Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
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-1.37%Reading
CryptoCrypto and stocks are once again moving in opposite directions today. While the stock market appears to be rebounding based on optimistic outlooks over the US economy, BitcoinBitcoin has been spooked by a blast from the past.
The price of Bitcoin dropped by roughly 2% today on news that 50 BTC mined in early 2009 were moved unexpectedly. This led to speculation that Satoshi Nakamoto—the pseudonymous creator of Bitcoin—had moved part of his dormant crypto stash. That speculation, though, seems to be mostly unfounded based on available evidence.
While Bitcoin dipped to $9,500, competitors like Ethereum also dropped slightly. ETH is currently trading for about $210—a 1.8% fall from the $214 it was enjoying earlier today.
Stocks, on the other hand, are on the way up, as the Dow Jones Industrial Average (DJIA) closed trading today up 400 points. The S&P 500 jumped by almost 2% in its best trading day in over two months, driven largely by strong rallies in Facebook and Amazon stock. Shares in these companies rose by 6% and 2%, respectively.
The return of Satoshi Nakamoto would be fitting for 2020, wouldn’t it? In case you missed it, someone who mined Bitcoin in 2009, just a month after its creation, decided to move coins today that had not been touched in 11 years. These 50 bitcoin were mined on February 9, 2009, shortly after Satoshi Nakamoto bootstrapped the Bitcoin network. So, of course, social media is lit up with the scuttlebutt that these coins must belong to Bitcoin’s pseudonymous creator. 👤👤👤 40 #BTC (391,055 USD) tra...
The moves follow a trend among all 50 US states to begin reopening their economies by varying degrees. While rules differ from state to state, it’s a promising sign of rebounding economic activity, which has been saddled by the coronavirus pandemic. Colleges and universities across the country are also beginning to weigh the possibility of holding fall classes.
That trend may have something to do with the potential for a COVID-19 vaccine to hit the market sooner than anticipated. US immunotherapy company Inovio Pharmaceuticals, much like competitor Moderna Therapeutics, is experimenting with a coronavirus vaccine and says its formula has produced antibodies in both mice and guinea pigs.
The company also began human trials in April, though these results likely won’t be available until June. Inovio now says it’s looking to test the vaccine on larger animals, such as monkeys and rabbits.
It’s a start—and perhaps a sign that the world, including the markets, might soon return to normal.
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
Spark, an on-chain capital allocator embedded in the recently rebranded Sky, formerly MakerDAO, ecosystem, says it has committed an additional $1 billion to tokenized real-world assets (RWAs), specifically those backed by U.S. Treasury securities. The expansion brings Spark’s total value locked (TVL) to $2.4 billion, making it the leading on-chain allocator, per DeFiLlama data. The allocation follows the conclusion of Spark’s "Tokenization Grand Prix," a months-long initiative that awarded capi...
Berkshire Hathaway CEO Warren Buffet announced plans over the weekend to step down at the end of the year, after turning his company into one of the world’s most profitable firms—with a 5,500,000% return on investment since he took the helm. But he never cottoned to Bitcoin, although his stance about the technology behind digital assets softened over time. The 94-year-old Buffett, who made his surprise announcement at Berkshire Hathaway’s annual shareholder meeting, maintained that Bitcoin wou...
The U.S. Securities and Exchange Commission on Monday stopped short of giving the green light to a new crypto exchange-traded fund that would give investors exposure to Litecoin. The Wall Street regulator instead decided to delay giving an answer to the proposed product—which is a perfectly normal step for such applications. Nashville, Tennessee-based Canary Capital filed the paperwork in October for the Canary Litecoin ETF. The SEC currently has dozens of altcoin ETF applications to consider f...