What to watch
Oracle: Software firm Oracle provides database and cloud services to businesses, and has been shifting its business towards a subscription model for years. Its share price is flat year-to-date, following a 24.7% rally over the past three months. The firm notched a significant recent win in April, when it won a cloud computing deal with video conference provider Zoom Technologies, which has been one of the biggest success stories during the pandemic. Oracle reports its latest set of quarterly earnings on today, where analysts are anticipating an earnings per share figure of $1.15, down from the $1.22 for the quarter they had been expecting three months ago.
Jerome Powell testimony: Today, US retail sale and industrial production figures will be released, on the same day that Federal Reserve chairman Jerome Powell testifies before Congress. Powell’s testimony before the Senate Banking Committee and House Financial Services Committee will give lawmakers a chance to question him on the state of the economy, and follows the Fed putting out a cautious view last week of how long the recovery will take.
UK inflation: On Wednesday, UK inflation figures for May will be released. In April, UK inflation fell to its lowest level in four years, and was in fact even lower than it first appeared. On Monday this week, the Office for National Statistics said that the retail price index — seen by many as an outdated measure of inflation — was incorrectly calculated, with the correct level of annual RPI inflation in April at 1.4%, versus the 1.5% reported.
Crypto corner: Worldwide cryptoasset interest mapped
Data from Google Trends, compiled by Blockchaincenter.net into a world map, shows where the most Bitcoin “maximalist” countries in the world are. It would appear Bitcoin heavily dominates internet searches in Africa and South America, with Kenya the country that takes the number one spot, where 94.7% of cryptoasset searches are for Bitcoin.
Unsurprisingly Bitcoin dominates overall searches by a significant margin, accounting for 80.8% of searches globally, with Ethereum following on 13.7% and XRP on 7.7%. The map also charts the least Bitcoin-friendly nations. The Ukraine (66%), Russia (66.6%) and Serbia (67.9%) all have the least interest.
While the map underpins Bitcoin’s dominance of global interest in cryptoassets, some smaller coins have made the top 10 for searches despite being nowhere near the same size. Dogecoin, which is not even in the top 30 largest cryptoassets by market cap, makes the top 10 for searches, presumably for its relation to a well-known meme.
All data, figures & charts are valid as of 16/06/2020. All trading carries risk. Only risk capital you can afford to lose.
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