When you think of nations with a notable Bitcoin ecosystem, many crypto investors would immediately think of the U.S., Malta, Singapore, Japan, and South Korea. Yet, many draw little attention to the Philippines, a nation that is seemingly filled to the brim with cryptocurrency users.A large financial institution based in the Philippines made a notable pro-crypto move last week — one that could potentially spark widespread adoption within the Asian nation.Meet Union Bank’s Crypto ATMsAccording to reports from Filipino media, Union Bank of the Philippines, a banking giant that is the seventh largest in the country, is launching crypto asset automated teller machines (ATM). The Philippine Star, who broke the news on the matter, cited a Union Bank press statement.Related Reading: Are Bitcoin ATMs Driving Adoption, Criminality, or Consumerism?Per the statement, the company launched its first two-way cryptocurrency ATM earlier this week, allowing customers to purchase and sell assets like Bitcoin for pesos. Union Bank has purportedly collaborated with the Bangko Sentral ng Pilipinas (BSP), the nation’s central bank, to ensure that this newfangled offering is compliant. The Manila-headquartered institution, which has over 300 branches smattered across metropolises and the countryside, remarked:“In the bank’s continued quest to cater to the evolving needs and tastes of customers, including clients who use virtual currency, the ATM will provide these clients an alternative channel to convert their pesos to virtual currency and vice versa.”In a comment on Twitter, NewsBTC’s Joseph Young remarked that Union Bank’s proactivity in the crypto space is not only good for regulation, but for awareness and adoption too.HUGE: Union Bank of the Philippines is reportedly launching two-way crypto ATMs in the Philippines.UB is one of the largest banks in the Philippines and has been proactive in the crypto space.Good for crypto regulation, adoption, and awareness.https://t.co/YTVHnKzRZh— Joseph Young (@iamjosephyoung) February 10, 2019No reports indicate that Union Bank has plans to inaugurate more than a few Bitcoin-friendly ATMs at the moment. Regardless, this move only underscores the growing industry theme of ATMs that cast aside the shackles of the traditional financial system, which include fiat and payments processors like Visa and Mastercard.Per previous reports from NewsBTC, Bitcoin Depot, a subsidiary of Lux Vending, is looking to prop up 30 ATMs in Chicago that support Bitcoin, Ethereum, and other digital assets in the coming months. While these efforts are centered around Chicago, a little-known crypto hotspot that hosts ErisX, hype regarding brick and mortar crypto purchases is a global trend, as there are now over 4,323 of these machines worldwide. And according to data from CoinATMRadar, this number is swelling by 5.6 each and every day.Fiat To Crypto On-Ramps To Boost Bitcoin Over 2019This venture in the Philippines comes as Fundstrat’s research team, which includes Rob Sluymer and Tom Lee, claimed that the rise in the fiat-to-crypto on-ramp sector will be a positive catalyst for Bitcoin in the coming year. According to a sneak peek of a Fundstrat report, the New York investment advisory outfit noted that influx of consumer interest in Bitcoin may be catalyzed by Binance’s recent addition of credit card crypto purchasing capabilities, along with other fiat-supported infrastructure from other upstarts.Featured Image from Shutterstock
Archives for February 9, 2019
Ripple price bounced back sharply and broke the $0.3000 resistance level against the US dollar.There was a break above a major bearish trend line with resistance near $0.2900 on the 4-hours chart of the XRP/USD pair (data source from Kraken).The pair is now placed nicely above the $0.3000 support and the 100 simple moving average (4-hours).Ripple price gained a strong bullish momentum against the US Dollar and bitcoin. XRP/USD is likely to extend the current wave towards the $0.3300 or $0.3400 resistance level.Ripple Price AnalysisRecently, we saw a strong upward move above the $0.3250 level in ripple price against the US Dollar. However, the XRP/USD pair failed to break the $0.3340 level and declined sharply. It trimmed most its gains and revisited the $0.2850 support level. A strong support was formed near $0.2850, with a positive angle. Later, bitcoin, Ethereum, eos, litecoin and other altcoins rallied, which helped ripple to gain traction above the $0.3000 resistance. There was a solid upward move, with a close above $0.3000 and the 100 simple moving average (4-hours).The price broke the 50% Fib retracement level of the last decline from the $0.3370 high to $0.2849 low. More importantly, there was a break above a major bearish trend line with resistance near $0.2900 on the 4-hours chart of the XRP/USD pair. The pair tested the $0.3180-0.3200 resistance area, where sellers emerged. Besides, there was a spike above the 61.8% Fib retracement level of the last decline from the $0.3370 high to $0.2849 low. Later, the price corrected lower and traded below the $0.3120 level.Looking at the chart, ripple price is currently trading in a short term triangle with resistance at $0.3110. There could be a few swing moves, but the price may perhaps extend gains above the $0.3180-0.3200 resistance area. The next stop for buyers could be either $0.3320 or $0.3420 in the coming sessions.Technical Indicators4-hours MACD – The MACD for XRP/USD is about to move back in the bearish zone.4-hours RSI (Relative Strength Index) – The RSI for XRP/USD is currently correcting lower towards the 50 level.Major Support Level – $0.3000Major Resistance Level – $0.3200
Bitcoin price formed a significant support near the $3,345 level and jumped sharply against the US Dollar.There was a break above a crucial bearish trend line with resistance at $3,380 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).The pair rallied above the $3,400 and $3,500 resistance levels to move into a bullish zone.Bitcoin price surged higher recently above the $3,550 barrier against the US Dollar. BTC/USD might continue to move higher towards the $3,800 and $4,000 resistance levels in the near term.Bitcoin Price AnalysisThis past week, bitcoin price retested the $3,345 and $3,320 support levels against the US Dollar. The BTC/USD pair formed a strong base near the $3,345 level and later started a solid upward move. Buyers pushed the price above many resistances such as $3,380, $3,400, $3,460, $3,500 and $3,600. There was even a close above the $3,500 resistance and the 100 simple moving average (4-hours). Clearly, there was a support base formed for a much needed recovery, which could extend above $3,700.During the rise, there was a break above a crucial bearish trend line with resistance at $3,380 on the 4-hours chart of the BTC/USD pair. The pair rallied above the $3,600 and $3,700 levels. A high was formed at $3,745 and later the price corrected lower. It traded below the 23.6% Fib retracement level of the last wave from the $3,346 low to $3,745 high. However, there are many supports on the downside, starting with $3,575. The next major support is near the $3,550 level. It represents the 50% Fib retracement level of the last wave from the $3,346 low to $3,745 high.Looking at the chart, BTC price is clearly forming a consolidation pattern above the $3,575 support. There could be a few swing moves, but later the price might rally further above $3,750. The next key stops for buyers could be $3,800, $3,880 and $4,000 in the coming days.Technical indicators4-hours MACD – The MACD for BTC/USD is currently reducing its bullish slope.4-hours RSI (Relative Strength Index) – The RSI for BTC/USD is currently well above the 70 level.Major Support Level – $3,550Major Resistance Level – $3,750
ETH price formed a solid support at $100 and started a strong uptrend against the US Dollar.There was a break above a crucial bearish trend line with resistance at $104 on the 4-hours chart of ETH/USD (data feed via Kraken).The pair traded as high as $122 and it is currently consolidating gains with range moves.Ethereum price climbed higher sharply versus the US Dollar and Bitcoin. ETH/USD is now placed in a bullish zone above the $114 and $112 support levels in the near term.Ethereum Price AnalysisThis past week, we saw a fresh drop in ETH price towards the $102 and $100 support levels against the US Dollar. The ETH/USD pair found a strong buying interest near the $100 level and later started a strong upward move. It broke many resistances such as $104, $107, $112, $114 and $116. More importantly, there was a close above the $112 barrier and the 100 simple moving average (4-hours). It seems like a double bottom pattern was formed at $100, resulting in a bullish break above $110.Moreover, there was a break above a crucial bearish trend line with resistance at $104 on the 4-hours chart of ETH/USD. The pair traded towards the $125 level and formed a high near $122. Later, the price started consolidating gains below the $120 level. It tested the 23.6% Fib retracement level of the last wave from the $100 low to $122 high. The current price action is positive above the $116 level. If there is a downside extension, the price may test $114 and the 100 simple moving average (4-hours). Besides, the 50% Fib retracement level of the last wave from the $100 low to $122 high is also near $111 level to act as a strong support.The above chart indicates that ETH price is now placed nicely in a bullish zone above the $114 and $112 support levels. On the upside, the key resistances are $124, $125 and $132.Technical Indicators4-hours MACD – The MACD for ETH/USD is slowly reducing its bullish slope.4-hours RSI – The RSI for ETH/USD is currently well above the 60 level.Major Support Level – $114Major Resistance Level – $124
Universal basic income experiments and other plans that seek to distribute free money seem wonderful considering so many people struggle to make ends meet because of their limited incomes.
In the U.S., many legislators have called for federal and or/state governments to trial these economic policies. One recent proposal actually calls for people to receive money from the government even if they are unwilling to work!
As lawmakers and supporters champion such ideas, it would behoove them to look beyond the U.S. border to countries who have already taken a stab at basic income.
Finland took up the effort, and the results have many Finns acknowledging that the idea wasn’t a good one.
No Strings Attached Free Money
Finland implemented a universal basic income program on a trial basis to help its low-income citizens. Simply put, they received money from the government, whether or not they had a job or even wanted to work.
Adopted in 2017, early results released this week indicate that the downsides outweigh any economic benefits.
Participants received monthly payments equal to $634 from January 2017 through December 2018. Officials wanted to see if the payments could be a safety net for those looking for work. For those who needed work to tide them over until they found higher-paying jobs, these payments were thought to be of help.
Finland’s foray into providing free money cost the government about $22.7 million. The expected positive effect on the country’s employment rate didn’t materialize.
The early results showed that while employment levels did not improve, participants said they felt happier and less stressed. Unfortunately, the problem of getting people who’d lost their jobs back into the job market remains.
The pioneering universal basic income test in Finland has revealed no real impact on jobs, but huge impact in terms of wellbeing, and showed “people had more trust in their future and their ability to influence it” https://t.co/Y3niXm5IZv
— Basia Cummings (@basialcummings) February 8, 2019
Don’t Want to Work? That’s Okay – Here’s Your Check
Democrats in the U.S. House of Representatives last week unveiled a revolutionary plan called the Green New Deal. Among the ambitious – if not ridiculous – ideas included in the plan is one quite similar to Finland’s basic income trial.
The deal’s architects are very concerned about the rich enjoying exorbitant lifestyles, while others live meagerly because of their low incomes. To bridge this divide, the lawmakers’ Green New Deal promises a guarantee of economic security for anyone “unwilling to work.”
On hearing “unwilling to work,” some lawmakers who signed on to the resolution for the deal began to back away. Critics screamed bloody murder.
To be clear, the official resolution spelling out the details of the deal does not include the “unwilling to work” language. However, an overview document released by freshman House Rep. Alexandria Ocasio-Cortez does include it.
It’s unclear how many people lawmakers will end up voting for this resolution. Even House Speaker Nancy Pelosi seemed genuinely confused about what the resolution entailed.
Finns Want Gainful Employment – Not Just Free Money
As demonstrated by Finland’s basic income trial, the problem with handing out free money is that these payments do not incentivize unemployed workers to find new jobs. What’s the point in working, or looking for employment, if you’re going to get paid anyway?
Interestingly, many in Finland scoffed at the universal basic income system. Some said it helped, but there was nothing more they wanted than to work – and earn their own income.
Here’s a look at how the Finns reacted to the universal basic income experiment:
Featured Image from Shutterstock
While 2018’s lethargic crypto market crawl has continued into early-2019, save for Friday’s sudden buy-side influx, analysts have begun to express optimism. Case in point, Fundstrat Global Advisors, a New York-headquartered investment advisory outfit, expressed why the outlook for Bitcoin and other cryptocurrencies could improve over 2019.Fundstrat Expects Bitcoin Fundamentals To ImproveIn a recent tweet outlining the premise of a company report, Thomas Lee, the co-founder of Fundstrat, expressed why cryptocurrencies’ prospects could move from “negative” to decidedly “positive” over the course of 2019. Lee & Co., who called fundamentals “convergence trends,” laid out a normal of macro, technical, fiat-to-crypto inflows, blockchain technology, and equity trends to back their analysis.CRYPTO: we see 9 incremental improvements in the landscape that ultimately support higher prices.See below… pic.twitter.com/7DSrfVjkoi— Thomas Lee (@fundstrat) February 8, 2019Firstly, Fundstrat expects for the U.S. dollar to weaken over the coming months, thus catalyzing a potentially inverse trend in the Bitcoin price. The advisors also expect emerging market equities to outperform American stocks, bonds, and similar vehicles, again creating a likely positive environment for cryptocurrencies, which are often classified as “risk-on” and non-correlated assets.This will all be underscored by Fundstrat’s belief that institutional investors, especially notable endowments, will continue to trickle in during 2019, especially due to developments in cryptocurrency custody and over-the-counter trading. Fundstrat’s research team also noted that an influx of consumer interest may be catalyzed by Binance’s recent addition of credit card purchasing capabilities, the Lightning Network’s achievement of “reaching critical mass,” and potential initial public offerings from Bitmain, Bitfury, and other crypto industry giants. And with all this in mind, it was concluded:“We have detailed the trends of factors affecting crypto in 2019, ahd [there are] more positive than negative developments… Overall, the outlook for Bitcoin should improve over the course of 2019.”This report comes just weeks after Lee took to Fox News‘ business segment to quip why $25,000 is a “fair valuation” for Bitcoin.What About Bitcoin’s Technicals?While Lee & Co. seem to be in the state of mind that the value proposition that cryptocurrencies pose will gain traction in 2019, from a technical standpoint, Fundstrat is more bearish than bullish.According to a research note from the investment group’s Rob Sluymer, obtained by Bloomberg, the technical setup for altcoins is looking a tad dismal. As reported by NewsBTC on an earlier date, CryptoFX’s large-cap, mid-cap, and small-cap advance/decline indices are on track to retest their mid-December 2018 lows, especially due to their supposed “vulnerability to a pending breakdown.”Sluymer, the head of technical research at Fundstrat, went on to paint a foreboding picture for Bitcoin. While he was hesitant to mention specific time frames in a bid to stay cohesive with company policy, the former RBC Managing Director stated that a price point to watch for BTC will be $3,100. In his eyes, if the cryptocurrency breaks under its Q4 lows at ~$3,150, a move to $2,270 wouldn’t be unlikely, as that would indicate that the market hasn’t found a long-term floor just yet.Featured Image from Shutterstock
Steven Rattner, a major Democratic donor, told Yahoo! Finance in a recent interview for the website’s “Influencers with Andy Serwer” podcast that he thinks billionaire former New York City Mayor Michael Bloomberg could “absolutely” defeat Donald Trump in the 2020 U.S. presidential election as the Democratic nominee.
Rattner, whose net worth is in the hundreds of millions of dollars according to public disclosures, is an investment financier who manages Michael Bloomberg’s personal and charitable wealth assets as the CEO of Willett Advisors LLC.
He got his start in finance as a journalist reporting on business and economics for the New York Times, then became an investment banker, working for such infamous names on Wall Street as Morgan Stanley and the now-defunct Lehman Brothers.
(Lehman Brothers suffered the ignominious fate of the largest Chapter 11 bankruptcy liquidation in United States history in 2008 because of its role in the lending crisis.)
Steven Rattner’s Role in The U.S. Auto Bailouts
After making millions of dollars working for companies with a storied record of pillaging the American economy for ill-gotten gains through massive federal subsidies and the institutional malfeasance and fraudulence of crony capitalism, Rattner went to work for the U.S. federal government to do some more pillaging for the auto industry.
He was appointed in 2009 to the role of lead advisor for Barack Obama’s Presidential Task Force on the Auto Industry, which was practically a hostile takeover of the big three auto companies by the federal government.
In that role, Rattner helped Obama dictate day-to-day operations for these private American businesses to protect the government’s multi-billion dollar “investment” in these companies from the $700 billion Trouble Asset Relief Program (TARP) funds.
It is arguable that Rattner was in charge of nationalizing the auto industry, and nationalizing big industries is what communist countries have done (with spectacularly tragic results) throughout history. But that didn’t stop Obama or Rattner from doing the same here.
More Socialism and Unconstitutional Government
The auto bailout (a bipartisan effort in Washington that actually started with Bush in 2008 and was continued by Obama in 2009) was an illegal and unconstitutional violation of the TARP bill, which set very broad, but explicit guidelines for the use of the appropriated funds, and limited the recipients of TARP monies to the financial industry.
Spurning this law – as two presidents from each party in Washington did – is unconstitutional because it represents an executive violation of the lawful prerogative of the legislative branch to earmark appropriations for a particular purpose, and for the monies to go to that purpose only as decided by the people’s duly elected representatives in Congress.
But even that didn’t stop Rattner from joining the president on this socialist quest to socialize a private industry’s losses and pass them on to American taxpayers. In the end, the auto bailouts, which were sold to a wary American public as an investment in the auto industry, were a massive failure: the U.S. Treasury closed out its position at a net loss of $10 billion.
So should you listen to Rattner when he says his boss, Wall Streeter and former New York City Mayor Michael Bloomberg, can beat Donald Trump in 2020?
Michael Bloomberg’s Past and The 2020 U.S. Presidential Election
At this point in United States history, the American people have gone from wary to weary of Wall Street’s financial shenanigans and the economic fallout that it has spread across the American economy. We don’t need no stinking bankers in the White House.
In 2016, Hillary Clinton’s notoriously lucrative private paid speeches to Wall Street firms were leaked, and her cozy position with Wall Street banks was a major issue in the campaign that alienated voters from her. They want someone who’s for them, not Wall Street.
Of course, Michael Bloomberg supported the bailout in 2008 (which Hillary Clinton voted for as a Senator from New York at the time). He said: “It isn’t that they are too big to fail, but that they are too important to fail.”
He also laughably claimed:
“I don’t know that it is even a bailout. For all I know, the government is going to make a lot of money, from buying the mortgages and then reselling them.”
Well if the toxic subprime mortgages, bundled into massive derivative securities, sold to the next greater fool, then sold again to the next even greater fool, and then insured for hundreds of billions of dollars by the next even greater fool than that (shout out to AIG!) are a great profit-making opportunity, then why didn’t Michael Bloomberg buy them himself, instead of supporting the federal government forcing the taxpayers to?
Vulnerable The Same Way Hillary Clinton Was in 2016
Answer: Because he was happy to let Washington redistribute wealth from hard-working Americans in Central and Pacific Time to his reckless friends on Wall Street. He may try to pose as a centrist Democrat in 2020, but he is every bit the socialist, central planning, tax-and-spend Democrat that Obama was as president and that Hillary was as a U.S. senator.
After Donald Trump’s stunning victory over Hillary Clinton, you’d think the Democrats might try and find someone who actually appeals to the American people, not another elitist central planner with deep pockets full of your money and a heart full of avarice.
And you’d think they might have learned not to give in to the kind of hubris that made Trump’s 2016 victory so shocking. Hillary was for sure a terrible candidate.
But Donald Trump does have some kind of magic.
Disclaimer: The views expressed in the article are solely those of the author and do not represent those of, nor should they be attributed to, CCN.
Michael Bloomberg Image from Shutterstock
The Wall Street Journal reports that banks will recast mortgage loans. Thanks to Federal Reserve policy changes, it’s currently cheaper for banks to get loans than it has been for a while. The other effect of a reduced LIBOR rate seems to be lower mortgage rates. Rates have been declining for decades. Depending on when you opened a new mortgage in 2018, it would have been among the lowest rates historically available.
More Disposable Income = Growing Economy/Retail Investment
While there isn’t a direct correlation between mortgage rates and the overall stock market, the fixed cost of mortgages is money that is immediately not available to invest or spend. Lower rates, especially for the best-qualified buyers, can, therefore, equate to increased capital available for investment.
Mortgage-backed securities perform not just on the success of the loans, but also on the sale of new mortgages. Lower rates clearly equate to increased sales. All these factors can contribute to a more bullish market situation. MBG replicates “as closely as possible, the price and yield performance of the Barclays Capital U.S. MBS Index (the Index). The Index measures the performance of the United States Agency mortgage pass-through segment of the United States investment grade bond market.”
MBG is currently working toward surpassing its three-month high of $25.61. Friday’s trading pushed it all the way to $25.57. Volume was heavier near the beginning of the week. MBG is one of several good indicators to survey the health of the mortgage market. Here’s that 3-month chart:
MBG isn’t the only one that’s been building momentum. The Vanguard Mortgage-Backed Securities ETF has been growing at about the same pace.
While we’re far from the housing bubble that contributed to the global financial crisis, it certainly seems the market is bullish on mortgages and bonds related to them.
The Crypto Market Versus Mortgage Securities
There’s another aspect of lower mortgage rates to explore, however. On a macro level, they also increase the money available to invest in cryptocurrencies. Now let’s add to this chart the performance of Ethereum and Bitcoin over the same period, just to see what happens.
Ethereum and Bitcoin have both lost, while the mortgage markets have sustained small but steady gains. Short-term charts of these mortgage symbols show some chaos. But investing the exact same sums in mortgages would have earned you a palpable return in the interim, as neither ETH nor BTC has yet made a full recovery to December levels.
Reading too deeply into this chart might give one the impression that people were selling their cryptos and buying mortgages. That’s likely an exotic case study.
Now, how do the broader markets chart against these mortgage securities?
What we see here is that when the broader markets do poorly, mortgage security performance is largely unaffected. This is because these securities are driven more by government policy and loan performance, which by and large aren’t dependent on the performance of the stock market.
Lower Mortgage Rates Mean Stronger Markets
Yet, when the stock markets begin to chart higher, or vice versa, so too do the mortgage markets. The correlation there is about twice the percentage-wise gains: NYA and IXIC gain about 3 percent over the same period that MBG and VBMS gain roughly 1.5.
Lower mortgage rates are only a bad thing if you’re looking to pay your home off sooner. 15-year rates are consistently lower. It seems that, as the market goes, the more money banks have to loan out at a cheaper rate, the better the market can perform. Not only because real estate investors have excess capital to generate activity in other departments, but also because Americans then have more money in their pockets to spend in the now, in ways that generate favorable earnings calls — or speculate on the front end of the next great cryptocurrency bull run.
Featured Image from Shutterstock. Price Charts from TradingView.
Yesterday was an incredibly positive day for the crypto markets, as many cryptocurrencies were able to erase several weeks of losses in a matter of mere hours. Litecoin led yesterday’s surge and was able to skyrocket 30%, which led LTC to claim the fourth most valuable spot by market capitalization.Because the markets have been able to maintain nearly all of their recent gains thus far, analysts now expect the markets to maintain their upwards momentum in the week ahead.Crypto Markets Trade Flat Following Recent Pump At the time of writing, most major cryptocurrencies are trading up or down marginally, with Ethereum and XRP trading down 0.2% and 1.4% respectively, while Litecoin has climbed 1.7% to its current price of $43.60.Litecoin was the leader of yesterday’s crypto market surge, as it skyrocketed from lows of $33 to highs of $43, from which it has only dropped slightly.As reported by NewsBTC yesterday, analysts had expected LTC to face resistance around $43, which has proved to be a difficult price point for the cryptocurrency to break decisively above.The Crypto Dog, a popular cryptocurrency analyst on Twitter, explained to his followers that he was selling his Litecoin at $43, and waiting for further price action to develop before entering any new positions.“But volume is really quite lacking on this move and a 50% retracement of a falling wedge is already a lot to to [sic] ask for… For now, I’m not looking for longs until further price action. Selling my $LTC here at $43,” he noted.MUCH nicer. But volume is really quite lacking on this move and a 50% retracement of a falling wedge is already a lot to to ask for.For now, I’m not looking for longs until further price action. Selling my $LTC here at $43. pic.twitter.com/oLQyRhcSez— The Crypto Dog📈 (@TheCryptoDog) February 8, 2019Today, another popular cryptocurrency analyst on Twitter – Mitoshi Kaku – explained that he was entering a short position in LTC following its recent pump, which may signal that the cryptocurrency needs to drop further before continuing its bullish move upwards.Let it roll now! 😬 $LTC pic.twitter.com/PORM6j5ZTU— Mitoshi Kaku 👨🏻🚀 (@CryptoSays) February 9, 2019Crypto Markets Likely to Continue Moving UpwardsAlthough the markets have slowed their upwards ascent today, analysts still expect them to continue climbing higher in the near future.Instinct, a popular cryptocurrency analyst on Twitter, noted that he would start aggressively buying each dip for Bitcoin, Ethereum, and Litecoin, over the next few days, with the intention of selling them at higher prices in a relatively short-time frame.“Most large caps made decisive S/R flips today on high volume. I’ll be in aggressive dip buying mode for the next few days expecting more expansion upwards… Areas in green I’ll be buying, areas in red I want to sell… $LTC $ETH $BTC,” Instinct explained.Most large caps made decisive S/R flips today on high volume. I’ll be in aggressive dip buying mode for the next few days expecting more expansion upwards.Areas in green I’ll be buying, areas in red I want to sell. $LTC $ETH $BTC pic.twitter.com/K0iEq3hGZA— Instinct (@instinctxbt) February 9, 2019How the markets trade throughout the weekend will likely give traders greater insight into whether or not bulls will be able to sustain the upwards trend that was sparked by yesterday’s rally.Featured image from Shutterstock.
After much speculation, Senator Elizabeth Warren officially launched her 2020 presidential campaign on Saturday, where she vowed to challenge the super wealthy and fellow Democrats who served as their power brokers. The decision to run marks a significant departure for Warren, who less than two years ago told her constituents in Massachusetts that she doesn’t want to become president.
ELIZABETH WARREN HAS ‘CHANGE OF HEART’
Standing before a crowd in Everett Mills, Massachusetts on Saturday, Warren declared her intent to win the Democratic Party’s presidential nomination for the 2020 election. In a 44-minute speech, Warren outed corporations and the super wealthy for “waging class warfare against hardworking people.”
Warren not only invoked class warfare in her speech, she made it abundantly clear that the real reason she is running is to take down Donald Trump. In her view, Trump is an “extreme symptom of what’s gone wrong in America.” He is merely “a product of a rigged system that props up the rich and powerful and kicks dirt on everyone else. So once he’s gone, we can’t pretend that none of this ever happened.”
What have Elizabeth Warren and the other 2020 U.S. presidential candidates said about bitcoin? Read this comprehensive guide to find out.
WHAT ARE HER CHANCES?
Warren represents a form of ultra-left populism that has become ascendant in the Democratic Party. However, even among the more progressive Democrats, she is often considered a fringe candidate whose platform is unlikely to resonate with American voters. As a general rule, U.S. presidential elections are won from the center out as opposed to the fringes. Trump may have been an outlier, but he was a far different outlier than what Warren represents.
That being said, Warren’s chance of becoming the Democratic nominee goes up if Bernie Sanders decides not to run in 2020. Sanders did a masterful job reeling in two groups of Democratic voters in 2016: liberals who despise Hillary Clinton and Millennials who don’t know anything about economics. If he’s back in the race, Warren will struggle to collect young liberal voters.
Back in November, Sanders said he will “probably run” for president in 2020. However, he has yet to formalize those plans.
DONALD TRUMP ISN’T WORRIED ABOUT ELIZABETH WARREN
Polling data courtesy of Real Clear Politics show Democratic voters overwhelmingly support Joe Biden as the party’s next presidential nominee. At last check, roughly a third of Democrats backed the former vice president. Sanders is a distant second at 12.3%. Warren is down in fifth place at 5.5%.
President Trump has made it abundantly clear that he is not worried about Elizabeth Warren. In fact, he has long hoped for Warren to join the Democratic race for the nomination.
“We’ll see how she does, I wish her well. I hope she does well. I’d love to run against her.”
As political opponents, Trump and Warren first butted heads during the 2016 presidential run. Since then, Trump has been labeling Warren “Pocahontas” for allegedly faking her Native American heritage.
Warren later released DNA results that showed extremely minor traces of Native American ancestry, perhaps less than the average American. Basically, the test results showed she was somewhere between 1/64 and 1/1024 Native American. That works out to between 0.1% to 1.5%.
Then there’s this gem:
— Donald J. Trump (@realDonaldTrump) January 3, 2019
Even CNN admits that Warren’s path to the White House has become a lot harder since the DNA fiasco blew up last October. Current polls show they are not off the mark.
Elizabeth Warren Image Courtesy of Shutterstock