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Dow Jones sees minor dip after hitting 25,411 as US-China standoff intensifies

Namrata Shukla

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Dow Jones sees minor dip after hitting 25,411 as US-China standoff tightens
Source: Pixabay

The bullish momentum that Dow Jones Industrial Average [DJI] had been witnessing over the past few weeks is now seemingly weakened as the index took a mild hit at the end of last week. DJI, which has been climbing almost consistently since 22,686 and managed to grow 2,725 points to reach 25,411 between January 3 and February 5, 2019.

From that point on, the bearish momentum took over, bringing the index down by almost 1.2%. After opening at 25,371 and losing momentum, the index is currently placed at 25,106. Though on the daily chart it does show a small uptrend, the bullish momentum is seemingly losing its grip over the market.

Source: Trading view

Source: Trading view

On the kingpin index Dow, the biggest Boeing [BA], UnitedHealth [UNH] and Goldman Sachs [GS] all registered substantial losses while Coty [COTY], Skechers [SKX] and Mattel [MAT] saw double-digit surges on earnings reports. Ubiquiti Networks [UBNT] saw a very crucial rise and made a powerful early breakout on the back of a strong earnings report.

Apple [AAPL], Chevron [CVX] and Exxon Mobil [XOM] recorded the maximum loss in opening trade.

The speculation and fear over how the market will be affected by the US-China trade standoff are rumored to be the cause of the sudden mild plunge of the index.

Robert Lighthizer, the US Trade Representative, and Steven Mnuchin, the Treasury Secretary, is most likely to lead a deputation to China to facilitate debate over the market positions next week. Trump and XI have also tentatively scheduled a meeting, but it will be ahead of the deadline.



A Twitterati, Ollie Richardson, commented:

“Looking at the Dow Jones, it’s as if the banking cartel deliberately ramps up the index above 25,000 after 3PM to keep the debt bubble inflating and inflating….”

Another Twitter user, Andil Trading, said:

“Tired and happy, the best day of the month. We bounced back on the Dow Jones Futures under 25000 I’ve been waiting for this for several days:) Beautiful evening to all of you.”





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Japanese ‘Amazon’ Rakuten opens registration for trading cryptocurrencies on Rakuten Wallet

Febin Jose

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Japanese ‘Amazon’ Rakuten opens registration for trading cryptocurrencies on Rakuten Wallet
Source: Pixabay

Rakuten, the Japanese equivalent of e-commerce giant Amazon, announced that it has opened registrations for its cryptocurrency exchange, in a recently released press release. According to the statement, account registrations for trading cryptocurrencies on the company’s Rakuten Wallet were now open.

However, to avail the service with ease, the user should be a member of the Rakuten Bank, a part of the Rakuten Group. Users registered with the bank will have the liberty to sign up using a web application, while others will have to go through multiple layers of authentication.

The KYC procedures that Rakuten will choose to include are expected to play a major role in the adoption of the cryptocurrency exchange. The official statement by Rakuten said,

“[…] we have enhanced support for customers by introducing an automatic response chat service that employs AI technology that responds to customer inquiries 24 hours a day, 7 days a week.”

The move comes after the e-commerce giant received a license from the Japanese Financial Service Authority [FSA] to function as a crypto-asset exchange. According to sources, Rakuten is expected to launch the exchange in June this year and users only need a Rakuten ID and a supplementary bank account to complete registration for trading crypto-assets.

Rakuten has been approaching global adoption from a different perspective as it partnered with FC Barcelona, a renowned Spanish football team, to promote its services and increase its global visibility.



Furthermore, Rakuten had also taken over a Bitcoin platform called Everybody’s Bitcoin in 2018. This was its first step into the crypto-verse as the platform then initiated changes which helped it meet the demands of Japanese regulators. Earlier. Everybody’s Bitcoin had come under criticism from the financial regulatory body over “deficiencies in management control”.

With the amalgamation of Rakuten, which was known for its management hierarchy and efficiency, FSA was convinced that the firm now had enough management control and voted in support of its demand to work as a crypto-asset exchange.





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