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Image Of The Weekend, 17-18 of November: Forbes, Financial Times, Venture Beat and Others

Daniil Danchenko

We're presenting "image of the weekend". Bitnewstoday.com has chosen the most important news about the digital economy and virtual currencies. Only the most valuable stories from only the trusted sources. Each and every event from this list will change the world of the digital economy either way. The most important stories of this weekend in the most indicative quotes are below!

1. SO LONG, 6000! (Forbes)

Bitcoin gives up $6000 support level

After weeks of boring, mostly sideways price action, the new investment thing called bitcoin finally conceded at least short-term defeat and closed below the $6000 support level in a dramatic one-day 10% sell-off last week. Whoever had been buying it up at that level finally decided not to continue with the purchases and the sellers took over in decisive fashion.

You can see that last week's sudden descent erased the level of support at 6000 that had been in place since June. The rallies since then had been shallower and shallower and that may have been the reason that buyers at the previous support finally gave up. Note the uptrend line in place that connects the 2015 lows with the 2016 and 2017 low — are we headed for a test of that line before buyers begin showing up again?


White company’s blockchain ai division acquired by Apis Capital Management

Making its first foray into venture capital, Apis Capital Management announced on Thursday that it is acquiring the blockchain intelligence and analytics division of the White Company. The acquisition was made through Apis Ventures, the newly found private equity fund under Apis Capital Management. The fund is focused on investing in machine learning and artificial intelligence ventures.

The White company is working extensively with blockchain technology on making global payments and financial transactions easier. Their solutions cater to both businesses and consumers and enable them to pay others within seconds, without incurring fees.


Bitcoin’s repeated splits undermine its long-term value

Cryptocurrencies have been crashing again. Bitcoin has slumped to its lowest price in more than a year. More than $600B in claimed “market capitalisation” has vanished from the universe of pseudo-money and digital tokens since early January. A bit like the Burberry scarf, Bitcoin has become a victim of its own success, with countless knock-offs undermining its value.

Whether or not cryptocurrencies will, in the short term, recover some of their losses is anyone’s guess. Their prices are so arbitrary, and evidence suggests they are highly manipulated. That makes it basically impossible to predict where they are going next. One thing is certain under the laws of supply and demand: something that can be infinitely replicated must lack long-term value. Anyone trying to market such a thing — however many new bells and whistles they put on it — is essentially trying to sell hot air.


Another big win for Ripple

Brazilian bank Bradesco has agreed a partnership with Japan's largest bank MUFG (formerly Bank of Tokyo-Mitsubishi) for the launch of an international money transfer service based on Ripple's blockchain technology.

Clients of both banks will be able to use the service, with Bradesco describes as a "real-time and low-cost" international money transfer facility. The transfers will be available at branches by September 2019 then implemented across the bank's digital channels.

5. ONE REALLY BAD WEEK (Venture Beat)

Mining collapse caused Nvidia to lose $23 billion in market value

Nvidia didn’t have a great week. It reported earnings that fell short of Wall Street’s expectations on Thursday, and by Friday the company’s stock price had fallen 18 percent, shaving $23 billion in market value and leaving the company with a $99 billion valuation.

The reason? Crypto miners stopped buying graphics cards, resulting in an inventory bubble for Nvidia’s mid-range Pascal graphics cards. It may take a quarter or two to eliminate the inventory bubble.

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