Crypto News, Analysis, Forecasts, ICOs and Events for the week ending 9/7/2018
September 10, 2018 (Investorideas.com Newswire)
Crypto News & Analysis
It has been reported that the the owners of the Coinbase Cryptocurrency Exchange may be involved in talks with asset manager, BlackRock, regarding the formation of an exchange traded fund. BlackRock manages more than US $6 trillion in assets, and can definitely be considered a suitable partner for any viable financial enterprise.
Coinbase has chosen to take up talks with BlackRock because of their pioneering efforts in creating ETFs and their successful experience in maintaining ETFs. BlackRock's CEO, Larry Fink has publicly denied any interest in being a part of a digital asset fund. Adding to the statement that Bitcoin facilitates an 'index for money laundering.'
Nonetheless Coinbase has already launched a successful crypto fund for accredited investors and aspires to create a fund for retail investors. Many analysts believe that the ETF is the next step in the progression of the cryptocurrency market. The alliances are being pursued and the legislation is being forged. Who will wind up being united when the veil is lifted?
Blockchain technology is in action within the country that leads the ASEAN community in the implementation of renewable energy sources. Bangkok, Thailand will allow its residents to be introduced to a peer to peer platform that will allow its users to buy and sell electricity between themselves. The pilot platform will be powered by blockchain technology. The project will be one of the world's largest peer to peer energy trading platforms.
David Martin, who is one of the managing directors of the Australian firm Power Ledger, a partner in the project, has been reported by Reuters, as saying (that),
"By enabling trade in renewable energy, the community meets its own energy demands, leading to lower bills for buyers, better prices for sellers, and a smaller carbon footprint for all,"
"It will encourage more consumers to make the switch to renewable energy, as the cost can be offset by selling excess energy to neighbors."
The pilot project will begin in an upscale market district on Sukhumvit Road in Bangkok. And the initial participants will be a school, a mall, an apartment complex, and a dental hospital. There will be 635 kW of electricity generated that will be available for trading. Surpluses of electricity can be sold to members within the group or to the local energy storage grid.
Forex News & Analysis
The United States Dollar /Bitcoin (USD/BTC) pairing has taken everyone on a rollercoaster ride this week. The USD appears to have won the battle, gaining on Bitcoin at the end of the week. The continued threats of trade wars and higher tariffs from America's President to sell Americans goods from abroad has apparently strengthened the USD.
The USD index (.DXY) compares the USD to 6 globally dominant currencies. The USD lost ground towards the end of the week. The .DXY index recorded a value of 94.99 down 0.04% from the previous trading day. The EUR ended the week marginally lower against the USD, exchanging at 1.1625 / 1, down $0.0002. While the Great British Pound(GBP) maintained a slim advantage over the dollar at the close of the week. The GBP was standing firm at $1.2932 gaining $0.0002 translating into a 0.02% gain against the USD.
Situations around the world like Turkey's Lira debacle, Venezuela's economic woes, President Trump's threat to inflict tariffs on $200 billion worth of goods from China, and last but not least Canada's firm stance of opposition to the proposed NAFTA treaty, have made the dollar a safe haven for news-weary investors. Interestingly enough, 2018 has seen the USD up in value against every major world currency except the Mexican Peso. If you remember The Mexican Peso was the currency that suffered greatly when President Trump was elected in 2016.
Many Analysts feel the dollar will start to lose value against these same currencies towards the end of the year. They expect the USD to repeat its cycle of decline towards the end of the year, as it did in 2017.
"Cyclical forces will start to work against the dollar: relative economic momentum, relative monetary policy expectations and relative political uncertainty will start to exhibit similar dynamics that weighed on the dollar in the second half of 2017,"
says currency strategist at ING,Viraj Patel.
Will the greatest bull market of this decade finally come to an end. During the terms of President Trump's last two predecessors there was evidence of a cyclical downturn in the American markets during the year's last quarter. We will just have to wait and see if President Trump's leadership at the helm of America's financial strategy will impose a new path or return to the previous one. Another thing investors should keep in the back of their minds is the fact that after the cyclical downturns recorded during the Bush and Obama years, the American economy came back with a vengeance and recorded high levels of growth throughout many sectors.
Crypto Futures News & Analysis
Bitcoin took a nosedive as the week closed. Losing more than 5% of its market cap value from the beginning of the week.
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