China, U.S. kick off new round of tariffs in trade war
BEIJING/WASHINGTON (Reuters) – The United States began imposing 15% tariffs on a variety of Chinese goods on Sunday – including footwear, smart watches and flat-panel televisions – as China began imposing new duties on U.S. crude, the latest escalation in a bruising trade war.
500,000 BTC Payout, Sudden Slump: Hodler’s Digest, Aug. 26–Sept.
Coming every Sunday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link.
Sudden slump sees Bitcoin lose support for five figures
After managing to maintain support above $10,000, Bitcoin (BTC) finally succumbed to bearish pressure this week — shedding $500 in a matter of minutes on Wednesday to stabilize at about $9,500. Altcoins weren’t immune to the sell-off either. Some, including Ether (ETH) and Binance Coin (BNB), actually fared far worse in comparison. Analysts have warned that monthly charts are also looking “ugly,” but optimists claim conditions in the Bitcoin market at present are not too dissimilar to the middle of 2016, when momentum was about to start taking the world’s biggest cryptocurrency to its record high of $20,000. It’s fair to say that other predictions haven’t aged all that well. Nigel Green, the CEO and founder of financial consultancy firm deVere Group, said he believed $10,000 was the new normal bottom price for Bitcoin — a support level that was wiped out a day later.
Craig Wright must forfeit 50% of Bitcoin in court case
Wall Street hasn’t been this negative about earnings growth in three years
- At the start of the year, analysts estimated S&P 500 earnings growth for the year would be around 7.6%, according to FactSet. That number is now 2.3%.
- This 5.3 percentage point fall in estimates is the biggest decline in three years, since 2016 when estimates dropped from 7.8% to 1.3%.
- The trade war between the U.S. and China has weighed on companies as tariffs and uncertainty about the future curb growth.