bell (SPY, SPX, QQQ, DIA, TSLA, CI, ESRX)

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

Indian rupee

Here is what you need to know. 

The Turkish lira has stabilized.The lira is up 4.5% at 6.5730 per dollar. It's still down 73% this year. 

The Indian rupee hits a record lowThe rupee fell to 70.08 per dollar early Tuesday as Turkey's currency crisis spilled over into other emerging markets. 

UK unemployment rate sinks to lowest level in over 40 years. The unemployment rate in the UK hit 4% between April and June, making for the lowest print since comparable records began in the early 1970s — according to data released Tuesday by the Office for National Statistics.

Bitcoin slides below $6,000 as crypto sell-off continuesBitcoin, the largest cryptocurrency by market value, hit a low of $5,887 late Monday before paring its losses. 

Investors have turned complacent and are in danger of being sideswiped by a 'likely correction.' Morgan Stanley warns investors are pricing in the continuation of strong economic growth, but aren't paying up to hedge against a market downturn.

Elon Musk reveals he is working with Goldman Sachs and Silver Lake to help take Tesla private"I’m excited to work with Silver Lake and Goldman Sachs as financial advisors, plus Wachtell, Lipton, Rosen & Katz and Munger, Tolles & Olson as legal advisors, on the proposal to take Tesla private," Tesla's CEO tweeted Monday evening. 

Carl Icahn has changed his mind on Cigna's $52 billion purchase of Express ScriptsThe activist investor told CNBC that blocking the deal would be impossible and that "there’s no point in fighting just to fight."

Stock markets around the world are gaining groundJapan's Nikkei (+2.28%) saw big gains in Asia and Germany's DAX (+0.23%) leads in Europe. The S&P 500 is set to open up 0.46% near 2,835.

Earnings reporting remains slowHome Depot reports ahead of the opening bell.

US economic data trickles outImport and export prices will cross the wires at 8:30 a.m. ET. The US 10-year yield is up 2 basis points at 2.90%. 

Join the conversation about this story »

Thailand Police Seek More Arrests in $24 Million Bitcoin Fraud

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

Thailand’s Crime Suppression Division (CSD) has sought arrest warrants of six more people in an ongoing $24 million Bitcoin scam case. The law enforcement agency has confirmed that among the six wanted individuals, two are siblings of the famous Thai actor Jiratpisit Jaravijit. One of them is the elder brother of Jaravijit, Prinya Jaravijit, while

The post Thailand Police Seek More Arrests in $24 Million Bitcoin Fraud appeared first on CCN

It's becoming more and more clear that Brexit is driving EU nationals out of the UK

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

EU flag

  • There is rising evidence that European Union workers are leaving the UK because of Brexit.
  • The Office for National Statistics on Tuesday said that there were 86,000 fewer EU nationals in jobs in the UK than at the same time last year.
  • This is the largest fall on record. 
  • Workers from the A8 group of Eastern European nations are leaving at the fastest rate, the ONS said.
  • While the ONS did not explicitly mention Brexit in its release, anti-Brexit campaign groups seized on the figures.

LONDON — Evidence is mounting that the United Kingdom's impending exit from the European Union is causing workers from EU countries to leave the country and return home.

On Tuesday, the Office for National Statistics released its monthly snapshot of the UK jobs market, looking at the overall rate of employment and unemployment in the UK, as well as the growth of wages for workers.

The release, however, also included some startling figures about the number of EU nationals working in the UK, showing that workers from European Union countries are leaving the country at the fastest rate since the ONS started tracking such data.

Comparing the data period — April to June 2018 — with the same period last year, the ONS said that there were 86,000 fewer EU nationals in jobs in the UK. In total, 2.28 million EU nationals work in Britain.

86,000 out of 2.3 million may not seem a huge amount, but the ONS pointed out that it was "the largest annual fall since comparable records began in 1997.">

Here's the chart from the ONS, illustrating the size of the drop (the blue line shows EU nationals in the UK):

ONS data on EU workers in the UK

In particular, workers from the so-called A8 countries — Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Slovakia, and Slovenia — are leaving the UK.

Matt Hughes, a senior statistician at the ONS said in a statement that there had been a "noticeable drop over the past year in the number of workers from the so-called ‘A8’ eastern European countries in particular." The number of A8 workers in the UK fell by 117,000.

These eight countries all joined the EU in 2004 and saw large numbers of citizens move to larger, more prosperous economies like Britain, France, and Germany.

Bulgarian and Romanian citizens, however, continue to come to the UK. "In contrast, the number of Romanian and Bulgarian nationals working in the UK has continued to increase reaching a record high of 391,000 in April to June 2018," the ONS said.

Although the ONS did not specifically mention Brexit in its release, anti-Brexit groups quickly blamed the fall in EU workers on the impending exit from the EU.

"These figures show that Brexodus continues as people pack their bags and leave the UK. This should worry everyone," a statement from Best for Britain said.

"These EU nationals nurse our sick, care for our grandparents and help make Britain a more productive and prosperous country, but the government is pulling up the drawbridge as thousands of EU citizens worry about their future."

While the number of EU nationals working in the UK is falling, the number of non-EU nationals continues to rise, the ONS noted. There were 74,000 more non-EU workers in the UK between April and June 2018, than during the same period last year.

SEE ALSO: Britain's unemployment rate has plunged to 4% — a level not seen in more than 40 years

Join the conversation about this story »

NOW WATCH: An early bitcoin investor explains what most people get wrong about the cryptocurrency

Square Expands Cash App Bitcoin Service to All 50 US States

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

Residents in all 50 U.S. states can now use Square's Cash App to buy and sell bitcoin, the company has announced.

The Turkish lira has finally stabilised as Erdogan promises action against 'economic terrorists'

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

erdogan

  • The lira has stabilised on Tuesday morning after a dramatic decline over the last 9 days.
  • Turkish President Erdogan has vowed action against "economic terrorists" and claimed the US is waging economic "war" against the country.
  • The drop in the lira was sparked by US sanctions against Turkey, economic conditions in the country, and a strong dollar that is pulling foreign investment out of Turkey and back to the United States.


The Turkish lira has stabilised on Tuesday morning after over a week of big losses.

The lira rallied against the dollar on Tuesday morning from Monday's lows. The US dollar is down 5% against the lira to $6.53 at 9.35 a.m. BST (4.35 a.m. ET), retreating from a high of over $7.24 (in other words, an all-time low for the lira). The lira is still down over 45% against the dollar so far this year.

The drop is down to a perfect storm of fresh US sanctions against the country, economic conditions in Turkey, and a strong dollar that is pulling foreign investment out of Turkey and back to the United States.

The consequences of the strong dollar have reverberated through emerging markets, with Argentina, India, and others also seeing steep drops in the value of their currencies.

"The dollar is crushing everything in its path at the moment and this is not good for EM or global growth," Neil Wilson, the chief market analyst for Markets.com, said in an email on Tuesday morning.

Turkish President Recep Tayyip Erdogan on Monday promised action against "economic terrorists" plotting to harm Turkey by spreading false rumours and vowing that they would feel the full force of the law, Reuters reported.

"There are economic terrorists on social media," Erdogan told ambassadors at the Presidential Palace in Ankara, adding that authorities are responding.

"They are truly a network of treason… We will not give them the time of day... We will make those spreading speculations pay the necessary price," he said.

Erdogan said rumours had been spread that Turkey would establish capital controls following the decline of the lira, which fell 18% on Friday alone. He said the Ministry of the Interior had located 346 social media accounts that were spreading a negative perception of the economy and promised legal action would be taken.

Bank analysts have warned that capital controls may be necessary to stabilise Turkey's currency if Erdogan continues to refuse to raise interest rates.

Investigations have also been launched from the prosecutor's office in Ankara and Istanbul into individuals suspected of being involved in actions that threaten the economy. Evidence of the accusations has not yet been disclosed.

Erdogan has accused the US of waging economic "war" against Turkey, The Independent reported. He said dollars, euros and gold are now "the bullets, cannonballs and missiles of the economic war being waged against our country."

Turkey will "start looking for new friends and allies" if Washington maintains its "misguided notion that our relationship can be asymmetrical," he said, adding: "The most important thing is breaking the hands firing these weapons."

SEE ALSO: Turkey could solve its banking crisis with one simple mechanism — but Erdogan is ideologically against it

DON'T MISS: Turkey is blaming social media and 'fabricated news' for the collapse of its currency

Join the conversation about this story »

NOW WATCH: An early investor in Uber, Airbnb, and bitcoin explains why it's actually a good sign that no one is spending their crypto

Britain's unemployment rate has plunged to 4% — a level not seen in more than 40 years

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

City of London

  • Britain's unemployment rate dropped to just 4% between April and June, the lowest level since the early 1970s.
  • Economists polled in the run up to the release had expected an unemployment rate of 4.2%.
  • After increasing sharply during the financial crisis, the UK's unemployment rate has been rapidly dropping for almost a decade.
  • The number of people in work also increased over the three months from April to June, with 32.39 million people in work.


LONDON — The rate of unemployment in the UK fell to just 4% between April and June this year — the lowest level since comparable records began in the early 1970s — according to the latest data from the Office for National Statistics, published on Tuesday morning.

The UK's unemployment rate, those not in work but who want a job, dropped from 4.2% over the previous three month period. Economists had expected the rate to remain at 4.2% level.

There were 1.36 million unemployed people in the UK over the three months, the ONS said, 65,000 fewer than in the previous data period.

More people were in work over the period, the ONS added, saying that there were 32.39 million people in the UK with jobs, an increase of 42,000.

"The number of people in work has continued to edge ahead, though the employment rate was unchanged on the quarter," senior ONS statistician Matt Hughes said in a statement.

"However, the number of vacancies is a new record high, while the unemployment rate is now at its lowest since the winter of 1974-75."

The high number of vacancies suggests that the number of Brits in employment could rise significantly in the near future.

After increasing sharply during the financial crisis, the UK's unemployment rate has been rapidly dropping for almost a decade, as the chart below illustrates:

Screen Shot 2018 08 14 at 09.40.17

While on the surface the data looks good, Ruth Gregory, a senior UK economist at Capital Economics, warned about the underlying cause of the drop.

"Admittedly, the ILO measure of unemployment fell by 65,000, pushing the unemployment rate down to 4.0% – its lowest since 1975 – but this reflected a jump in the number of people leaving the workforce," she said in an email.

The UK's unemployment rate may have beaten expectations, but forecasts proved too optimistic when it came to wages. Total earnings for British workers excluding bonuses rose by 2.7% as expected, but earnings including bonuses increased by just 2.4%, below forecasts.

"Average weekly earnings for employees in Great Britain in real terms (that is, adjusted for price inflation) increased by 0.4% excluding bonuses, and by 0.1% including bonuses, compared with a year earlier," the ONS said.

The pound initially spiked higher against the dollar on the data release, but quickly fell back, perhaps reflecting the weaker than expected wage growth. By 9.50 a.m. BST (4.50 a.m. ET), it was trading at $1.2775, a gain of just 0.09% on the day.

SEE ALSO: The Turkish lira has finally stabilised as Erdogan promises action against 'economic terrorists'

Join the conversation about this story »

NOW WATCH: An early bitcoin investor explains what most people get wrong about the cryptocurrency

A New Way to Compare Bitcoin Cash to Bitcoin

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

Obviously a coin's price matters, but it's only one of several measures of a blockchain's value. Looking at them together gives you a fuller picture.

Crypto is crashing hard as bitcoin falls below $6,000

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

bitcoin



LONDON — Cryptocurrencies are in the red on Tuesday, with bitcoin leading the market lower after falling below $6,000 per token.

Bitcoin is down 4.5% to $5,975.21 at 8.18 a.m. BST (3.18 a.m. ET). Other major cryptocurrencies are suffering similar drops at the same time:

The entire cryptocurrency market has been under pressure since late June when the US Securities and Exchange Commission delayed a decision on whether to approve a bitcoin ETF, a move that bitcoin bulls believe would have greatly increased the size of the market.

The current sell-off began on Monday, with ethereum falling to an 11-month low on the day. That slump comes as startups that raised funding in ethereum through so-called initial coin offerings cash out their holdings into traditional fiat money they can spend on development.

Hussein Sayed, the chief market strategist at FXTM, said in an email on Tuesday morning: "Cryptocurrency bulls also suffered a steep selloff yesterday with bitcoin falling below $6,000 for the first time since late June.

"The blame for this falls on the SEC as the U.S. regulator delayed a decision to create the first Bitcoin ETF. If an ETF doesn’t see the light in the coming weeks expect to see a further selloff, as it suggests regulators will continue to fight against bringing cryptocurrencies into the mainstream. A break below $5,770 will intensify selling pressure as it’s the only major support still standing."

The value of the entire cryptocurrency market has fallen by around 10% over the last 24 hours, according to CoinMarketCap.com.

The slump comes as emerging market currencies are selling off, spooked by last week's collapse of the lira against the dollar. Neil Wilson, the chief market analyst at Markets.com, said in an email that this coincidence "puts paid to the notion of cryptos as a safe haven play."

"Ultimately USD and US Treasury notes are the only real safe harbour," Wilson said.

SEE ALSO: Ethereum plunges to its lowest level in 11 months

DON'T MISS: Bitcoin dives after the SEC shoots down plans for another bitcoin ETF

Join the conversation about this story »

NOW WATCH: Stock trading is a 'monotheistic religion' — a JPMorgan chief strategist reveals the one thing that will keep the market soaring

Crypto is crashing hard as bitcoin falls below $6,000

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

bitcoin



LONDON — Cryptocurrencies are in the red on Tuesday, with bitcoin leading the market lower after falling below $6,000 per token.

Bitcoin is down 4.5% to $5,975.21 at 8.18 a.m. BST (3.18 a.m. ET). Other major cryptocurrencies are suffering similar drops at the same time:

The entire cryptocurrency market has been under pressure since late June when the US Securities and Exchange Commission delayed a decision on whether to approve a bitcoin ETF, a move that bitcoin bulls believe would have greatly increased the size of the market.

The current sell-off began on Monday, with ethereum falling to an 11-month low on the day. That slump comes as startups that raised funding in ethereum through so-called initial coin offerings cash out their holdings into traditional fiat money they can spend on development.

Hussein Sayed, the chief market strategist at FXTM, said in an email on Tuesday morning: "Cryptocurrency bulls also suffered a steep selloff yesterday with bitcoin falling below $6,000 for the first time since late June.

"The blame for this falls on the SEC as the U.S. regulator delayed a decision to create the first Bitcoin ETF. If an ETF doesn’t see the light in the coming weeks expect to see a further selloff, as it suggests regulators will continue to fight against bringing cryptocurrencies into the mainstream. A break below $5,770 will intensify selling pressure as it’s the only major support still standing."

The value of the entire cryptocurrency market has fallen by around 10% over the last 24 hours, according to CoinMarketCap.com.

The slump comes as emerging market currencies are selling off, spooked by last week's collapse of the lira against the dollar. Neil Wilson, the chief market analyst at Markets.com, said in an email that this coincidence "puts paid to the notion of cryptos as a safe haven play."

"Ultimately USD and US Treasury notes are the only real safe harbour," Wilson said.

SEE ALSO: Ethereum plunges to its lowest level in 11 months

DON'T MISS: Bitcoin dives after the SEC shoots down plans for another bitcoin ETF

Join the conversation about this story »

NOW WATCH: Stock trading is a 'monotheistic religion' — a JPMorgan chief strategist reveals the one thing that will keep the market soaring

Crypto is crashing hard as bitcoin falls below $6,000

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

bitcoin



LONDON — Cryptocurrencies are in the red on Tuesday, with bitcoin leading the market lower after falling below $6,000 per token.

Bitcoin is down 4.5% to $5,975.21 at 8.18 a.m. BST (3.18 a.m. ET). Other major cryptocurrencies are suffering similar drops at the same time:

The entire cryptocurrency market has been under pressure since late June when the US Securities and Exchange Commission delayed a decision on whether to approve a bitcoin ETF, a move that bitcoin bulls believe would have greatly increased the size of the market.

The current sell-off began on Monday, with ethereum falling to an 11-month low on the day. That slump comes as startups that raised funding in ethereum through so-called initial coin offerings cash out their holdings into traditional fiat money they can spend on development.

Hussein Sayed, the chief market strategist at FXTM, said in an email on Tuesday morning: "Cryptocurrency bulls also suffered a steep selloff yesterday with bitcoin falling below $6,000 for the first time since late June.

"The blame for this falls on the SEC as the U.S. regulator delayed a decision to create the first Bitcoin ETF. If an ETF doesn’t see the light in the coming weeks expect to see a further selloff, as it suggests regulators will continue to fight against bringing cryptocurrencies into the mainstream. A break below $5,770 will intensify selling pressure as it’s the only major support still standing."

The value of the entire cryptocurrency market has fallen by around 10% over the last 24 hours, according to CoinMarketCap.com.

The slump comes as emerging market currencies are selling off, spooked by last week's collapse of the lira against the dollar. Neil Wilson, the chief market analyst at Markets.com, said in an email that this coincidence "puts paid to the notion of cryptos as a safe haven play."

"Ultimately USD and US Treasury notes are the only real safe harbour," Wilson said.

SEE ALSO: Ethereum plunges to its lowest level in 11 months

DON'T MISS: Bitcoin dives after the SEC shoots down plans for another bitcoin ETF

Join the conversation about this story »

NOW WATCH: Stock trading is a 'monotheistic religion' — a JPMorgan chief strategist reveals the one thing that will keep the market soaring

10 things you need to know in markets today

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

China flag

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

1. Global markets got an update on China’s economy today via a triple-shot of key data releases: retail sales, industrial production and fixed asset investment. And the results whiffed across the board, as all three data prints missed expectations in July. According to China’s National Bureau of Statistics (NBS), annual retail sales growth rose by 8.8% — down from 9% in the previous month and missing expectations of a 9.1% rise.

2. Asia share markets tried to regain their footing on Tuesday as tremors from the collapse of the Turkish lira ebbed a little and Wall Street proved resilient to the shockwaves. Japan's Nikkei appreciated more than 2.1% on the day, while Australia's ASX gained close to 0.8%. Chinese markets lost ground on the day after weaker than expected economic data.

3. Credit Suisse is splitting its international wealth-management unit into seven regions from four, in an ongoing push by Chief Executive Officer Tidjane Thiam to regionalize the bank, Bloomberg reported on Monday, citing people briefed on the matter. The seven regions are Latin America, Brazil, Western Europe, Southern Europe, the Middle East, Africa, and Central and Eastern Europe, the report said.

4. Turkey's President Recep Tayyip Erdogan said US sanctions on his country are a "stab in the back." The US  imposed sanctions on Turkey this month after it refused to release a US pastor, leading Turkey's currency to plummet. 

5. Elon Musk said via Twitter Monday evening that he was working Goldman Sachs and Silver Lake as financial advisors on a proposal to take Tesla private. Musk also said that he was working with the law firms Wachtell, Lipton, Rosen & Katz and Munger and Tolles & Olson as legal advisors. Goldman Sachs declined to comment.

6. Separately, the rapper Azealia Banks claimed that she spent the weekend at Musk's house, setting social media ablaze. Banks told Business Insider she saw the Tesla CEO at home "scrounging for investors" after tweeting last week about plans to take Tesla private.

7. Activist investor Carl Icahn has reversed his position on US health insurer Cigna’s purchase of pharmaceutical subscription company Express Scripts. Last week, Icahn urged Cigna shareholders to vote against the $US52 billion dollar deal, and outlined plans to solicit proxy votes to build up enough to block the transaction. However, on Monday Icahn told CNBC he would no longer oppose the deal.

8. A bunch of millennials who use hot startups to manage their investments are getting whacked by Turkey's currency crisis. One of the most prominent victims of the crisis was the Vanguard FTSE Emerging Markets exchange-traded fund (VWO), a basket of stocks located in China, South Africa, and other developing countries. With $90 billion in net assets, it's a bedrock emerging-market ETF. Its top investors include Betterment and Wealthfront, two of the most popular robo-advisors that help people get involved in the markets at a low cost. 

9. WPP is set to move out of its central London headquarters after 30 years, in another break with the past following the departure in April of founder and CEO Martin Sorrell from the world's largest advertising company. A person familiar with the situation said the company would stop leasing the small mews property which, despite its location in Farm Street in the upscale district of Mayfair, is one of the more low-key headquarters for a FTSE 100 company.

10. Mark Cuban is taking his Twitter profits and running. The investor and TV personality told CNBC on Monday that he has exited his stake in the social-media company because he "wanted to accumulate as much cash as possible."

Join the conversation about this story »

NOW WATCH: An early bitcoin investor explains what most people get wrong about the cryptocurrency

Square Cash Opens Bitcoin Buying and Selling in All 50 States

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

Less than two weeks after sharing Square’s cryptocurrency profits had doubled in the second quarter, the payments company made the long-awaited announcement on Twitter: users can now use Cash App to buy bitcoin in all fifty states. Red, white, and bitcoin. Now you can use Cash App to buy bitcoin in all 50 states. pic.twitter.com/D4fhVRz7WL

The post Square Cash Opens Bitcoin Buying and Selling in All 50 States appeared first on CCN

Tim Draper has a song about Bitcoin for you

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

Down in the dumps while the cryptos are getting rekt? Quirky billionaire and long-time Bitcoin bull Tim Draper is here for you with what is apparently called a rap song. The song you have all been waiting for by Kelley James and me #bitcoin #bitcoinhustle. Free to share. #freedom https://t.co/VbPM5iM7yh https://t.co/VbPM5iM7yh — Tim Draper (@TimDraper) August 9, […]

You Can Now Get Paid (A Little) For Using Bitcoin's Lightning Network

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

Lightning nodes are making money – albeit not much – displaying the potential for a growing fee market on the layer two tech.

Bitcoin's Price Falls Below $6K to Near 2018 Low

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

Bitcoin fell below $6,000 on Tuesday, a decline that brings the price of the world's largest cryptocurrency to within 2 percent of its 2018 low.

Some of Tesla's board members were reportedly 'totally blindsided' by Elon Musk's tweet about going private (TSLA)

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

elon musk

  • Elon Musk's decision to tweet that he was considering taking Tesla private reportedly caught the company's own board of directors off-guard, The New York Times reported Monday night.
  • That August 7 tweet caused Tesla's stock to skyrocket to $380 per share that day.
  • In the days that followed, the SEC got involved, reportedly investigating Musk's online musings about taking the company private.
  • The fallout from that tweet follows an extended run of public missteps by the Tesla CEO.

Elon Musk's decision to tweet that he was considering taking Tesla private reportedly caught some of the company's own board directors off guard, The New York Times reported on Monday.

Citing two people familiar with the internal response to Musk's August 7 tweet, The Times said the Tesla CEO had sent that tweet "with little forethought."

The decision to announce the plan, which Musk has since expanded upon, via Twitter "had not been cleared ahead of time with the company's board," The Times wrote.

The reported added that "some members of the board had been totally blindsided by Mr. Musk’s decision to air his plan on Twitter."

According to two unnamed people familiar with the fallout who talked to The Times about Musk's online musings, the Tesla CEO allegedly told an informal adviser that he posted on Twitter "impulsively," and said he was "not the kind of person who could hold things in," and admitted he "was angry at the company's critics."

The Securities and Exchange Commission has inquired about Musk's claims, which, if found to be untrue, could cause greater problems for Tesla chief executive.

Read more about Tesla possibly going private:

SEE ALSO: 'It was, at best, hasty and naive, and, at worst, manipulative': Experts slam Elon Musk's confusing defense of why he tweeted 'funding secured'

Join the conversation about this story »

NOW WATCH: An early bitcoin investor explains what most people get wrong about the cryptocurrency

XRP Cryptocurrency Now Down 90% From 2018 Price High

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

XRP, the world's third-largest cryptocurrency by market capitalization, fell to its lowest price of 2018 on Tuesday.

'It was, at best, hasty and naive, and, at worst, manipulative': Experts slam Elon Musk's confusing defense of why he tweeted 'funding secured' (TSLA)

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

elon musk

  • Tesla CEO Elon Musk released a statement on Monday in which he shed light on some of the questions raised last week by his statements about taking the company private.
  • But Musk's explanation is incomplete and raises new questions, experts say.
  • Musk's new statement doesn't back up his claim last week that he had "secured" funding to take Tesla private, Jeffrey Sonnenfeld, the senior associate dean for leadership studies at the Yale School of Management, told Business Insider. 
  • And Musk doesn't explain an estimate he makes about the amount of funding he'll have to raise to convert Tesla into a private company.


Tesla CEO Elon Musk released a statement on Monday in which he shed light on some of the questions raised last week by his statements about taking the company private. But Musk's explanation is incomplete and raises new questions, experts told Business Insider. 

Last week, Musk said he was considering taking Tesla private for $420 a share and implied that he had the funding to do so "secured," pending a shareholder vote. But, at the time, he didn't explain where that funding would come from. 

Musk said on Monday that he used the phrase "funding secured" in a tweet last week because he believed there was "no question" Saudi Arabia's Public Investment Fund would provide financing for a deal to convert Tesla into a private company after a July 31 meeting with the fund's managing director. 

Musk may have contradicted himself

But his attempt to provide clarity to investors and observers raises new problems, said Jeffrey Sonnenfeld, the senior associate dean for leadership studies at the Yale School of Management.

"It was, at best, hasty and naive, and, at worst, manipulative," he told Business Insider.

(Have a Tesla news tip? Contact this reporter at mmatousek@businessinsider.com.)

While Musk expressed confidence in Monday's statement that the Saudi sovereign wealth fund was interested in helping Tesla go private, he didn't mention any legally-binding agreements that were in place at the time he sent his now-controversial tweet. And Musk said he is currently in discussions with the Saudi fund and other investors, which suggests some sources of funding may not be settled.

"He did not have the firm commitment that he said he did," Sonnenfeld said.

"While he's in talks, there's nothing certain until it's certain, and 'funding secured' and having productive talks are two different things," said James Rosener, a partner at the law firm Pepper Hamilton who specializes in private equity and corporate financing.

Tesla did not respond to a request for comment about the potential disparity between Musk's "funding secured" tweet and his statement from Monday.

The Wall Street Journal reported on Wednesday that the US Securities and Exchange Commission had made an inquiry into Tesla about whether one of Musk's tweets regarding the possibility of taking the company private was truthful. And on Thursday, Bloomberg reported that the agency was "intensifying" its inquiry.

According to Sonnenfeld, Monday's statement doesn't lessen the chance that Musk receives some form of punishment from the SEC, in addition to lawsuits from shareholders, some of which have already been filed.

"It would be hard to imagine he isn't sanctioned, fined, reprimanded in some way for this misconduct," he said.

Musk's statement raises new questions

While the statement appeared to be damage control, according to Gregory Sichenzia, a founding partner at the law firm Sichenzia Ross Ference Kesner, it includes at least one statement that could open Musk to further scrutiny.

At one point, Musk estimates that about two-thirds of the shares owned by current Tesla shareholders would roll over into shares of a private Tesla, were a take-private deal to go through, reducing the total amount of money he would have to raise.

But Musk doesn't explain how he arrived at that estimate.

"How does he know that? How does anyone know that," Sichenzia said. "There's no way to know that, so why would you say it?"

Musk's statements may contradict the reason he wants to take the company private, Akshay Anand, an executive analyst for Kelley Blue Book, said. Last week, Musk said he wanted to take Tesla private in part because the pressures of being a public company have created distractions. But the questions raised by his conduct over the past week may create yet another distraction.

"Musk already has his hands completely full. He doesn't need distractions. The employees don't need distractions. Investors don't need distractions, and this has the potential to turn into one," Anand said.

SEE ALSO: 9 reasons you should buy Tesla's new Model 3 'Performance' car instead of the standard Model 3

Join the conversation about this story »

NOW WATCH: An early investor in Uber, Airbnb, and bitcoin explains why it's actually a good sign that no one is spending their crypto

Binance Argues it Does Not Charge 400 Bitcoin For Listing, CEO Clarifies

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

Changpeng Zhao, the CEO of Binance, has officially stated that the company does not charge 400 bitcoin ($2.5 million) to list cryptocurrencies on its platform. Legitimacy of the Claim Last week, cryptocurrency researcher Christopher Franko claimed that Binance, the world’s largest digital asset exchange, has been charging cryptocurrencies a listing fee of 400 BTC to … Continued

The post Binance Argues it Does Not Charge 400 Bitcoin For Listing, CEO Clarifies appeared first on CCN

Ethereum Price Intraday Analysis: ETHUSD Drops to Yearly Lows

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

The ethereum price  fell over 10 percent against the US Dollar at the start of this week, establishing fresh lows of 2018. The ETH/USD pair has been on a downward trend all this year, much like the other top coins including bitcoin, ripple, and litecoin. At the time of this writing, the pair has experienced

The post Ethereum Price Intraday Analysis: ETHUSD Drops to Yearly Lows appeared first on CCN

Ethereum Price Intraday Analysis: ETHUSD Drops to Yearly Lows

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

The ethereum price  fell over 10 percent against the US Dollar at the start of this week, establishing fresh lows of 2018. The ETH/USD pair has been on a downward trend all this year, much like the other top coins including bitcoin, ripple, and litecoin. At the time of this writing, the pair has experienced

The post Ethereum Price Intraday Analysis: ETHUSD Drops to Yearly Lows appeared first on CCN

Ethereum Price Intraday Analysis: ETHUSD Drops to Yearly Lows

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

The ethereum price  fell over 10 percent against the US Dollar at the start of this week, establishing fresh lows of 2018. The ETH/USD pair has been on a downward trend all this year, much like the other top coins including bitcoin, ripple, and litecoin. At the time of this writing, the pair has experienced

The post Ethereum Price Intraday Analysis: ETHUSD Drops to Yearly Lows appeared first on CCN

09/19/2018 09/18/2018 09/17/2018 09/16/2018 09/15/2018 09/14/2018 09/13/2018 09/12/2018 09/11/2018 09/10/2018 09/09/2018 09/08/2018 09/07/2018 09/06/2018 09/05/2018 09/04/2018 09/03/2018 09/02/2018 09/01/2018 08/31/2018 08/30/2018 08/29/2018 08/28/2018 08/27/2018 08/26/2018 08/25/2018 08/24/2018 08/23/2018 08/22/2018 08/21/2018 08/20/2018 08/19/2018 08/18/2018 08/17/2018 08/16/2018 08/15/2018 08/14/2018 08/13/2018 08/12/2018 08/11/2018 08/10/2018 08/09/2018 08/08/2018 08/07/2018 08/06/2018 08/05/2018 08/04/2018 08/03/2018 08/02/2018 08/01/2018 07/31/2018 07/30/2018 07/29/2018 07/28/2018 07/27/2018 07/26/2018 07/25/2018 07/24/2018 07/23/2018 07/22/2018 07/21/2018 07/20/2018 07/19/2018 07/18/2018 07/17/2018 07/16/2018 07/15/2018 07/14/2018 07/13/2018 07/12/2018 07/11/2018 07/10/2018 07/09/2018 07/08/2018 07/07/2018 07/06/2018 07/05/2018 07/04/2018 07/03/2018 07/02/2018 07/01/2018 06/30/2018 06/29/2018 06/28/2018 06/27/2018 06/26/2018 06/25/2018 06/24/2018 06/23/2018 06/22/2018 06/21/2018 06/20/2018 06/19/2018 06/18/2018 06/17/2018 06/16/2018 06/15/2018 06/14/2018 06/13/2018 06/12/2018 06/11/2018 06/10/2018 06/09/2018 06/08/2018 06/07/2018 06/06/2018 06/05/2018 06/04/2018 06/03/2018 06/02/2018 06/01/2018 05/31/2018 05/30/2018 05/29/2018 05/28/2018 05/27/2018 05/26/2018 05/25/2018 05/24/2018 05/23/2018 05/22/2018 05/21/2018 05/20/2018 05/19/2018 05/18/2018 05/17/2018 05/16/2018 05/15/2018 05/14/2018 05/13/2018 05/12/2018 05/11/2018 05/10/2018 05/09/2018 05/08/2018 05/07/2018 05/06/2018 05/05/2018 05/04/2018 05/03/2018 05/02/2018 05/01/2018 04/30/2018 04/29/2018 04/28/2018 04/27/2018 04/26/2018 04/25/2018 04/24/2018 04/23/2018 04/22/2018 04/21/2018 04/20/2018 04/19/2018 04/18/2018 04/17/2018 04/16/2018 04/15/2018 04/14/2018 04/13/2018 04/12/2018 04/11/2018 04/10/2018 04/09/2018 04/08/2018 04/07/2018 04/06/2018 04/05/2018 04/04/2018 04/03/2018 04/02/2018 04/01/2018 03/31/2018 03/30/2018 03/29/2018 03/28/2018 03/27/2018 03/26/2018 03/25/2018 03/24/2018 03/23/2018 03/22/2018 03/21/2018 03/20/2018 03/19/2018 03/18/2018 03/17/2018 03/16/2018 03/15/2018 03/14/2018 03/13/2018 03/12/2018 03/11/2018 03/10/2018 03/09/2018 03/08/2018 03/07/2018 03/06/2018 03/05/2018 03/04/2018 03/03/2018 03/02/2018 03/01/2018 02/28/2018 02/27/2018 02/26/2018 02/25/2018 02/24/2018 02/23/2018 02/22/2018 02/21/2018 02/20/2018 02/19/2018 02/18/2018 02/17/2018 02/16/2018 02/15/2018 02/14/2018 02/13/2018 02/12/2018 02/11/2018 02/10/2018 02/09/2018 02/08/2018 02/07/2018 02/06/2018 02/05/2018 02/04/2018 02/03/2018 02/02/2018 02/01/2018 01/31/2018 01/30/2018 01/29/2018 01/28/2018 01/27/2018 01/26/2018 01/25/2018 01/24/2018 01/23/2018 01/22/2018 01/21/2018 01/20/2018 01/19/2018 01/18/2018 01/17/2018 01/16/2018 01/15/2018 01/14/2018 01/13/2018 01/12/2018 01/11/2018 01/10/2018 01/09/2018 01/08/2018 01/07/2018 01/06/2018 01/05/2018 01/04/2018 01/03/2018 01/02/2018 01/01/2018 12/31/2017 12/30/2017 12/29/2017 12/28/2017 12/27/2017 12/26/2017 12/25/2017 12/24/2017 12/23/2017 12/22/2017 12/21/2017 12/20/2017 12/19/2017 12/18/2017 12/17/2017 12/16/2017 12/15/2017 12/14/2017 12/13/2017 12/12/2017 12/11/2017 12/10/2017 12/09/2017 12/08/2017 12/07/2017 12/06/2017 12/05/2017 12/04/2017 12/03/2017 12/02/2017 12/01/2017 11/30/2017 11/29/2017 11/28/2017 11/27/2017 11/26/2017 11/25/2017 11/24/2017 11/23/2017 11/22/2017 11/21/2017 11/20/2017 11/19/2017 11/18/2017 11/17/2017 11/16/2017 11/15/2017 11/14/2017 11/13/2017 11/12/2017 11/11/2017 11/10/2017 11/09/2017 11/08/2017 11/07/2017 11/06/2017 11/05/2017 11/04/2017 11/03/2017 11/02/2017 11/01/2017 10/31/2017 10/30/2017 10/29/2017 10/28/2017 10/27/2017 10/26/2017 10/25/2017 10/24/2017 10/23/2017 10/22/2017 10/21/2017 10/20/2017 10/19/2017 10/18/2017 10/17/2017 10/16/2017 10/15/2017 10/14/2017 10/13/2017 10/12/2017 10/11/2017 10/10/2017 10/09/2017 10/08/2017 10/07/2017 10/06/2017 10/05/2017 10/04/2017 10/03/2017 10/02/2017 10/01/2017 09/30/2017 09/29/2017 09/28/2017 09/27/2017 09/26/2017 09/25/2017 09/24/2017 09/23/2017 09/22/2017 09/21/2017 09/20/2017 09/19/2017 09/18/2017 09/17/2017 09/16/2017 09/15/2017 09/14/2017 09/13/2017 09/12/2017 09/11/2017 09/10/2017 09/09/2017 09/08/2017 09/07/2017 09/06/2017 09/05/2017 09/04/2017 09/01/2017 08/02/2017 07/27/2017 07/26/2017 07/25/2017 07/24/2017 07/23/2017 07/22/2017 07/21/2017 07/20/2017 07/19/2017 07/18/2017 07/17/2017 07/16/2017 07/15/2017 07/14/2017 07/13/2017 07/12/2017 07/11/2017 07/10/2017 07/09/2017 07/08/2017 07/07/2017 07/06/2017 07/05/2017 07/04/2017 07/03/2017 07/02/2017 07/01/2017 06/30/2017 06/29/2017 06/28/2017 06/27/2017 06/26/2017 06/25/2017 06/24/2017 06/23/2017 06/22/2017 06/21/2017 06/20/2017 06/19/2017 06/17/2017 06/16/2017 06/15/2017 06/14/2017 06/13/2017 06/12/2017 06/11/2017 06/10/2017 06/09/2017 06/08/2017 06/07/2017 06/06/2017 06/05/2017 06/04/2017 06/03/2017 06/02/2017 06/01/2017 05/31/2017 05/30/2017 05/29/2017 05/28/2017 05/27/2017 05/26/2017 05/25/2017 05/24/2017 05/23/2017 05/22/2017 05/21/2017 05/20/2017 05/19/2017 05/18/2017 05/17/2017 05/16/2017 05/15/2017 05/14/2017 05/13/2017 05/12/2017 05/11/2017 05/10/2017 05/09/2017 05/08/2017 05/07/2017 05/06/2017 05/05/2017 05/04/2017 05/03/2017 05/02/2017 05/01/2017 04/30/2017 04/29/2017 04/28/2017 04/27/2017 04/26/2017 04/25/2017 04/24/2017 04/23/2017 04/22/2017 04/21/2017 04/20/2017 04/19/2017 04/18/2017 04/17/2017 04/16/2017 04/15/2017 04/14/2017 04/13/2017 04/12/2017 04/11/2017 04/10/2017 04/09/2017 04/08/2017 04/07/2017 04/06/2017 04/05/2017 04/04/2017 04/03/2017 04/02/2017 04/01/2017 03/31/2017 03/30/2017 03/29/2017 03/28/2017 03/27/2017 03/26/2017 03/25/2017 03/24/2017 03/23/2017 03/22/2017 03/21/2017 03/20/2017 03/19/2017 03/18/2017 03/17/2017 03/16/2017 03/15/2017 03/14/2017 03/13/2017 03/12/2017 03/11/2017 03/10/2017 03/09/2017 03/08/2017 03/07/2017 03/06/2017 03/05/2017 03/04/2017 03/03/2017 03/02/2017 03/01/2017 02/28/2017 02/27/2017 02/26/2017 02/25/2017 02/24/2017 02/23/2017 02/22/2017 02/21/2017 02/20/2017 02/19/2017 02/18/2017 02/17/2017 02/16/2017 02/15/2017 02/14/2017 02/13/2017 02/12/2017 02/11/2017 02/10/2017 02/09/2017 02/08/2017 02/07/2017 02/06/2017 02/05/2017 02/04/2017 02/03/2017 02/02/2017 02/01/2017 01/31/2017 01/30/2017 01/29/2017 01/28/2017 01/27/2017 01/26/2017 01/25/2017 01/24/2017 01/23/2017 01/22/2017 01/21/2017 01/20/2017 01/19/2017 01/18/2017 01/17/2017 01/16/2017 01/15/2017 01/14/2017 01/13/2017 01/12/2017 01/11/2017 01/10/2017 01/09/2017 01/08/2017 01/07/2017 01/06/2017 01/05/2017 01/04/2017 01/03/2017 01/02/2017 01/01/2017 12/31/2016 12/30/2016 12/29/2016 12/28/2016 12/27/2016 12/26/2016 12/25/2016 12/24/2016 12/23/2016 12/22/2016 12/21/2016 12/20/2016 12/19/2016 12/18/2016 12/17/2016 12/16/2016 12/15/2016 12/14/2016 12/13/2016 12/12/2016 12/11/2016 12/10/2016 12/09/2016 12/08/2016 12/07/2016 12/06/2016 12/05/2016 12/04/2016 12/03/2016 12/02/2016 12/01/2016 11/30/2016 11/29/2016 11/28/2016 11/27/2016 11/26/2016 11/25/2016 11/24/2016 11/23/2016 11/22/2016 11/21/2016 11/20/2016 11/19/2016 11/18/2016 11/17/2016 11/16/2016 11/15/2016 11/14/2016 11/13/2016 11/12/2016 11/11/2016 11/10/2016 11/09/2016 11/08/2016 11/07/2016 11/06/2016 11/05/2016 11/04/2016 11/03/2016 11/02/2016 11/01/2016 10/31/2016 10/30/2016 10/29/2016 10/28/2016 10/27/2016 10/26/2016 10/25/2016 10/24/2016 10/23/2016 10/22/2016 10/21/2016 10/20/2016 10/19/2016 10/18/2016 10/17/2016 10/16/2016 10/15/2016 10/14/2016 10/13/2016 10/12/2016 10/11/2016 10/10/2016 10/09/2016 10/08/2016 10/07/2016 10/06/2016 10/05/2016 10/04/2016 10/03/2016 10/02/2016 10/01/2016 09/30/2016 09/29/2016 09/28/2016 09/27/2016 09/26/2016 09/25/2016 09/24/2016 09/23/2016 09/22/2016 09/21/2016 09/20/2016 09/19/2016 09/18/2016 09/17/2016 09/16/2016 09/15/2016 09/14/2016 09/13/2016 09/12/2016 09/11/2016 09/10/2016 09/09/2016 09/08/2016 09/07/2016 09/06/2016 09/05/2016 09/04/2016 09/03/2016 09/02/2016 09/01/2016 08/31/2016 08/30/2016 08/29/2016 08/28/2016 08/27/2016 08/26/2016 08/25/2016 08/24/2016 08/23/2016 08/22/2016 08/21/2016 08/20/2016 08/19/2016 08/18/2016 08/17/2016 08/16/2016 08/15/2016 08/14/2016 08/13/2016 08/12/2016 08/11/2016 08/10/2016 08/09/2016 08/08/2016 08/07/2016 08/06/2016 08/05/2016 08/04/2016 08/03/2016 08/02/2016 08/01/2016 07/31/2016 07/30/2016 07/29/2016 07/28/2016 07/27/2016 07/26/2016 07/25/2016 07/24/2016 07/23/2016 07/22/2016 07/21/2016 07/20/2016 07/19/2016 07/18/2016 07/17/2016 07/16/2016 07/15/2016 07/14/2016 07/13/2016 07/12/2016 07/11/2016 07/10/2016 07/09/2016 07/08/2016 07/07/2016 07/06/2016 07/05/2016 07/04/2016 07/03/2016 07/02/2016 07/01/2016 06/30/2016 06/29/2016 06/28/2016 06/27/2016 06/26/2016 06/25/2016 06/24/2016 06/23/2016 06/22/2016 06/21/2016 06/20/2016 06/19/2016 06/18/2016 06/17/2016 06/16/2016 06/15/2016 06/14/2016 06/13/2016 06/12/2016 06/11/2016 06/10/2016 06/09/2016 06/08/2016 06/07/2016 06/06/2016 06/05/2016 06/04/2016 06/03/2016 06/02/2016 06/01/2016 05/31/2016 05/30/2016 05/29/2016 05/28/2016 05/27/2016 05/26/2016 05/25/2016 05/24/2016 05/23/2016 05/22/2016 05/21/2016 05/20/2016 05/19/2016 05/18/2016 05/17/2016 05/16/2016 05/15/2016 05/14/2016 05/13/2016 05/12/2016 05/11/2016 05/10/2016 05/09/2016 05/08/2016 05/07/2016 05/06/2016 05/05/2016 05/04/2016 05/03/2016 05/02/2016 05/01/2016 04/30/2016 04/29/2016 04/28/2016 04/27/2016 04/26/2016 04/25/2016 04/24/2016 04/23/2016 04/22/2016 04/21/2016 04/20/2016 04/19/2016 04/18/2016 04/17/2016 04/16/2016 04/15/2016 04/14/2016 04/13/2016 04/12/2016 04/11/2016 04/10/2016 04/09/2016 04/08/2016 04/07/2016 04/06/2016 04/05/2016 04/04/2016 04/03/2016 04/02/2016 04/01/2016 03/31/2016 03/30/2016 03/29/2016 03/28/2016 03/27/2016 03/26/2016 03/25/2016 03/24/2016 03/23/2016 03/22/2016 03/21/2016 03/20/2016 03/19/2016 03/18/2016 03/17/2016 03/16/2016 03/15/2016 03/14/2016 03/13/2016 03/12/2016 03/11/2016 03/10/2016 03/09/2016 03/08/2016 03/07/2016 03/06/2016 03/05/2016 03/04/2016 03/03/2016 03/02/2016 03/01/2016 02/29/2016 02/28/2016 02/27/2016 02/26/2016 02/25/2016 02/24/2016 02/23/2016 02/22/2016 02/21/2016 02/20/2016 02/19/2016 02/18/2016 02/17/2016 02/16/2016 02/15/2016 02/14/2016 02/13/2016 02/12/2016 02/11/2016 02/10/2016 02/09/2016 02/08/2016 02/07/2016 02/06/2016 02/05/2016 02/04/2016 02/03/2016 02/02/2016 02/01/2016 01/31/2016 01/30/2016 01/29/2016 01/28/2016 01/27/2016 01/26/2016 01/25/2016 01/24/2016 01/23/2016 01/22/2016 01/21/2016 01/20/2016 01/19/2016 01/18/2016 01/17/2016 01/16/2016 01/15/2016 01/14/2016 01/13/2016 01/12/2016 01/11/2016 01/10/2016 01/09/2016 01/08/2016 01/07/2016 01/06/2016 01/05/2016 01/04/2016 01/03/2016 01/02/2016 01/01/2016 12/31/2015 12/30/2015 12/29/2015 12/28/2015 12/27/2015 12/26/2015 12/25/2015 12/24/2015 12/23/2015 12/22/2015 12/21/2015 12/20/2015 12/19/2015 12/18/2015 12/17/2015 12/16/2015 12/15/2015 12/14/2015 12/13/2015 12/12/2015 12/11/2015 12/10/2015 12/09/2015 12/08/2015 12/07/2015 12/06/2015 12/05/2015 12/04/2015 12/03/2015 12/02/2015 12/01/2015 11/30/2015 11/29/2015 11/28/2015 11/27/2015 11/26/2015 11/25/2015 11/24/2015 11/23/2015 11/22/2015 11/21/2015 11/20/2015 11/19/2015 11/18/2015 11/17/2015 11/16/2015 11/15/2015 11/14/2015 11/13/2015 11/12/2015 11/11/2015 11/10/2015 11/09/2015 11/08/2015 11/07/2015 11/06/2015 11/05/2015 11/04/2015 11/03/2015 11/02/2015 11/01/2015 10/31/2015 10/30/2015 10/29/2015 10/28/2015 10/27/2015 10/26/2015 10/25/2015 10/24/2015 10/23/2015 10/22/2015 10/21/2015 10/20/2015 10/19/2015 10/18/2015 10/17/2015 10/16/2015 10/15/2015 10/14/2015 10/13/2015 10/12/2015 10/11/2015 10/10/2015 10/09/2015 10/08/2015 10/07/2015 10/06/2015 10/05/2015 10/04/2015 10/03/2015 10/02/2015 10/01/2015 09/30/2015 09/29/2015 09/28/2015 09/27/2015 09/26/2015 09/25/2015 09/24/2015 09/23/2015 09/22/2015 09/21/2015 09/20/2015 09/19/2015 09/18/2015 09/17/2015 09/16/2015 09/15/2015 09/14/2015 09/13/2015 09/12/2015 09/11/2015 09/10/2015 09/09/2015 09/08/2015 09/07/2015 09/06/2015 09/05/2015 09/04/2015 09/03/2015 09/02/2015 09/01/2015 08/31/2015 08/30/2015 08/29/2015 08/28/2015 08/27/2015 08/26/2015 08/25/2015 08/24/2015 08/23/2015 08/19/2015 08/18/2015 08/17/2015 08/16/2015 08/15/2015 08/14/2015 08/13/2015 08/12/2015 08/11/2015 08/10/2015 08/09/2015 08/08/2015 08/07/2015 08/06/2015 08/05/2015 08/04/2015 08/03/2015 08/02/2015 08/01/2015 07/31/2015 07/30/2015 07/29/2015 07/28/2015 07/27/2015 07/26/2015 07/25/2015 07/24/2015 07/23/2015 07/22/2015 07/21/2015 07/20/2015 07/19/2015 07/18/2015 07/17/2015 07/16/2015 07/15/2015 07/14/2015 07/13/2015 07/12/2015 07/11/2015 07/10/2015 07/09/2015 07/08/2015 07/07/2015 07/06/2015 07/05/2015 07/04/2015 07/03/2015 07/02/2015 07/01/2015 06/30/2015 06/29/2015 06/28/2015 06/27/2015 06/26/2015 06/25/2015 06/24/2015 06/23/2015 06/22/2015 06/21/2015 06/20/2015 06/19/2015 06/18/2015 06/17/2015 06/16/2015 06/15/2015 06/14/2015 06/13/2015 06/12/2015 06/11/2015 06/10/2015 06/09/2015 06/08/2015 06/07/2015 06/06/2015 06/05/2015 06/04/2015 06/03/2015 06/02/2015 06/01/2015 05/31/2015 05/30/2015 05/29/2015 05/28/2015 05/27/2015 05/26/2015 05/25/2015 05/24/2015 05/23/2015 05/22/2015 05/21/2015 05/20/2015 05/19/2015 05/18/2015 05/17/2015 05/16/2015 05/15/2015 05/14/2015 05/13/2015 05/12/2015 05/11/2015 05/10/2015 05/09/2015 05/08/2015 05/07/2015 05/06/2015 05/05/2015 05/04/2015 05/03/2015 05/02/2015 05/01/2015 04/30/2015 04/29/2015 04/28/2015 04/27/2015 04/26/2015 04/25/2015 04/24/2015 04/23/2015 04/22/2015 04/21/2015 04/20/2015 04/19/2015 04/18/2015 04/17/2015 04/16/2015 04/15/2015 04/14/2015 04/13/2015 04/12/2015 04/11/2015 04/10/2015 04/09/2015 04/08/2015 04/07/2015 04/06/2015 04/05/2015 04/04/2015 04/03/2015 04/02/2015 04/01/2015 03/31/2015 03/30/2015 03/29/2015 03/28/2015 03/27/2015 03/26/2015 03/25/2015 03/24/2015 03/23/2015 03/22/2015 03/21/2015 03/20/2015 03/19/2015 03/18/2015 03/17/2015 03/16/2015 03/15/2015 03/14/2015 03/13/2015 03/12/2015 03/11/2015 03/10/2015 03/09/2015 03/08/2015 03/07/2015 03/06/2015 03/05/2015 03/04/2015 03/03/2015 03/02/2015 03/01/2015 02/28/2015 02/27/2015 02/26/2015 02/25/2015 02/24/2015 02/23/2015 02/22/2015 02/21/2015 02/20/2015 02/19/2015 02/18/2015 02/17/2015 02/16/2015 02/15/2015 02/14/2015 02/13/2015 02/12/2015 02/11/2015 02/10/2015 02/09/2015 02/08/2015 02/07/2015 02/06/2015 02/05/2015 02/04/2015 02/03/2015 02/02/2015 02/01/2015 01/31/2015 01/30/2015 01/29/2015 01/28/2015 01/27/2015 01/26/2015 01/25/2015 01/24/2015 01/23/2015 01/22/2015 01/21/2015 01/20/2015 01/19/2015 01/18/2015 01/17/2015 01/16/2015 01/15/2015 01/14/2015 01/13/2015 01/12/2015 01/11/2015 01/10/2015 01/09/2015 01/08/2015 01/07/2015 01/06/2015 01/05/2015 01/04/2015 01/03/2015 01/02/2015 01/01/2015 12/31/2014 12/30/2014 12/29/2014 12/28/2014 12/27/2014 12/26/2014 12/25/2014 12/24/2014 12/23/2014 12/22/2014 12/21/2014 12/20/2014 12/19/2014 12/18/2014 12/17/2014 12/16/2014 12/15/2014 12/14/2014 12/13/2014 12/12/2014 12/11/2014 12/10/2014 12/09/2014 12/08/2014 12/07/2014 12/06/2014 12/05/2014 12/04/2014 12/03/2014 12/02/2014 12/01/2014 11/30/2014 11/29/2014 11/28/2014 11/27/2014 11/26/2014 11/25/2014 11/24/2014 11/23/2014 11/22/2014 11/21/2014 11/20/2014 11/19/2014 11/18/2014 11/17/2014 11/16/2014 11/15/2014 11/14/2014 11/13/2014 11/12/2014 11/11/2014 11/10/2014 11/09/2014 11/08/2014 11/07/2014 11/06/2014 11/05/2014 11/04/2014 11/03/2014 11/02/2014 11/01/2014 10/31/2014 10/30/2014 10/29/2014 10/28/2014 10/27/2014 10/26/2014 10/25/2014 10/24/2014 10/23/2014 10/22/2014 10/21/2014 10/20/2014 10/19/2014 10/18/2014 10/17/2014 10/16/2014 10/15/2014 10/14/2014 10/13/2014 10/12/2014 10/11/2014 10/10/2014 10/09/2014 10/08/2014 10/07/2014 10/06/2014 10/05/2014 10/04/2014 10/03/2014 10/02/2014 10/01/2014 09/30/2014 09/29/2014 09/28/2014 09/27/2014 09/26/2014 09/25/2014 09/24/2014 09/23/2014 09/22/2014 09/21/2014 09/20/2014 09/19/2014 09/18/2014 09/17/2014 09/16/2014 09/15/2014 09/14/2014 09/13/2014 09/12/2014 09/11/2014 09/10/2014 09/09/2014 09/08/2014 09/07/2014 09/06/2014 09/05/2014 09/04/2014 09/03/2014 09/02/2014 09/01/2014 08/31/2014 08/30/2014 08/29/2014 08/28/2014 08/27/2014 08/26/2014 08/25/2014 08/24/2014 08/23/2014 08/22/2014 08/21/2014 08/20/2014 08/19/2014 08/18/2014 08/17/2014 08/16/2014 08/15/2014 08/14/2014 08/13/2014 08/12/2014 08/11/2014 08/10/2014 08/09/2014 08/08/2014 08/07/2014 08/06/2014 08/05/2014 08/04/2014 08/03/2014 08/02/2014 08/01/2014 07/31/2014 07/30/2014 07/29/2014 07/28/2014 07/27/2014 07/26/2014 07/25/2014 07/24/2014 07/23/2014 07/22/2014 07/21/2014 07/20/2014 07/19/2014 07/18/2014 07/17/2014 07/16/2014 07/15/2014 07/14/2014 07/13/2014 07/12/2014 07/11/2014 07/10/2014 07/09/2014 07/08/2014 07/07/2014 07/06/2014 07/05/2014 07/04/2014 07/03/2014 07/02/2014 07/01/2014 06/30/2014 06/29/2014 06/28/2014 06/27/2014 06/26/2014 06/25/2014 06/24/2014 06/23/2014 06/22/2014 06/21/2014 06/20/2014 06/19/2014 06/18/2014 06/17/2014 06/16/2014 06/15/2014 06/14/2014 06/13/2014 06/12/2014 06/11/2014 06/10/2014 06/09/2014 06/08/2014 06/07/2014 06/06/2014 06/05/2014 06/04/2014 06/03/2014 06/02/2014 06/01/2014 05/31/2014 05/30/2014 05/29/2014 05/28/2014 05/27/2014 05/26/2014 05/25/2014 05/24/2014 05/23/2014 05/22/2014 05/21/2014 05/20/2014 05/19/2014 05/18/2014 05/17/2014 05/16/2014 05/15/2014 05/14/2014 05/13/2014 05/12/2014 05/11/2014 05/10/2014 05/09/2014 05/08/2014 05/07/2014 05/06/2014 05/05/2014 05/04/2014 05/03/2014 05/02/2014 05/01/2014 04/30/2014 04/29/2014 04/28/2014 04/27/2014 04/26/2014 04/25/2014 04/24/2014 04/23/2014 04/22/2014 04/21/2014 04/20/2014 04/19/2014 04/18/2014 04/17/2014 04/16/2014 04/15/2014 04/14/2014 04/13/2014 04/12/2014 04/11/2014 04/10/2014 04/09/2014 04/08/2014 04/07/2014 04/06/2014 04/05/2014 04/04/2014 04/03/2014 04/02/2014 04/01/2014 03/31/2014 03/30/2014 03/29/2014 03/28/2014 03/27/2014 03/26/2014 03/25/2014 03/24/2014 03/23/2014 03/22/2014 03/21/2014 03/20/2014 03/19/2014 03/18/2014 03/17/2014 03/16/2014 03/15/2014 03/14/2014 03/13/2014 03/12/2014 03/11/2014 03/05/2014 03/01/2014 02/27/2014 02/26/2014 02/25/2014 02/20/2014 02/19/2014