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Stocks, Digital Assets, and Commodities Start the Week in the Green

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It’s been nearly half a year since Italy first imposed a full lockdown on their citizens, and most of the rest of the world soon followed.

The lockdowns proved extremely effective at combating the spread of the virus but also came with a heavy cost. The impact these measures had, however, became completely useless after the restrictions ceased.

It’s 48 days until the next U.S. presidential election. Similar to the lockdown measures, a U.S. president is only effective while they are in power, thanks in part due to a rapidly expanding partisan division in the nation’s politics.

The system is a bit silly if you ask me, but understanding it is critical when trying to forecast how the global economy will perform over the next few years.

Stimulus measures thus far have been abundant, but it’s time to come clean and understand that we’re not likely to see this level sustained. What’s done is done.

Most central banks are now exhausted from printing, and to the best of my knowledge, few to none are considering further shock-and-awe campaigns. Meanwhile, the second wave of the coronavirus is making some countries nervous.

Here in Israel, a new, full lockdown is likely to be imposed by the end of the week, a move that is already known to be a killer of small businesses.

In the U.S., we may see further stimulus before the elections, or we may not. Either way, now that the lockdown measures and the stimulus have eased, life is getting even more difficult for many millions of people across the world.

This is really the time to have a strong stomach, because it does seem like things have a potential to get worse before they get better. One way or another, they will improve.

Upper

I’m really sorry to be such a downer today. Fortunately, the stock markets are actually performing quite well, as are most currencies, commodities, and even crypto as the U.S. dollar continues to test various levels of support across different asset classes.

Perhaps the most obvious of these is the Japanese yen, which has been gaining ground against the dollar rather steadily for more than three years. Today’s 0.5% movement may not appear very significant on this long-term graph, but let me assure you that it rather encapsulates what’s happening in all markets in the short-term.

US dollar/Japanese Yen

We’d like to wish a lot of success to Yoshihide Suga, who was confirmed this morning to replace Shinzo Abe as the prime minster of Japan.

Abe recently announced his resignation due to a mysterious illness, after being the country’s longest-serving prime minister. Suga is currently seen as the most stable option to carry out his former prime minister’s directive, despite having rather opposing personal politics.

So perhaps there’s some reason the yen, in particular, is gaining confidence today, and it’s probably just a coincidence that it coincides with the multi-year trend.

Confidence

In conclusion, the movements of the U.S. dollar relative to the Japanese yen, a pair known fondly to forex traders as The Sushi, are really a reflection of what’s happening in the rest of the global economy.

Entire industries are downsizing and some are even disappearing, while other industries are becoming more productive now than ever before as the pandemic has accelerated many trends that were already present but have now become supercharged.

Long-term investors quite obviously feel that everything will soon get better, and this breeds confidence in the markets. When I look around right now at the global landscape, all I see is potential.

Source: https://www.bitcoinmarketjournal.com/digital-assets-start-the-week-in-the-green/

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Seoul Police Summons Bithumb Chairman For Interrogation

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The Seoul Metropolitan Police Agency has summoned the chairman of Bithumb for interrogation regarding the alleged fraud. The chairman of the firm, Lee Jung-hoon has been accused of a lot of fraud activities. The fraud is related to the failed listing of the BXA token and defrauding the investors.

As revealed in earlier reports, this token has been promoted as the native token of Bithumb. However, the token has never been launched or listed on any platform. Due to the promotion of a fake token, Lee is now involved in a huge fraud, which includes the damages of around $25 million funds of the investors.

Seoul Police Conducted Initial Investigation at Bithumb Office

It needs to be mentioned that this police raid did not happen all of a sudden as earlier also Seoul police had investigated this case. The initial investigation that police conducted was on September 02, 2020 at the office of Bithumb. Lee has also been accused of using the investors fund purchasing the properties overseas or some other offshore investments.

According to the latest report, Kim Byung-gun who is another chairman of Bithumb, is also accused of getting involved in this BXA fraud along with Lee. However, the Seoul Police did not send any summon for investigation to Kim regarding this case. 

Police Siezed The Shares Related to Lee

Along with this summon, the police has also siezed a lot of shares of the Bithumb Holdings that belonged to Lee. Not only this, the firm is also help responsible for a data breach incident which took place in 2017. Even though the exchange is accused of different allegations, it is still holding quite a firm position in the South Korean market. Not only in South Korea, it is still counted among the top ten largest crypto exchanges across the world. The daily trading volume of the exchange is around $250 million, which might be due to its huge user base.

READ  Tokenomica Begins OTC Desk Including BTC-EUR Pair

#Bithum Holdings #Bithumb #BXA token #Investigation at Bithumb Office #Kim Byung-gun #Lee Jung Hoon #Seoul Police

Source: https://www.cryptoknowmics.com/news/seoul-police-summons-bithumb-chairman-for-interrogation

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Binance US Joins Chicago Defi Alliance For Defi Industry Development

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Binance US, the United States arm of the largest exchange Binance, has recently joined the Chicago Defi Alliance (CDA). This has been revealed by the firm on September 17 via blog post. This Defi Alliance is backed by different firms, including Volt Capital, TD Ameritrade, CMT Digital, Compound Finance and many others. 

Binance US Will Help Mature Defi Space

It is revealed that by joining this alliance, Binance US is aiming to contribute towards the development of the Defi industry across the US. Catherine Coley, the CEO of the firm, has said that by working with CDA, the firm will help in the development of the Defi space. Along with this, it will also support startups as now it will be able to unlock many Defi offers. 

CDA was launched a few months back in this year only and is aimed to provide support and guidance to the startups and entrepreneurs that are focused on Defi. It aims to fulfill all the requirements which are related to the trading regulations. 

CDA Formed When Defi Industry Collapsed in April

Back in April, there were reports that the DeFi industry had collapsed to $360 million and that was the time when CDA was formed. In a few months, the industry is able to get back on track as now there is more than $9 billion which is locked in the Defi applications. Binance US has also joined Blockchain Association last month i.e. August 2020. 

It has been seen that Binance is involved in many blockchain related alliances and now CDA has added another one to its network. During the start of this month, Binance has also sided with Blockchain for Europe which is a huge association in Europe related to blockchain technology. Binance’s partnership with so many blockchain-driven organizations demonstrates the significance that it places on this technology.

READ  Binance.US Partners With Crypto Brokerage Tagomi To Offer Institutional Liquidity

#Binance.US #Catherine Coley #Chicago DeFi Alliance #Defi Industry Collapsed #Defi Industry Development #Mature Defi Space

Source: https://www.cryptoknowmics.com/news/binance-us-joins-chicago-defi-alliance-for-defi-industry-development

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Nvidia Signs Definitive Agreement With SoftbankGroup Corp. To Acquire ARM

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California-based multinational technology company, Nvidia, has recently inked a deal of $40 billion with Softbank Group Corp. to buy the computer chip maker Arm Holdings.

A public statement released by Nvidia indicated that the company processed its payment in a combination of cash and shares. 

In the year 2016, the Japanese multinational conglomerate, Softbank Group Corp. purchased ARM for $32 billion.

Nvidia To Build Original Computing Company

Recently, the chief executive officer of Nvidia, Jensen Huang, said that now they will develop an original computing company for the age of artificial intelligence (AI).

Although Nvidia has purchased ARM, its headquarter will still be in Cambridge, England. 

Huang has further stated, “We will expand on this great site and build a world-class AI research facility, supporting developments in healthcare, life sciences, robotics, self-driving cars and other fields.”

Nvidia develops the graphics processing units (GPUs) which basically are used in video games. But apart from that, the company has deployed these units among mining fields in order to mine cryptos like Ethereum (ETH), Monero (XMR) and Zcash (ZEC). 

In the present time, mining bitcoin (BTC) with the help of GPU will be completely useless because now the world’s largest digital currency has been using an application-specific integrated circuit (ASIC).

Smartphone Technologies Based On Arm

As per the report, currently, most of the smartphone technologies are based on Arm Holding’s technology. 

Arm Holding develops designs for companies like Apple, Samsung and Huawei. Later, these companies use Arm’s design to build a customized chip. 

In the present scenario, the cloud data centers have also started using Arm’s technology. 

It is to be noted that to date, the companies have created 180 billion chips which are based on the design of Arm.

The CEO of Arm, Simon Segars, has recently stated that Arm Holdings along with Nvidia will be developing new solutions for the global ecosystem fo innovators.

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#application-specific integrated circuit (ASIC) #Arm Holdings #Artificial Intelligence (AI) #Bitcoin (BTC) #California #Cambridge #chief executive officer of Nvidia #England #Ethereum (ETH) #graphics processing units (GPUs) #Jensen Huang #Monero (XMR) #NVidia #Softbank Group Corp. #Zcash (ZEC)

Source: https://www.cryptoknowmics.com/news/nvidia-signs-definitive-agreement-with-softbankgroup-corp-to-acquire-arm

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