By CCN Markets: There’s nothing like a bank run to bring out the bitcoin-fever dreamers. Hong Kong protesters reportedly tried the tactic in their latest effort to stop what they see as unfair practices of their government. A prominent leader of the protesters called for a run on the banks, urging people to drain their accounts. The call was music to the ears of bitcoin enthusiasts, many of whom...
The Dow Jones continued to expose its vulnerability on Monday, as the index traded down 267 points (0.85%) to 26,019. Most of the damage was done at the opening bell, with protests in Hong Kong, a shocking vote in Argentina, and Jeffrey Epstein fallout adding to a potent soup of bearish news for global risk appetite. Truly Global Risks Weigh on Dow Jones As if the significant trade standoff...
Bitcoin's blossoming inverse correlation with the stock market and other assets vulnerable to economic and political turmoil suggests that it's finally becoming "digital gold." Since early May when it broke above $6,000 for the first time this year, Bitcoin price movements have been remarkably correlated with rising U.S.-China trade war tensions. Currently, demand for the cryptocurrency is...
The Dow suffered another grisly setback on Monday as Chinese officials rebuked anti-government protests in Hong Kong as reminiscent of “terrorism” - thrusting the global economy one step closer to what one legendary investor has predicted could be the stock market’s next “black swan” event. Dow Extends August Plunge All of Wall Street’s major indices dropped during the morning session. As of 9:32...
Protesters in Hong Kong have reportedly taken over at least one government building, with tensions escalating over the weekend and preventing the local stock market from taking part in an otherwise-global rally. Tensions Escalate as Hong Kong Stock Market Tanks The protesters took over the legislature building, and police are not happy about it, reportedly firing tear gas at the occupiers. The...
By CCN: In an attempt to spur collaboration between both regulatory bodies in Fintech and intriguingly a central bank digital currency, the Hong Kong Monetary Authority (HKMA) and the Bank of Thailand (BOT) have signed a Memorandum of Understanding (MOU). The MOU, which was signed in Basel on Monday enables both regulators to work together on joint innovation projects, as well as share...
By CCN.com: Hong Kong’s Secretary for Financial Services and the Treasury, James Lau, has clarified to the city-state’s Legislative Council that commercial transactions relating to Bitcoin mining devices are protected under the Trade Descriptions Ordinance. Consequently, bitcoin traders who engage in unfair trade practices with regards to bitcoin mining hardware face a five-year jail sentence. A...