Tuesday , January 23 2018
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Tag Archives: Currency War

Crypto Collapse Crushes Hedge Funds that Touted Huge Gains for 2017

Are they causing the rout by trying to get large sums out of an illiquid market? At the moment, cryptocurrencies and tokens are bouncing up and down in wild, double-digit gyrations by the hour. Bitcoin plunged below $9,300 and as I’m writing this is trading at around $9,800, down about 50% from its peak on December 17. Gone up in smoke in one month: $168 billion. Ripple, the crypto that has recently been touted as the “next bitcoin” or “better than bitcoin,” plunged to $0.88 and is...

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The Falling Dollar and China’s Foreign Exchange Reserves

Stiffened capital controls help. The weak dollar, China’s complex web of capital controls, and its efforts to crack down on its huge and over-leveraged conglomerates to invest overseas are having an impact: China’s foreign exchange reserves – the largest such pile of foreign-currency-denominated securities in the world – rose by $21 billion in December to finish the year at $3.14 trillion, according to the People’s Bank of China today. It was the highest level since September 2016 and...

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Wolf Street Changes Name to Wolf Blockchain, Shares Soar 2,000%, Company & Founder Sell 10 Million Shares

I’m just kidding, but others are not, and people are falling for it. I’m just kidding, I didn’t rename my WOLF STREET media mogul empire “Wolf Blockchain,” and since I’m the only stockholder, what surge the stock undertook since the imaginary renaming went unnoticed, and I didn’t sell any shares either – but others are not kidding, and people are falling for it. Today, a company that sells ready-to-drink soft drinks, Long Island Iced Tea Corp, but had changed its name on December 21 to...

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US Dollar Refuses to Die as Top Global Reserve Currency

Central banks are leery of the newly arrived Chinese yuan. Over the decades, there have been a number of efforts to deflate the dollar’s hegemony as a global reserve currency, which it has maintained since World War II. Some of these efforts – such as the creation of the euro – have made a visible dent into the dollar’s status. Other efforts have essentially passed unnoticed. Now there’s a new contender: the Chinese yuan. On December 31, the IMF released its report on the Currency...

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US Dollar Has Worst Year since 2003, Defying the Fed

Where will it go from here? Today is another down-day for the US dollar, the third in a row, capping a nasty year for the dollar, the worst since 2003. In 2017, the dollar dropped 7% against a broad basket of other currencies, as measured by the Trade Weighted Dollar Index (broad), which includes the Chinese yuan which is pegged to the US dollar. It was worse than the 5.7% drop in 2009, but not as bad the 8.5% plunge in 2003. Here are the past four years of the dollar as depicted by...

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Cryptocurrency Mania is the Most Fascinating Financial Phenomenon I’ve Ever Seen

Wolf Richter with Jim Goddard on “This Week in Money“: The piquant irony: My ruminations were recorded on Wednesday, before the stupendous crypto-crash on Friday when some of the things we’d discussed two days earlier actually occurred. And here’s what happened on crypto-crash day. You’ll get whiplash just from watching. Read…  Cryptocurrencies Crash 25% to 50% across the Board

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Cryptocurrencies Crash 25% to 50% across the Board

You’ll get whiplash just from watching. Overnight and this morning, cryptocurrencies crashed across the board in a spectacularly dizzying way. The craziness of this, and the religious fervor with which these things are being promoted, and what happens when some folks are trying to get out, are taking on ever grander, more exaggerated, and even humorous proportions. So here are the top eight cryptos by market capitalization, with prices at the moment. There is one thing I can guarantee:...

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Big Banks Are All Over Blockchain

To process derivatives, currency trades, transactions, etc. Just don’t call it cryptocurrency. It’s a “digital currency.” By Don Quijones, Spain, UK, & Mexico, editor at WOLF STREET. As a general rule, most bankers disparage cryptocurrencies, like Bitcoin, as anything but purely speculative instruments. But they don’t disparage blockchain, the technology that underpins cryptocurrencies. On the contrary. They’re pouring money into developing their own “digital currencies,” as they...

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The Hottest, Largest-Ever Cryptocurrency ICO Mindblower

But regulators are waking up. Block.one, a software startup registered in the Cayman Islands and lacking a central office, has accomplished an astounding feat: So far, it has extracted $700 million in real money from the global public by selling tokens, called EOS, in an initial coin offering. It is by far the largest ICO ever. An ICO is similar to an IPO, but here buyers got nothing other than the digital tokens – no ownership in the company (unlike what an IPO offers), no promises of...

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Bitcoin Proves You Cannot Have Your Digital Cake and Eat it Too

Libertarians flocked to it “because of the potential that Bitcoin offered, as a decentralized form of money.” That is now over. By Nathan McDonald, Sprott Money: Today we are going to take a trip down memory lane and rewind back to the year 2012 – the year in which I discovered Bitcoin and registered an account on the now famous Bitcoin Talk public forums. This was truly the wild west of the Bitcoin era, when almost no one knew what Bitcoin was, nor did they even remotely care to know....

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