The price of bitcoin lurched below $20,000, and below a level widely monitored by cryptocurrency enthusiasts, as a brutal selloff in crypto showed no signs of abating. Bitcoin fell as low as $17,601.58 and stayed below $20,000 on Saturday afternoon, according to CoinDesk, down about 15% from its 5 pm ET Friday price. It has … Read more
Stock futures rose ahead of the Federal Reserve’s decision on interest rates, while European markets advanced after the European Central Bank called a meeting to address bond-market disruption. Futures for the S&P 500 added 0.7% Wednesday, pointing to gains for the broad index at the open. The S&P 500 fell into a bear market—a decline … Read more
The price of bitcoin continued to fall Tuesday as the crypto industry struggles with fallout from the extended selloff. Bitcoin traded as low as $20,834 earlier on Tuesday, according to CoinDesk. The original cryptocurrency hasn’t traded under $20,000 since December 2020. For the day, bitcoin fell 5.4% to $21,991.89, its lowest close since Dec. 16, … Read more
US stock benchmarks wavered as investors digested the European Central Bank’s plan to begin increasing interest rates next month. The S&P 500 fell 0.6% in early trading Thursday and the Dow Jones Industrial Average slipped 0.5%. The technology-focused Nasdaq Composite Index also fell 0.5%. Earlier, the major indexes opened lower before briefly turning positive. For … Read more
US stocks rose on Monday, at least temporarily changing direction after more than two months of volatility and losses. The S&P 500 climbed 0.7% in morning trading, while the Dow Jones Industrial Average rose 0.4%. The technology-focused Nasdaq Composite Index was 0.8% higher. The three indexes fell Friday after data showed hiring growth slowed in … Read more
A Fidelity Investments subsidiary, launched a few years ago to let institutional investors store and trade bitcoin, plans to double its head count this year as it predicts rising demand for cryptocurrency amid market volatility. Fidelity Digital Asset Services LLC plans to hire 110 tech workers, including engineers and developers with blockchain expertise, to build … Read more
A big bounce for stocks on Friday still leaves the main US stock market benchmark close to entering a bear market as investors freight over the Federal Reserve’s ability to get a grip on inflation without sinking the economy stokes fears of stagflation — a pernicious combination of slow economic growth and persistent inflation. And … Read more
USDTerra stablecoin, UST USTUSD gold, +32.00%, once among the top 10 largest cryptocurrency by market cap, lost its 1 to 1 peg against the US dollar, falling to as low as 6 cents on Friday, according to CoinDesk data. LUNA LUNAUSD, +93.75%, another cryptocurrency backing UST, fell nearly to zero from over $80 in early … Read more
A selloff in a cryptocurrency that was supposed to be pegged to $1 accelerated Wednesday, briefly sending its price to less than a quarter of that value. TerraUSD traded as low as 23 cents on Wednesday, according to data from CoinDesk. As of 5:15 am ET, it had partially rebounded to about 41 cents in … Read more
One type of cryptocurrency, a so-called stablecoin, is meant to keep its value at $1. But on Monday, the third-biggest stablecoin, TerraUSD, fell as low as 94 cents, causing a flood of investors to sell their holdings. Stablecoins get their name from their being tied to the value of government-issued currencies, such as the dollar. … Read more