Kitco News collects and features the top financial, economic and geopolitical news from around the world. Kitco’s aggregated sources include some of the top newswires in the world including the Association Press, Canadian Press, Japanese Economic Newswire, and United Press International. Cryptocurrencies latest news and history organized by date that contains 1000000+ news archives. Click here to read what world was saying about cryptocurrencies. Prominent investors and analysts expect Bitcoin to surge to $50,000 and secure a $1 trillion market cap in the next several years. The king of cryptocurrencies Bitcoin is not by any chance out of danger yet. Over the weekend, Bitcoin consolidated between $9,300 support and %
(Reuters) – U.S. retail sales likely experienced a record rise in May as 2.5 million Americans went back to work, although any rebound will retrace only a fraction of the historic drops in March and April amid the coronavirus lockdowns.
The monthly report, due to be released by the Commerce Department on Tuesday, is expected to show overall receipts at U.S. retailers jumped 8.0% last month, according to a Reuters poll of economists. That would exceed the previous record increase of 6.7% in October 2001 as Americans resumed spending following what was then a record pullback in the aftermath of the September 11, 2001, attacks on the United States.
While certainly an eye-catching bounce, it would retrace only about a quarter of the sales drop registered in the record back-to-back declines in the two previous months when widespread stay-at-home orders were imposed to stop the spread of COVID-19, the respiratory illness caused by the novel coronavirus. Sales in April fell 16.4% after tumbling 8.3% in March.
The U.S. economy dropped into recession in February as the viral outbreak brought a record-long expansion to an abrupt end. Employment fell by about 22 million in March and April, but payrolls rose unexpectedly in May by just over 2.5 million, supporting the thesis that consumer spending may be recovering and that the worst of the downturn may have passed.
“Given the bounce in job growth in May and the fact that some state economies started to re-open in the second half of the month, it’s reasonable to expect that spending partially rebounded in May,” NatWest economists Michelle Girard and Kevin Cummins wrote in a note to clients.
Graphic: Worst over? , here
The likely sales rebound was probably led by strong auto sales as the relaxing of lockdowns across the country allowed car dealership showrooms to reopen. May’s sales rate climbed above 12 million vehicles per year after dropping below 9 million in April, according to Wards Intelligence.
Gasoline prices also have stabilized, which likely helped support a retail sales recovery last month. Excluding gas and autos, sales had dropped 16.2% in April.
The closely watched “retail control” figure, which further backs out building materials and food services in addition to excluding gas and automotive-related sales and most closely tracks the consumer spending component of gross domestic product, is expected to have risen 4.7%, according to the Reuters poll. That, too, would be the largest increase since the government began tracking it in 1992.
“For what it’s worth, chain store reports for May suggested some hints of a turnaround,” the NatWest economists said, citing commentary from the weekly Johnson Redbook retail sales report that pointed to a pick-up in seasonal merchandise as more states reopened and the weather warmed.
Graphic: A green shoot? , here
Reporting by Dan Burns; Editing by Paul Simao
Cryptocurrencies archive news by date
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Top Investors Unfazed: Bitcoin Is On Track For Explosive Rally To $50k
Prominent investors and analysts in the industry now expect Bitcoin to hit $50,000 and secure a $1 trillion market cap in the next several years.
Billionaire investors, including the Winklevoss twins, echoed a similar thesis since 2019, anticipating Bitcoin to be considered as gold 2.0 eventually.
The Winklevoss twins believe Bitcoin is undervalued until it hits a $7 trillion market cap. (Photo … [+] by Astrid Stawiarz/Getty Images)
The leading theory behind ambitious price predictions for BTC between $50,000 and $100,000 is that Bitcoin will account for a significant portion of gold’s market share.
High-profile investors predict that Bitcoin will inevitably compete against gold to become an established store of value.
Chris Burniske, partner at Placeholder formerly of Ark Invest, said:
“Why Bitcoin above $50,000? As discussed in May 2019, if BTC is half as volatile in this cycle as it was in the last, we would still expect it to cross $50K and $1 trillion in network value. $1 trillion has been a long time coming for this macro-asset.”
Gold is a universal store of value that investors typically turn to in times of global economic uncertainty and financial turmoil.
The perception of Bitcoin as a store of value and a hedge against inflation is improving with growing institutional adoption, showing a glimpse into how BTC can co-exist with gold.
Similarly, in 2019, the Winklevoss twins emphasized during an interview with CNBC’s Seema Mody that Bitcoin is highly undervalued until it hits a $7 trillion market cap.
The Winklevoss twins, who famously own over a billion dollars in cryptocurrencies, said that people are becoming increasingly comfortable with Bitcoin as it builds more trust.
“Our thesis is that Bitcoin is gold 2.0 and so until it has a market cap of $7 trillion, which is the size of gold, it’s a very undervalued asset. So I think people are just waking up to that. People get more comfortable with Bitcoin when they keep hearing gold 2.0, it’s a store of value, its characteristics are better than gold, and also the longer it is here, it is harder to call it a fad, and it’s more here to say. So I think it just builds confidence and trust.”
If Bitcoin hits a market cap of $7 trillion as the Winklevoss twins predict, the price per Bitcoin will surpass $333,000.
According to the newest data from Ark Invest, the market capitalization of gold is now at $9 trillion.
Considering that, Ark Invest analyst James Wang said Bitcoin could see its valuation surge to $800 billion if it takes merely 15% from gold’s market share.
An $800 billion valuation would place the price of Bitcoin at $38,095.
Potential market capitalization of Bitcoin depending on the markets it targets.
“In a world with 10,000 cryptocurrencies, bitcoin simply refuses to die. Maybe its unique combination of technical and ‘belief’ networks endows it with some durable value. How much? We slice it three ways, and a $1T is not off the mark,” Wang said.
Before late 2018, there was a lack of trusted custodians, strictly-regulated futures exchanges, and over-the-counter (OTC) desks dealing with cryptocurrencies.
Since the fourth quarter of 2018, the infrastructure in the cryptocurrency market started to grow, facilitating growing demand from both retail investors and institutions.
The crucial factor that would decide the trajectory of Bitcoin’s growth over the upcoming years is whether the industry’s infrastructure will continue to grow at a rapid pace or become stagnant.
For now, renowned investors are seemingly expecting important developments in the Bitcoin market in the medium to long-term.
Author: Joseph Young
Cryptocurrencies Price Prediction: Bitcoin, Ripple, & Ethereum – Asian Wrap 15 Jun
The king of cryptocurrencies Bitcoin is not by any chance out of danger yet. Over the weekend, Bitcoin consolidated between $9,300 support and $9,500 resistance. However, the Asian session on Monday has been characterized by increased selling activity.
Ripple is yet to gather the strength needed to clear the resistance at $0.20. The dip to $0.1850 last week opened the Pandora box because sellers have been in control ever since. There was a recovery staged above $0.19 but the weekend session was mostly characterized by consolidation. The trend became increasingly difficult to sustain calling for losses under $0.19 again.
Ethereum price has dived back under $230 despite having pushed a significant recovery from last week’s low at $225. The upside was capped at $240 mainly by a descending trendline resistance and the 100 SMA in the 1-hour range. The price did step above the 50 SMA but lacked the momentum to sustain gains.
Author: Published 1 day ago
Apex Crypto News – Indian Crypto Exchange Launches Blockchain Education Platform
Indian cryptocurrency exchange CoinDCX launched a learning platform dedicated to blockchain and cryptocurrencies.
According to a June 16 announcement, the CoinDCX Learn platform is a blockchain and cryptocurrency academy that offers guides, articles, courses and lectures. The firm’s CEO and co-founder Sumit Gupta commented:
“With the potential to accelerate financial inclusion in India, as well as opening gateways to new forms of investing, cryptocurrencies can benefit everyone. However, for Indians to take full advantage of crypto, we need to lay the groundwork through appropriate education. With DCX Learn, we want to arm users with the knowledge necessary to navigate crypto markets.”
The platform aims to explain the concepts of cryptocurrencies through infographics, tutorial videos and content that should be understandable by beginners.
CoinDCX states that informed users are less likely to fall victim to scams or lose their wallet’s private keys. Furthermore, the exchange notes that people who understand blockchain technology can better ascertain whether applying it can improve their business.
Blockchain and cryptocurrencies are still emerging technologies, and are not yet widely understood by the mainstream audience. In order to remedy this, various educational institutions and companies in the space are starting to offer special courses.
Earlier this month, Indian IT giant Tech Mahindra partnered with educational technology startup Idealabs to launch blockchain certification courses.
Furthermore, Canada’s York University School of Continuing Studies announced two blockchain courses at the end of May, while Australia-based RMIT University added two postgraduate programs in cybersecurity and blockchain.
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