Today we are watching…
1. Bitcoin (#btcusd)
Without a crypto crazy world leader, Bitcoin investors are being short-changed by their disruptive currency. The price of Bitcoin oscillates with news of big organizations and governments either providing legitimacy or taking it away from cryptocurrencies. So, it should be no surprise that given rumblings in China, Bitcoin lost $3,000 in November. “This was one of the worst weeks in the history of digital assets,” Arca chief investment officer Jeff Dorman said. President Xi Jinping is clamping down on initial coin offerings (ICO) and local exchanges to clear the runway for a competing digital currency in China created by its central bank. Will Bitcoin rebound again? You never know. This thing never seems to die!
2. Uber Technologies (#uber)
In a big blow, unprofitable unicorn Uber has been denied an operating license in the British capital by Transport for London (TfL). The government body first roasted the app for being “unsafe and not fit and proper,” before essentially laying off 45,000 Uber drivers in the city. Black cab celebrations might be short-lived, though, with this decree opening the floodgates for competing apps like Bolted and Kapten. Uber is appealing the decision. That means a magistrate will have to ratify this TfL decision, which will stall things for weeks and may not happen anyway. Heads up, the stock will be more volatile nearer the court date as investors put their money on red or black. For now, though, Uber out!