Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Ethererum Explodes in 2017 | Iranian Protests Effect on Oil


2017 was the year which had all the major headlines about Bitcoin. In 2018, the Cryptocurrency king, Bitcoin began on a much weaker start. This is for the first time that Bitcoin has started the year on a lower note since 2015. It hit $14,156 on the final day of 2017 and traded in around 13K on Monday. However, the cryptocurrency is trading higher today as the wave of trading in other Alt-coin has changed the momentum.

Ethereum is making the most amount of noise to start the year. Nearly, $3 billion worth of Ethereum has been traded between the exchanges in only 24 hours. The total market capitalisation surged to $ 84.12 billion as the cryptocurrency surged to an all-time high of $869.83. No doubt that Ripple was the best performing cryptocurrency last week, but today all the momentum is behind Ethererum. The total market capitalization of all cryptocurrencies has surged to astonishing $620 billion.

Iran and Oil

Iran is one of the biggest Middle Eastern members of OPEC and the current turmoil in the country could potentially have a much larger impact on the oil price. Iran's security forces clash with demonstrators (who are rallying against the government and country's leader). Historically speaking, over the last two decades, the protests in the country had a very inconsistent impact on crude prices. The major shock to the oil price was in 1979 when religious leaders rose to power and it helped the oil price to rise 90 percent in that year. Initially, the demonstrations in the country started over economic depression, however, it has quickly changed its colour. Revolutionary Guards, the protector of the religious leader have taken over to control the situation.

A similar uprising did take place back in 2009, this time the effect of foreign forces, such as tweet by Donald Trump (who has divided the nation in his own country), support for demonstrators by Israel (old rival country) and a more favourable stance towards protestors by Britain's foreign secretary John Boris (once again divided the nation) are all riding on this bandwagon. The foreign influence would only yield more instability in the country as the government would press hard to stop it. The situation, if not controlled would have some serious impact on oil prices. Higher oil prices would surely help the Saudi's agenda, the country is consistently trying to support the oil price in order to have a successful IPO for their own oil company.

© Scoop Media

Business Headlines | Sci-Tech Headlines


BusinessDesk: Body massages and Uber are in, DVDs are out, says Stats NZ

Statistics New Zealand has rejigged the consumers price index basket in its latest three-year review, adding body massages, Airbnb and Uber and removing DVD and Blu-Ray players…More>>


StuffMe: Commerce Commission Welcomes Dismissal Of Merger Appeal

In a summary of their judgment released today, Justice Dobson and lay member Professor Martin Richardson dismissed the appellants’ process criticisms and found the Commission was entitled to place significant weight on the prospect of reduced quality of the products produced by the merged entity. More>>


Digital Futures: New Chief Technology Officer Role Created

Communications Minister Clare Curran has called for expressions of interest for the new role of Chief Technology Officer position to help drive a forward-looking digital agenda for New Zealand. More>>

Real Estate: NZ house sales slump in December but prices still firm

The number of property sales across New Zealand slumped 10 percent in December from a year earlier but prices continued to lift, according to the Real Estate Institute. More >>


Dry: Beef + Lamb Launches Drought Resources

The resources include a fact sheet outlining strategies to manage and mitigate the effects of drought, coping with stress on the farm and advice on feed requirements and animal welfare during the dry period. More>>


InternetNZ: Net Neutrality Failure In US "Will Hurt All Users"

InternetNZ Chief Executive Jordan Carter has condemned the decision by the United States communications regulator to undo 2015 open Internet rules, warning that all Internet users will end up worse off as a result. More>>