Leading software giant Adobe Systems Inc(NASDAQ:ADBE) is coming under heavy selling pressure since the opening bell. Earlier today, ADBE stock was downgraded to a Hold from Buy at Deutsche Bank. The drop in the stock is now about 2.80 percent. Traders and investors should note that this coming Friday is options expiration for the month of October and many stocks will get hit and benefit by countless upgrades and downgrades that will occur this week. Unfortunately, ADBE stock was downgraded today and shareholders are feeling the pain of the decline. Traders and investors should now watch for daily chart support in ADBE around the $146.85 level. Please remember, daily chart support level are usually good for three to five trading days.
As you all know, crypto-currencies have been one of the hottest topics around these days. Even the J.P. Morgan Chase (NYSE:JPM) CEO, Jamie Dimon, has addressed it on numerous occasions in the past several months. The price of Bitcoin and other crypto-currencies have gained market share in the past several years. While many people call it a bubble and a fad it has weathered several storms and is now even making me a believer that it could be here to stay. Investors and users in crypto-currencies should note that they will be very volatile as they become more mainstream . It is basically a growing pain for this new technology and almost every new idea will go through big ups and downs in its infancy. Here are three reasons why crypto-currencies could be here for the foreseeable future.
1. Distrust in governments. Many people around the world are losing their trust in governments. Just look at what has happened around the world in Syria, Venezuela, Greece, Cyprus, Libya, Zimbabwe and many others nations. Even in the United States there is more division and distrust between the citizens and politicians than most can remember. This distrust will only continue over the years to come.
2. Bitcoin and other crypto-currencies use blockchain technology. This technology is a basically a digitized public ledger of all crypto-currency transactions. It is important to understand that Bitcoin isn’t regulated by a central bank or any government authority thus eliminating a need for a middleman or third party to process trade or payments. The completed transaction is publicly recorded into blocks and eventually into the blockchain. It is then verified and relayed by other Bitcoin users. The bottom line, people are tired of paying a middleman for there transactions and this efficiently eliminates the middleman. This is why the large banks are not favoring Bitcoin and other crypto-currencies.
3. It is simple to trade peer to peer. You can trade or exchange with anyone around the world in just minutes. Companies are also starting to embrace Bitcoin and other crypto-currencies because they will no longer have to pay the credit card companies a transaction fee which is usually between 3 to 5 percent of the transaction. Again, the middleman is eliminated.