By CCN: In December 2018, the mainstream media proclaimed the death of bitcoin (BTC/USD) for the millionth time. At that point, the first cryptocurrency dropped by as much as 84% from the all-time high of around $20,000 as the price plunged below mining costs. The bearish sentiment was so strong that almost no one dared to long the digital asset. Those who did, however, have been handsomely...
For much of the past 75 years or thereabouts, the status of Saudi Arabia as the world’s undisputed energy hegemon has been taken for granted, with the kingdom exporting roughly 7 million barrels of oil per day, making it by far the world’s largest oil producer and one of the wealthiest countries on the planet. With this wealth has come huge foreign heft, availing the autocracy of an extremely...
Donald Trump sent the oil market into a tailspin Monday with one tweet claiming oil prices are too high and blaming OPEC for it. Is Trump unaware that oil prices are a function of supply and demand? Or is he deliberately shifting the blame off his destructive embargo of Venezuela? Oil prices getting too high. OPEC, please relax and take it easy. World cannot take a price hike - fragile! —...
The value of Venezuela’s oil-backed cryptocurrency, the petro, is seemingly currently unclear, and even taking a look at official government sources yields inconclusive results, given substantial price differences. The petro, announced in December of 2017 as a tool for the South American nation to combat international sanctions, has been a controversial currency so far. Supposedly, the government...
Technology giant IBM has developed a blockchain trade finance platform alongside a bank and a commodity trading house to settle deals using the blockchain solution. Singaporean commodities trading house Trafigura and French bank Natixis join IBM in the innovative solution, one that they call as the first blockchain solution in commodity trade finance geared for the US crude oil sector. The...
While think-tanks and central banks increase calls to minimize the amount of physical cash in circulation, many citizens are doing the opposite and stuffing cash under the mattress. We consider this trend and the developing downtrend in the benchmark S&P500 Index. This post is powered by the Bitcoin Trading Network xbt.social - CCN29 and get 29USD off! Economic Indicators World Indexes ...
Oil prices have plummeted lately, bringing economic relief to consumers but leaner revenues to oil-exporting nations such as Russia, Venezuela, and Nigeria. The Organization of the Petroleum Exporting Countries (OPEC) debated cutting production, but leading exporter Saudi Arabia staunchly refuses to lower their production--no matter how low the oil price falls. As low oil prices place strain on...