Microchip Shortage Is Hitting General Motors Hard As Company Extends Downtime At Several Assemblies

The global shortage of microchips is affecting the operations of numerous vehicle manufacturers, forcing them to make drastic changes to their manufacturing schedules.

General Motors Extends Downtime At Crossover Assemblies

Detroit-based General Motors has announced that it has extended the downtime at several crossover assemblies across the United States. The global shortage of microchips is the major reason why the automobile manufacturer is taking such drastic action.

In a statement yesterday, the automaker said, “These most recent scheduling adjustments are being driven by the continued parts shortages caused by semiconductor supply constraints from international markets experiencing COVID-related restrictions.”

General Motors added that while the situation remains complex and fluid at the moment, it is prioritizing full-size truck production due to their high demand. The automaker said seven of its plants in North America would be fully operational next week. They are; the full-size SUV plant in Arlington, Texas; the GMC Acadia, Cadillac XT5 and XT6 plant in Spring Hill, Tenn; the full-size pickup plants in Flint, Mich., Fort Wayne, Ind., and Silao, Mexico; the Chevrolet Corvette plant in Bowling Green, Ky.; and Fairfax Assembly in Kansas.

Automobile manufacturers would fall short of 9.4 million vehicles this year in terms of production due to the worldwide shortage of microchips. At the moment, they are down by 8.2 million, with North America accounting for 2.6 million so far.

General Motors Is Having Troubles With Its Electric Cars

General Motors has been experiencing certain troubles with its electric vehicle, the Chevrolet Bolt. The company extended the shutdown of its assembly plant that manufactures the Bolt until mid-October due to another safety notice related to the car.

Earlier this week, General Motors had asked Bolt owners to park at least 50 feet from other vehicles inside parking garages because the electric cars could catch fire. The company also said users should not leave their vehicle charging unattended, even if they are using a vehicle charging station in a parking deck.

GM stock chart. Source: FXEMPIRE

The shares of General Motors are up by 0.60% at Friday’s pre-trading session despite the negative news from the company over the past 48 hours. GM is trading at $51.80 per coin and has delivered excellently this year.

GM’s stock price is up by more than 20% year-to-date. It started trading at $41 per share at the beginning of the year, and it is now trading above $51 per share.

Its Revolut’s Time For Adoption As It Pays For Its WeWork Office Space In Bitcoin

Bitcoin has gained massive adoption from corporate entities over the past few years, and this time, it is UK-based fintech firm Revolut that is using BTC to pay for an office space.

Revolut Pays For An Office Space In Bitcoin

Revolut, one of the leading fintech companies in the United Kingdom, has decided to pay for its largest office space in Bitcoin. The company rented the office space in the United States and has paid WeWork the rent in BTC.

WeWork announced that the challenger bank rented its new U.S.-based office in Dallas, Texas, and it is set to host 300 people. According to WeWork, Revolut is its first enterprise member to rent a new space using cryptocurrency.

 

Revolut stated that it paid for the office space in Bitcoin to showcase its growing belief in cryptocurrencies as a method of payment. Paying with Bitcoin and other cryptocurrencies eliminates the need to use intermediaries for its transactions. As such, the move has saved the company from costly international remittance fees.

The Adoption Of Bitcoin Is Growing

Revolut’s payment in BTC doesn’t come as a surprise, as WeWork announced earlier this year that it has started accepting payments in cryptocurrencies. WeWork partnered with crypto payment processor BitPay to provide the payment options to its clients.

The British fintech’s partnership with WeWork will also allow its offices in Berlin, Dallas, Dublin, Melbourne, Moscow, Singapore, and New York to be redesigned as flexible workspaces.

BTC/USD chart. Source: FXEMPIRE

The leading cryptocurrency has been struggling to top the $50k level in recent weeks. BTC is down by roughly 1% today and is trading just above the $47k at the moment. The broader crypto market is also in a bearish run at the moment, and more losses could be recorded during the weekend.

iPhone 13 Is Already Recording Early Strong Sales In China

Apple presented the iPhone 13 only two days ago, but it has already started gaining traction in China, one of the company’s largest markets.

Apple Sees High Interest In Its iPhone 13 In China

A report by the South China Morning Post earlier today, Apple has received more than 2 million orders of iPhone 13 in China. The orders have come through Apple’s official store via e-commerce platform JD.com

Apple launched the iPhone 13 in an event earlier this week, sparking the interest of millions of people globally. The 2 million pre-order in China for iPhone 13 surpassed the 1.5 million the company received when it launched it’s iPhone 12.

The tech giant continues to be the number one premium smartphone seller in China following the recent struggles of Huawei. Huawei has come under pressure in the United States in recent years, and this has affected its manufacturing power.

Counterpoint Research senior analyst Ethan Qi pointed out that at the moment, iPhone 13 is the smartphone that has no counterpart in the market. The phone, which will start selling at 5,000 yuan (US$776), is currently the leading smartphone in the world.

Earlier this year, Huawei launched its P50 and P50 Pro Android Smartphones. However, the phones have not attracted that much attention since it doesn’t have 5G. This is due to the company’s inability to access advanced US technologies because of certain restrictions.

AAPL Down By 0.6%

The shares of Apple are down by less than 1% today despite the positive news coming out of China. AAPL is trading at $148 per share, down by 0.6% during Thursday’s trading session. Apple’s stock has underperformed this year, losing nearly 8% of its value year-to-date.

AAPL stock chart. Source: FXEMPIRE

China remains one of the most important markets for Apple. The strong interest in iPhone 13 could prove key to Apple’s performance in the fourth quarter of the year. AAPL could rally in the holiday quarter of the year if the company records strong sales for its iPhone 13.

Move Aside Millennials. Baby Boomers Won’t Be Left Behind In Bitcoin Adoption

Millennials and Generation Z are those with the highest stake in the cryptocurrency market, but new research has shown an increasing interest from baby boomers.

Baby Boomers Are Becoming Increasingly Interested In Bitcoin

New research conducted by Australian cryptocurrency exchange BTC Markets revealed that an increasing number of baby boomers are entering the cryptocurrency market. They are gaining exposure to BTC at a fast rate, the research revealed.

According to the research, BTC Markets has experienced a 15% increase in the number of investors aged 60 to 65 and those above 65. The cryptocurrency exchange said more people within that age range are entering the crypto market and gaining exposure to BTC and other digital currencies.

BTC Markets said thanks to the surge in the number of baby boomers, they now comprise 5% of its total 325,000 customer base. The CEO of the cryptocurrency exchange Caroline Bowler stated that young male traders are no longer in control of the market, with the generation Z and baby boomers taking the first and second spot on the platform.

The cryptocurrency exchange said more than a quarter of its users are those aged above 44, and they have more money to invest in the market. BTC Markets said the baby boomers have the highest average initial deposit at $3,200, with an average crypto portfolio of $3,700.

Bitcoin has become an alternative investment vehicle

Bowler pointed out that the current low-interest rates are a crucial factor behind baby boomers adopting Bitcoin as an alternative investment vehicle. She added that the baby boomers have acquired wealth and assets over time and are not worried about allocating a small portion of their portfolios to BTC and other cryptocurrencies.

BTC/USD chart. Source: FXEMPIRE

Bitcoin has been performing well in recent days. The leading cryptocurrency is up by less than 1% and is currently trading around the $48k mark. BTC looks set to surpass the next resistance point at $50,000, which could set it up for higher gains close to the $51,500 region.

Walmart Partners With Ford And Argo AI To Test Self-Driving Cars In Multiple Cities

Retailing giant Walmart is expanding its self-driving vehicle program and has now partnered with Ford and Argo AI to test a few of the cars in multiple cities across the United States.

Walmart Partners With Ford And Argo AI On Autonomous Cars

Walmart, the leading retailer in the United States, announced earlier today that it has partnered with automobile manufacturer Ford and Argo AI. The partnership will see Walmart work with them in testing its self-driving cars in various cities across the US.

The company stated that the partnership would allow it to use Ford Escape hybrids with Argo AI technology to make deliveries on behalf of Walmart. The test deliveries will be in Miami, the District of Columbia and Austin, Texas.

The program will make it possible for Walmart customers to order groceries and other items online and enjoy door-to-door autonomous delivery. Tom Ward, Walmart United States senior vice president of last-mile delivery, stated that the company is excited to partner with Ford and Argo AI in expanding its autonomous delivery efforts in three new markets. “This collaboration will further our mission to get products to the homes of our customers with unparalleled speed and ease, and in turn, will continue to pave the way for autonomous delivery,” he added.

Walmart and Ford’s partnership goes way back. The two companies partnered to launch a pilot program with self-driving vehicles three years ago. Walmart is currently operating self-driving delivery pilots with Cruise (backed by General Motors) and Gatik.

Although Walmart remains the leading retailer in the United States, it is facing increasing competition from Amazon. JPMorgan has predicted that Amazon will soon surpass Walmart as the leading retailer in the US.

WMT Down By 0.5%

The shares of Walmart are down by 0.5% during Wednesday’s pre-trading session. The decline comes despite the positive news issued by the company. WMT is trading at $144 per share, down by 0.76 points.

WMT stock chart. Source: FXEMPIRE

Year-to-date, WMT’s performance has remained flat. Walmart’s stock started 2021 trading at $144 per share, and it is now trading at the same price, despite reaching a peak of $151 last month.

Solana Mainnet Finally Back Online After Nearly A Day In The Dark

The Solana network is finally online 24 hours after going dark, with the engineers working overtime to ensure everything worked as expected.

Solana’s Network Went Dark Yesterday

The Solana blockchain went offline yesterday, affecting the activities of thousands of people on the network. The transactions of thousands of people on the network were paused as the blockchain experienced its first major outage since its mainnet event.

However, the network engineers got to work immediately to restore normal activities on the blockchain. One developer on the Solana discord server revealed that the network is now back online after spending nearly 24 hours in the dark.

The network was restored in the early hours of Wednesday, with Solana users now relieved that they could continue their activities without any hitch. The Solana network validators also came back online and are already approving transactions on the blockchain.

However, the service remains spotty right after the patch. According to a Twitter account operated by the Solana Foundation, the developers need to do more work to ensure the network operates smoothly.

 

Solana is one of the leading projects in the cryptocurrency space. The availability of smart contract features means that it is expected to provide stiff competition to the likes of Ethereum, Cardano and the Binance Smart Chain (BSC).

Solana Is Trading Below $160

Solana has been one of the top-performing cryptocurrencies in recent weeks. However, it has underperformed over the past few days, with yesterday’s network outage contributing further to its downward movement.

SOL/USD chart. Source: FXEMPIRE

SOL is down by 1% over the past 24 hours and is trading at $158 per coin. In the past three months, Solana’s price has surged by 302%. Solana’s strong performance comes despite the broader cryptocurrency market recording losses.

SOL reached a new all-time high above $200 earlier this month. Market analysts are expecting it to reach $400-$500 before the end of the year.

Break Up Wells Fargo. Sen. Elizabeth Warren Tells The Fed

Senator Elizabeth Warren has urged the United States Federal Reserves to break up Wells Fargo following a series of financial scandals over the past few years.

Senator Warren Wants Wells Fargo Broken Up

Massachusetts Democrat Senator Elizabeth Warren has urged the United States Fed to break up Wells Fargo. She cited the numerous financial scandals the bank has been involved in over the past few years, stating that it is putting consumers at risk.

Warren made this known in a letter to Fed chair Jerome Powell. She stated that “I write to urge the Federal Reserve Board of Governors (the Fed) to take immediate action in response to the repeated, ongoing, and inexcusable failure of Wells Fargo & Company (Wells Fargo) to eliminate abusive and unlawful practices that have cost consumers hundreds of millions of dollars.”

She stated that the Fed could break up the bank by revoking its license to provide services as a financial holding company. Warren added that the Federal Reserve has the power to put the interest of the consumers first and must exercise that power.

Warren suggests that the Fed should break up Wells Fargo by separating its consumer-facing banking arm from the rest of its financial activities. Doing so would ensure the protection of consumers and their assets.

Wells Fargo didn’t respond directly to Warren’s letter. However, the bank issued a press release stating that it is making efforts to change its practices and ensures it meets the demands of the financial regulators. Wells Fargo maintained that it has introduced some changes over the past five years and will continue to improve its services.

WFC Up By Less Than 1%

The shares of Wells Fargo are up by less than 1% today, despite the bank coming under fire from Senator Warren. WFC has been up by 0.68% since the US market opened a few hours ago. The stock is currently trading at $46.

WFC stock chart. Source: FXEMPIRE

Year-to-date, WFC is up by over 50%. The stock started trading at $29 per share at the beginning of the year, and it is now trading at $46 per share.

How Litecoin Pumped And Dumped After The Fake Walmart News

Litecoin’s price pumped yesterday following fake news of its partnership with Walmart but the coin dumped as soon as people realized it was not real.

Walmart Denies Partnership With The Litecoin Foundation

Yesterday, the cryptocurrency space encountered another adoption news. This time, it was between the Litecoin Foundation and US retail giant Walmart. According to the press release, Walmart had partnered with the Litecoin Foundation to enable cryptocurrency payments via its e-commerce store.

The press release stated that Walmart would start accepting LTC as a means of payment for the goods available on its e-commerce platform. However, the partnership news turned out to be fake, and it was debunked by Walmart.

The leading retailer in the United States issued a press release, stating that the news from GlobeNewswire was fake and Walmart doesn’t have any partnership with the Litecoin Foundation to adopt the Litecoin cryptocurrency.

GlobeNewswire also came out to retract the news, stating that it was false and people shouldn’t regard it. “Please be advised that journalists and other readers should disregard the news release, “Walmart Announces Major Partnership With Litecoin (LTC),” issued September 13, 2021, over GlobeNewswire,” the notice reads.

Litecoin Pumps And Dumps

The announcement of a partnership between the Litecoin Foundation and Walmart saw the LTC coin surge by more than 30% yesterday. LTC’s price rose from $175 to reach $225 within the space of minutes.

LTC/USD chart. Source: FXEMPIRE

The cryptocurrency has underperformed in recent months, losing its place amongst the top ten cryptos by market cap. Litecoin has been replaced in the top ten list by other cryptocurrencies, including Solana, Polkadot, and Dogecoin.

However, with Walmart coming out to deny the news of the partnership, Litecoin’s price reversed back to its previous levels. The pumping and dumping happened within the space of a few hours. At the moment, LTC is up by roughly 4% in the past 24 hours and is now trading at $179 per coin.

Virgin Galactic’s Stock Price Plummets After Company Delays Next Space Flight

The shares of Virgin Galactic are down by 2% at Monday’s pre-market trading session after the company delayed its first commercial space flight due to some component defects.

Virgin Galactic Delays Its Next Space Flight

Virgin Galactic has announced the delay of its next space flight due to some technical reasons. According to the company, the next SpaceShipTwo suborbital flight has been delayed as the engineers check a potential issue.

The company said an unidentified third-party supplier notified it of a potential manufacturing defect in the flight control actuation system component. The space flight company added that it is currently conducting inspections with the vendor to ascertain if the suspected component needs to be repaired or replaced.

Due to the ongoing inspections, Virgin Galactic has stated that it has shifted its next SpaceShipTwo mission until the middle of October. The company was supposed to launch the next SpaceShipTwo mission by the end of this month or early October. However, the trip has been delayed for at least two weeks now.

Virgin Galactic pointed out that the suspected issue is not related to the incident linked to the previous SpaceShipTwo flight on July 11. The FAA had earlier pointed out that it wouldn’t allow SpaceShipTwo flight to fly again until it had completed an investigation into an incident earlier this year. The incident saw the vehicle fly outside of its designated airspace during its move back to the runway at Spaceport America in New Mexico.

Virgin Galactic’s Stock Price Down By 2%

The shares of Virgin Galactic have been down by 2% over the past few hours. The delay of its next space flight is the major reason why the company’s stock price has slightly retraced during Monday’s pre-trading session.

SPCE stock chart. Source: FXEMPIRE

With the US stock market set to open in a few hours, SPCE could experience further decline. At the time of writing, SPCE is trading at $25.16 per share. Year-to-date, the company’s stock performance has been almost stagnant. SPCE was trading at $23.23 at the start of the year, and it is now trading at $25.16, up by less than 1% over the past nine months.

ADA Down By 7% Today Despite Cardano Launching Its Smart Contract Features

The price of Cardano (ADA) is down by more than 7% today despite the blockchain launching smart contract features a few days ago.

Smart Contract Features Now Available on Cardano

Cardano (ADA) has been one of the top-performing cryptocurrencies in the world in recent months. The blockchain has undergone various developments over the past few months, and it has added another achievement to its belt.

According to the Cardano development team, the Alonzo hard fork was completed over the weekend, introducing Plutus-powered smart contract scripts to the blockchain. This implies that Cardano is the latest blockchain to integrate smart contract features into its network.

In a blog post on Saturday, IOHK, the development team behind Cardano, said, “The Alonzo upgrade will bring highly anticipated capabilities to Cardano through the integration of Plutus scripts onto the blockchain. These will allow the implementation of smart contracts on Cardano, enabling a host of new use cases for decentralized applications (DApps) for the very first time.”

The development team is anticipating further upgrades to the Cardano blockchain in the coming months and years. The Alonzo upgrade makes it possible for users to write smart contracts on the Cardano network using Plutus scripts. According to the team, Plutus scripts is a purpose-built smart contract development language. It is also an execution platform that leverages the functional programming language Haskell.

ADA Price Down By Over 7%

The cryptocurrency market has been caught in a bearish trend for the past week, and it has continued on the first day of a new week. The prices of most cryptocurrencies have been down by more than 3% over the past 24 hours.

ADA, the native cryptocurrency of the Cardano network, has been down by more than 7% in the past 24 hours. The cryptocurrency’s price is down despite the developers launching smart contract features on the network.

ADA/UD chart. Source: FXEMPIRE

ADA is currently trading at $2.40 per coin, down by 7.6% in the past 24 hours. Year-to-date, ADA’s performance has been exceptional. The cryptocurrency has been up by more than 1000% since the start of the year. ADA was trading at $0.177 at the start of the year, but it is now trading at $2.40 per coin.

Cardano’s value could still go higher in the coming months, as market experts believe it could trade at $5 by the end of the year.

The Shares Of Wells Fargo Dips After Receiving A $250 Million Fine

The shares of Wells Fargo dipped earlier today after the bank received a fine of $250 million for its regulatory negligence.

Wells Fargo Receive A $250 Million Fine

The Office of the Comptroller of the Currency (OCC) has fined leading bank Wells Fargo $250 million. According to the regulatory agency, the fine was due to shortcomings in the bank’s earlier efforts to pay back customers it harmed in the past.

According to the latest report, the OCC has also placed certain restrictions on Wells Fargo’s businesses until the bank sought out the issue and paid for the damages it had caused. The OCC said the bank is yet to meet the requirements of a 2018 consent order.

At the time, the OCC ordered Wells Fargo to pay back the bank customers who were charged excessive or improper fees. Acting Comptroller Michael Hsu pointed out that Wells Fargo is yet to meet the requirements of the 2018 OCC order, and it is unacceptable.

Furthermore, the OCC stated that the bank’s efforts to track and pay back customers who had been harmed in the past by Wells Fargo were insufficient. The regulatory agency cited deficiencies in the bank’s earlier attempts to make amends.

Wells Fargo’s Stock Price Slightly Drops

The fine didn’t affect Wells Fargo’s stock price massively as it only went down by less than 1%. WFC is down by 0.02% so far today and is trading at $44.30 per coin. Despite its recent challenges, Wells Fargo is one of the best-performing stocks in the banking sector this year.

WFC stock chart. Source: FXEMPIREwells fargo

WFC is up by nearly 80% so far this year after an excellent performance in recent months. At the start of the year, Wells Fargo’s stock was trading at $29 per share. However, it has experienced a massive surge in value since then, and it is now trading at $44 per share.

Bitcoin Not In A Bear Market Despite Eyeing $43k Support: Michaël van de Poppe

The price of the leading cryptocurrency is struggling above the $46k region and could slip towards $43 soon. However, a popular analyst doesn’t think that the bear market is in sight yet.

Bitcoin is not in a bear cycle now

The cryptocurrency market suffered a dip earlier this week, losing over $300 billion in the process. The dip saw Bitcoin’s price drop from above $52k to trade below the $45k region earlier this week.

Ether was also one of the coins affected, dropping from the $3,800 level to trade above $3,300. However, the market has slightly recovered, with BTC now trading above the $46k region. The leading cryptocurrency is still struggling to maintain its price above that level, and some analysts believe that it could drop lower in the coming hours and days.

Popular cryptocurrency analyst Michaël van de Poppe revealed in his latest YouTube session that the cryptocurrency market is not in a bear trend. He is optimistic that the support levels at $45,700 and $44,000 should be enough for Bitcoin to stay above $46k and rally higher.

If the leading cryptocurrency is able to break past the resistance level at $46,700, then it could rally higher. He stated that if BTC surpasses that resistance level, then it stands a chance of moving past the $47,500 pivot and going all the way towards $50,000 in the short term.

BTC/USD chart. Source: FXEMPIRE

Bitcoin’s rally will strengthen altcoins

For a long time, Bitcoin’s performance has affected that of the other altcoins. When Bitcoin is rallying, most altcoins are also performing well. And when Bitcoin enters a bearish trend, the other altcoins are usually underperforming.

Michaël van de Poppe reiterated that point, noting that Bitcoin’s move towards the $50k level could strengthen the altcoins. Most altcoins are struggling at the moment, losing more than 3% of their value over the past few hours.

If Bitcoin continues on the current trend, its price could drop lower towards the $44k region, and this could shed billions of dollars from the cryptocurrency market.

The Shares Of Moderna Rally After The Company Introduces Single-Shot Vaccine Booster For Covid And Flu

The shares of Moderna are up by over 8% today after the company revealed a single-shot vaccine booster for Covid and flu.

Moderna develops a single-shot vaccine for Flu and Coronavirus

Moderna has been one of the best-performing companies in recent months. The company’s stock price soared higher today after it announced the single-shot vaccine booster for Covid and flu. The shot is expected to make things much easier for people.

The new vaccine, which Moderna calls mRNA-1073, combines the company’s current Covid vaccine with a flu shot that is currently being developed. CEO Stephane Bancel stated that “Today, we are announcing the first step in our novel respiratory vaccine program with the development of a single-dose vaccine that combines a booster against COVID-19 and a booster against flu.”

She added that Moderna is making progress on enrolling patients into their rare disease programs. Furthermore, the company is fully enrolled in its personalized cancer vaccine trial. The CEO said they believe this is the start of a new age of information-based medicines.

Moderna has been one of the leading companies in terms of Covid vaccine. The company recently launched its mRNA-based two-dose Covid vaccine after gaining approval from the Food and Drug Administration last year. So far, nearly 150 million Moderna shots have been administered in the United States.

Moderna’s Stock Price Is Up By More Than 8%

The shares of Moderna have been rallying since the company announced the launch of its single-shot vaccine booster for Covid and flu. MRNA is up by 8% so far today, making it one of the best-performing stocks in the market.

MRNA stock chart. Source: FXEMPIRE

MRNA is currently trading at $456 per share after its latest rally. Year-to-date, MRNA is one of the best-performing stocks in the market. It started in 2021 trading at $111 per coin, but it is now up by more than 300% since then.

Standard Chartered Predicts Bitcoin Will Hit $100k In 2021 Or Early 2022

Bitcoin is trading close to the $50k region, but analysts at Standard Chartered believe that its price could double in the coming months.

Bitcoin To Reach $100k In A Few Months

Bitcoin is currently struggling below the $50k level, but market experts are confident that it could touch the $100,000 region in the coming months. Several industry experts have touted $100k as the next level for BTC after the cryptocurrency set a new all-time high above $64k earlier this year.

A new report by the cryptocurrency research team at British bank Standard Chartered predicted that BTC could hit the $100k level soon. The research team said Bitcoin’s move to $100,000 could also trigger further price surges in Ether.

At the moment, Ether is trading above the $3,500 level. However, the researchers stated that the second-largest cryptocurrency by market cap would reach the $35,000 level in the medium term. This means that Ether is set to move by more than ten times its current trading price.

Nick Spanos, the co-founder of Zap Protocol, described the price dip on Tuesday as a false dip. He pointed out that big finance and the media said the adoption of Bitcoin in El Salvador is the reason why the cryptocurrency market experienced a dip. However, that is false as he is in El Salvador and reported that everything is going as planned.

Spanos predicts that Bitcoin could top the $100k level by the end of the year while Ether could also reach $10,000 by then.

Bitcoin And Ether Slightly Recover

The prices of Bitcoin and Ether have slightly recovered following the dip experienced earlier this week. Bitcoin dropped below the $45k level, but it is now up by less than 2% and is trading just above $46k per coin.

BTC/USD chart. Source: FXEMPIRE

Ether is also one of the best performers so far in the market. ETH is already up by more than 4% in the last 24 hours and is trading above the $3,500 level.

Tesla Shares Jump By 2.6% Following A Jump In Vehicle Sales In China

The shares of Tesla are up by over 2% today after the latest figures show that vehicle deliveries in China improved for the month of August.

Tesla’s Auto Sales In China Improved Last Month

Electric car manufacturer Tesla recorded an increase in sales last month in China. According to the latest reports, the company sold 44,264 China-made vehicles. The figures included 31,379 that were exported.

According to the China Passenger Car Association (CPCA) earlier today, local sales of Tesla vehicles in China rose by 12,885 cars last month. This is an improvement to the 8,621 cars sold in July. The report added that Tesla’s sales in the first month of a new quarter are usually lower than the preceding two months.

Tesla sold 32,968 China-made vehicles, a decrease from the 33,155 units sold in June. The electric car company has been facing increased scrutiny from regulators in China in recent months. The added competition from local electric vehicle manufacturers. Tesla had to introduce a cheaper version of its Model Y, and it also decreased the starting price for Model 3 sedans.

Tesla’s performance last month was still below that of other leading electric vehicle manufacturers. BYD sold a total of 60,858 electric vehicles in August, and General Motors’ China joint venture with SAIC Motor sold over 43,000 units.

The CPCA revealed that passenger car sales last month in China were around 1.5 million. The sales are down by 14.7% from the same period last year.

TSLA Shares Up By 2%

The shares of Tesla went up by over 2% at Wednesday’s pre-trading session. The rally came after the company delivered improved vehicle sales in the first month of the third quarter. At the time of this report, Tesla’s TSLA is trading at $756 per share.

TSLA stock chart. Source: FXEMPIRE

Year-to-date, TSLA is up by less than 10%. Tesla’s stock started trading at $705 at the beginning of the year. However, it has been up by over 8% since then, and it is now trading at $756.

SEC Considers Coinbase’s Crypto Yield Program As A Security. Brian Armstrong Responds

The US SEC has threatened to sue Coinbase over its crypto yield program, tagging it as a security.

SEC Considers Coinbase’s Yield Program As a Security

The CEO of Coinbase, Brian Armstrong, revealed earlier today that the cryptocurrency exchange had come under fire from the United States Securities and Exchange Commission (SEC). According to Armstrong, the regulatory agency had threatened to sue the cryptocurrency exchange for its yield program.

The SEC considers the yield program to be a security and that Coinbase didn’t register with the agency before launching it. However, Armstrong said the regulatory agency didn’t tell the exchange why the program was a security and didn’t clarify any existing guideline for Coinbase to follow regarding its crypto yield program.

 

He added that the crypto exchange informed the US SEC earlier this year about the expected launch of its Coinbase Lend program that intends to offer users 4% annual yield returns on deposits made with the USDC stablecoin.

The Coinbase CEO pointed out that there are numerous cryptocurrency trading platforms that currently offer similar lending services to their customers. He, therefore, urged the SEC to provide regulatory clarity on the issue to ensure that market players provide the services in accordance with the law.

He added that Coinbase is committed to following the law. However, Armstrong lamented that sometimes, the law is unclear. Hence, if the SEC wants to publish guidance, Coinbase would be happy to follow it and tailor its products in line with the regulatory requirements.

Cryptocurrency Market Loses Over $300 Billion In 24 Hours

The cryptocurrency market recorded massive losses over the past 24 hours. Yesterday, the total crypto market cap was close to $2.4 trillion. However, the market correction yesterday saw the market cap drop to the $2 trillion mark, resulting in a loss of over $300 billion in the last 24 hours.

BTC/USD chart. Source: FXEMPIRE

Bitcoin’s price is down by nearly 9% since yesterday. BTC was trading above $52k yesterday but has since lost a large chunk of its value and is now trading at $46k per coin. Ether is also down by over 10% and is trading around the $3,400 region.

Apple Invites Media Outlets To Its September 14 Launch Event

Apple sent an invite to its upcoming launch event, and the tech giant is expected to announce the launch of new iPhones at the event.

Apple Sets September 14 As The Date For Its Launch Event

Tech giant Apple has set September 14 as the date for its launch event this year. The company has now sent invites to media outlets, announcing the event and inviting them to attend and cover the event.

In the event, Apple is expected to introduce new iPhones and probably announce their expected launch periods. Furthermore, the tech giant could reveal the development of new Apple Watch and AirPods models. The company has a tradition of releasing Apple Watches annually while its AirPods could be set for an upgrade. The last Apple released new AirPods was in 2019.

Keeping in line with safety measures, the company has held virtual launch events since the Coronavirus pandemic hit in 2020. Apple’s latest launch event would be streamed on its website. Apple has maintained its position as one of the leading phone manufacturers in the world.

The company is also one of the largest companies in the world in terms of market cap. Apple has a history of announcing its latest phones in September. However, it was forced to shift the event to October last year when it announced the launch of its iPhone 12. The company used the September event last year to launch the Apple Watch Series 6, Apple Watch SE, new iPads, Apple One and a subscription service for streaming.

Apple could do something similar this year. The company is also expected to refresh the MacBook Pro and iPad models later this year. However, it is unlikely that Apple would do that during the same event as the launch of a new iPhone.

AAPL stock chart. Source: FXEMPIRE

AAPL Up By Nearly 2% Today

The shares of Apple are up by 1.65% so far today. AAPL is trading at $156 and has experienced an excellent start to the year. AAPL began 2021 trading at $132 per share, but it is now up by nearly 20% to currently trade at $156 per share.

The Bitcoin And Ether War. Standard Chartered Is More Optimistic About Ether

Bitcoin has dominated the cryptocurrency market for a long time, but there is a sense of belief amongst some quarters that Ethereum would soon replace it as the leading crypto.

Standard Chartered Predicts Ether At $35,000

British banking giant Standard Chartered is very optimistic about the Ethereum network and believes its Ether coin would outperform Bitcoin in the long run. The banking giant published its first reports on the cryptocurrency market earlier today and revealed that it is more optimistic about Bitcoin than Ether.

Standard Chartered’s global research team led by Geoffrey Kendrick stated that Ethereum could be described as a financial market. On this market, various activities such as lending, insurance, and exchanges are carried out. The team further added that they view Bitcoin as more of a currency.

BTC/USD chart. Source: FXEMPIRE

Due to the broader use cases for the Ethereum blockchain compared to Bitcoin, the analysts believe that Ether’s total market cap will catch up to that of Bitcoin over time. The analysts put Bitcoin’s value between $50,000 and $175,000 over the long term. Ether, on the other hand, has a prediction of between $26,000 and $35,000. However, for Ether to reach that level, the team believes that Bitcoin would need to trade at $175,000 per coin.

Ether reaching the $35,000 mark would represent nearly 1000% increase in price from its current value. Meanwhile, BTC at $175,000 would only represent around a 350% increase from its current value.

If Ether were to reach the $35,000 price, its market cap would surpass that of Bitcoin, and it will become the leading cryptocurrency in terms of market capitalization.

Bitcoin And Ether Are Recovering From Recent Lows

Bitcoin and Ether are both recovering from the bearish performance experienced over the summer. Bitcoin dropped below the $30k region in July as the bears gained control of the market. However, BTC has now bounced back and is trading around the $52k region.

ETH/USD chart. Source: FXEMPIRE

Ether, on the other hand, dropped below the $2,000 resistance level. ETH’s price has seen gone up by over 80%, and it is now trading above the $3,700 level.

Mobile Phone Is Not Enough. Qualcomm Is Expanding Its Chips Game Into The Vehicle Sector

Qualcomm is known as one of the leading chips manufacturers for mobile phones, but the company is now expanding into the vehicle sector and is set to supply another set of automobile chips.

Qualcomm To Supply Computing Chip To Renault

Chip manufacturer Qualcomm revealed earlier today that it would be supplying a crucial computing chip in a new Renault SA electric vehicle. The company announced this earlier today, adding that the computing chip is for the digital dashboard in the electric vehicle.

Qualcomm has made a name for itself as the biggest smartphone chip manufacturer in the world. However, the company has been expanding into manufacturing chips for electric vehicles and has landed another client.

The chip manufacturer stated that Renault’s Mégane E-TECH Electric would use Qualcomm’s chips. The chips will power the electric vehicle’s infotainment system using software designed by Google.

This latest development means that Qualcomm has landed another client in the electric vehicle sector. Qualcomm announced a deal with General Motors earlier this year. The deal would see General Motors use Qualcomm’s chips on its vehicles.

The Mégane E-TECH Electric is expected to go on sale by next year. However, it will be unveiled at September’s IAA Mobility 2021 automotive trade show in Munich.

Qualcomm And Others Need To Be Innovative

Qualcomm’s move into the automobile sector is important considering the fact that it is set to lose a chunk of its business in the mobile phone industry. Apple is already developing chips for its mobile devices, and Google is also working on developing chips for its mobile phones.

With phone manufacturers already developing their own chips for their mobile devices, chip manufacturers such as Qualcomm, Nvidia, and Intel will have to be innovative and explore new markets.

QCOM stock chart. Source: FXEMPIRE

The shares of Qualcomm are down by 0.32% over the past 24 hours. QCOM is trading at $144.65 per share at the moment. Year-to-date, QCOM has underperformed. QCOM started 2021 trading at $150 per share, but it is now trading at $144.

Bitcoin As The Digital Gold Has Significant Upward Potential: Miller Opportunity Trust

Bitcoin has been touted as the digital gold in various quarters, and an investment trust now believes the cryptocurrency’s upward potential is massive.

Bitcoin Still Has A Massive Upward Potential

Bitcoin has been one of the leading financial assets in the world over the past decade, delivering thousands of percentages in profits to the early investors. The past few months have seen numerous hedge funds and other institutional investors enter the cryptocurrency market. Their entry marks a new phase for Bitcoin, and some of them believe that it has a huge upward potential.

Miller Opportunity Trust, a fund founded by billionaire investor Bill Miller, believes that Bitcoin as a digital gold still has significant upward potential. The fund discussed its recent exposure to Bitcoin and said it could seek to boost its investment over the next few years.

While talking about its decision to gain exposure to Bitcoin via the Grayscale Bitcoin Trust (GBTC), Miller Opportunity Trust said Bitcoin is the digital gold, and its potential is still massive. Gold’s market cap is over $11 trillion while Bitcoin has just around $11 trillion, with the Bill Miller fund stating that Bitcoin still has a long way to go to catch up to Gold. The firm stated that we are still early in a continuing adoption curve. It warned that Bitcoin will be volatile but it believes the risk-reward for the coin is attractive.

Bill Miller is bullish on Bitcoin, stating that there is no asset in the world that combines Bitcoin’s liquidity with its upside potential. More hedge funds and institutional investors have been entering the cryptocurrency market. Bitcoin and Ethereum are the two most sought-after cryptocurrencies as they remain the market leaders.

Bitcoin Crosses The $50k Mark

Bitcoin has been struggling below the $50k mark in recent weeks but was finally able to settle above that resistance level during the weekend. BTC is up by over 3.5% in the last 24 hours, and it is trading above $51k per coin at the moment.

BTC/USD chart. Source: FXEMPIRE

If the current bullish trend continues, BTC could cross the $55k level over the next few days. Bitcoin (BTC) is closing in on its all-time high price above $64k, and some market analysts are confident it could touch the $100k level this year.