Connect with us

Blockchain

Apple worth $1 trillion more since COVID-19 crashed the NASDAQ 100

Avatar

Published

on

There’s no doubt that tech’s biggest companies have bounced hard since COVID-19 laid waste to global stock markets, but none have bounced quite as spectacularly as Tesla.

Still, even after removing Tesla as an outlier, a dozen companies in the tech-heavy NASDAQ 100 (NDX) have seen their share prices more than double since the index’s 2020 low on March 23.

[Read: Tesla and Apple set stock splits to lower share prices — then they rallied]

That list includes the “Argentinian Alibaba” Mercadolibre, up an eye-twitching 166% since the NDX’s COVID crash, and fintech giant PayPal, which has bounced from $85.26 all the way to $198.18 in just five months.

Not quite as big as Tesla‘s 360% recovery, but still remarkable.

nasdaq, stock, index, tesla, apple

Chipset prince NVIDIA, online market lord eBay, orthodontic play Align Technology, and activewear incumbent Lululemon all staged remarkable comebacks too, up 128%, 118%, 115%, and 112% respectively.

The only plausible explanation for the latter pair being the importance of looking good for Insta during lockdown.

As it turns out, they all bounced harder than Apple. The maker of the iPhone has only managed a disrespectful 111% since NDX’s lowest point this year, but nonetheless contributed to sending the NDX to record highs this year, despite… global chaos.

But in terms of market values, no NDX company has added more dollars to their capitalizations than the Cupertino giant.

Apple was worth $959 million on March 23, and now it’s worth more than $2 trillion  the largest company in the US, tech or otherwise.

This means Apple‘s COVID-19 bounce is now valued in excess of $1 trillion.

[Read: Watch Apple’s market cap hit $2 trillion in this NASDAQ bar chart race]

But again, it’s Tesla that stands out. The visualization above shows the value added to each NDX constituent since March 23  the bigger the bubble, the more value added since the bottom.

Check out Elon Musk’s electric vehicle wunderstock: Tesla added $169.5 billion to its market value post-COVID, and sits prominently amongst Alphabet, Facebook, NetEase, NVIDIA, and PayPal.

(NB: If the visualization doesn’t show, try reloading this page in your browser’s “Desktop Mode.”)

Hard Fork found just two NDX companies yet to recover from March 23’s COVID crash: pharma stocks Gilead and Walgreen Boots Alliance, respectively down 4% and 8% since their individual lows on that day.

In any case, the NDX overall is up 30% for the year.

What’s the opposite of a dead cat bounce?

Published August 21, 2020 — 16:07 UTC

Source: https://e-cryptonews.com/apple-worth-1-trillion-more-since-covid-19-crashed-the-nasdaq-100/

Blockchain

Ethereum Prices Return to $620 Resistance on ETH 2.0 Launch Day

Avatar

Published

on

Today marks the long-awaited genesis of Phase 0 in the Ethereum 2.0 upgrade roadmap which stretches ahead for the next couple of years. According to the Beacon Chain countdown, there is now less than seven hours to go before the genesis event spawns the first block on the new chain.

The Beacon Chain explorer reports that there is currently 872,000 ETH staked which equates to approximately $525,000 at today’s prices.

No Native Scaling For a Year

The excitement over the launch is palpable but many are still unaware that the new blockchain will not actually function as anything other than providing staking rewards to validators. All of the smart contracts, dApps, and transactions will continue as usual on the original ETH 1.0 chain.

Researchers at Messari Crypto pointed out;

“When the Beacon Chain launches tomorrow, outside of bootstrapping a network of proof of stake validators, it will have little functionality.”

This also means that there will still be issues with high gas prices when the existing network comes under heavy load which is bound to happen over the next year if DeFi momentum continues and the space evolves even more.

Phase 1 will introduce scaling through sharding, which will introduce 64 parallel side chains to take the load off the main chain and increase throughput. This is unlikely to occur for at least another year from today, and even then ETH 1.0 and 2.0 will operate independently until Phase 1.5 merges them together sometime in 2022.

Either way, the Ethereum community is hyped up over the event which is the culmination of five years of research and development for the world’s largest smart contract and decentralized application network. In his latest Bankless newsletter, David Hoffman aptly said;

“We were born too late to explore the globe, too early to explore the galaxy, but we were born at the perfect moment to explore the infinite whitespace of Ethereum 2.0.”

Ethereum Prices at Resistance

Ethereum prices have returned to their June 2018 price high of $620 just hours before the launch. This level appears to have formed a double top and heavy resistance zone as it did in early 2018. A next leg up could take prices to $800 where further resistance lies, but on the downside, support can be found at around $520.

At the time of press, ETH prices had retreated a little to trade at $605 but the momentum and potential is still with it.

SPECIAL OFFER (Sponsored)
Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.

You Might Also Like:


Source: https://cryptopotato.com/ethereum-prices-return-to-620-resistance-on-eth-2-0-launch-day/

Continue Reading

Blockchain

USDC issuer Centre lands Wall Street veteran David Puth as CEO

Avatar

Published

on

Centre Consortium, the company behind USD Coin, has hired former State Street and JPMorgan executive David Puth as its new chief executive officer, or CEO. 

Centre made the announcement early Tuesday in a Medium post that praised Puth for his leadership credentials. The new hire will help Centre expand its global partnerships across the fintech, crypto, and the traditional financial services industry.

Puth said that he is excited to be joining Centre “at this critical time in the industry,” adding:

“The growth of USDC over the course of 2020 is indicative of what I expect will be the path for Centre business activities and that of future Centre-supported stablecoins.”

Prior to joining Centre, Puth served in several leadership capacities at R3, CLS Group, State Street, and JPMorgan.

Puth is one of many Wall Street veterans trickling into digital asset management as blockchain adoption continues to spread beyond the early-adopter phase. A similar trend is occurring on the investor side, with major institutions expressing interest in Bitcoin and other digital assets.

Centre’s USD Coin was developed by Circle and Coinbase to aid in crypto adoption. With a market cap of just under $3 billion, USDC is the second-largest stablecoin behind Tether.

Stablecoins are likely to serve an ever-growing function as blockchain and traditional finance continue to merge. Centre says it maintains “full reserves of the equivalent fiat currency” that is used to back the USDC stablecoin.

At press time, the total market capitalization of all stablecoins was just under $25.3 billion.

Beyond stablecoins, Centre says digital assets and blockchains are “heralding the most significant transformation of the international monetary system since the formation of the Bretton Woods system more than 75 years ago.” 

Source: https://cointelegraph.com/news/usdc-issuer-centre-lands-wall-street-veteran-david-puth-as-ceo

Continue Reading

Blockchain

The Changes Continue: Facebook’s Libra Has Been Rebranded To Diem

Avatar

Published

on

  • Facebook shook the world last year after announcing plans to introduce a “single global digital currency” dubbed Libra. However, the social media giant’s efforts were quickly scalded by global regulators as the project received massive blowback.
  • Facebook didn’t give up on its idea. Instead, the company decided to rebrand its two main products. Firstly, the Calibra wallet became Novi, and today, Reuters reported that the Libra name had been changed to Diem (meaning ‘day’ in Latin.) 
  • Stuart Levey, CEO of the Geneva-based Diem Association behind the digital coin, confirmed that the name change comes as a direct consequence of the regulatory hurdles. He noted that “the original name was tied to an early iteration of the project that received a difficult reception from regulators. We have dramatically changed that proposition.”
  • The Diem currency would operate as a signal dollar-backed digital coin. Although Levey failed to specify the timing of the launch, recent reports suggested that it may arrive as early as January 2021. 
  • Levey further explained that the Novi team has already begun building a digital wallet that will eventually hold Diem coins. Apart from waiting for approval from Swiss regulators to launch, the Diem Network is also in talks with US federal and state watchdogs. However, Levey didn’t disclose the nature of those negotiations. 
SPECIAL OFFER (Sponsored)
Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.

You Might Also Like:


Source: https://cryptopotato.com/the-changes-continue-facebooks-libra-has-been-rebranded-to-diem/

Continue Reading
Blockchain4 days ago

South Korean crypto market records more trades in Altcoins

Blockchain2 days ago

Ripple Plans To Cash Out 33% Of Its MoneyGram Stake With A Significant Profit

Blockchain3 days ago

Latin American Bitcoin & Blockchain Conference Reveals Latest Speakers

Blockchain2 days ago

EOS Finds Support above $2.80, Resumes Upside Momentum

Blockchain3 days ago

South Korea To Postpone Previously Planned Crypto Income Tax

Blockchain3 days ago

Bitcoin Price Prediction: BTC/USD Resumes Upside Momentum, Struggles to Break Above $18,000 Price Level

Blockchain2 days ago

ECB Lays out ‘Reinvention of Money’ Strategy

Blockchain2 days ago

Litecoin Price Prediction: LTC/USD Ready to Revisit $80; Further Upside is Limited

Blockchain3 days ago

South Korea To Postpone Previously Planned Crypto Income Tax

Blockchain3 days ago

Bitcoin: Temporary Correction or No ATH This Year? The Crypto Weekly Market Update

Blockchain3 days ago

Ripple price prediction: XRP to hit $0.67 next, analyst

Blockchain3 days ago

Bitcoin: Temporary Correction or No ATH This Year? The Crypto Weekly Market Update

Blockchain3 days ago

Guggenheim Fund Files to Be Able to Invest Up to Almost $500M in Bitcoin Through GBTC

Blockchain3 days ago

Bitcoin Price Prediction: BTC/USD Back Above $17,500 Level as the King Coin Recovers

Blockchain4 days ago

Bitcoin Worth $3B from PlusToken Ponzi Scam Seized by Chinese Authorities

Blockchain3 days ago

Bitcoin and Crypto Worth $4 Billion Seized From PlusToken Ponzi Group

Blockchain4 days ago

Digital Euro: German finance minister urges ECB to accelerate its CBDC development

Blockchain3 days ago

Guggenheim opens door to bitcoin exposure for $5 billion macro fund via Grayscale GBTC product

Blockchain3 days ago

South Korea To Postpone Previously Planned Crypto Income Tax

Blockchain3 days ago

Bitcoin and Crypto Worth $4 Billion Seized From PlusToken Ponzi Group

Blockchain3 days ago

South Korea To Postpone Previously Planned Crypto Income Tax

Blockchain2 days ago

Ethereum Strengthens Polish City’s Emergency Services

Blockchain2 days ago

Guggenheim Partners may be the next big player to bet on Bitcoin

Blockchain3 days ago

Bitcoin: Temporary Correction or No ATH This Year? The Crypto Weekly Market Update

Blockchain2 days ago

South Korea To Postpone Previously Planned Crypto Income Tax

Blockchain2 days ago

Bitcoin: Temporary Correction or No ATH This Year? The Crypto Weekly Market Update

Blockchain2 days ago

South Korea To Postpone Previously Planned Crypto Income Tax

Blockchain3 days ago

Guggenheim Partners prepares to dip investment fund’s toes into Bitcoin

Blockchain2 days ago

Bitcoin and Crypto Worth $4 Billion Seized From PlusToken Ponzi Group

Blockchain3 days ago

Bitcoin Climbs 5%, Why $18.2K Holds The Key For More Upsides

Blockchain3 days ago

Ripple Plans To Cash Out 33% Of Its MoneyGram Stake With A Significant Profit

Blockchain2 days ago

Ripple Plans To Cash Out 33% Of Its MoneyGram Stake With A Significant Profit

Blockchain2 days ago

South Korea To Postpone Previously Planned Crypto Income Tax

Blockchain2 days ago

Bitcoin (BTC) Surges 5% Above $18,000 As Guggenheim’s Entry Sparks Excitement

Blockchain2 days ago

Trading 212, PayPal Crypto User Ban, BTC and ETH Tank: Editor’s Pick

Blockchain2 days ago

Coinbase unwilling to participate in Spark’s airdrop

Blockchain4 days ago

Yearn. Finance Price Analysis: Spike in Buying Pressure Could See YFI Prices Soar To $25k

Blockchain2 days ago

Bitcoin Grows By 5%, $18K Level Holds The Key For More Upsides

Blockchain2 days ago

Can RippleNet bridge ‘local CBDCs’ efficiently? This exec thinks so

Trending