One of the cornerstones of the free internet is the idea that all data should be treated as equal. When you allow telecom companies to give preferential treatment to specific websites it undermines the concept of a free internet and allows large corporations to begin acting as the gatekeepers of information.
This concept is known as “net neutrality” and has become a hot topic recently in the United States since the laws that were put into place during the Obama administration to protect net neutrality were inexplicably repealed by the current FCC Chairman Ajit Pai, which has proved unpopular with many.
At this time, we’re not gonna go into what Pai’s motives may have been but it has been reported that the NRA, which has been lobbying for the repeal of these regulations has now honored him with a valuable handmade Kentucky long gun as a prize for the part he played “standing up under pressure with grace, dignity and principled discipline”
Now, it’s not clear exactly what part the NRA lobby had on the repeal but what does seem clear is that the handmade gun constitutes a gift that violates the FCC’s own rules.
For those of you in the United States, it’s not too late to oppose the repeal. The good people at Reddit, have put together an excellent post that shows some actions you can take in 10 minutes or less to stand up for this important issue.
@MatiGreenspan
eToro, Senior Market Analyst
Today’s Highlights
Short-term Risk is On
Powell’s First Time
Crypto Volatility Continues
Please note: All data, figures & graphs are valid as of February 27th. All trading carries risk. Only risk capital you’re prepared to lose.
Traditional Markets
Stocks in New York had a fantastic start of the week with a rise of more than 1% for all three major indices.
At least in the short term, things do seem to be coming back to normal. We also saw volatility coming down a smidge and the bonds had some sort of “recovery” as well.
Bear in mind that this is only short-term flows and a recent report from the Wall Street Journal has revealed that traders are currently leveraged to the hilt, which may explain some of the volatility we’ve been seeing lately.
The following are daily charts for all of the above-mentioned markets. The short-term trend should be noted by the last three candlesticks in each graph.
So we do see some appetite for risk in the short-term, except for with Gold, which continues to rise on the weaker Dollar.
Focus Today
One thing that traders have been waiting for is to hear the first offical speech from Janet Yellen’s replacement. The new Fed Chairman Jerome Powell is due to deliver his testimony to the House at 11:30 AM in Washington DC.
It should be noted that the testimony will be delivered in writing at the time above and Powell himself will take the stage about 90 minutes later.
This event will be a kind of a meet and greet for the financial markets and it will be interesting to see if Powell plays the role of support for the markets or if he will come out tough on inflation.
Most likely he’ll try to dance between the two.
More Volatility In Crypto
Yesterday, Goldman Sachs took another significant step into the crypto market. This time through a startup that they’re backing called Circle, which has just bought one of the largest crypto-exchanges in the world.
Their claim that most cryptos are going to zero now seems out of line with their actions on the ground.
Overall, the move should probably be seen as a good thing. More institutional money flowing through in this market should help to create liquidity bridges and even out the volatility, which at this point is still more extreme than ever.
Yesterday, the price of Bitcoin jumped $542 in the span of 40 minutes.
This might be excellent news for high risk traders but it does highlight the illiquid nature of this market and the overall price instability.
If we are to see Bitcoin or any cryptocurrency gain serious traction these type of jumps, up or down, are kind of a smoking gun.
As always, please let me know if you have any questions, comments, or feedback. I’m always very happy to hear them.
This content is provided for information and educational purposes only and should not be considered to be investment advice or recommendation.
The outlook presented is a personal opinion of the analyst and does not represent an official position of eToro.
Past performance is not an indication of future results. All trading involves risk; only risk capital you are prepared to lose.
Cryptocurrencies can widely fluctuate in prices and are not appropriate for all investors. Trading cryptocurrencies is not supervised by any EU regulatory framework.
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