By CCN Markets: The Dow Jones Industrial Average was meandering in and out of positive territory as investors digested a fascinating Federal Reserve meeting. In the end, stocks managed to hold onto gains, with the Dow closing at 26,504, up fractionally. By keeping rates on hold, Chairman Jerome Powell faced his first-ever dissenter. St. Louis Fed President James Bullard voted for a rate cut. Could the Fed chair’s job be at risk? Dow Fails to Rally The lack of direction in the Dow was likely due to the fact that the Fed was split down the middle over its interest
By CCN Markets: The Dow and broader U.S. stock market rose on Monday, as investors shifted focus to a high-profile central-bank meeting that could lay the groundwork for the first interest rate cut in more than a decade. Dow Holds Gains; S&P 500, Nasdaq Follow All of Wall Street’s major indexes reported gains on Monday, reflecting a positive pre-market for Dow futures. The Dow Jones Industrial Average climbed 48.51 points, or 0.2%, to 26,138.12. The broad S&P 500 Index of large-cap stocks gained 0.2% to 2,893.20. Six of 11 primary sectors reported gains, led by communication services. The sector rose
By CCN Markets: The Dow and broader U.S. stock market advanced on Thursday, as investors found a silver lining in the recent string of downbeat data releases. By this time next week, markets will have a clearer picture of whether the Federal Reserve will indeed lower interest rates at its end-of-July policy meeting. Dow Rises; S&P 500, Nasdaq Follow All of Wall Street’s major indexes reported gains on Thursday. The Dow Jones Industrial Average rose by as much as 142 points before backtracking later. It was last up 67.17 points, or 0.3%, at 26,072.00. The broad S&P 500 Index of
Stellar price attempts to break above its rangebound action as the crypto market enters the second week of January 2019. The XLM/USD rate on Monday has surged more than 6% on a 24-hour adjusted timeframe. It was previously locked in a wider price band since December 28, 2018, as all the top coins struggle to
Renowned economist, author of the “Death of Money,” Jim Rickards says the markets just “got the cue” they need. The U.S Federal Reserve (FED) is now unlikely to raise interest rates again without significant warning. That’s a green light for the stock markets and indeed the cryptocurrency market. Powell's use of "patient" on Friday was
The post Here’s Why FED Gives Markets Green Light, Further Rate Hikes Unlikely appeared first on CCN
On the Bitcoin network, whether it is a transaction worth $ 100 or $ 1 million, it costs the same miner’s fee to process the payment. On October 16, a $ 194 million payment was moved on the Bitcoin network with a mere $ 0.1 fee nearly instantaneously. Through legacy banking systems, weeks of paperwork, days of settlement system, … Continued
The post Why Comparing Bitcoin with Centralized Systems Based on Transaction Rate is Wrong appeared first on CCN
Fundstrat Advisors, a market research firm owned by prominent Bitcoin bull Tom Lee, posted an analysis this week showing that the Bitcoin hash rate has doubled since May, despite a price correction of more than 30%. Despite $ BTC bear market, hashpower doubled since May to 57 EH/s – Even with upgrades to existing equipment, implies […]
Bitcoin (BTC) is about to complete a 69.81% correction just as it did back in October 2014. What remains to be seen now is whether Bitcoin (BTC) will follow the exact same pattern as in 2014 or trade differently. The above monthly chart for BTC/USD shows that even the EMA alignment in both cases is the same. The lower half of the above chart shows a chart for EUR/USD which demonstrates the striking similarities between strength of the EUR/USD pair and Bitcoin (BTC).
On Friday, Venezuelan President Nicolas Maduro announced a new single exchange rate for the bolivar that’s pegged to the Petro virtual currency. Under the new guidelines, one Petro would equal $ 60 dollars, which means the nation’s currency is essentially devalued by 96 percent.
Amid immense political and economic turmoil in the South American nation, Venezuelan President Nicolas Maduro recently proclaimed a variety of economic overhauls during a speech broadcast on state television.
The socialist leader said he would boost the minimum wage by upwards of 3,000 percent, increase the corporate tax rate, and raise subsidized gas prices over the next few weeks.
Bitcoin’s rally to two-month highs has more substance than initially thought, the BTC dominance rate indicates.
Recent Bitcoin block data shows that Bitcoin’s mining pools BTC.com, AntPool and ConnectBTC, respectively mined about 25.7 percent, 16.1 percent and 0.2 percent of all new blocks over the past week. This makes for a combined hash rate of 42 percent; an all-time high for the Chinese mining giant’s mining pools.
How true are these claims?
The Canadian province of Quebec has reportedly decided to charge cryptocurrency miners up to roughly three times the current price after they flooded utility Hydro-Quebec with requests for mining operations. In addition, several crypto-related proposals have been submitted including one that requires crypto firms to bid for power.
Price Hike for Crypto Miners
Quebec, a province in eastern Canada, offers one of the lowest power rates in North America. Its electricity is generated, transmitted, and distributed by the country’s largest electric utility, Hydro-Quebec, which was formed by the government in 1944, and currently has over 4 million customers.
Even though there are a lot of debates taking place regarding Bitcoin mining, the network is in a good place. Regardless of energy consumption concerns, the overall hash rate has risen steadily over the past nine months. At this rate, reaching 45 exahash per second will not take all that long.
Increase in Bitcoin’s Hash Rate
The past nine months have not been easy for Bitcoin by any means. Even though the value of BTC seemingly skyrocketed a few months ago – and since has crashed substantially – Bitcoin miners are not ending their operations. Instead, it seems the Bitcoin network hash rate has had a constant rate of growth these past nine months. That in itself is a rather intriguing development, especially in light of the declining Bitcoin price.
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