Major banks implicated in the FinCen leak take a beating in the stock market

The major banks who were mentioned in the recent FinCen leak were subsequently thrashed by the market today. According to the investigation conducted by the International Consortium of Investigative Journalists, over the 20-year period from 1997 to 2017, the listed financial institutions facilitated over $2 trillion worth of suspicious transactions. When this news broke out yesterday, it was a day of reckoning for many of these institutions. Stocks top-5 banks by the amount of suspicious activity. Deutsche Bank was allegedly singularly responsible for over $1.3T of such transactions. To put this…

Bitcoin Likely to Decouple from Stock Market in Coming Months

Bitcoin has been forming a strong correlation to the stock market once again, with this typically occurring during times of global uncertainty. At the moment, traditional investors are consumed with fears regarding the lack of a second domestic stimulus package within the U.S., as well as the lack of progress in reeling in the pandemic. The upcoming presidential elections are also creating some uncertainty. There’s a high likelihood that these fears will go unresolved in the near-term, and this could create further turbulence amongst equities. That being said, it is…

US Stock Indices Dow Jones, SPX Tank, Taking Down Bitcoin In Tandem

Bitcoin has been collapsing after failing to hold $11,000, and it could be thanks to negative sentiment surrounding a tanking stock market that’s taking the crypto market down in tandem. Here’s why things could get really bad for Bitcoin and the rest of the crypto space if major US stock indices continue to plunge. Major US Stock Indices S&P 500, Dow Jones, Drop On Today’s Quadruple Witching The S&P 500 is down more than 7% from local highs. The Dow Jones Industrial Average, has also lost 5% from its recent…

‘Other companies will follow’ — MSTR stock up 9% after buying Bitcoin

The Nasdaq-listed firm MicroStrategy (MSTR) is continuing to purchase hundreds of millions of dollars worth of Bitcoin (BTC), resulting in its company stock price to gain over 9% on Sep 16.  MSTR stock recovers to pre-Covid levels after buying Bitcoin  MicroStrategy first announced the firm is purchasing Bitcoin on Aug. 11, after which its stock price surged by over 10%.  Now, MSTR price has once again risen in a similar fashion after confirming yesterday that it doubled down on adopting a “Bitcoin standard,” buying over 38,000 BTC worth $425 million…

BNP Paribas connects to major stock exchanges with DAML smart contracts

BNP Paribas’ securities arm has partnered with Digital Asset to develop a number of real-time trade and settlement applications using DAML-based smart contracts, the firm announced on Sept. 15. The new DAML-driven apps will connect BNP Paribas Securities Services with major global stock exchanges like the Australian Securities Exchange (ASX) and the Hong Kong Exchange (HKEX). The apps will provide market participants in the Asia Pacific with real-time access to ASX and HKEX’s upcoming blockchain-based trading and settlement platforms. BNP Paribas will specifically connect to the ASX’s blockchain-powered equity transaction platform…

Tesla stock TSLA chart resembles Bitcoin bubble in 2017, says analyst

Julian Bridgen, the co-founder of the macroeconomic research firm MI2 Partners, believes Tesla stock (TSLA) shows signs of a bubble. He compared the stock Bitcoin (BTC) in 2017 when it hit $20,000 and dropped 58% in two months. From the yearly high to the month’s bottom, TSLA price dropped by 33.74%. The stock has recovered in the past 48 hours, posting a considerable recovery of 12.46%. Uncannily similar fractal between the Tesla stock price chart and Bitcoin price chart Bridgen shared a chart of Tesla stock with a fractal of…

Dave Portnoy shrugs off $700K stock loss, weeks after crying over $25k Bitcoin dump

Dave Portnoy, Barstool Sports’ founder, admitted he lost $700,000 trading stocks on Sept. 8, expressing the importance of “strong hands.” “To steal a line from my crypto friends — you can’t have weak hands,” Portnoy said in a Sept. 8 Twitter video. “If you have weak hands, this game is not for you.”  Weak hands refers to someone selling their trading or investing position out of fear after (or during) a price decline. Stocks have suffered declining prices recently, including today, on which Portnoy boasted of his hand strength.  “Do…

Apple stock market cap shows just how small crypto still is

While the crypto space has seen tremendous growth over the past decade, the asset class still holds a tiny amount of value compared to mainstream markets, especially when pitted against giants such as Apple.  Apple stock (AAPL) holds a staggering $2 trillion market cap, dwarfing all the speculative capital held within the entire crypto space, which, at press time, totals a mere $342.8 billion according to CoinMarketCap.  The crypto industry has grown from simply a concept in 2008, with the inception of Bitcoin’s white paper, to hosting billions of invested dollars. Bitcoin…

SBI Holdings to set up blockchain-based digital stock exchange in Osaka

SBI Holdings, Japanese financial giant and a major blockchain-focused institution, is reportedly planning to set up a blockchain-based digital stock exchange. Yoshitaka Kitao, president and CEO at SBI Holdings, announced the company’s plans to collaborate with Osaka Prefecture to establish a new global financial hub. The new international financial center is will purportedly be located in Osaka and Kobe, Nikkei reports on Sept. 2. SBI is planning to launch a digital stock exchange based on blockchain technology. The exchange is expected to attract global fintech companies and contribute to the…

Barron’s Recommends Hedging A Stock Portfolio, But What About Bitcoin?

Barron’s, an American finance publication operated by Dow Jones & Company, has given a rare suggestion to its audience to hedge their stock portfolios ahead of the upcoming election. The risk hanging over the market could also be responsible for the recent collapse in Bitcoin. Given the recommendation, how should crypto investors consider hedging their portfolio too? Or should stock market investors consider hedging against uncertainty with Bitcoin? Barron’s Warns Of Stock Market Decline, Recommend Hedging Portfolio Ahead Of “Weird” Election In a new report from financial market magazine Barron’s,…