Nikola’s Shares Dip Following Poor Quarterly Earnings

The shares electric car startup Nikola is down by over 10% today after the company reported losses in its latest quarterly earnings.

Nikola Reports Losses In Q2

Electric vehicle startup Nikola Corp. reported its second-quarter earnings earlier today, and it was lower than what analysts had estimated. The shares of the company are down massively since Nikola reported its earnings.

According to its report, Nikola reported a loss of 20 cents per share versus a loss of 29 cents a share. This latest development is a continuation of bad news for the company. A few days ago, a federal grand jury charged Nikola founder Trevor Milton with three counts of criminal fraud for lying about virtually all aspects of the business. He did this to boost the company’s stock sales.

However, Milton had pled not guilty to the charges, and the case is still ongoing. Nikola is looking to dissociate itself from Milton, stating that the founder resigned as the CEO in September last year, and he isn’t involved in the company’s operations and communications since then.

Despite the losses recorded in the second quarter of the year, Nikola maintained that it is committed to reaching previously announced milestones and timelines. It intends to deliver Nikola Tre battery-electric trucks before the end of the year from the company’s manufacturing facilities.

Nikola’s Shares Down By Over 10%

The shares of Nikola are currently down by over 10% so far today. It was trading just above the $12 at the start of the day but lost roughly 8% during the pre-market trading session. NKLA is down by an additional 5% as the US market opened.

NKLA stock chart. Source: FXEMPIRE

NKLA is now trading at $10.43 per share. Year-to-date, Nikola’s stock has posted a loss of over 25%. With the court case against its founder and the poor earnings, it is unclear if Nikola’s stock price would recover soon.

Will Ethereum Flip Bitcoin? Pantera Capital’s CEO Thinks So

Bitcoin and Ethereum have been the top cryptocurrencies for the past few years. However, there is a belief in certain quarters that Ether would soon surpass Bitcoin to become the leading cryptocurrency in the market.

Pantera Capital Believes In The Flippening

Bitcoin has always been the number one cryptocurrency since it was created. However, Pantera Capital CEO Dan Morehead believes that might not be the case for long. He believes that Ether would soon surpass Bitcoin thanks to the numerous upgrades and the massive usage of the Ethereum network.

According to Morehead, the Ethereum network’s potential applications, lower environmental impact and technical upgrades are key to helping Ether to outperform Bitcoin over the next few years.

He revealed this during an interview with Reuters. Morehead said the latest Ethereum Improvement Proposal (EIP) 1559 upgrade will help Ether trade more like a fixed asset. The Pantera Capital said there would be a massive influx of people who wish to store their wealth in Ether ahead of Bitcoin in the coming years.

The EIP 1559 upgrade is expected to go live tomorrow, and it is expected to change how transactions are processed on the Ethereum network and also reduce the supply of the ether token.

Furthermore, Morehead pointed out that migration to ETH 2.0 will make Ethereum more environmentally friendly than Bitcoin. In addition to these, the Ethereum’s blockchain use in decentralized finance (DeFi) applications will also support Ether’s price movement in the coming years.

BTC/USD chart. Source: FXEMPIRE

Ether Outperforms Bitcoin In 2021

Of the two leading cryptocurrencies, Ether is the better performer. Ether is up by over 300% year-to-date despite losing more than 40% of its all from the all-time high it set in May. At the moment, Ether is trading close to the $2,500 level.

ETH/USD chart. Source: FXEMPIRE

Bitcoin, on the other hand, hasn’t made a significant profit year-to-date. It began the year trading at $29k per coin, and it is currently up by nearly 40% at $38k. However, BTC reached a new all-time high above $64k in April.

Google To Ditch Qualcomm And Develop Its Own Smartphone Processors This Year

Search engine giant Google has announced that it would no longer be using Qualcomm’s processors on its smartphones as it would start building its own processors this year.

Google To Start Building Its Processors This Year

Tech giant Google revealed earlier today that it would start building its own smartphone processors this year. According to its announcement, the processor would be called Google Tensor, and it will serve its new Pixel 6 and 6 Pro phones set to be released later this year.

This latest development means that Google will no longer be using chips manufactured by Qualcomm. However, Qualcomm pointed out that it would continue to work with the search engine giant on existing and future products based on its Snapdragon platform.

The Google Tensor processor is expected to power the company’s new flagship phones, which are expected to be launched in October. The Pixel 6 and 6 Pro phones will see Google move away from offering affordable smartphones to high-end products. Google is looking to compete with Apple and Samsung by offering more high-end products to its customers.

GOOGL stock chart. Source: FXEMPIRE

The move by Google is similar to that of Apple. The iPhone manufacturer ditched Intel and began manufacturing its own processors. Similar to Apple, Google will use Arm-based architecture for its processors. Arm processors are usually lower power and are mostly used across the industry for mobile devices, such as phones, tablets and laptops.

Qualcomm And Google Shares All Up As The Market Opens

The shares of Qualcomm and Google are both up as the United States market opens today. QCOM is up by 0.05% today despite the news that Google will no longer be using its smartphone processors. Year-to-date, QCOM has remained rather flat as it began the year trading at $150, and it is now trading at $149.90 per share.

QCOM stock chart. Source: FXEMPIRE

GOOGL, on the other hand, is up by 0.08% so far today. Google is one of the best-performing stocks this year, up by 53% year-to-date. Google began 2021 trading at $1,752 per share, but an extended rally has seen it gone up by nearly $1,000 as it is now trading at $2,696.

Square Generates $55 Million In Q2 Bitcoin Profit, To Expand Cash App To More Users

Square, the payment company owned by Jack Dorsey, earned $55 million as profit from Bitcoin transactions in the second half of the year. The company intends to make the Cash App available to more users by acquiring Australian fintech Afterpay in a $29 billion deal.

Square Generates Over $2 Billion In Bitcoin Revenue

Square, the payment company owned by Twitter boss Jack Dorsey, reported its second-quarter earnings yesterday. According to the shareholder letter released yesterday, the payment company stated that it generated $2.72 billion of Bitcoin revenue for the second quarter this year.

The revenue generated came despite the cryptocurrency market now in a bearish cycle. Square added that of the $2.72 billion generated in revenue, $55 million was the profit. The revenue generated by Square in the second quarter of the year is lower than the first quarter. In Q1, Cash App made $75 million in bitcoin gross profit on $3.51 billion BTC revenues.

The decline in Cash App’s Bitcoin revenue came as the cryptocurrency market experienced a bearish cycle. In recent weeks, the prices of most cryptocurrencies have dropped by nearly 50%.

Bitcoin, the leading cryptocurrency, saw its price drop by over 40% from its all-time high. BTC was trading close to the $65k region in April. However, it dropped to the $30k level in June and July before recently reaching the $40k level again last week. At the time of this post, Bitcoin’s (BTC) price is down by 5.5% over the past day and is trading just above $39k.

BTC/USD chart. Source: FXEMPIRE

Square To Acquire Australian Fintech Afterpay

The payment company announced in a separate press release that it would be acquiring Australian fintech company Afterpay. The deal is reportedly worth $29 billion, and it would allow Square to provide its services to more clients globally.

Afterpay is a payment platform that makes it possible for users to receive products first and pay at a later date. The users can also pay in installments with additional interests attached. According to the company, it currently has over 16 million users.

Chevron Stock Price Rally As Company Posts Second Straight Quarters Of Profits

The shares of Chevron are up by more than 1% during Friday’s pre-market trading session after the company reported profits for the second consecutive quarter.

Chevron Posts Profit Again

Oil giant Chevron reported its second quarter of the year earnings earlier today, beating analysts’ estimations and recording profits yet again. The rising demand for petroleum products and an increase in oil prices in recent months contributed massively to Chevron’s success in the last quarter.

Chevron reported earnings of $1.71 per share during the second quarter of 2021 on an adjusted basis. Meanwhile, the revenue generated during that period stands at $37.6 billion. The figures were better than expected, with analysts estimating earnings per share of $1.59 and revenue of $35.94.

The performance in this quarter far outweighs the company’s output in the same period last year. Due to the Coronavirus pandemic, Chevron lost 1.59 per share on an adjusted basis and revenue of $13.49 billion.

The results of the second quarter are also better than the first, with demand for products increasing as more countries reopen their economies. In Q1 2021, Chevron earned 90 cents per share on an adjusted basis and reported a revenue of $32.03 billion.

Chevron To Resume Share Repurchases

After recording profits for the second consecutive quarter, Chevron said it would resume repurchasing shares again in the third quarter. Mike Wirth, Chevron’s chairman and CEO, said, “Our free cash flow was the highest in two years due to solid operational and financial performance and lower capital spending. We will resume share repurchases in the third quarter at an expected rate of $2-3 billion per year.”

The oil giant said it would continue to exercise discipline regarding its capital spending. The company cut down capital spending by 32% over the past year. The shares of Chevron rose by over 1.3% at Friday’s pre-market trading session, thanks to the news of the company’s positive quarter.

CVX stock chart. Source: FXEMPIRE

Year-to-date, CVX is up by over 20%, with investors appreciating the company’s performance in the first two quarters of 2020.

Are Binance’s Regulatory Struggles Just Starting? Binance Now Banned In Malaysia

The world’s top digital asset exchange Binance has been under heavy regulatory challenges in recent months, and it seems it is just beginning. The exchange has now been banned in Malaysia and given two weeks to cease operations.

Regulators Ban Binance In Malaysia

Binance, the world’s top crypto exchange by trading volume, is facing yet another regulatory challenge. This time, in Malaysia. The Securities Commission Malaysia (SC) announced earlier today that Binance and all related entities are no longer allowed to provide services in Malaysia.

In a press release earlier today, the regulator said the ban applies to Binance Holdings Limited, its CEO Zhao Changpeng, Binance UAB (Registered in Lithuania), Binance Digital Limited (Registered in the UK), and Binance Asia Services Pte Ltd (Registered in Singapore).

Following the ban, the Securities Commission had asked the company to disable the Binance website ( and mobile app in Malaysia over the next two weeks. The exchange should also end all media and marketing activities targeting Malaysian investors and also restrict Malaysian investors from accessing Binance’s Telegram group.

The regulators also advised Malaysian investors to stop dealing with and investing through Binance and other cryptocurrency exchanges.

Binance’s Regulatory Challenges Continue To Pile Up

The Ban in Malaysia is the latest in a series of tough regulatory challenges for the cryptocurrency exchange. The cryptocurrency exchange was banned in the United Kingdom after the Financial Conduct Authority (FCA) gave the order a few weeks ago. This led several financial institutions like Santander, Barclays and Clear Junction to block Binance transactions from their platforms.

Italian regulators also issued a warning against Binance, asking it to stop operating in the country. According to the regulators, Binance doesn’t have the regulatory license to operate in the European country.

BNB/USD chart. Source: FXEMPIRE

Binance had taken certain actions, such as halting the trading of tokenized stocks and hiring ex-regulators to ensure the company complies with regulatory demands. However, that hasn’t been enough to stop regulators from coming after it.

The Binance Coin (BNB) is down by less than 1% over the past 24 hours. BNB is trading at $310 per coin, down from its all-time high of close to $700 recorded in May.

Comcast’s Shares Up By 2% After Beating Earnings Expectations

The shares of Comcast are up by over 2% today after the company reported its second-quarter earnings, surpassing analysts’ expectations.

Comcast’s Revenue Surpasses Expectation

Telecommunication conglomerate Comcast reported its second-quarter earnings earlier today, with the company outperforming analyst’s expectations. According to its report, the adjusted earnings per share was 84 cents, higher than the 67 cents expected in a Refinitiv survey of analysts.

Furthermore, Comcast’s revenue in the second quarter of the year was $28.55 billion vs. $27.18 billion in the Refinitiv survey. The biggest win for the company was the huge number of high-speed internet customers it added during that period. According to Comcast, it added 345,000 new high-internet speed customers, surpassing the expected value of 270,000.

The company stated that the net addition for high-speed internet customers in Q2 was its best second-quarter performance on record. Comcast’s cable business remains its biggest revenue generator, raking in $16 billion, up 10.9% from a year ago. Furthermore, NBCUniversal also saw a surge in revenue, booking $8 billion for the second quarter of 2021, up 39.2% from a year ago.

The entertainment segments of NBCUniversal had been affected by the pandemic, making it almost impossible for theaters and theme parks to operate. However, Comcast has recorded positive news in this regard, as the Coronavirus vaccine allows partial resumption of operations.

Meanwhile, studios revenue is also slowly recovering, raking in $2.2 billion during the quarter. This is up from 8.4% that was recorded last year. The partial reopening of theme parks saw this aspect of Comcast’s business generate $1.1 billion.

Although the revenue generated from Sky surged by 14.9%, the company lost 248,000 subscribers after the completion of the soccer season.

Comcast’s Shares Rally After

The shares of Comcast began to rally as soon as the market opened today. At the time of this writing, Comcast’s shares are up by over 2%, and it continues to increase as traders adjust to the news of the earnings.

CMCSA stock chart. Source: FXEMPIRE

Year-to-date, CMCSA is up by over 10%, rising from $51 per share to currently trade at $59 per share.

Chinese Miners Move Overseas. Bitcoin And Ether Hashrates Begin To Recover

The hashrates of the two largest cryptocurrencies are recovering as Chinese miners move their operations to other parts of the world.

BTC And ETH Hashrates Are Rising Again

The hashing powers securing the Bitcoin and Ethereum networks are rising again. This comes as Chinese miners begin moving their operations to other parts of the world. The hashing power of Bitcoin and Ethereum suffered a major blow in recent months as the Chinese authorities cracked down on cryptocurrency mining activities.

The governments of the Sichuan and Anhui provinces in China recently banned cryptocurrency mining activities in the regions. This led to the closure of several Bitcoin mining farms, and smaller crypto miners went out of business.

Due to the bans, some of the miners are moving to other favorable destinations, such as Kazakhstan, Russia and the United States. According to recent data, the seven-day moving average of BTC’s hashrate has gradually climbed up above the 100 exahashes per second (EH/s) level. The hashrate has remained above this level for the past three weeks.

BTC/USD chart. Source: FXEMPIRE

The Bitcoin hashrate dropped below 90 EH/s following the various bans in China, and that was the first time it stood at that level since January 2020. Thanks to the slow recovery, Bitcoin’s mining difficulty is estimated to grow by 4% in its next adjustment.

Ethereum’s hashrate plunged by 20% following the crackdown in China. However, it is also recovering and has stayed above 500 terahashes per second for the past few weeks.

Bitcoin And Ether Rally In Recent Days

The cryptocurrency market has slightly recovered from a slump that affected its price over the past two months. Bitcoin finally surpassed the $35k resistance level and rallied past $40k before retreating to the $39k region earlier today.

ETH/USD chart. Source: FXEMPIRE

Ether, on the other hand, is up by 15% over the past week, surpassing the $2,000 resistance level and currently trading above $2,200. Some experts are optimistic that prices could soar higher in the coming months with the market slowly recovering.

Boeing Reports Q1 Profits For The First Time In Two Years

Airplane manufacturer Boeing reported a first-quarter profit for the first time in two years, with the company’s stock price now up by more than 5% today.

Boeing Records Profit In Q1

Plane manufacturer Boeing reported its first-quarter earnings earlier today, and it delivered exceptional results. This is the first time Boeing is recording profits in the first quarter in two years.

The company recorded losses in six consecutive quarters, with the Coronavirus pandemic further affecting its business. Boeing’s revenue went up by 44% to reach $17 billion, after recording $11.8 billion a year earlier. The $17 billion recorded in the first quarter surpassed the analyst estimates of $16.54 billion.

Overall, the adjusted earnings per share were 40 cents compared to a per-share loss of 83 cents. As stated earlier, the revenue was $17 billion vs. $16.54 billion. The increase in Boeing’s revenue came as a result of a surge in deliveries of commercial jetliners. Commercial Airlines are starting to pick up from the pandemic slump, and this has helped Boeing record profits in this quarter.

CEO Dave Calhoun said the company still has a long way before it recovers. However, it is encouraging for Boeing that the commercial market is improving. Boeing had previously revealed that it would slash jobs to about 130,000 employees before the end of the year. However, Calhoun said they would likely retain the current headcount due to the increase in demand.

The revenue in Boeing’s commercial airplane unit surged by roughly 270% from a year earlier. Boeing recorded $6.02 billion in revenue from this sector, but it still reported negative margins of 7.8%.

Boeing’s Shares Rally By Over 5%

The shares of Boeing performed excellently at Wednesday’s pre-market trading session after the company reported its earnings. At the time of this report, BA is trading at $234, up by 5.5% over the past few hours.

BA stock chart. Source: FXEMPIRE

Year-to-date, the company’s stock price has performed well. It began the year trading at $202 per share, and it is now up by over 10%.

Ripple Continues Its Asian Expansion Despite Ongoing SEC Case

Blockchain technology firm Ripple is expanding its services in Asia despite its ongoing legal battle in the United States with regulators.

Ripple To Deploy RippleNet In Japan For Remittance Services

Ripple announced earlier today that it would be deploying its RippleNet technology to ease cross-border remittance between Japan and the Philippines. The move would make it easier for people to send money to the Philippines from Japan, with the market worth roughly $2 billion annually.

In its blog post, the blockchain firm said this is the first time it will be deploying its On-Demand Liquidity (ODL) service in Japan. Ripple hopes it would open the door for more cryptocurrency adoption in the Asian country.

The move was made possible thanks to the partnership between SBI Remit Co., Ltd, the largest money transfer provider in Japan, and mobile payments service “By leveraging the digital asset XRP to eliminate pre-funding, the two companies can also free up capital and accelerate the expansion of their own payments businesses,” Ripple added. According to Ripple, using the ODL will allow these companies to provide faster, more affordable remittance options to their customers.

SBI remains one of the leading Ripple partners, with the Japanese financial institution staying with the blockchain firm while it battles against the United States Securities and Exchange Commission (SEC).

This latest development marks another achievement for Ripple in the larger Asia-Pacific (APAC) region. Ripple is becoming a key player in a region that is currently witnessing a growing e-commerce market, increasingly mobile populations and more clarity towards cryptocurrencies. Ripple’s growing dominance in the region has seen its transaction volume surge by over 130% in the past year.

XRP Up By 12% Today

XRP has performed excellently since the start of the year. The cryptocurrency lost more than 70% of its value towards the end of last year after the US SEC accused Ripple of issuing XRP as unregistered securities. This led several exchanges to delist the coin from their platforms.

XRP/USD chart. Source: FXEMPIRE

XRP began the year trading just above $0.2. However, its value has grown significantly, and it is now up by over 300%. At the time of this writing, XRP is trading just above the $0.70 level.

F5 Networks’ Shares Rally Following Excellent Q3 Performance

The shares of F5 Networks were up by over 6% at Tuesday’s pre-market trading session after the company reported better-than-expected third-quarter earnings.

F5 Networks’ Revenue Surpasses Expectations

Enterprise software manufacturer F5 Networks reported its third-quarter fiscal 2021 results a few hours ago. The company performed better than expected, and this led to its stock rallying well into Tuesday’s opening of the market.

According to the call transcript, F5 Networks recorded fiscal third-quarter non-GAAP earnings per share of $2.76, surpassing the Zacks Consensus Estimate of $2.47. Furthermore, the Q3 earnings were above the management’s guidance of $2.36-$2.54 per share.

In terms of revenue, F5 Networks reported that non-GAAP earnings increased 26.6% from the same quarter a year ago. The non-GAAP revenues rose by 11% year on year to $651.5 million, beating the Zacks Consensus Estimate of $636.9 million. F5 Networks can attribute the increase in its revenue to robust software growth. The revenue also surpassed the company’s estimated range of $620-$650 million.

F5 Network’s Shares Rally After Upbeat Outlook

The company is expecting further growth in the fiscal fourth quarter of 2021. For the quarter, F5 Networks is predicting non-GAAP revenues to be between $660 and $680 million (mid-point $670 million). However, it is higher than the Zacks Consensus Estimate, which currently sits at $663.2 million.

F5 Networks anticipates non-GAAP earnings per share to be between $2.68 and $2.80 band (mid-point $2.74). Meanwhile, the Zacks Consensus Estimate estimates EPS to be around $2.73. According to the company, the increasing demand for multi-cloud application services will be a key growth driver in Q4. Furthermore, solid demand for software solutions continues to grow. F5 Networks said increasing demand and recognition from subscription and Enterprise License Agreement (ELA) offerings is another key driving factor for the company.

FFIV stock chart. Source: FXEMPIRE

F5 Network’s stock has been performing excellently since the company reported the earnings result a few hours ago. At the time of this writing, FFIV is up by over 5%, after rising by roughly 6% at Tuesday’s pre-market trading session.

Year-to-date, the company’s stock is up by nearly 20%. FFIV began 2021 trading at $175 per share but rose to now trade at $204.

Tether’s Controversies Seem Never Ending. Executives Under Investigation For Bank Fraud

The issuers of the USDT stablecoins Tether are embroiled in yet another controversy as the executives are being investigated for possible bank fraud.

Tether Can’t Seem To Catch A Break

Perhaps the most controversial crypto projects in existence is Tether. The project has been embroiled in numerous controversies over the past few years, leading many within the community not to trust it and the USDT tokens it offers.

Tether is in yet another trouble as the United States Department of Justice has launched an investigation into its executives for possible bank frauds. In a report by Bloomberg yesterday, the DOJ said it is currently scrutinizing whether the company concealed from banks that transactions were linked to crypto.

Bloomberg cited three people with knowledge of the Tether matter, despite preferring to stay anonymous. According to the sources, the investigation is focused on conduct that occurred years ago, when the stablecoin issuer was still in its early years.

One of the sources revealed that the DOJ had already sent letters to the executives, notifying them that they are currently under investigation. Bloomberg added that the letter indicates that a decision could soon be reached on whether to bring a case. The senior Justice Department officials will decide if the charges are warranted.

Tether And Its Controversial Past

The stablecoin issuer had faced numerous controversies in the past. In 2018, Tether failed to conduct an audit that would confirm that its USDT tokens were backed by actual fiat currencies in the bank. This was followed by numerous reports suggesting that the company artificially inflated the Bull Run of 2017, leading Bitcoin to reach a then-record high of roughly $20,000.

USDT/USD chart. Source: FXEMPIRE

The New York Attorney General also investigated Tether and its sister company, Bitfinex. According to the New York AG, Tether failed to inform its clients or the general market that certain USDT tokens were not backed by the US Dollar in the bank after Bitfinex received $850 million to cover up some of its losses. Tether and the New York AG’s office ultimately settled.

Tether finally presented an audit report in March this year, showing that its USDT tokens were backed by actual assets. Bitcoin briefly touched $40k yesterday following its rally over the weekend. However, the cryptocurrency is now consolidating, and it is now trading just above $37k per coin.

Jeff Bezos To Cover $2 billion In NASA costs To Get The Lunar Lander Contract

Jeff Bezos has offered to cover $2 billion in NASA cost in a bid to land the lunar lander contract for his space company, Blue Origin.

Bezos Wants To Cover NASA Costs In ExchangAmazoe For A Contract

The CEO of Blue Origin, Jeff Bezos, has offered to cover roughly $2 billion of National Aeronautics and Space Administration (NASA) costs in exchange for the contract to build a lunar lander to land astronauts on the moon. NASA had already awarded the contract to Elon Musk’s SpaceX, but Bezos is encouraging them to keep the options open and the competition alive.

He stated that Blue Origin is offering to waive payments of up to $2 billion from NASA in the current and next two government fiscal years if they are awarded the contract. The CEO further added that Blue Origin is set to fund its own pathfinder mission to low-Earth orbit. In exchange for waiving up to $2 billion in costs, NASA would grant Blue Origin a fixed-price contract.

Bezos told NASA in an open letter that the offer is not a deferral but an outright and permanent waiver of those payments. He believes that the offer would create room for government appropriation actions to catch up.

NASA Should Promote Competition

The contract was awarded to Elon Musk’s SpaceX in April to build a $2.89 billion the next crewed lunar lander under NASA’s Human Landing Systems program. The government agency studied SpaceX, Blue Origin and Dynetics before choosing Elon Musk’s company for the contract.

However, Bezos doesn’t feel that is the best option. “Instead of this single-source approach, NASA should embrace its original strategy of competition,” he added.

AMZN stock chart. Source: FXEMPIRE

Bezos, the head of Amazon and Blue Origin, went into space earlier this month, a week after Richard Branson made the same trip with his Virgin Galactic. While Blue Origin is not a publicly-listed company, its sister company Amazon is performing well so far today.

AMZN is up by 1.25% so far today and crossed the $3,700 mark.

Bitcoin’s Adoption Is Growing. Now It’s Amazon’s Time To Accept It

The cryptocurrency market has been gaining adoption from corporate entities in recent years, and it now seems it is time for Amazon to join the list.

Amazon To Start Accepting Bitcoin Soon

Online retail giant Amazon is reportedly ready to start accepting Bitcoin payments before the end of the year. This is according to a report by London’s City A.M outlet, citing an insider. According to the report, Amazon will start accepting Bitcoin as a means of payment soon.

The retail giant recently posted saying that it wants to hire a cryptocurrency and blockchain lead. Amazon is looking to explore areas such as blockchain technology, cryptocurrency, central bank digital currencies (CBDCs) and distributed ledger.

The source told City A.M that the job post is a sign of bigger things from Amazon. She stated that the company is getting ready to set up cryptocurrency payment solutions at some point in the future. It is something the company is committed to achieving, she added.

The insider revealed that it starts with Bitcoin as it is the key first stage of the cryptocurrency project. The directive is apparently coming from Jeff Bezos himself. After establishing a strong Bitcoin payment option, Amazon will look to integrate other cryptocurrencies. “Ethereum (ETH), Cardano (ADA) and Bitcoin Cash (BCH) will be next in line before they bring about eight of the most popular cryptocurrencies online,” the insider added. Amazon has been working on the functionality since 2019, and it could soon come to fruition, she added.

Amazon To Develop Its Native Token

The second stage of the project is for Amazon to develop its own native token. The source stated that the company is planning to start developing its native token next year after establishing its cryptocurrency payment gateway.

She added that after a year of experiencing cryptocurrency payments, it is looking increasingly possible that the company is heading towards tokenization. The token will allow people to buy goods on Amazon and pay for other services. It will also come with a loyalty scheme to boost adoption.

BTC/USD chart. Source: FXEMPIRE

Bitcoin has been performing excellently over the past few days. BTC is currently up by 12% over the past 24 hours and is now trading above the $38k mark for the first time in weeks. The rally has extended to other cryptocurrencies, with Ether also closing in on the $2,500 resistance point.

Uber’s Shares Dip Following A $2 billion Shrink In Its Didi Investment

The shares of Uber ended the day in negative territory after the company’s stake in Didi declined by $2 billion due to regulatory challenges in China.

Uber’s Stake In Didi Drops Massively

Tech company Uber has seen its investment in Chinese ride-hailing giant Didi drop by over 50% in the past few weeks. Uber previously has a $9.4 billion stake in Uber. However, the investment has dropped massively as the Chinese government crackdown on US-listed companies operating in the country.

Didi’s American depositary shares began trading at $14 a share in June on the New York Stock Exchange. However, the price dropped by 21% today and currently trades at $8.02. Uber controls 12% of Didi and is the second-largest investor behind SoftBank. Uber bought the stakes in Didi after selling its Chinese business to the company in 2016.

This latest development led to Uber’s stock price declining earlier today. Year-to-date, Uber’s stock has underperformed. UBER began the year trading at $51 per share but began to decline in May after reaching a yearly high of $62.

UBER stock chart. Source: FXEMPIRE

Didi Comes Under Fire

Didi has come under pressure from regulators in recent months. There was a high around its IPO, and its market cap reached nearly $70 billion. However, it didn’t get to live long in the spotlight as Chinese officials began carrying out a cybersecurity review of Didi. The ride-sharing company was then asked to postpone its listing and reviews its network security.

The company is facing further tough times after Bloomberg reported earlier this week that Chinese regulators are working on punishments against Didi. The regulators could issue a fine that would surpass the record-breaking $2.8 billion Alibaba paid earlier this year.

Some of the other touted penalties would include the delisting or withdrawal of U.S. shares, sources familiar with the matter told Bloomberg. Regulators in China are planning to limit the ability of Chinese companies to list in America and other foreign markets.

JPMorgan Joins The Club. Wealthy Clients Can Now Gain Access To Cryptos

JPMorgan Chase has become the latest US investment bank to allow its wealthy clients to gain exposure to cryptocurrencies via investment funds.

JPMorgan’s Wealthy Clients Can Now Buy And Sell Crypto Funds

JPMorgan Chase, one of the leading banks in the United States, has reportedly allowed its wealthy clients to gain access to Bitcoin and a host of other cryptocurrencies. This is according to sources familiar with the matter who told Business Insider.

According to the report, the bank has given its nod of approval to its financial advisors, allowing them to grant wealthy clients access to cryptocurrencies via crypto funds. The report added that JPMorgan is eager to grow its wealth management business and has approved the access to cryptocurrency funds.

Per the report, wealthy clients can gain access to cryptocurrencies via funds such as Osprey Funds’ Bitcoin Trust, Grayscale’s Bitcoin Trust GBTC, Bitcoin Cash Trust, Ethereum Trust, and Ethereum Classic vehicles. The sources stated that the financial advisors had been advised to start taking buy and sell orders from their wealthy clients starting July 19.

Investment Banks Are Opening Up To Cryptocurrencies

The cryptocurrency market has gained massive institutional investors over the past year. The interest from wealthy clients and institutional investors convinced some of the major banks such as JPMorgan, Morgan Stanley, Goldman Sachs and Citigroup to look at cryptocurrencies in a positive light.

The investment bank announced in April this year that it is working on allowing its wealthy clients to access cryptocurrencies. Spokespersons for both Grayscale and Osprey Funds told Business Insider that their funds are available to JPMorgan’s clients.

BTC/USD chart. Source: FXEMPIRE

By making this move, JPMorgan joins the likes of Morgan Stanley and Goldman Sachs in offering access to cryptocurrencies. Morgan Stanley partnered with Galaxy Digital in April to offer wealthy clients access to bitcoin funds. The wealthy clients are those with at least $2 million in invested assets.

Bitcoin’s price is up by over 1% over the past 24 hours as it slowly climbs towards the $32k region. The rally comes after Bitcoin fell below the $30k mark last week.

Twitter’s Shares Rally Following Fastest Revenue Growth In Seven Years

The shares of social media giant Twitter rallied today after the company reported its fastest revenue growth since 2014.

Twitter Posts Strong Q2 Earnings

Social media giant Twitter reported its second-quarter 2021 earnings earlier today. According to the company’s press release, total revenue was $1.19 billion, a massive increase from what was reported in the same quarter of 2020.

Twitter’s Q2 revenue totaled $1.19 billion, an increase of 74% year over year. Most of the revenue was generated from advertising, with $1.05 billion reported by the social media giant. The increase in ad revenue was due to Twitter a 32% increase year over year in its ad engagements and a 42% surge in cost per engagement.

As a result of the increase in Twitter’s revenue, the earnings were 20 cents per share compared to the 7 cents predicted by market analysts. Twitter introduced its first subscription service in the second quarter of the year, with users allowed access to the Undo Tweet button and other features.

The company also introduced the Spaces audio-chat feature on mobile devices for its users with at least 600 followers. Furthermore, Twitter launched the TipJar feature that allows users to send money to other people on the platform.

Twitter Expects An Increase In Revenue In Q3

The social media giant expects its Q3 revenue to grow even higher. Twitter estimates a Q3 revenue of $1.22 billion to $1.30 billion. However, analysts polled by Refinitiv estimate it to be around $1.17 billion.

TWTR stock chart. Source: FXEMPIRE

The earnings report saw Twitter’s stock price rally by over 9% today, closing above the $69 mark. It is one of the best-performing tech stocks year-to-date. TWTR began the year trading at $54 per share. However, it has rallied by over 20% since then and could trade higher in the coming days and weeks.

Elon Musk Says SpaceX Holds Bitcoin And Tesla Might Start Accepting It Again

Elon Musk talked about cryptocurrencies in-depth during The B Word conference, revealing that he personally holds Bitcoin, Ether and Dogecoin.

Tesla And SpaceX Hold Bitcoins

The CEO of Tesla and SpaceX, Elon, Musk has revealed that the companies hold bitcoins. Musk made this known in a discussion with Twitter CEO Jack Dorsey and ARK Invest CEO Cathie Wood at the ongoing The B Word conference.

Tesla purchased $1.5 billion worth of bitcoins in February, with the investment rising to $2.5 billion before the bear cycle began. However, Musk never disclosed that SpaceX also owned bitcoins until the event yesterday.

The CEO admitted that he is a huge fan of Bitcoin despite his recent skepticism towards proof of work concepts. He admitted that he only holds the Tesla stocks and three other valuable assets; Bitcoin, Dogecoin and Ethereum.

Elon Musk stated that he never dumped Bitcoin and doesn’t intend to part ways with his cryptocurrency investments soon. He stated that he owns more bitcoins than ether and Dogecoin. He believes that Bitcoin cannot be the monetary system of the world at the base layer. However, if implemented properly, it can serve that function at the second layer.

Musk revealed that SpaceX is playing a role in Bitcoin’s future. However, he didn’t clarify how the space company intends to shape the future of the cryptocurrency market.

Tesla will likely start accepting Bitcoin again

Tesla suspended Bitcoin as a payment option for its electric vehicles due to the energy concerns. However, Elon Musk stated that the company is planning to start accepting it again soon. He said, “It looks like bitcoin is shifting a lot more toward renewables, and a bunch of the heavy-duty coal plants that were being used has been shut down, especially in China.”

BTC/USD chart. Source: FXEMPIRE

With Bitcoin mining shifting to renewable energy, Elon Musk said Tesla would likely start accepting the cryptocurrency again as payment for its electric cars. The cryptocurrency market has been rallying for the past few hours, with Bitcoin surging by over 4% to cross the $32k mark again. Ether and Dogecoin are also rallying at the time of this report.

Netflix Misses Earnings Expectations Despite Beating Paid Subscriber Growth

The shares of Netflix are trading in the red zone in the early hours of Wednesday after the company reported its second-quarter 2021 earnings.

Netflix Subscribers Increase Massively in Q2

Entertainment giant Netflix presented its earnings report yesterday with some interesting data reported by the company. Analysts had estimated that Netflix would add 1.19 million new paid subscribers in the second half of the year. However, the company surpassed that mark after adding 1.54 million new users.

Netflix now has over 209 million paid subscribers globally. The growth has decreased over the past year. The roll-out of vaccines means that more people are resuming their daily activities, and some have no need for Netflix subscriptions for now.

For the third quarter of the year, Netflix expects to add 3.5 million new users. The optimism stems from the company’s slate of content, with most of its movies and TV shows expected to be released earlier this year were pushed back to the second half of 2021 and next year.

In the first half of 2021, Netflix spent $8 billion on content and expected to add another $4 billion in the second half of the year. Netflix stated that if it achieves its forecast, it would have added over 54 million paid subscribers in the past 24 months.

Netflix Misses Earnings Expectations, Stock Price Slips

Despite recording a better-than-expected addition of paid subscribers, Netflix missed its earnings expectations. The earnings per share (EPS) was $2.97 compared to the $3.16 expected by the Refinitiv survey of analysts.

NFLX stock chart. Source: FXEMPIRE

The company didn’t disappoint in terms of revenue. The Q2 revenue was $7.34 billion vs. $7.32 billion expected. Despite that, the shares of Netflix dropped following the earnings report. NFLX is down by 0.23% in the early hours of Wednesday and is trading at $531 per share.

Year-to-date, NFLX has underperformed. The stock began trading at $540 per share at the start of the year but has dropped after reaching a yearly high of $586 in January.

Sam Bankman-Fried Is Changing The Game After FTX Raises A Record $900 Million

Sam Bankman-Fried is making waves in the cryptocurrency space after his FTX exchange raised a record-breaking $900 million in a private equity round.

FTX Raises $900 Million In Series B Funding

Digital currency exchange FTX has raised $900 million in a private equity round, resulting in the company having a valuation of roughly $18 billion. This latest development is astonishing as it is the highest amount ever raised in a private equity round in the history of the crypto sector.

According to a Forbes report, the investment round was led by popular investors such as Coinbase Ventures, Alan Howard, Sequoia Capital Circle, the Paul Tudor Jones family, VanEck and more.

The feat is amazing, considering the fact that FTX was valued at just $1.2 billion a year ago. It is one of the biggest winners of the recent bull market, with this funding event an indication of that point.

According to the FTX CEO, Sam Bankman-Fried, the cryptocurrency exchange would use the funds primarily for acquisition purposes. The exchange looks to acquire entities that would allow it to grow its brand and become a more valuable company. FTX is also looking to enter other markets such as trading shops, nonfungible token (NFT) platforms and non-crypto native firms.

FTT Token Up By 6% Despite Bear Market

Following this announcement, the FTX’s native coin, FTT, has been rallying. FTT is now up by over 6% despite the cryptocurrency market being in a bearish cycle at the moment. FTT is trading at $25.70 per coin, up by over 300% year-to-date.

FTT/USD chart. Source: FXEMPIRE

As one of the leading crypto exchanges globally, FTX now has over one million registered users. Its users are diverse, ranging from retail investors to sophisticated day traders, family offices and experienced institutional traders.

FTX has also been making a name for itself, especially in the sporting world. A few weeks ago, it partnered with the Major League Baseball and esports organization TSM. FTX also bought the naming rights to the home arena of NBA team Miami Heat for $135 million. The deal will see FTX handle the naming for the arena for the next 19 years.