On Sept. 9 the price of Tesla stock surged 10.92% after undergoing a 21% plunge earlier in the day. Coincidentally, the price of Bitcoin (BTC) also soared by nearly 5% in the past 24 hours. XBT/USD 4-hour chart. Source: TradingView.com In the past several days, the correlation between Bitcoin and stocks has increased once again. Data from Skew shows the 1-month correlation between Bitcoin and the S&P 500 surged from 18% to around 55%. What’s behind the Tesla dump and Bitcoin pump? The price of Tesla likely declined due to two main reasons. First, many investors anticipated the stock to …

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 ya see my hands shakin?" Portnoy said. "I'm down 700 …

Canaan, China’s major cryptocurrency mining company, will soon launch a $10 million share repurchase program. On Sept. 8, the Nasdaq-listed company officially announced that its board of directors has authorized a share repurchase program to repurchase up to $10 million worth of its American depositary shares, or ADSs. According to the announcement, Canaan will be repurchasing 15 Class A ordinary shares and/or Class A ordinary shares over the next 12 months starting Sept. 22. Under the share repurchase program, the mining giant is authorized to repurchase its ADSs “from time to time” through open market transactions at prevailing market prices, …

Digital asset markets were on a parabolic surge until investor confidence took a major hit to close out the week with a bearish tilt due to a perfect storm of negativity. Before reading the rundown, catch up on the most-read stories centered around the price of Bitcoin, the macroeconomic picture and the DeFi phenomenon gaining traction. Bitcoin price, stocks and gold plunge in tandem — What’s next? Don’t panic? ‘Smart money’ whales are waiting to buy Bitcoin at $8,800 Yearn.finance’s $140M yETH vault proves investors are ravenous for DeFi Bitcoin mirrors gains of past halvings, suggesting $41K price in 2020 …

Huge gains in stock markets despite the dire economic consequences of coronavirus may soon be a thing of the past, one analyst warns. In a tweet on Sep. 4, Mike McGlone, senior commodity strategist at Bloomberg Intelligence, said that gold may soon get the limelight as markets reach an “inflection point.” Strategist: fiat markets may soon face day of reckoning “In a battle of the bulls, we see greater potential endurance favoring #gold over the #Nasdaq,” he wrote. “The conundrum of monetary and fiscal stimulus lifting most assets may be nearing an inflection point, where the increasing certainty of QE …

Bitcoin (BTC) may be testing $10,000 but further losses would not be unusual, says an asset manager on the 90th anniversary of the Wall St. Crash. In a tweet on Sep. 4, Raoul Pal said that the past 24 hours’ BTC price declines were nothing out of the ordinary. Pal eyes Bitcoin buying opportunity “In the post-Halving bull cycles, bitcoin can often correct 25% (even 40% + in 2017), throwing off the short-term traders (or giving swing traders a shot at the short side),” he wrote. “Each of those was a buying opportunity. DCA opportunity ahead?” Pal was referring to …

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 development of the financial hub. Kitao emphasized that the establishment …

The price of Bitcoin (BTC), the S&P 500 index and gold all fell simultaneously on Sept. 3. Sentiment around the markets remains cautiously negative after the drop. Two factors likely triggered the abrupt decline of Bitcoin by over 8% on the day. First, miners sold off unusually large amounts of BTC in a short period. Second, the U.S. dollar index has started to recover from a key multi-year support area. BTC/USD daily chart. Source: TradingView.com Analysts also attribute the fall of gold to the rising U.S. dollar. The European Central Bank’s warning against the surging euro caused investors to become …

"I’m begging my crypto friends to get involved in the stock market," Portnoy, also known as Davey Day Trader, said in a Sept. 2 tweet. "Bitcoin is stuck in the mud," he explained, adding: "Let me lead you. We will get back to crypto later. The time to strike is now! No time for weak hands! Make the move!" Included in the tweet, Portnoy posted a scene from the movie "Captain America: The First Avenger" — the scene in which the main character, Steve Rogers, outsmarts his military team, pulling the pin on a flag pole to reach the flag …

Ant Group, the financial affiliate of China’s e-commerce giant Alibaba, has filed an Initial Public Offering, or IPO, in Hong Kong and Shanghai. Created by Alibaba co-founder Jack Ma, Ant Group is targeting a valuation of about $226 billion, based on a target IPO raise of nearly $30 billion, people familiar with the matter told Bloomberg on Aug. 25. As reported, the new IPO could become the largest deal in history, potentially overtaking the record set by Saudi Arabian multinational oil and gas giant, Saudi Aramco — which raised around $29.4B earlier this year. According to Bloomberg data, the target …

On Aug 21, Bitcoin (BTC) price declined by more than 3% from around $11,880 to $11,511 on Coinbase. Coincidentally, the U.S. Dollar Index (DXY) started to rebound from its 4-month downturn. BTC/USD daily chart. Source: TradingView.com As the dollar increased by 1.3% from $92.28 to $93.20, Bitcoin, major cryptocurrencies, and gold fell in tandem. The seemingly inverse correlation between the dollar and Bitcoin might indicate that the weakening dollar partially catalyzed BTC’s recent rally. Will a strong dollar rally reverse Bitcoin’s momentum? Since the major Black Thursday Bitcoin correction, analysts have attributed the current BTC rally to the fading dollar. …

The “Buffett Indicator” is hinting that the United States’ stock market is currently at dot-com bubble levels, Yahoo Finance reported on Aug. 20. The indicator divides the Wilshire 5000 Index by the GDP of the U.S. Meanwhile, on Aug. 14, Warren Buffett-led Berkshire Hathaway invested in Barrick Gold, the second-biggest precious metal miner in the world. Some analysts said it could benefit Bitcoin (BTC) in the long term as it coincides with this stock market bubble alarm. The historical average of the indicator is 1, and before the dot-com bubble, it hovered at 1.71. Currently, the Buffett Indicator is reportedly …