5-Minute Financial Market Update - Bitcoin Keeps Quiet & Stocks Rally
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Crypto News
Following the coin’s drop around the end of September, Bitcoin had yet another stable week, with its price remaining in the low $8,000 range. While the somewhat slow recovery has disappointed some of the more active traders of the coin, it also suggests that the coin is becoming more predictable. Over time, this might result in Bitcoin experiencing less volatile price movements.
Elsewhere in the crypto world, Facebook announced its intentions to restructure its pending Libra project. Rather than going through the project as originally planned, the firm might issue individual coins, helping to respond to some of the criticisms coming from regulators. Facebook still has a lot of work to do—including making their plans much clearer—before Libra will be able to make it to the market.
Malta has continued its push to become a global leader in blockchain. The small Mediterranean nation, which already has plenty of industry-friendly policies, has seen a top university introduce a new blockchain master’s program. This move is part of a much larger effort to push blockchain and related topics into the academic space.
In the United States, the SEC decided to wait until next year to determine whether Telegram qualifies as a security. The status of this pending court case will impact which rules it will be regulated by. As of now, the case is scheduled for next February. In the meantime, we’ll keep an eye on the broader market. According to some optimistic speculators, Bitcoin may be near a new price bottom and may experience an upcoming rally.
Stock Market News
We are more than halfway through October, meaning that earning’s season is officially in full swing on Wall Street. With countless firms announcing their recent earnings, the market will likely experience much more up and down action than normal.
Thus far, earnings season has given the market a modest bump. The S&P 500 is currently trading above the 3,000 point mark and may reach an all-time by the end of the month—assuming that all goes well. So far, three of the companies fueling this optimism include Johnson & Johnson, JPMorgan, and UnitedHealth Group.
On the more pessimistic side of the market, WeWork produced a valuation of less than $8 billion—far below the $47 billion value estimate projected in January. The disappointing news comes following the company’s struggle to control its management team and difficulties finding much-needed cash. Currently, the company’s hopes are being kept afloat by a cash infusion coming from SoftBank.
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