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Bitcoin surges past $ 11,000

Bitcoin soared 9% on Monday, performing like a safe haven asset as it edged past $11,000 for the first time since around mid-July.

The price of the world’s largest cryptocurrency climbed as high as $11,860, according to CoinDesk data, hitting a more than 3-week high. Bitcoin’s value now accounts for nearly 70% of the global crypto market, according to CoinMarketCap.

Global stock markets on the other hand have been sliding lower on the back of renewed trade uncertainty, after President Donald Trump said last week that Washington would impose 10% tariffs on another $300 billion worth of Chinese goods.

The pan-European Stoxx 600 index slipped 1.6% on Monday while the MSCI’s broadest index of Asia-Pacific shares outside Japan plummeted 2.5%. Dow futures meanwhile were off by about 100 points.

Analysts have previously argued the case that bitcoin could be a safe haven asset, with investors having flocked to the digital asset in the past on the back of an escalation in U.S.-Sino tensions.

“Bitcoin has many use cases and one of the most important is as a form of digital gold,” Charles Hayter, CEO of digital currency comparison platform CryptoCompare, told CNBC by email on Monday. “We have seen bitcoin jump before on macro uncertainty as it becomes a conduit and flight-to-safety asset.”

Yuan depreciation

Bitcoin’s jump in value also comes as China allowed the yuan to break the seven-per-dollar level for the first time in 11 years, triggering fears of a potential currency war.

The yuan fell after China’s central bank, the People’s Bank of China, set the currency’s daily midpoint at 6.9225 per dollar, its weakest level since December last year.

Simon Peters, an analyst at trading platform eToro, said Chinese investors could be seeking to diversify as the yuan depreciates.

“Given that Chinese investors make up a large proportion of crypto investors, there’s a strong possibility some are backing bitcoin’s chances against the yuan,” Peters said in a note on Monday.

US Navy to create database of 350 billion social media posts







The United States navy is planning to create a repository of more than 350 billion social media posts from around the world, to research on how people behave online. 

The project team has not specified from which social media platform they are intend to collect the data. 

However, they will only collect the public posts in between 2014 and 2016, from more than 100 countries and in at least 60 different languages. 

The details of the project were revealed in a  tender document from the Naval Postgraduate School for a firm to provide the data.

The deadline of the applications have now closed.

Additional requirements included:
  • the posts must come from at least 200 million unique users
  • no more than 30% can come from a particular country
  • at least 50% must be in a language other than English
  • location information must be included in at least 20% of the records

The collected database must not include private messages and users personal information. 


"Social media data allows us for the first time, to measure how colloquial expressions and slang evolve over time, across a diverse array of human societies, so that we can begin to understand how and why communities come to be formed around certain forms of discourse rather than others," T Camber Warren, the project's lead researcher, told Bloomberg.