Tag Archives: New York

Bitcoin Plunges After Plans for Split Called Off

Bitcoin continued its retreat from a record high after traders weighed in on the cancellation of a technology upgrade that threatened to disrupt the biggest cryptocurrency. Investors who were expecting the extra coins stemming from a split of the chain may be taking profits, while others who are disappointed the update was scrapped earlier this week may be switching to alternative coins, according to Charlie Lee, founder of litecoin, the fifth-largest cryptocurrency by market value. While bitcoin soared to a record $7,882 within minutes of news that […]

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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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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 Mania Interrupted, for Now, After Outage Triggers Selloff

It takes a lot to startle fans of bitcoin, the digital gold of the moment. But Wednesday was, well, a lot — a wild run of exuberant peaks and white-knuckled declines that left even diehards breathless. The dizzying rally in bitcoin, a bull market with few precedents in investing history, was abruptly interrupted by a market outage in the U.S. that seemed to captivate Wall Street even more than the day’s selloff in high-flying technology stocks. Only hours after soaring past $11,000 — a price that represents […]

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NYC Brothel Customer? The Feds Now Have Your Number

Eleven Manhattan Korean ‘massage parlors’ that allegedly offered girls up for explicit sex acts were busted on Wednesday in a widespread sting.”> Depending on the neighborhood in Manhattan, a person could go to Fantasia on the Lower East Side, Asian Flower in Murray Hill, Rose House in Midtown or eight other massage parlors offering a premium-priced girlfriend experiencemeaning condom-less sex acts, priced at a premiumaccording to charges the feds unsealed Wednesday. And if your phone number was one of the 70,000 different ones that called any of […]

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Bitcoin Soars Past $8,000

Bitcoin’s relentless and volatile rally shows no sign of abating, with the world’s largest cryptocurrency defying growing bubble fears to hit yet another milestone. Bitcoin rose as much as 7.7 percent to a record $8,290 as of 2:47 p.m. in New York. It’s been a tumultuous year for the virtual currency, with three separate slumps of more than 25 percent all giving way to subsequent rallies. Even the most bullish analysts can’t keep up with bitcoin’s rally. Standpoint Research’s Ronnie Moas, who says bitcoin’s market cap will […]

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Bitcoin Crashes and Then Surges in Wild Weekend Action

Bitcoin is proving that investing in digital currencies isn’t for the faint of heart. After plunging as much as 29 percent from a record high following the cancellation of a technology upgrade on Nov. 8, the largest cryptocurrency came roaring back in early trading Monday before fluctuating between gains and losses. “Crypto trading is not for the novice investor,” said John Spallanzani, chief macro strategist at GFI Securities LLC in New York. While multiple reasons are being cited for the price volatility, one of the more viable is […]

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