Global investment giant Goldman Sachs has warned its high networth clients that Bitcoin's price surge has pushed the virtual currency it into the bubble territory, that dwarfs the past bubbles in dot-com companies and tulip bulbs. Still worse, the price rise in Ether, the second largest cryptocurrency in market cap, dwarfs even Bitcoin's jump, the bank added in a client note. more...
International Monetary Fund yesterday revised up its forecast for world economic growth in 2018 and 2019 saying that sweeping US tax cuts were expected to boost investment in the world's largest economy and help its main trading partners. In an update of its World Economic Outlook, the IMF however warned that US growth would likely start weakening after 2022 as temporary spending incentives brought about by the tax cuts start to expire. ...
The median forecast for Brazil's consumer price inflation in the next 12 months rose for the fourth consecutive week, to 4.00% from 3.98% a week before, according to economists surveyed by the South American country's central bank. The annual inflation rate in Brazil increased to 2.95% in December, ending the year below the bottom of the central bank's target for 2017, which ranged from 3% to 6%. more...
Retail trader data shows 76.0% of traders are net-long with the ratio of traders long to short at 3.16 to 1. The number of traders net-long is 1.9% higher than yesterday and 5.3% higher from last week, while the number of traders net-short is 0.6% higher than yesterday and 21.9% higher from last week. We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests Bitcoin prices may continue to fall. ...
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