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Shanghai Targets $52 Billion Metaverse Tech Economy By 2025

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By 2025, the Shanghai City Government intends to intensify its efforts to establish a metaverse industry.

The metaverse is evolving as a technology that is garnering the attention of the world’s leading nations and cities.

Shanghai, the most populous city in China, has released a paper outlining its intention to become a major center for metaverse activity.

Suggested Reading | Bitcoin Will Reach ATH In Next 24 Months, Coinshares CSO Predicts

A document published by the Shanghai municipal government last week highlighted its aim to develop a metaverse economy worth approximately $ 52 billion by 2025.  Read more...

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Stablecoins Becoming Attractive To Argentines After Economy Minister Quits

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Stablecoins are now drawing the attention of people in Argentina after a top cabinet official resigned.

As a result of the departure of Argentina’s economy minister in the face of a continuing economic calamity, Argentines ramped up their purchases of stablecoins throughout the weekend as they normally do.

The cost of purchasing Tether’s stablecoin USDT using Argentine pesos increased significantly after the resignation of Economy Minister Martn Guzmán on Saturday.

The peso fell roughly 15 percent following the resignation, relative to the stablecoins DAI and tether on a number of the most prominent local trading platforms. Stablecoins are tethered to the US dollar, making them less susceptible to price volatility.  Read more...

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St. Louis Fed Chief James Bullard Agrees Crypto Is Disrupting Economy

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Central bankers have a lot to say about bitcoin. Federal Reserve Bank of St. Louis President and CEO James Bullard acknowledges that cryptocurrencies are a disruptive force to the economy. Like his boss, Fed Chairman Jerome Powell, Bullard also appears to worry that cryptocurrencies are a menace to the financial system for a couple of […]

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Trump’s Economy Boosts Bottom 10 Percent of the American Population

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White House Economic Adviser Larry Kudlow believes the U.S. economy is booming under Donald Trump and the data supports it. Kudlow appeared on Fox Business where he expressed frustration that the mainstream media and certain “individuals running for higher office” were attempting to paint the economy as being in a recession. How Right Is Kudlow? […]

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Bitcoin ETF Can Bolster US Economy for Next Decade: VanEck

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The SEC should approve a bitcoin ETF soon because it could be a major driver of the U.S. economy for the next decade. That’s the opinion of Gabor Gurbacs, the director of digital asset strategy at investment management firm VanEck. Gurbacs made the remarks to Fox Business host Liz Claman while discussing today’s explosive Senate […]

The post Bitcoin ETF Can Bolster US Economy for Next Decade: VanEck appeared first on CCN Markets

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Stock Market Strategist: ‘Fed Needs to Do Nothing’ with Red Hot Economy

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The stock market is booming this summer. June was one of the strongest months on record. And July is bringing more good cheer: The S&P 500 just topped 3,000 for the first time this week. Meanwhile, President Trump celebrated the Dow Jones index crossing 27,000 today: Dow just hit 27,000 for first time EVER! — […]

The post Stock Market Strategist: 'Fed Needs to Do Nothing' with Red Hot Economy appeared first on CCN Markets

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How the US Economy Defied the Odds & Achieved Record Growth

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Out of the ashes of the financial crisis has come the longest economic expansion in history. Now at 121 months, the US economy’s expansion began in June of 2009 as growth returned following the mortgage fiasco. The Economic Phoenix Rises It isn’t surprising that the longest economic expansion should occur after the second-worst recession of […]

The post How the US Economy Defied the Odds & Achieved Record Growth appeared first on CCN Markets

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Dow Rips Lower After Fed’s Powell Sounds Alarm Bell on U.S. Economy

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The Dow and broader U.S. stock market declined sharply on Tuesday, as investors reacted to dovish commentary from Fed chief Jerome Powell that suggested central bankers were becoming ever-more concerned about the economy. Dow, S&P 500, and Nasdaq Sink in a Sea of Red All of Wall Street’s benchmark indexes traded in negative territory on […]

The post Dow Rips Lower After Fed's Powell Sounds Alarm Bell on U.S. Economy appeared first on CCN Markets

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Markets Update: Digital Currency Economy Surpasses $300 Billion

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Digital currency prices have spiked considerably in the last 24 hours and bitcoin core (BTC) stopped short about $ 70 in an attempt to cross the $ 10K price zone. Most cryptocurrencies are up between 2-8% on Friday, June 21 and the entire cryptoconomy surpassed $ 300 billion.

Also read: These Are 2019’s Biggest Cryptocurrency Winners and Losers so Far  Read more...

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Bond King Says Trump Might Drop Out of 2020 Election if Economy Falters

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By CCN Markets: Even though Donald Trump kicked off his 2020 presidential campaign last night in Florida in front of a crowd of roughly 20,000, Wall Street isn’t entirely convinced that he’s committed. Jeffrey Gundlach, who is nicknamed the Bond King and whose firm DoubleLine Capital oversees $ 115 billion in AUM, told Fox Business that there’s a chance the president could change his mind. “If the economy goes into recession, and he can’t pull it out by removing the tariffs, there’s very little for him to run on.” Dropping Out Is Not Unheard Of While dropping out of a presidential  Read more...

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Bernie Sanders Wants a ‘Political Revolution’ but Economy Is Humming

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By CCN Markets: Presidential hopeful Bernie Sanders has reportedly called for a full-blown “political revolution” to fix the U.S. economy. Meanwhile, popular metrics such as the stock market and GDP point to economic vigor. In fact, since the Great Recession was over a decade ago, the economy has been expanding for the longest stretch in history. Bernie Sanders Calls for a ‘Political Revolution’ Bernie Sanders appeared on Fox News Sunday to give his opinion on directing the future of the U.S. economy. In an accompanying article, Fox labeled his rhetoric as “democratic socialism,” particularly when Sanders told the host, Chris  Read more...

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Morgan Stanley Cries Wolf on ‘June Gloom’ Economy Outlook

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By CCN Markets:  Morgan Stanley economist Ellen Zentner told clients today that June may be a rough month in the economy, going so far as to suggest “June Gloom” is looming. This comes on top of a similar warning two weeks ago from the very same Wall Street firm. The latest research note reportedly states: “The decline shows a sharp deterioration in sentiment this month that was broad-based across sectors.” Zentner is often solid on many things. On the most recent note, however, she’s off base. Morgan Stanley is relying on its proprietary Business Conditions Index (BCI), which reflects pivotal moments  Read more...

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Cryptocurrency Adoption Rising in Iran as Government Mismanages Economy

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Iran is toying with the idea of lopping zeros off its national currency as inflation goes through the roof. History tells us this is rarely a good idea. Cryptocurrency provides an alternative for those living in countries where the fiat currency is being rendered worthless. Crypto adoption in Iran is growing steadily, with government economic mismanagement credited with being a contributing factor. 

Also read: Venezuela Wants to Use Petro to Finance Large Housing Program  Read more...

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PwC Thinks India will Outperform the U.K.’s Economy: Here’s what the ‘Big Four’ Firm and the ‘GDP’ Indicator get Wrong

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By CCN.com: A publication by accounting firm PwC has placed India on track for a 7.6 percent growth in 2019, setting a path for the country to surpass both the U.K. and France in terms of economy. But ask any economist, and they would point towards why the coveted Gross Domestic Product (GDP) – which

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BANKEX Partners with Digital Trust Fund to Develop Uzbekistan’s Digital Economy

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This is a paid-for submitted press release. CCN does not endorse, nor is responsible for any material included below and isn’t responsible for any damages or losses connected with any products or services mentioned in the press release. CCN urges readers to conduct their own research with due diligence into the company, product or service mentioned

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Falling GDP, China’s Weakening Economy Drops Crude Oil Price By 2%

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China’s weakening economy is driving fears of a global slowdown and now impacting oil markets. The price of crude oil fell 2.1% today. New Data Shows a Cooling Chinese Economy The latest data on Chinese imports and exports, below expectations, dropped the Dow Jones 230 points in premarkets today. The Dow Jones recovered but failed

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China & India are Surpassing US’ Economy By 2030

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The United States will fall to a third place in the ranking of the largest economies in the world. China and India will overtake the U.S. by 2030, and it is unlikely that we will ever get the throne back. UK based financial services giant Standard Chartered Plc. predicted in its annual ranking of the

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President Trump Makes His Case for a Border Wall as Economy Hangs in the Balance

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Donald Trump delivered his first prime-time address from the Oval Office Tuesday evening, speaking directly to the American people about the need to for a planned border wall with Mexico. The speech came mere hours after Senate Democrats prevented the chamber from considering bipartisan legislation in an attempt to pressure GOP lawmakers to reopen the

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China’s Weak Economy Gives US Upper Hand in Trade War: Trump Admin

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China’s well-known fears of social instability as a result of worsening economic conditions could be used to the advantage of the United States in the trade negotiations, U.S. Commerce Secretary Wilbur Ross has indicated. This comes as trade talks between the world’s two biggest economies entered a new stage on Monday in Beijing. Speaking to

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Bitcoin Does Not Threaten Global Economy According FSB

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Bitcoin and other cryptocurrencies do not pose a threat to the world economy, but should be monitored as the market “continues to evolve rapidly.” That’s the assessment of the Financial Stability Board (FSB), an international body that monitors the global economy. The observations were brought to light in a December 28 report by the Reserve Bank of India

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