Markets

IMF chief Kristalina Georgieva said that the global economy is now in a recession due to the impact of COVID-19. “We should not go with small measures now when we know that it is a gigantic crisis,” she said.International Monetary Fund chief Kristalina Georgieva has stated that the global economy is now in a recession due to COVID-19, Bit she added that she’s “heartened to see world leaders finally realizing that only a coordinated effort will be able to stem the spread of the novel...

Darn it, bitcoin was doing so well as of late! Now it looks like the world’s number one cryptocurrency by market cap has taken another nosedive.Bitcoin Has Fallen Into Oblivion… AgainAt the time of writing, bitcoin has fallen by roughly $500 in the past 24 hours. Just yesterday, the currency was trading as high as $6,700, but now it has seemingly fallen to as low as $6,250. That’s a slip of roughly seven percent. What could have caused such a dramatic fall in such a short period?While it’s...

The global financial markets took a serious hit this month amid the growing fears of the spreading novel coronavirus (COVID-19). However, amid times of economic uncertainty, investors often turn to gold as a hedge to protect their portfolios.According to one model, the fair value of gold right now should be around $8,900, which is more than five times greater than what it’s currently priced at.The Lighthouse Gold ModelThe price of gold currently hovers at around $1,600 per ounce. This marks...

It seems that Samsung range of smartphones might be the first of many to hit the market in the years to come owing, among other things, to blockchain and crypto adoption by the company.For some time, competition between tech giants has been predominantly focused on smartphone specifications and improving features such as camera specs, screen size, and resolutions. However, Korean technology giants Samsung, the creators of the Galaxy smartphone range could potentially become one of the most...

It’s been reported by some analysts that bitcoin demand is likely to go up in the coming weeks due to the current economic and market conditions, though some sources claim the opposite, and believe there will be a stronger desire for traditional financial services and institutions.Some Want Tradition Over BitcoinDuring the last few weeks, several traders sold off their bitcoin and crypto stashes along with their stocks, metals and other assets as a means of attaining cash. During times of...

In times of severe volatility, trading volumes typically go up, and the last couple of weeks are no exception. Binance, the world’s leading cryptocurrency exchange, has decided to create a trading tournament where users can team up and share in a combined prize pool that can grow to as much as $1 million worth of BNB.It’s important to note that trading futures and leveraged assets is not recommended for beginners, as it involves high risk of losing your capital.Binance Futures Trading...

New data suggests that investors are once again gaining confidence in bitcoin.Bitcoin Is Back, BabyThe currency – which is often seen as a speculative asset – shed several points off its reputation during the past few weeks, though to be fair, the same can be said for many assets (i.e. stocks, oil, etc.) The coronavirus pandemic sent everyone into a solid panic, and people began selling off everything they owned in the hopes of gaining cold hard cash before the global economy suffered too...

The past several weeks have been chaotic everywhere in the world as the coronavirus outbreak threatens economies in both the West and the East. McKinsey explained what new challenges businesses have today.We are all aware nowadays that the novel coronavirus affected the world markets. If we are talking about cryptocurrencies, Dow Jones or commodities it affected them all. Also, it affected people and their ability to invest. We already wrote that the management and consulting company McKinsey...

Abbott Laboratories gets FDA approval on its coronavirus test m2000 RealTime System, which takes a 5-minute minimum to get the results. ABT stock rose nearly 2% after hours to trade around $76 though on Monday its price was $62.Abbott Laboratories (NYSE: ABT) announced on Friday that it has received the approval of its rapid COVID-19 test from the U.S. Food and Drug Administration. According to the company, the molecular point-of-care test will be run with their portable called ID now. This...

After three days of dull price action inside a $200 range ($6600 – $6800), Bitcoin saw a huge plunge back to the $6000 area, more than 10% were lost in a matter of hours.If you followed us here, we mentioned reasons why Bitcoin was looking more bearish than bullish, and we also stated that once a breakdown takes place, it will hurt.These reasons include the double-top bearish formation, the symmetrical triangle on the 4-hour chart, the declining trading volume, and most importantly, the daily...