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Bitcoin plunges toward $20,000 as crypto meltdown continues Posted by: superadmin - 06-15-2022, 07:32 PM - Forum: Business, Economy and Investment - Replies (1) Bitcoin’s price plunged very close to $20,000 Wednesday as cryptocurrencies sank deeper into the red. Investors are worried about the impact of climbing inflation and aggressive rate hikes on the crypto market. There are fears a possible liquidation of crypto lending firm Celsius could bring down some other major players. The sell-off in cryptocurrencies deepened even further on Wednesday, with bitcoin sinking very close to the key level of $20,000. The price of bitcoin plunged 9% in 24 hours to around $20,208, according to data from Coin Metrics. The world’s largest digital currency is down more than 70% since the peak of the crypto craze in November 2021. Bitcoin and other digital tokens are in free fall as fears of climbing inflation, aggressive interest rate rises and liquidity issues at a key player in the crypto space have plagued crypto markets. The Federal Reserve is widely expected to hike rates by 75 basis points this week, a move that has spooked stocks and other risky assets — including crypto. - More -   Investors worry another possible crypto collapse will bring down other key players Posted by: superadmin - 06-15-2022, 03:11 PM - Forum: Business, Economy and Investment - No Replies Crypto lending firm Celsius on Monday paused all account withdrawals, sparking fears that it may be about to go bust. Investors are scared other parts of the crypto market could get floored if Celsius collapses. Many analysts agree any spillover effects from the debacle are likely to be limited to crypto. A liquidity crisis at cryptocurrency lending firm Celsius has investors worried about a broader contagion that could bring down other major players in the market. Celsius recently moved to pause all account withdrawals, sparking fears that it may be about to go bust. The company lends out clients’ funds similar to a bank — but without the strict insurance requirements imposed on traditional lenders. Bitcoin sank below $21,000 on Tuesday, extending sharp declines from the previous day and sinking deeper into 18-month lows. The total value of all digital tokens combined also dipped below $1 trillion for the first time since early 2021, according to CoinMarketCap data. - More -   China’s economic numbers come in better than expected, but ‘challenges' remain Posted by: superadmin - 06-15-2022, 03:04 PM - Forum: Business, Economy and Investment - No Replies China’s economic numbers come in better than expected, but ‘difficulties and challenges’ remain Industrial production rose mildly by 0.7% in May from a year ago, versus an expected 0.7% drop, according to analysts polled by Reuters. In April, industrial production unexpectedly fell, down by 2.9% year-on-year. Fixed asset investment for the January to May period rose by 6.2%, topping expectations of 6% growth. Still, China’s National Bureau of Statistics warned: “We must be aware that the international environment is to be even more complicated and grim, and the domestic economy is still facing difficulties and challenges for recovery.” EIJING — China released economic data for May that topped muted expectations for a month hampered by Covid controls. Industrial production rose mildly by 0.7% in May from a year ago, versus an expected 0.7% drop, according to analysts polled by Reuters. In April, industrial production unexpectedly fell, down by 2.9% year-on-year. Retail sales fell less than expected, down by 6.7% in May from a year ago. Retail sales were estimated to have declined by 7.1% in May from a year ago, according to the Reuters poll. In April, retail sales fell by 11.1% from a year ago. Fixed asset investment for the January to May period rose by 6.2%, topping expectations of 6% growth. - More -   Bitcoin’s plunge spells trouble for the dot-com era entrepreneur who went all in Posted by: superadmin - 06-14-2022, 09:50 PM - Forum: Business, Economy and Investment - No Replies A $4 billion bet on bitcoin by software firm MicroStrategy is in jeopardy after the cryptocurrency’s recent plunge. The dot-com bubble-era firm’s bitcoin stash is now worth $2.9 billion, translating to an unrealized loss of more than $1 billion. MicroStrategy is now faced with a possible margin call that investors fear could force the company to liquidate its bitcoin holdings. Having once lost $6 billion at the height of the dotcom bubble, software entrepreneur Michael Saylor is no stranger to volatility in the financial markets. In 1999, MicroStrategy, Saylor’s software firm, admitted to overstating its revenues and erroneously reporting a profit when it actually made a loss. The fiasco shaved over $11 billion off MicroStrategy’s stock market value in a single day. Now, more than two decades later, MicroStrategy is again facing questions over some of its accounting practices — this time in relation to a $4 billion bet on bitcoin. - More -   New Poll Shows China More Democratic than America (You Won't Believe This) Posted by: superadmin - 06-14-2022, 09:39 PM - Forum: Politics - No Replies   Senior Chinese diplomat Yang Jiechi warns US not to have miscalculation Posted by: superadmin - 06-14-2022, 03:16 PM - Forum: Politics - No Replies Senior Chinese diplomat Yang Jiechi warns US not to have miscalculation or illusion on Taiwan question In talks with National Security Advisor of the US Jake Sullivan in Luxembourg, senior Chinese diplomat Yang Jiechi said the US shouldn't have miscalculation or illusion on the Taiwan question and warned that the Taiwan question, if inappropriately handled, will have a disruptive impact. The two held "frank, deep and constructive" dialogue and communication on questions that concern both, agreeing to strengthen communication and dialogue, reduce misunderstanding and miscalculation, and properly manage differences. Both of them said it is necessary and beneficial to keep communication channels open. - More -   Bitcoin drops below $21,000 briefly as crypto sell-off continues Posted by: superadmin - 06-14-2022, 03:10 PM - Forum: Business, Economy and Investment - No Replies Bitcoin briefly dropped below $21,000 on Tuesday in Asia before bouncing back slightly, continuing its plunge as investors sold off risk assets. The world’s largest cryptocurrency fell around 10% in the past 24 hours, while ethereum tumbled more than 6% over the same period, according to Coinbase data. Crypto assets were hammered on Monday as trading platforms such as Celsius and Binance stopped withdrawals, and some companies cut jobs. Bitcoin briefly fell below $21,000 on Tuesday in Asia before bouncing back slightly, continuing its plunge as investors sold off risk assets. The world’s largest cryptocurrency fell around 10% in the past 24 hours, while ethereum tumbled more than 6% over the same period, according to Coinbase data. Bitcoin was last trading at $22,594.50 at 2.53 a.m. ET. “Everything is on fire right now, be it the equities, be it the crypto assets or anything,” said Nirmal Ranga, head of trading and technical analysis at crypto exchange ZebPay. - More -   S&P 500 tumbles nearly 4% to new low for the year, closes in bear market territory Posted by: superadmin - 06-14-2022, 03:03 PM - Forum: Business, Economy and Investment - No Replies The 2022 stock sell-off intensified on Monday with the S&P 500 tumbling to a fresh low for the year and closing in bear market territory as recession fears grew ahead of this week's key Federal Reserve meeting. The S&P 500 fell 3.88% to 3,749.63, marking its lowest level since March 2021 and bringing its losses from its January record to more than 21%. The benchmark closed in bear market territory (down more than 20% from its high) after trading there briefly on an intraday basis about three weeks ago. Some on Wall Street say it's not an official bear market until the index closes there and that's what happened on Monday. The last time stocks were in a bear market was in March 2020 at the onset of the pandemic. The Dow Jones Industrial Average dropped 876.05 points, or 2.79%, to settle at 30,516.74, about 17% off its record high. The Nasdaq Composite tumbled 4.68% to close at 10,809.23, bringing its losses for this sell-off to more than 33%. - More -   Bitcoin drops 14%, falling below $24,000 as $200 billion wiped off Posted by: superadmin - 06-13-2022, 09:02 PM - Forum: Business, Economy and Investment - No Replies Bitcoin drops 14%, falling below $24,000 as $200 billion wiped off crypto market over the weekend Bitcoin tumbled below $24,000 late on Monday, hitting its lowest level since December 2020, as investors dump crypto amid a broader sell-off in risk assets. Meanwhile, a crypto lending company called Celsius has paused withdrawals for its customers, sparking fears of contagion into the broader market. Macro factors are contributing to the bearishness in the crypto markets, with rampant inflation continuing and the Federal Reserve expected to hike interest rates this week to control rising prices. Bitcoin tumbled below $24,000 on Monday, hitting its lowest level since December 2020, as investors dump crypto amid a broader sell-off in risk assets. Meanwhile, a crypto lending company called Celsius has paused withdrawals for its customers, sparking fears of contagion into the broader market. The world’s largest cryptocurrency bitcoin dropped below the $24,000 mark, according to CoinDesk data, and traded around $23,575 at 7:45 a.m. on Wall Street. Over the weekend and into Monday morning, more than $200 billion had been wiped off the entire cryptocurrency market. The cryptocurrency market capitalization fell below $1 trillion on Monday for the first time since February 2021, according to data from CoinMarketCap. - More -   Chinese defense chief sends 'strongest warning' to US on Taiwan question; Posted by: superadmin - 06-13-2022, 10:54 AM - Forum: Politics - Replies (1) Chinese defense chief sends 'strongest warning' to US on Taiwan question; 'Indo-Pacific strategy will fail to divide region' The Chinese armed forces will fight to the very end if anyone dares to split Taiwan from China, said the Chinese defense chief in a speech delivered at the Shangri-La Dialogue on Sunday. Chinese analysts said this is the strongest warning China has sent to the US, as Washington has frequently used the Taiwan question to provoke China and encourage the separatist authorities on the island to worsen the region's security situation. Chinese State Councilor and Defense Minister Wei Fenghe on Sunday delivered a speech on China's vision of regional order at the 19th Shangri-La Dialogue in Singapore. On the Taiwan question, Wei said Taiwan is part of China, and the Taiwan question is China's internal affair. "China will definitely realize its reunification." - More - Pages (1324): « Previous 1 … 812 813 814 815 816 … 1324 Next » Jump to page: