Coin News

It has now been 10 years since the web domain Bitcoin.org was registered by the Bitcoin project’s first developers, Satoshi Nakamoto and Martti Malmi. A post on the website commemorates the anniversary of the famous domain’s registration back in 2008, shortly before the release of the original cryptocurrency white paper on October 31. Satoshi’s Bitcoin.org Legacy Though

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Today, Fundstrat’s Tom Lee has reaffirmed his $30,000 Bitcoin price target by December. But, other permabulls are not as optimistic as Lee about the short-term trend of Bitcoin. In May, BitMEX CEO Arthur Hayes stated that he would like to see the BTC price fall to the $5,000 region before recovering and initiating a 2017-esqe

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Make sure you check out our previous edition here, now let’s go over what happened in crypto this week. Also, make sure you subscribe for this weeks edition of The CCN Podcast on iTunes, TuneIn, Stitcher, Google Play Music, Spotify, Soundcloud, Youtube or wherever you get your podcasts. Price Watch: Bitcoin is up 6% this week to $6,700 in a relatively calm week. flat price last week and

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The junior United States Senator from Montana, Steve Daines, has warned that the planned closure of a coal power generator could harm the booming bitcoin mining business in the state. According to KULR-TV, all the four units of the Colstrip coal plant located in Rosebud County are expected to shut down by 2027. In Senator

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This week, the US Securities and Exchange Commission (SEC) has said it will review nine Bitcoin exchange-traded funds (ETFs) it disapproved on August 24. The letter sent to NYSE Group senior counsel David De Gregorio by SEC secretary Brent Fields read: “This letter is to notify you that, pursuant to Rule 43 I of the

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• Bank of America Merrill Lynch has moved to an overweight on the industrials and healthcare sectors.
• The bank's equity strategists don't see the bull market in stocks ending soon, mainly because earnings growth is still strong.
• This bull market is set to become the longest in history, as measured by its rise from the 2009 trough, after the market close on Wednesday.

The bull market in US stocks is one day away from making history as the longest ever, as measured by its rise from the trough hit in March 2009.

Bank of America Merrill Lynch doesn't see it ending anytime soon, mainly because earnings growth is still strong. In fact, the bank's equity strategists have broadened out the sectors they're bullish, or overweight, on by adding industrials and healthcare to the list. Their other overweights are in financials, materials, and technology.

The two new overweights represent a barbell approach that seems appropriate for an extended bull market and economic cycle. According to Savita Subramanian, the firm's head of US equity and quant strategy, the overweight on industrials creates cyclical exposure, while the healthcare bet is defensive.

"Healthcare is cheap, under-loved by fund managers, ranks #2 behind technology in her quant model, and has delivered very strong results during 2Q earnings," a recent research note said of Subramanian's recommendation. Bank of America highlighted pharma and biotech as its preferred subsectors.

The sector is cheaper than its historical average and the S&P 500 as measured by its price-to-earnings ratio. It traded at 15.9 times earnings, nearly one full multiple below the broader index, according to Subramanian. That's an attractive proposition for investors looking for bargains amid the longest bull market of all time.

On the most important driver for stocks and a backbone of this bull market — earnings growth — healthcare has scored high marks of late.

"While net income growth had decelerated the past couple of years, it appears to be gaining momentum again," Subramanian said. Companies in the sector reported a record number of sales and earnings beats during the second-quarter earnings season.

"Drug pricing is the key risk for the sector but low levels of ownership and a discounted multiple appear to reflect this," Subramanian said. President Donald Trump has called on the pharmaceutical industry to cut list prices and out-of-pocket costs for patients.

Industrials are also cheap, in Subramanian's view. Investor concerns around a trade war and its impact on the economy have moved the sector's P/E ratio from 19.5 in January to about 16.7. Industrials have been in the crosshairs of a trade dispute between the US and China this year.

At the same time, the sector's return on equity is greater than that of the S&P 500, providing another compelling reason for Bank of America to recommend the sector.

"Industrials return on equity continues to outpace the S&P 500, it now trades in-line with the market and much cheaper than at the start of the year while consensus long term growth expectations soar yet fund manager ownership is near its all-time low," Subramanian said.

Aerospace and defense and industrial conglomerates are Bank of America's preferred subsectors.

SEE ALSO: Investors have turned complacent and are in danger of being sideswiped by a 'likely correction' that's approaching, Morgan Stanley says

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

Bitcoin advocate Andreas Antonopoulos offered his opinion on Bitcoin ETFs in a rather foreboding video released on August 14. He first explained the concept of an ETF or exchange-traded fund as a fund that has a custodian or manager that creates a special financial instrument that is similar to a stock. In the case of Bitcoin

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In the past 24 hours, the Bitcoin price has increased from $6,400 to $6,700, recording a decent increase in its daily volume. The valuation of the crypto market has increased from $210 billion to $215 billion within a two-day period, fueled by the short-term surge in the price of tokens. Ethereum-based tokens like Wanchain, Aion,

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This article originally appeared on Bitcoin Magazine.

A business magnate’s Twitter account got hacked and started promising free Bitcoin and Ethereum to its 22.5 million followers. Elon Musk, CEO & co-founder of Tesla, became the victim of growing hacking incidents on Twitter – for the second time. As the tycoon got busy posting philosophical tweets, his impersonator with a verified Twitter account … Continued

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• Emirates launched its first non-stop flight between Dubai and Newark Liberty International Airport in New Jersey.
• The route is targeted at New Jersey's large Indian, Pakistani, and Bangladeshi population.
• According to Emirates, traffic flow into and out of the Indian subcontinent account for 1/3 of the airline's entire US business.

Over the past three decades, Emirates built quite a business for itself connecting the world through its home base in Dubai, United Arab Emirates. For its US business, that means customers flying into and out of the Indian subcontinent.

"The US to Indian Subcontinent market is indeed our biggest traffic flow and we concentrate heavily on that," Matthias Schmid, Emirates' senior vice president for North America, told Business Insider in an interview.

According to Schmid, the region accounts for roughly 1/3 of the airline's entire US business. 

Hence the Emirates' decision this June to shift one of its four daily flights operating out of JFK International Airport in New York across the Hudson River to Newark, New Jersey. 

Emirates Flight EK224 departs Newark Liberty International Airport every morning at 11:50 am.

From Dubai, passengers can connect to the 15 cities in India, Pakistan, and Bangladesh served by Emirates. 

The new daily non-stop flight between Newark Liberty International Airport and Dubai joins the airline's existing service to the Northern New Jersey airport which includes a stopover in Athens, Greece. 

Unfortunately, even with the presence of its partner JetBlue, Emirates' Newark passengers will have limited opportunities to connect to other destinations in the US, Schmid said. As a result, the flight's success or failure will have to depend on the local market. 

Fortunately, New Jersey doesn't have a shortage of people that need to fly into and out of India and its neighboring countries. According to the 2010 census, New Jersey's Indian population grew 72.7% between 2000 and 2010. As a result, 40% of all New Jersey's entire Asian population come from India. The state also boasts large populations from Pakistan and Bangladesh. 

Emirates is well aware of this. 

"The region around Edison, New Jersey has the highest concentration of individuals originating from the Indian subcontinent in the US," Schmid said. 

Emirates also believes its rivals have grossly underserved the market.

"You have two carriers that operate directly into India, but that's really pretty much it," Schmid said. As a result, Emirates expects to be able to cultivate new business from its New Jersey flights without cannibalizing the company's existing JFK traffic. 

However, it should be noted that the other two airlines, United and Air India, fly non-stop from Newark to cities in India while Emirates requires a stopover in Dubai. 

Since Newark Liberty does not have the capability to handle the Airbus A380 Superjumbo, the new flight is operated using Boeing 777-300ER aircraft. 

SEE ALSO: I flew Virgin Atlantic from London to New York to see if Richard Branson's airline is still one of the world's best — here's the verdict

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

Fewer people are looking up the term “Bitcoin Price” on Google than at any point for more than a year. Data from Google Trends reveals that the search term is approaching historically low levels of popularity not seen since 2015. Market Slump’s Effect on Google Searches Google Trends describes itself as a public web facility that

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• Tesla CEO Elon Musk announced on Friday night that he is no longer seeking to take his electric-car company private, ending weeks of speculation over the proposal Musk first announced on Twitter.
• Musk said that discussions with Tesla shareholders and financial advisors showed him there was little appetite for such a move.
• "After considering all of these factors, I met with Tesla’s Board of Directors [Thursday] and let them know that I believe the better path is for Tesla to remain public. The Board indicated that they agree," Musk wrote on Tesla's blog.

Tesla CEO Elon Musk announced late Friday night that he is no longer seeking to take his electric-car company private.

This concludes what had been weeks of speculation and hand-wringing around the go-private proposal Musk first floated in a tweet on August 7.

In a blog post published on Tesla's website, Musk said discussions with shareholders and financial advisors revealed there was little appetite for such a move.

"After considering all of these factors, I met with Tesla’s Board of Directors yesterday and let them know that I believe the better path is for Tesla to remain public. The Board indicated that they agree," Musk wrote.

Tesla shares swing wildly

The privatization idea initially upset Tesla shares in the days and weeks that followed Musk's tweets on the matter. The stock fell under $300 per share earlier this week, coming off the $380 per-share high that occurred on the day Musk first announced the go-private effort.

His actions eventually caught the attention of the Securities and Exchange Commission, which homed in on Musk's assertion that he had "funding secured" to take the company private. During that time, Musk also seemed to hash out many of the details on social media.

The SEC was reportedly interested in learning whether Musk had sought to hurt short sellers with his "funding secured" claim. But by the end of the week of August 17, investors betting against Tesla had recovered about $1 billion of the roughly $1.3 billion they lost following the privatization proposal, 10 days earlier.

Musk on Friday night said the discussions behind the scenes confirmed his belief that "there is more than enough funding to take Tesla private," if he and the board had agreed to move forward with the idea.

Musk confesses personal and professional struggles

Murmurings about Musk's state-of-mind also emerged during this process, as the CEO has been under tremendous pressure while his company struggles to produce its first mass-market car, the Model 3 sedan.

The saga culminated in a lengthy New York Times profile, in which the billionaire CEO confessed about his personal and professional struggles, including the consequences of his rigorous 120-hour-per-week work schedule.

"There were times when I didn't leave the factory for three or four days — days when I didn't go outside," Musk told The Times in a story published August 16, adding: "This has really come at the expense of seeing my kids. And seeing friends."

Normally known for his brash and unorthodox leadership style, Musk was, at points, penitent and self-reflective, acknowledging the headaches that some of his more recent public behavior has caused for his company, its board members, and its shareholders.

Looking ahead

In his statement on Friday, Musk made clear that he's ready to move forward, saying "we will continue to focus on what matters most: building products that people love and that make a difference to the shared future of life on Earth."

"We’ve shown that we can make great sustainable energy products, and we now need to show that we can be sustainably profitable."

Musk continued: "With all the progress we’ve made on Model 3, we’re positioned to do this, and that’s what the team and I are going to be putting all of our efforts toward."

Read Elon Musk's full statement below:

"Earlier this month, I announced that I was considering taking Tesla private. As part of the process, it was important to understand whether our current investors believed this would be a good strategic move and whether they would want to participate in a private Tesla.

Our investors are extremely important to me. Almost all have stuck with us from the time we went public in 2010 when we had no cars in production and only a vision of what we wanted to be. They believe strongly in our mission to advance sustainable energy and care deeply about our success.

I worked with Silver Lake, Goldman Sachs and Morgan Stanley, who have world-class expertise in these matters, to consider the many factors that would come into play in taking Tesla private, and to process all the incoming interest that we received from investors to fund a go-private transaction. I also spent considerable time listening to current shareholders, large and small, to understand what they think would be in the best long-term interests of Tesla.

Based on all the discussions that have taken place over the last couple of weeks and a thorough consideration of what is best for the company, a few things are clear to me:

• Given the feedback I’ve received, it’s apparent that most of Tesla’s existing shareholders believe we are better off as a public company. Additionally, a number of institutional shareholders have explained that they have internal compliance issues that limit how much they can invest in a private company. There is also no proven path for most retail investors to own shares if we were private. Although the majority of shareholders I spoke to said they would remain with Tesla if we went private, the sentiment, in a nutshell, was “please don’t do this.”
• I knew the process of going private would be challenging, but it’s clear that it would be even more time-consuming and distracting than initially anticipated. This is a problem because we absolutely must stay focused on ramping Model 3 and becoming profitable. We will not achieve our mission of advancing sustainable energy unless we are also financially sustainable.
• That said, my belief that there is more than enough funding to take Tesla private was reinforced during this process.

After considering all of these factors, I met with Tesla’s Board of Directors yesterday and let them know that I believe the better path is for Tesla to remain public. The Board indicated that they agree.

Moving forward, we will continue to focus on what matters most: building products that people love and that make a difference to the shared future of life on Earth. We’ve shown that we can make great sustainable energy products, and we now need to show that we can be sustainably profitable. With all the progress we’ve made on Model 3, we’re positioned to do this, and that’s what the team and I are going to be putting all of our efforts toward.

Thank you to all of our investors, customers and employees for the support you’ve given our company. I’m incredibly excited to continue leading Tesla as a public company. It is a privilege."

SEE ALSO: Every bizarre thing that has happened since Elon Musk sent his 'funding secured' tweet about taking Tesla private

DON'T MISS: Internal documents reveal the grueling way Tesla hit its 5,000 Model 3 target

AND MORE: Some new Tesla cars are being delivered with flaws, and owners say getting them fixed is a painful process

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

• Bugatti unveiled its stunning Divo supercar Friday in Monterey, California. 
• The French luxury brand lists the vehicle for a cool $5.8 million. 
• After being shown to a select group of Bugatti customers, the limited number of 40 Divo vehicles immediately sold out.
• "The Divo is a further example of our design philosophy 'Form follows Performance,'" said Achim Anscheidt, Director of Design of Bugatti Automobiles, in a statement. 

Bugatti unveiled its stunning Divo super sports car Friday in Monterey, California, showcasing a vehicle that the French luxury brand is listing for $5.8 million. 

Named after French racing driver and two-time Targa Florio winner, Albert Divo, who won multiple races in the Type 35 Bugatti, the Divo super sports car looks to take Bugatti into the future. 

The car carries with it key elements of other classic Bugatti-brand cars including the horseshoe-shaped front grille, the famed Bugatti signature line on the vehicle's side, and the familiar fin that showcases the longitudinal axis of the car when seen from above. 

Parts of the car are colored "Titanium Liquid Silver," while other parts are painted in "Divo Racing Blue" two striking hues that were developed specifically for the Divo. 

Unfortunately, if you haven't already ordered a Divo, you're already too late. After being shown to a handful of chosen Bugatti customers, the Divo's limited production run of 40 vehicles has sold out. 

SEE ALSO: These 18 beautiful, vintage cars are worth millions and are up for auction at Pebble Beach

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

The Central Bank of Curacao and Sint Maarten (CBCS) has announced a partnership with blockchain technology firm Bitt aimed at exploring the issuance of a digital currency for Curacao and Sint Maarten island nations. Per the chief executive of Bitt, Rawdon Adams, a digital currency will be especially relevant to the two countries, which are

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The SEC has disapproved 10 Bitcoin exchange-traded funds (ETFs) in the past month but analysts believe Bakkt can assist the launch of the first bitcoin ETF. Bakkt’s Efforts in Finding Trusted Price Formation Last month, the SEC officially rejected the Winklevoss Bitcoin ETF filed with the Bats BZX Exchange with a 92-paged document which explicitly

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