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S&P 500, Nasdaq Reach New Highs, Trump Takes to Twitter to Celebrate

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  • Alex Dovbnya
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    The US stock market surges on a strong jobs report that exceeded economists' forecasts

S&P 500, Nasdaq Reach New Highs, Trump Takes to Twitter to Celebrate
Cover image via en.wikipedia.org

The US stock market is on a tear today with both the S&P 500 and the technology-driven Nasdaq indices updating their all-time highs, Yahoo! Finance reports.  

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Bitcoin Price Suddenly Surges to $8,500 While S&P 500 Reaches New Record High

Bitcoin Price Suddenly Surges to $8,500 While S&P 500 Reaches New Record High

The S&P 500, which reflects the performance of the 500 largest companies, has solidified above the 3,000 mark, currently sitting at 3,060. As reported by U.Today, the widely tracked index finally reached a new record high on Oct. 28 after the US and China started moving closer to the long-awaited trade war truce. 

The most recent uptick was ostensibly caused by the jobs report, which managed to exceed dour expectations. In October, US employers added 128,000 jobs while analysts predicted 89,000 jobs.        

US President Donald Trump took to Twitter to tout recent stock gains. The booming market is a major point for his re-election campaign that is already in full swing.     

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Trump's Former Federal Reserve Nominee to Launch Stablecoin Called "Frax" in Coming Months

Trump's Former Federal Reserve Nominee to Launch Stablecoin Called

The US Federal Reserve has already cut interest rates three times this year, but it's not enough for Trump who wants to further propel the economy before Americans head to the polls in 2020. 

"The Fed has put the ball firmly in President Trump’s court. [...] They've cut interest rates THREE times … and they’ve begun a QE program (even though they say it’s a non-QE program). What more could Mr. Trump ask for?” Matthew Maley, chief market strategist at Miller Tabak, told CNBC

Now, it's time experts believe that it's time for Trump to move forward with the trade war talks given that the Fed has already given him (almost) everything he wanted. China and the US are expected to sign the so-called "phase one" deal in the nearest future. 

Meanwhile, two billionaire hedge fund managers believe that Elizabeth Warren winning the presidency (or even the Democratic party's nomination) could lead to double-digit losses for stock market investors.     

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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Bitcoin Is Classic Pump-and-Dump Scheme, Says Peter Schiff

ByBit
  • Alex Dovbnya
    📰 News

    Gold proponent Peter Schiff thinks that Bitcoin evaporating its 40 percent pump proves that it's a pump-and-dump scheme

Bitcoin Is Classic Pump-and-Dump Scheme, Says Peter Schiff
Cover image via u.today

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Contents

Euro Pacific Capital CEO Peter Schiff has come up with a new insult for Bitcoin, calling it "a classic pump-and-dump scheme."

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Peter Schiff Reacts to Sudden Bitcoin Price Drop: "Get Ready for the Dump!"

Peter Schiff Reacts to Sudden Bitcoin Price Drop:

"You're being played"

Schiff continues to assert that Bitcoin's 40 percent pump on Oct. 25 was the result of price manipulations. The fact that Bitcoin's has completely trimmed these gains in just four weeks definitely flies in the face of bulls.

The gold bug explains that the pump was meant "to sucker in" momentum buyers to dump their bags later. This is supposed to be a wake-up call for all buyers.

Earlier, Schiff lambasted Bitcoin holders for not being able to see through the shenanigans of whales who are selling their coins on the verge of a major price.        

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Bitcoin Price Could Drop to $2,000 or Even to $200, According to Peter Schiff

Bitcoin Price Could Drop to $2,000 or Even to $200, According to Peter Schiff

Other bears are waking up 

Mark Dow, the trader who famously shorted Bitcoin at its current all-time high, recently resurfaced on Twitter with a succinct "Bitcoin is dying" tweet, which came in handy right on the verge of Bitcoin's drop to the $7,500 level.     

While some bulls might be tempted to dismiss Bitcoin price moves recorded on the lower time-frames as "noise," the long-term picture is also gloomy. As reported by U.Today, crypto market analyst Willy Woo opined that Bitcoin might not replicate the success of previous halvening cycles due to its unusual bearishness. 

Subscribe to U.Today on Twitter and get involved in all top daily crypto news, stories and price predictions!

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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