Bitcoin and Gold Feeling the Pressure while Stock Market Makes a Fresh Record

Today, the market has hit yet new highs.

The benchmark S&P 500 Index, up 22.7% so far this year, is on track to rise for a fifth week in a row while Nasdaq is eyeing its sixth straight week of gains. The Dow Jones Average that spiked 150 points yearly has its 2019 gains climbing to 18%.

These gains came on the back of the comments from senior officials in Beijing, suggesting that the US and China will cancel planned tariffs on each other’s billions worth of goods in stages, as part of the first trade pact between the world’s two biggest economies that is due to be signed in the next few weeks.

“In the past two weeks, the lead negotiators from both sides have had serious and constructive discussions on resolving various core concerns appropriately,”

Ministry of Commerce spokesman Gao Feng told reporters in Beijing.

“Both sides have agreed to cancel additional tariffs in different phases, as both sides make progress in their negotiations,”

added Gao.

However, strategists are concerned that the market is placing too much emphasis on the “Phase One’ of the trade deal coming to fruition.

Meanwhile, as global stocks extended multi-year and multi-month highs, US equity spiked on the comments as well.

The European market also rallied, with Stoxx 600 benchmark is hitting a four-year high. Global oil prices went up amidst the broad market rally.

While the stock market is surging gold is in the red hitting new daily lows.

Bitcoin has been outperforming gold for the past nine years but today the digital gold is falling the same as gold.

The leading cryptocurrency is trading at $9,199 with 24 hours loss of 1.13%, as per Coincodex while managing the daily trading volume of just about $200 million.

Bitcoin might not be seeing the greens currently but as we reported the market is giving the signs that we are getting ready for an “explosive” move. The low volume, tight range, CME gap being filled and BTC entering the overbought levels are pointing towards this move.

Another positive factor for BTC is the open interest on Bakkt that has doubled to $2 million, as reported by Skew Markets. As Bitcoin Exchange Guide shared, these increasing numbers suggest that new money might be coming into the market.

This current phase, according to prominent analyst Willy Woo is just a “prolonged consolidation inside a macro bull market.”

Many have already called out the bottom of the market and being in the “blow-off” phase, the question remains whether we are taking a detour around $8k first or going straight to a new 2019 high.

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Author: AnTy

Aeternity DApp Blockchain to Help Monitor Medical Cannabis In Uruguay

Aeternity, a blockchain application, is set to be used in order to track the supply chain of legal cannabis in Uruguay. Both medical and recreational drugs from the producer Uruguay Can, will be tracked. The company will also combine blockchain with the internet of things technology to track the product.

According to Pablo Coirolo, the CEO of Aeternity Americas, the goal of the company is to be the first business to offer this solution for cannabis producers in the region. He affirmed that Aeternity technology is ideal to be used in these situations, as it can track the cannabis from the seeds to when they arrive at the store.

Now, the service will start to be implemented. Initially, the expectation is that implementation will be concluded by January 2020. During the middle of 2021 the process is expected to be optimized and completed.

This is a pretty important to the business of cannabis in Uruguay. In fact, the country was the first one in the world to completely legalize the production and sale of cannabis-based products, starting at the end of 2013.

The CEO of Uruguay Can, Eduardo Blasina, affirmed that the company is proud to be the first company to completely track their supply of cannabis. No other company in the local industry has done the same and this can benefit the consumer, as they will feel more secure about the products that they using. Tracking supplies is becoming a trend in the world and they are dedicated to using it.

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Author: Hank Klinger