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Bitcoin finds a bottom as risk aversion grips global markets
Posted on 12th February 2018
New York: What’s supposed to be the most volatile asset in the universe is proving to be a bastion of stability compared with wild swings and carnage in global equities this week.

Bitcoin clawed its way back from the four-month low of $5,922 it touched on Tuesday, rebounding 53% to $9,069. The S&P 500 Index and the Dow Jones Industrial Average both fell more than 5% this week, wiping out gains for the year. Emerging markets stocks and currencies also plunged, while shorter maturity US Treasuries climbed as investors fled from risky assets to safe-havens.

Bitcoin’s supporters are quick to extol the cryptocurrency’ virtues as an asset that’s uncorrelated to the broader market—independent from any single country, company or central bank—which can serve as a haven in times of market turmoil. And while that turmoil can usually be found in bitcoin prices and headlines, this week US equities are beating the largest cryptocurrency on that field.

Since the drop below $6,000, bitcoin has been on a steady climb, causing volatility measures on the digital asset to stabilize while the sell-off in the S&P 500 triggered the biggest jump on the Chicago Board Options Exchange Volatility Index ever.

The “do no harm” approach to cryptocurrencies taken by US regulators at a Senate hearing Tuesday sparked the rebound, while negative headlines from regulatory crackdowns in China and South Korea that have weighed on prices subsided.

The 70% slump from bitcoin’s high of almost $20,000 has prompted finance heavy weights to say the crypto bubble had finally popped. Judging from price action this week at least, maybe those calls were premature.


Other Latest News
Microsoft, Apollo Hospitals build AI-powered platform to predict cardiovascular disease risk score
Posted on 17th August 2018
Microsoft India and Apollo Hospitals have partnered to build an artificial intelligence-powered platform, designed to predict the risk of Cardiovascular Disease (CVD) in the Indian population. Under the collaboration, which is part of Microsoft’s AI Network for Healthcare initiative, the two entities have launched an AI-powered Cardiovascular Disease Risk Score API (application program interface)

Malaysia’s Axiata relinquishes major rights in Idea Cellular ahead of Vodafone merger
Posted on 17th August 2018
Idea Cellular today said Axiata, whose current holding in the company stands at over 16 per cent, has relinquished “all major rights” including that of nominating a director on the board. Idea’s statement comes at a time when the telecom firm has received the government’s approval for merger with Vodafone. The combination is set to create the country’s largest mobile phone operator worth more than USD 23 billion with a 35 per cent market share.

BPCL to keep Mumbai refinery shut for at least 2 months after fire: Source
Posted on 17th August 2018
India's Bharat Petroleum Corp Ltd will keep a secondary unit at its 120,000 barrels-per-day (bpd) Mumbai refinery offline for at least two months following a fire last week, two industry sources said on Friday.

When contacted, a BPCL spokesman could not immediately confirm the duration of the shutdown, saying that a decision will be made in one to two days.


Ashok Leyland bags order for 300 double-decker buses from Bangladesh
Posted on 17th August 2018
Ashok Leyland has won an order of 300 double-decker buses from Bangladesh Road Transport Corporation (BRTC).

Leyland has to deliver the order within eight months.

Vinod K. Dasari, Managing Director of Ashok Leyland, said Bangladesh is one of the key export markets and this order further strengthens the company's position.


ITC hits fresh 52-week high; stock surges 17% in one month
Posted on 17th August 2018
Shares of ITC hit a fresh 52-week high of Rs 315, up 2.5% on the BSE in early morning trade, extending gains of the past 4 weeks after the company’s June quarter net profit beat the Street estimates.

The stock of fast moving consumer goods (FMCG) company was the largest gainer among the S&P BSE Sensex at 09:38 am. It outperformed the market by surging 17% in past one month, as compared to a 4% rise in the benchmark index.


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