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Bitcoin price news: Could crypto commence new bull cycle? | City & Business | Finance

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Bitcoin’s (BTC) fortunes fluctuated during the last 12 months, with its value dropping from near $20,000 in December 2017, to lows of $3,360 (£2,634) almost a year later. There were, however, initial optimistic signs in the new year, after bitcoin passed the psychologically important $4,000 mark. But investors’ early hopes for the apparently ailing crypto were disappointed last week, following another sudden sell-off.

The crypto market rallied a little in the last day, with the bitcoin price in particular rebounding above £2,881 ($3,700).

The future lies in the study of the past

Cryptocurrency analyst Galaxy

The flagship cryptocurrency is currently valued at £2,853 ($3,661), as of 8.15pm, according to CoinDesk.com data.

Other crypto assets, including Ethereum and TRON also recorded significant gains on the day, rising by more than three percent against bitcoin.

And one trader predicts the market will witness a remarkable recovery by over the next 12 months, even if digital assets continuer to decline in value.

READ MORE: Bitcoin WARNING: BTC could still plunge into an ABYSS

Bitcoin price crash

Bitcoin price news: BTC has lost momentum on the markets (Image: Getty)

Bitcoin price news BTC copy

Bitcoin price news: BTC’s bullish beginning to the year appears to have bottomed-out (Image: Getty)

Many industry insiders believes a price correction is on the cards for the first half of 2019.

It is indisputable that bitcoin has lost momentum on the markets and struggled to surpass targeted resistance levels in the $5,000 to $6,000 region.

And where bitcoin goes, other cryptos typically follow, meaning the entire market has performed poorly against the US dollar in 2018.

However, not to be deterred a supposed senior cryptocurrency analyst known only as Galaxy could demonstrate large gains this year, based on bitcoin’s historical price movement.

READ MORE: Russia ‘to replace US dollar with BITCOIN’

“The future lies in the study of the past”, Galaxy said.

“We are approaching the 420 day mark which ended the 2015 bear market and if history repeats itself, we are moving towards several months of accumulation and a new bull cycle starting mid-late 2019.”

Bitcoin has previously required an of average 62 weeks to recover from an 85 percent correction over its lifetime.

And 15 months since the start of the current bear market in January would be March of this year.

READ MORE: Bitcoin braced for a STORM as rival Ethereum set for MAJOR hard fork

Bitcoin price news rise

Bitcoin price news: Could the market witness a remarkable recovery (Image: Getty)

Bitcoin price news btc

Bitcoin price news: Is a price correction is on the cards for crypto? (Image: Getty)

And it is on this inductive reasoning that some analysts believe that the cryptocurrencies are in the last phase of the bear market and could show signs of green shoots in 2019’s second quarter.

Willy Woo, the founder of the Woobull.com cryptocurrency investment firm, echoes this sentiment prior to late November’s bitcoin price drop.

Mr Woo said: “Putting together the blockchain view, I suspect the timing for a bottom may be around Q2 2019.

“After that we start the true accumulation band, only after that, do we start a long grind upwards.”

The cryptocurrency market is rarely affected by emerging events or news.

It is instead like another economic entity, almost entirely based on sentiment only.

One thing is certain, for bitcoin and associated digital assets to bounce back, the market needs another period of revitalisation.

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Canadian Tire and NuPort Robotics to commercialize Canada’s first automated heavy duty trucks

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Canadian Tire Corporation and Toronto based start-up NuPort Robotics, Canada’s first autonomous trucking company, are partnering with the Ontario government to invest $3 million to undertake an automated heavy duty trucking project to test a “first-of-its-kind-in-the-world” technology. 

The breakthrough technology provides a transportation solution for the middle mile, the short-haul shuttle runs that semi-tractor trailers make between distribution centres, warehouses and terminals each day.

It is designed to enable next-generation automated trucks that are more fuel efficient, safer to operate, and provide an enhanced driver experience.

Backed by $1 million in support from the Ontario government through Ontario’s Autonomous Vehicle Innovation Network and matched by $1 million investments from Canadian Tire and NuPort Robotics, respectively, the two-year project is applying proprietary, artificial intelligence technology from NuPort Robotics to retrofit two conventional semi-tractor trailers – which will always be attended by a driver – with high-tech sensors and controls, a touchscreen navigation system, and other advanced features such as obstacle and collision avoidance.

Caroline Mulroney, Minister of Transportation, says: “Ontario is proud to be a global leader in automated and connected vehicle technology and this innovative project is an exciting milestone toward automated vehicle tech in the trucking industry.

“Ontarians rely on goods being delivered by trucks across the province every day and projects like this are demonstrating the ways that automated truck technology could help businesses meet delivery demands more efficiently while supporting a strong supply chain in Ontario.”

Vic Fedeli, Ontario Minister of Economic Development, Job Creation and Trade, says: “This project applies unique and made-in-Ontario Artificial Intelligence technology that offers increased safety and efficiency, with a reduced carbon footprint, to the goods supply chains on which we all rely.

“This is the latest example of how Ontario’s Autonomous Vehicle Innovation Network acts as a catalyst, fostering partnerships between ambitious technology start-ups and industry to develop and commercialize next generation transportation technologies that strengthen our economy and benefit society.”

Raghavender Sahdev, CEO of NuPort Robotics, says: “The trucks are currently transporting goods between a Canadian Tire distribution centre in the Greater Toronto Area and nearby rail terminals within a 12.5 mile radius, and early results are promising.

“The aim of the project is to develop a system that incorporates an autopilot feature for conventional trucks with a driver, leading to the most efficient way to drive and increase safety.

“The sensors work as a ‘safety cocoon’ to cover blind spots and prevent accidents and the end result is peak fuel efficiency, meaning lower carbon emissions, and peak driving performance for an overall more optimal transportation experience.”

NuPort Robotic’s approach to autonomous trucking is unique in the industry because it focuses only on solving the middle mile challenge, using a known set of predetermined trucking routes that are repetitive and high frequency as opposed to general highway driving.

Ultimately, when implemented on fixed routes in the future, Canadian Tire will benefit from faster commercial deployments and improvements in supply chain sustainability.

Gary Fast, vice-president of transportation, Canadian Tire, says: “Canadian Tire embraces innovation and is always testing new technologies to improve our operational efficiency and safety.

“As proud Canadian companies, the safety of all stakeholders, including drivers, employees, customers, and public will be the top priority as we work together towards deployment of this technology.”

Cari Covent, vice president of intelligent automation, Canadian Tire, says: “Over the last three years, Canadian Tire has made a significant effort to solve complex business problems by using the Canadian start-up Artificial Intelligence ecosystem, and NuPort Robotics exemplifies what we look for in a start-up with a focus on innovation, automation and artificial intelligence.”

Sahdev says: “As NuPort Robotics continues to develop new technologies to overcome middle mile supply chain problems and advance autonomous trucking, I am extremely grateful for the support of the Ontario Government through AVIN and the Ontario Centre of Innovation.

“With their continued support, we are striving to position Canada as the leader in autonomous transportation.”

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Constellation Software is money in the bank, this fund manager says

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If you’re looking for a long-term hold in Canadian tech then Constellation Software (Constellation Software Stock Quote, Chart, News, Analysts, Financials TSX:CSU) should definitely be on your radar. So says Jason Del Vicario of Hillside Wealth Management who likes not only Constellation but its recent spin-off Topicus (Topicus Stock Quote, Chart, News, Analysts, Financials TSXV:TOI) which Del Vicario says could do even better than CSU over the next ten years.

Software consolidator Constellation has been running on the same game plan for years, buying small vertical market software companies providing so-called mission critical software solutions globally. Over the years CSU has completed over 500 such acquisitions, buying the top names in their respective niche verticals and then using its clout and breadth to grow the business and expand into new markets. The resulting cash flow is then plowed back into more acquisitions and the cycle repeats.

The strategy has worked wonders for Constellation, which has grown its revenue from $631 million in 2010 to almost $4 billion for 2020 while taking earnings from $4.12 per share in 2010 to $20.59 per share this past year.

Shareholders were given a special treat last month when Constellation spun out recently acquired Topicus, giving CSU owners about 1.9 Topicus shares for every Constellation share as a dividend-in-kind. Constellation bought Netherlands-based software company Total Specific Solutions BV (or TSS) in 2013 and that subsidiary recently acquired Topicus BV, a Dutch information service company focusing on sectors such as healthcare, education and finance.

Topicus was singled out by Constellation founder Mark Leonard for its ability to grow without using outside shareholder funding. Leonard said the spin-out was part of the intention since a purchase agreement was struck last year.

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Nuvei wins price target raise from National Bank

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Strong quarterly results and an even brighter outlook for 2021 are reasons to celebrate for Canadian payments company Nuvei (Nuvei Stock Quote, Chart, News, Analysts, Financials TSX:NVEI), according to National Bank Financial analyst Richard Tse. In an update to clients on Wednesday, Tse left his rating unchanged at “Outperform” while raising his price target from C$85.00 to C$100.00.

Montreal-headquartered Nuvei is a provider of payment technology solutions to merchants and partners around the world, with a platform geared for high-growth mobile commerce and e-commerce markets. Nuvei’s solutions include a fully integrated payments engine with global processing capabilities, a turnkey checkout solution and a suite of data-driven business intelligence and risk management tools and services.

The company released its fourth quarter and full year 2020 financials on Wednesday, showing Q4 revenue of $115.9 million, up 46 per cent year-over-year, and adjusted EBITDA of $51.3 million, up 61 per cent year-over-year. Total dollar value of transactions processed by merchants (‘total volume’) with Nuvei rose by 53 per cent to $13.9 billion. (All figures in US dollars except where noted otherwise.)

The 2020 year featured revenue up 53 per cent to $375.0 million and adjusted EBITDA up 87 per cent to $163.0 million, with total volume rising a full 76 per cent year-over-year to $43.2 billion.

“Our performance continues to be driven by strong momentum in the high-growth verticals we serve, as well as by our customizable, scalable and feature-rich technology platform which provides one of the industry’s most complete payment technology solutions going well beyond merchant acquiring,” said Philip Fayer, chairman and CEO, in a press release.

The company said the fourth quarter represented the strongest growth yet experienced by Nuvei, driven by wallet share expansion from current merchants along with accelerated uptake of new merchants. New e-commerce business almost tripled compared to a year earlier, Nuvei said, while the company expanded its connectivity coverage over the quarter, introduced new product innovations on its platform and continued to execute on M&A.

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