Bitcoin overtakes tech as most crowded trade, says Bank of America survey
“Long Bitcoin” has once again flipped “long tech” as the most crowded trade based on Bank of America’s recent fund manager survey. Go to Source Powered by WPeMatico
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Bitcoin price climbs 20% overnight as US banks brace for 40% profit cut
Bitcoin made a swift 20% recovery from the weekend’s bloodbath, while American banks prepare to post major losses in their upcoming quarterly reports. Go to Source Powered by WPeMatico
Bank of America Predicts ‘Mother of All Bubbles’ for Bitcoin
Bank of America’s chief investment strategist sees “the mother of all bubbles” in bitcoin. He compared the cryptocurrency’s recent rally to other bubbles, emphasizing the “increasingly speculative” investing behavior of bitcoin. Bank of America Warns of Huge Bitcoin Bubble Bitcoin’s recent rally has worried a number of prominent financial analysts who warned of a huge … Read more
$200 Billion in Fines: Mega Banks Rack up Penalties From Illegal Activities
Top U.S. banks have racked up almost $200 billion in fines and penalties over the past 20 years from illegal activities in 395 major legal cases. Bank of America tops the list, followed by JPMorgan, Citigroup, and Wells Fargo, according to a new report, which also covers Morgan Stanley and Goldman Sachs. Big Banks’ $200 … Read more
Bitcoin the third ‘most crowded trade’ in global fund manager survey
Asset managers around the globe are losing confidence in the dollar, encouraging them to seek out inflation-resistant investments for their clients. Go to Source Powered by WPeMatico
Bank of America Investor Survey Highlights the Most Crowded Trades: ‘Long Tech, Short USD, Long Bitcoin’
The highly anticipated Bank of America fund manager survey has been published, and this December fund managers who participated in the survey are sweeping up risk assets. The asset managers have dropped cash for the first time in close to seven years, as levels are down 4%. Moreover, strategists at Bank of America Corp. now … Read more
Bitcoin suddenly slides 4% as BofA predicts a 20% stock market crash
The price of Bitcoin abruptly dropped 4% from the day’s peak as the uncertainty in the stock market intensified. Go to Source Powered by WPeMatico
Report: Blockchain Patents ‘Skyrocket’ in 2020, Alibaba Owns the Most Crypto Patents
A study from the team at Kisspatent shows that Alibaba Group is the largest blockchain patent holder in 2020 capturing 10x the number of patents held by IBM. The report notes that blockchain patents “are skyrocketing” this year and so far in 2020, there’s been more distributed ledger technology and cryptocurrency patents published than all … Read more
Nigeria Foreign Exchange Crisis: Worsening US Dollar Shortages Point to Further Devaluation
Pressure on Nigeria’s current exchange rate is likely to get worse in 2021, when the expected recovery of imports is set to force another devaluation of the local currency to N430/$ next year, according to two Bank of America analysts. Earlier rate adjustments, one in March and another in July, already appear to have failed … Read more
US Dollar Slump Incoming: Bank of America Sees ‘Death Cross’ as Confidence in Gold Rises
The US dollar is increasingly being viewed in a negative light by investors. Bank of America analysts are seeing a “Death Cross,” a bearish technical formation suggesting that a period of dollar weakness is coming. Meanwhile, confidence in gold has been rising. Investors Losing Confidence in US Dollar Investors are increasingly viewing the U.S. dollar … Read more
