Market Summary 28/11/18
28th November 2018
Falling prices of Bitcoin
After trading of a peak of $19,000 in December 2017, Bitcoin’s trading price has now plumeted to just $4,600, a drastic fall of nearly 70% this year1 .This likely indicates the end of Bitcoin, as many investors lose confidence in the cryto currency.
Judging Beijing residents’ behaviour
According to Bloomberg2 , by 2021 Beijing will finalise its credit system by linking databases from all areas whereby those with better social credit will get “green channel” benefits and those who tries to break the law will find life more difficult.
S&P 500 worst fourth quarter since 2008
On Tuesday 20th November, S&P 500 fell by 9.1% and this is not promising news as similar situations like this for S&P 500 has only occurred 5 other times in history; 2008, Great Depression years (1929, 1932 and 1937) and 1987’s Black Monday crash3.
Bet 365: UK’s highest paid boss
According to BBC News4 Co-founder Denise Coates of Best 365, an online gambling firm, received a compensation of £265 million including dividends, this is a £48 million rise from her last year’s pay. £265 million was composed of £220 million basic pay and £45 million in dividends.
Toyota hopes augmented-reality will improve everything
Toyota, one of the growing numbers of auto companies, has decided to use HoloLens –augmented-reality headsets which lets users merge 3-D models with reality – in hopes to improve efficiency from designing cars to manufacturing and fixing5
TikTok on the rise
TikTok, a Chinese short-form video app launched in 2016, has gained popularity dramatically, with almost 800 million downloads worldwide and its revenue has tripled that last year. It can arguably be the “first long-term successful social app in the US owned and operated by an Asian company” 6.
Alphabet’s chairman not so keen on Google CEO’s China strategy
Chairman John Hennessy of Alphabet (Google’s parent company) is not confident with the strategy of a censored search engine proposed by Google’s CEO Sundar Pichai. He said he is unsure regarding Google’s presence in China and whether it will do more good7 .
1 R. La Monica, P. (2018). Bitcoin prices keeps plunging. When will they hit bottom?. [online] CNN. Available at: https://edition.cnn.com/2018/11/20/investing/bitcoin-prices-plunging/index.html [Accessed 21 Nov. 2018].
2 Bloomberg.com. (2018). Beijing to Judge Every Resident Based on Behavior by End of 2020. [online] Available at: https://www.bloomberg.com/news/articles/2018-11-21/beijing-to-judge-every-resident-based-on-behavior-by-end-of-2020 [Accessed 22 Nov. 2018].
3 Egan, M. (2018). The S&P 500 is having its worst fourth-quarter since the sky fell in 2008. [online] CNN. Available at: https://edition.cnn.com/2018/11/21/investing/stock-market-worst-start-2008/index.html [Accessed 21 Nov. 2018].
4 BBC News. (2018). UK’s best-paid boss earns £265m. [online] Available at: https://www.bbc.co.uk/news/business-46289499 [Accessed 22 Nov. 2018].
5 Metz, R. (2018). Toyota is using Microsoft’s HoloLens to build cars faster. [online] CNN. Available at: https://edition.cnn.com/2018/11/16/tech/toyota-hololens/index.html [Accessed 22 Nov. 2018].
6 Yurieff, K. (2018). TikTok is the latest short-video app sensation. [online] CNN. Available at: https://edition.cnn.com/2018/11/21/tech/tiktok-app/index.html [Accessed 22 Nov. 2018].
7 Stone, B. (2018). Alphabet Chairman Struggles With Google CEO’s China Strategy. [online] Bloomberg.com. Available at: https://www.bloomberg.com/news/articles/2018-11-20/alphabet-chairman-struggles-with-google-ceo-s-china-strategy [Accessed 22 Nov. 2018].