Tag Archives: markets

What Could Kill the Bitcoin Boom

If you bought a Bitcoin in early 2017, when one cost less than $900, you could have a profit of more than 1,200 percent now. But you almost certainly didn’t do that. Perhaps you dipped in a toe in November or December, as the price hit headline-grabbing records—$10,000, then $15,000, then higher. If you were very unlucky and bought at the peak of about $20,000 on Dec. 17, you’d have lost more than 40 percent of your money as of Jan. 16, when the price was $11,200. […]

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How to Make Money Off Bitcoin Without Actually Owning It

It’s the equity investor’s conundrum: how to get access to the skyrocketing returns of bitcoin and blockchain without actually owning the tokens. To Thomas Lee, a major bitcoin bull who heads research for Fundstrat Global Advisors, a dozen stocks should do the trick. “We believe investors should have exposure to blockchain, particularly given bitcoin has essentially zero correlation to equities, bonds and commodities —- hence, as a portfolio strategy, bitcoin is a good diversification tool,” Lee wrote in a note to clients Friday. “But this is impractical […]

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Crypto-Linked Stocks Sink With Bitcoin on South Korean Warning

The rout in bitcoin is also taking down stocks with ties to cryptocurrencies. Pareteum Corp. dropped 26 percent as of 1:13 p.m. in New York, while Digital Power Corp. and LongFin Corp. each slipped more than 6 percent after South Korea’s government said it wanted to clamp down on speculation, potentially by shutting down some exchanges. The warning sent bitcoin below $14,000, leaving it down 29 percent from last week’s record. Overstock.com Inc., On Track Innovations Ltd., and Riot Blockchain Inc. also traded lower Thursday, in relatively light […]

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New Wave of Ransom Threats Seen in Unprecedented Attack

An unrivaled global cyber-attack is poised to continue claiming victims Monday as people return to work and turn on their desktop computers, even as hospitals and other facilities gained the upper hand against the first wave. More than 200,000 computers in at least 150 countries have so far been infected, according to Europol, the European Union’s law enforcement agency. The U.K.’s National Cyber Security Centre said new cases of so-called ransomware are possible “at a significant scale.” “We’ve seen the rise of ransomware becoming the principal threat, […]

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Diary of an African Cryptocurrency Miner

Eugene Mutai’s Nairobi apartment is filled with the sound of money: That would be the hum of a phalanx of fans cooling the computers he’s programmed to mine cryptocurrencies around the clock. The 28-year-old has given up a chunk of his living quarters to the enterprise. What’s more, he invests every spare cent in initial-coin offerings: fundraising tools some startups are using to crowdsource capital. He’s a proud citizen of a strange and controversial new world — and a rather rare breed, with just a high-school education […]

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Early Bitcoin Investor Has Some Advice On How Much Money to Hold in Bitcoin

As bitcoin approaches yet another record, Union Square Ventures LLC’s Fred Wilson says investors should be careful how much of their portfolios are allocated to digital currencies. Wilson, who first invested in the sector in 2013, wants to set the record straight on exactly what percentage of someone’s investments should be tied to things like bitcoin. “I have about five percent of our net worth in crypto assets, across a number of vehicles; direct holdings, Union Square funds, token funds, etc.,” Wilson said in a blog post. […]

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Bitcoin Finds Floor After Worst Selloff Since 2015

Bitcoin rebounded on Saturday along with most of the major cryptocurrencies, halting a four-day tumble that drew worldwide attention to the unregulated $500 billion market that’s frequently called a bubble. The double-digit bounceback was strongest with second-tier digital coins. Bitcoin cash soared 21 percent and litecoin gained 12 percent as cryptocurrency traders regained optimism. They weren’t put off by comments published Saturday from a central banker in Germany that “the risk of rapid losses” is obscured in cryptocurrencies. “The enthusiasm hasn’t been destroyed,” Marc Ostwald, global strategist […]

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Bitcoin Looks Remarkably Like A Bubble, New Zealand’s Central Banker Warns

Bitcoin’s spectacular gains look like a speculative bubble and the cryptocurrency is too unstable to be useful in the future, New Zealand’s central banker said. “It looks remarkably like a bubble forming to me,” Reserve Bank of New Zealand Acting Governor Grant Spencer said in interview with TVNZ broadcast on Sunday. “Over the centuries we’ve seen bubbles, and this appears to be a bit of a classic case. With a bubble, you never know how far it’s going to go before it comes down.” Bitcoin has soared more […]

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Asia Stocks Mixed in Subdued Trading; Yen Declines: Markets Wrap

Stocks in Asia were mixed in subdued trading as investors deferred placing bets following the recent run-up to record highs and ahead of a Federal Reserve meeting this week. The yen fell to its lowest in a month. Equity benchmarks fluctuated in Tokyo and were little changed in Sydney and Hong Kong. Volumes were at least 20 percent below their 30-day average on the Nikkei 225 Stock Average and the Kospi index. Data showed hiring increased by more than forecast in November and the unemployment rate held […]

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China Is Said to Ban Bitcoin Exchanges While Allowing OTC

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

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