Call it profit taking, call it sectors rotation, the sudden increase in volatility that hit Wall Street just at the dawn of the last month of the year deserves some attention. Most of 2017 has been spent in an uptrend driven by the Technology sector and no significant drop hit the market during the year. Another peculiarity of 2017 has been the constant decrease in correlation among sectors: most stocks usually follow a common trend, not this year.
Bank of Canada thinks now is a good time to research their own digital currency. Although the name remains unknown, they are not the first financial institution to contemplate such an approach. Central bank digital currencies are a very unusual development in the financial sector. So far, no major bank has made any significant progress in developing such a currency. Bank of Canada may be the first to achieve some breakthrough in this regard. A paper has been circulating which focuses on creating a native digital currency.
Following new cryptocurrency regulations in April, Japanese police have pointed to 170 cases of money laundering via cryptocurrencies reported by exchange operators in six months between April and October. The first such report by the National Police Agency was conducted after the law on prevention of transfer of criminal proceeds was revised in April, requiring cryptocurrency exchange operators to report transactions suspected to be involved in money laundering.
A British organization representing 5.4 million people in England and Wales brought a massive lawsuit against the American tech-giant Google on November 30 in the United Kingdom, accusing the California-based company of illegally harvesting data from its customers' iPhones to then use for individually targeted advertising
Bitcoin's price has levelled off at around $9,600 on Friday after the cryptocurrency lost almost $2,000 in less than 24 hours over Wednesday and Thursday. Despite the falls, bitcoin is still trading at almost ten times its value at the start of the year. And according to the Bank of France Governor Francois Villeroy de Galhau, Bitcoin is a speculative asset and people who invest in it do so at their own risk.
Credit Suisse plans to complete its group restructuring in 2018, it said Thursday as it raised its 2018 profit target for its wealth-management and connected business in Asia-Pacific, and announced new guidance for 2019 and for 2020. "Our teams remain strongly focused on driving value for our clients and shareholders through 2018 and our objective is to achieve a group reported return on tangible equity of between 10-11% for 2019 and between 11-12% for 2020," CEO Tidjane Thiam said in the statement.
Bitcoin’s ongoing meteoric price rise has received the bulk of recent press attention with a lot of discussion around whether or not it’s a bubble waiting to burst. However, most the coverage has missed out one of the more interesting and unintended consequences of this price increase. That is the surge in global electricity consumption used to “mine” more Bitcoins.
Unfortunately, neither existence of a rising wedge formation, nor the weekly R1 or the 50% Fibonacci retracement level stopped the rate from breaking to the top. However, this does not automatically mean dissolution of the pattern, as it still stay in force by making readjustment of the boundaries. Regardless of existence of the figure, in order to continue moving upwards, the pair will need to cross strong resistance zone located between the 112.62 and 12.70 marks.
Fans of the iconic Hermès Birkin bags are beating the long waiting list by scoring the bags at auctions. The much sought-after Birkins have been continuously breaking auction records. A rare Hermès Birkin bag sold at auction early Wednesday morning at Christie’s in Hong Kong for a whopping $382,000. It’s set a record as the priciest handbag ever sold at auction. The collector, who won the bid by phone, is not from Asia.
The Organisation for Economic Cooperation and Development on Tuesday issued a forecast for weak economic growth in the UK over the next two years that is worse than a much reduced estimate published last week by Britain’s fiscal watchdog. The club of rich nations expects Britain’s economic growth to drop sharply from a rate of 1.5 per cent in 2017 — placing the UK at the bottom of the G7 group of countries — to 1.2 per cent in 2018 and 1.1 per cent in 2019. “The growth slowdown is expected to continue through 2018, due to continuing uncertainty over the outcome of negotiations around the decision to leave the European Union and the impact of higher inflation on household purchasing power,” said the OECD, adding that there would be a “moderate” rise in the UK’s current 4.3 per cent unemployment rate.
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