Daily Market Update - June 8, 2020 - Main Street Burns, Wall Street Earns

$BTC 24 Hour High $9,771.01 $BTC 24 Hour Low $9,458.15 $BTC +0.81%

Legacy Markets are up seemingly defying reality and all standard measures of accounting and valuation. S&P, DOW, NASDAQ, RUSSEL were all up over the weekend.

Yahoo Finance- The World Bank said Monday that the COVID-19 pandemic will shrink global GDP by 5.2% in 2020, the worst since World War II and nearly three times as steep as the 2009 global recession.

Although the World Bank projects a rebound of 4.2% in 2021, it warned that an “even worse scenario is possible” if the health crisis takes longer than expected to contain. 

In its Global Economic Prospects report released Monday, the World Bank expressed specific concern over developing markets with weaker public health systems, where up to 60 million people could be tipped into extreme poverty. The World Bank has pledged to offer $160 billion in grants and support to developing countries needing help through the crisis.

The World Bank also projected deep recessions for advanced economies. The report forecasts a 9.1% contraction in real GDP for the Euro Area and a 6.1% contraction for both the United States and Japan.

In Crypto News- CoinTelegraph says there’s little hope of a $10,000 breakout anytime soon. NewsBTC says Bitcoin could accelerate towards five figures as long as it stays above the 100-hourly simple moving average. And Bitcoinist says the crypto market is securing the technical level that marked BTC’s 2019 high.

Coinbase offers US Federal agencies New Crypto Surveillance Tools-

The behemoth cryptocurrency exchange has initiated procurement deals with a number of U.S. agencies, including the Drug Enforcement Administration (DEA) and the Internal Revenue Service (IRS), for a cryptocurrency investigations tool called “Coinbase Analytics,” according to publicly available documents. The Block first reported on the prospective deals Friday.

Coinbase Analytics has close ties with Coinbase’s entire product ecosystem, as its Senior Product Manager “collaborates” with “Coinbase Consumer, Coinbase Pro, and Coinbase Custody as well as” Coinbase’s payments and crypto division, according to an undated but now closed job posting.

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