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FTSE 100, DAX and Dow Jones set to slide, fears of new market slump

Global equities suffered significant losses this week, with the FTSE 100, DAX and Dow Jones all sliding into negative territory, with some investors fearing financial markets are on the cusp of a second Covid-19 driven slump.

  • Global equities suffer losses as fears of a second Covid-19 driven slump mount
  • Dow Jones down more than 600 points on Friday
  • WHO warns that vaccinations won’t be ready until mid-2021

Global equities suffered significant losses this week, with the FTSE 100, DAX and Dow Jones all sliding into negative territory, with some investors fearing financial markets are on the cusp of a second Covid-19 driven slump.

Major indexes around the world did initially showed signs of stabilising in early morning trading on Friday, after enduring sharp declines on Thursday’s session.

But global equities eventually gave way, with the FTSE 100 ending the week 211 points lower (-3.5%), while the German DAX fell by 294 points (-2.2%).

The Dow Jones is suffering the worst of all, however, with it down more than 1400 points over the last two trading sessions and capable of falling even further before the Friday’s close.

Investors have grown increasingly concerned about the health of the US economy and its ability to recover from the impact of the coronavirus, after US jobs data disappointed this week, with the Dow Jones witnessing its worst sell-off since June as a result.

The Dow Jones is trading at 27,828 points at the time of publication, with the index down 3% year-to-date.

Long-term outlook remains promising, says IG analysts

The Covid-19 crisis is likely to pass eventually, with central banks and governments continuing to provide supportive policies, according to Chris Beauchamp, chief market analyst at IG.

‘Consumer spending will recover,’ he said. ‘Even the US election will eventually fade into the background.’

‘The market weathered the initial storm of Covid-19, eventually,’ Beauchamp added. ‘It seems like further gains into 2021 and beyond are likely, but after the easy summer of 2020 for equities, a tougher Autumn may lie ahead.’

WHO says Covid-19 vaccinations not ready until mid-2021

Optimism is high due to the number of vaccinations going to trial, but the World Health Organisation (WHO) said that many will not be widespread until at least the middle of next year, with many checks required to test the effectiveness and viability of these vaccines.

‘We are really not expecting to see widespread vaccination until the middle of next year,’ WHO spokeswoman Margaret Harris said at a UN briefing in Geneva.

‘This phase 3 must take longer because we need to see how truly protective the vaccine is and we also need to see how safe it is,’ she added.

Race to find vaccine heats up

The race to find a vaccine is heating up, with AstraZeneca announcing earlier this week that it is holding advanced clinical trials for its own vaccine which it is developing in partnership with Oxford University.

The British-Swedish pharmaceutical company also said that it had struck a deal wit Oxford Biomedica to reserve production lines at the company’s new manufacturing plant, after the UK government placing an order to 100 million doses of AstraZeneca’s vaccine.

Meanwhile, GlaxoSmithKline and Sanofi said that they expect to finalise their first set of results from the trial in early December, with the intention of starting a Phase 3 trial later that month.

‘The initiation of our clinical study is an important step and brings us closer to a potential vaccine which could help defeat Covid-19,’ Thomas Triomphe, executive vice president and global head of Sanofi Pasteur, said.

‘Our dedicated teams and partner continue to work around the clock as we aim to deliver first results in early December. Positive data will enable a prompt start of the pivotal phase 3 trial by the end of this year,’ he added.

As the moment there are approximately 160 vaccines being trialled around the world by companies, including Moderna, as well as a partnership between Pfizer and BioNTech.

How to trade the Weekend UK 100

Did you know? You can trade forex and indices like the Weekend UK 100 (based on the FTSE 100) during Saturday and Sunday with IG. Our world-leading trading platform is the only solution to offer weekend trading on indices.

Whether you want to go long (buy) or short (sell) the Weekend UK 100 based on the above outlook, you don’t have to wait until the markets reopen on Monday to trade.

The weekend prices for indices and forex are quoted separately to their weekday counterparts, based on our view of the prospects for that market given client business and news flow. As a result, you can use these markets to hedge against risk on your weekday positions.

Ready to start trading indices? Open a live account or practise using a demo version today.

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RoboForex adding EOS Cryptocurrency

RoboForex adding EOS Cryptocurrency

RoboForex announced today adding EOS, a cryptocurrency which is now available for trading with the broker on both MT4 and MT5 platforms.

Roboforex added EOS CryptocurrencyCurrently, RoboForex clients have 7 crypto instruments to choose from.

RoboForex keeps expanding its crypto portfolio.

The latest addition is EOSUSD, which is already available to the clients through MT4 and MT5, alongside with six other crypto pairs:

BTCUSD, ETHUSD, BCHUSD, DSHUSD, LTCUSD, and XRPUSD.

The EOSUSD trading conditions are the following:

  • minimum lot size: 100,
  • minimum increment: 0.01,
  • leverage 5:1.

EOS is a cryptocurrency that was introduced in 2017 and is based on blockchain and smart contracts. Its key features are scalability, decentralized apps, and huge throughput (a few million transaction per second).

This is another step towards developing our crypto portfolio.

Our clients do value the flexibility and state of the art technologies we offer them As for us, our mission is meeting their expectations and constantly improving the trading conditions by opening the door to new instruments and opportunities.

says Denis Golomedov, ;Marketing Director at RoboForex.

Roboforex and Cryptocurrency

This Broker has been on the forefront of crypto trading on the Metatrader 4 and Metatrader trading platforms from the beginning and pushing for more and more trad-able assets to be added to their offering .

it took this broker a little bit of time but now that they got them selves into the cryptocurrency trading arena they come to lead the pack. this in combination with their the trading platforms they are offering makes this a broker to take notice of.

as yet there are not enough brokers that offer metatrader 5 and especially one where you are able to trade bitcoin ethereum, litecoin and now also EOS.

About RoboForex

RoboForex is a brokerage company catering to clients from various countries. The broker’s focus is providing the traders with access to its own financial market platforms.

RoboForex Ltd is a licensed company (License No. IFSC/60/271/TS/17).

 

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Local bitcoin Trader Jailed for Money Laundering

Indicted: Local bitcoin Trader Jailed for Money Laundering

Local Bitcoin trader, Theresa Lynn Tetley, also widely known as Bitcoin Maven has been indicted for indulging in illegal bitcoin-for-cash transactions. According to the Central District of California, the LocalBitcoins.com trader has been sentenced to 12 months in prison.

She has also been handed a three-year supervised release and a $20,000 fine. A former real estate investor and stockbroker, the court ordered her to relinquish $292,264.00 in cash, 25 assorted gold bars, and 40 bitcoin.

money launderingTetley pled guilty to one count of operating an unlicensed money exchange business, and another related to money laundering. Her case is the first of its kind in the Central District of California.

Tetley was procedurally supposed to register her business with the Financial Crimes Enforcement Network, an agency of the United States Department of the Treasury.

The agency is responsible for analyzing transactions to curb money laundering and related financial crimes. She also failed to implement standard anti-money laundering protocol, including reporting of certain financial sources as per the requirements of this type of business.

Tetley is said to have traded over $6 million for clients within the United States and charged higher rates as compared to other traders within the LocalBitcoins platform.

Also noted in the court documents was that Theresa Lynn laundered bitcoin for a customer who had been suspected of having acquired the cryptocurrency through illegal activities, including drug sales on the dark web.

She also carried out a bitcoin to cash transaction for an undercover agent who had explicitly declared that his bitcoin was tied to narco-trafficking operations.

According to the report, Tetley’s service was responsible for fueling the growing use of cryptocurrencies to launder money and supported a black market system set up purposely to circumvent the law.

The organizations involved in her investigation included the IRS Criminal Investigation and the Drug Enforcement Administration.

Just One of Many

That said, the government has been committing significant resources to counter the crypto – dark web menace, and earlier this month, a major sting operation was carried out against a major money laundering network. Thirty-five suspects were arrested.

One individual, identified as John Edward Monette, was charged with Conspiracy to Distribute a Controlled Substance. He was also alleged to have carried out numerous bitcoin for cash exchange transactions on the dark web, most of them in 2017 and totaling about $19,000.

Another dark web vendor busted during the operation, Ryan Farace, 34 was indicted for being involved in an alprazolam tablets manufacture and distribution scheme.

He sold the drugs on the dark web, with all transactions being made in bitcoin. Additional digital currency money laundering transactions were made to conceal the sources.

Article Originally Published:

By ELIZABETH GAIL at Coincentral

 

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Why You Need to Get Onboard With Blockchain!

Why You Need to Get Onboard With Blockchain!

Blockchain tech – so revolutionary in nature that some are calling it the “new internet.” It has applications in just about every industry, and has completely altered the way we think about internet security, the processing of information, and the speed of transactions.

Blockchain is the technology that supports the digital currency  or cryptocurrency called Bitcoin –

however this is not what it is really about as it has a far wider scope of applications and is being commercialized in a growing number of areas.

It has generated much interest in technology circles and beyond, because of the new possibilities it opens up in financial services, the public sector and other areas.

According to sites like BitFortune.net, blockchain tech is definitely worth keeping an eye on due to the myriad of benefits it provides.

Blockchain and Bitcoin are not the same thing – Bitcoin is implemented using blockchain technology, but blockchain technology can be used in contexts much wider than Bitcoin or other cryptocurrencies. so when we are talking about the blockchain we are talking about a combination of a number of technologies, these including:

  • Distributed ledgers.
  • The blockchain data structure.
  • Public key cryptography.
  • Consensus mechanisms.

Part of what makes it so exciting is that it is completely open source. As a result, there are already a number of interesting blockchain apps, and the number is growing daily.

The technology is so secure that it is already being used by DARPA to secure military data. Various governments around the world are working on ways to use the tech to protect their own data.
The tech is tamper-proof, and the data stored within it is permanent. It cannot be erased or altered, and this is what makes it so enticing to those needing more secure networks.

But there is more, folks. (Okay, so that sounds a bit like an infomercial, but the benefits are real nonetheless.) Transactions can speed across the network – taking only as much time as it takes for them to be authorized.

The blockchain cannot be described just as a revolution. It is a tsunami-like phenomenon, slowly advancing and gradually enveloping everything along its way by the force of its progression.

William Mougayar

The system runs without the need for an intermediary, and this reduces the time it takes to execute transactions. This, and the unique way that the tech works, means that costs are significantly reduced as well.

What makes it so revolutionary is that the information is spread across every computer within the network. With Bitcoin, that means the data is securely “backed up” over thousands of computers.

Now, it is unlikely that banks will entrust their data to a public network in the same way, but they have been working on creating networks of their own instead.

The potential savings in terms of cost and time are extensive. If you want to learn more about these savings, check out the infographic below.

 

Why You Need to Get Onboard With Blockchain!


Why You Need to Get Onboard With Blockchain!


Visit bitfortune.net . for more interesting Infographics

Guys did an amazing job and was allowed to share.


 

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