Bitcoin jumps to a 2-week high of $17,000, but crypto experts say don’t cheer the rally as FTX contagion is far from contained

Bitcoin hit $17,000 on Wednesday, trading at a two-week high.  An analyst breaks down why he expects continued headwinds across the board for asset prices. Industry experts told Insider their crypto market outlook post-FTX collapse.  Loading Something is loading. Thanks for signing up! Access your favorite topics in a personalized feed while you’re on the… Continue reading Bitcoin jumps to a 2-week high of $17,000, but crypto experts say don’t cheer the rally as FTX contagion is far from contained

Nasdaq soars 4% after Jerome Powell indicates the Fed is on track to slow rate hikes in December

Matthew Fox Spencer Platt/Getty Images US stocks soared on Wednesday after Fed Chairman Jerome Powell said slower interest rate hikes are likely.Powell all but confirmed a 50 basis-point rate hike in December, dialing back from the four consecutive 75 basis-point hikes. “It is entirely possible the December hike of 50 basis points could be the last… Continue reading Nasdaq soars 4% after Jerome Powell indicates the Fed is on track to slow rate hikes in December

Binance hires the accounting firm that disavowed Donald Trump’s financials to verify its crypto reserves

Binance is enlisting accounting firm Mazars to verify its cryptocurrency reserves. Mazars’ US unit previously worked for former President Donald Trump and his company.  Earlier this year, Mazars USA said it no longer stands by 10 years of financial statements for Trump. Loading Something is loading. Thanks for signing up! Access your favorite topics in… Continue reading Binance hires the accounting firm that disavowed Donald Trump’s financials to verify its crypto reserves

Markets should brace for a period of central bank-induced turmoil before the Fed dials back on rate hikes, and stocks could soon retest recent lows, JPMorgan says

Stocks could be in for another bout of volatility before the Fed pivots from aggressive rate hikes, JPMorgan warned. That’s because the Fed and other central banks could inject more volatility before backing down from raising rates.  Stocks could retest recent lows in the first quarter of 2023, strategists predicted. Loading Something is loading. Thanks… Continue reading Markets should brace for a period of central bank-induced turmoil before the Fed dials back on rate hikes, and stocks could soon retest recent lows, JPMorgan says

Kraken, the 3rd-largest digital assets exchange, is laying off 30% of its staff as crypto winter deepens

Kraken is laying off 1,100 of its employees, the company said in a blog post Wednesday. The news comes at a difficult time for the industry, as bankruptcies mount and crypto prices languish.  A Kraken spokesperson told Insider that the company had “no material exposure” to FTX. Loading Something is loading. Thanks for signing up!… Continue reading Kraken, the 3rd-largest digital assets exchange, is laying off 30% of its staff as crypto winter deepens

Why it’s time for borrowers to accept the new normal of higher rates and plan accordingly

Interest rate normalization is causing the cost of debt to go up — and likely stay up Homes for sale in East Gwillimbury, Ont. Photo by Cole Burston/Bloomberg files Mortgage interest rates have spiked in 2022, in some cases more than tripling from the lows of 2021. Five-year fixed and variable rates were in the… Continue reading Why it’s time for borrowers to accept the new normal of higher rates and plan accordingly

Jeff Bezos says you may want to rethink your shopping — here’s 3 better recession-proof buys

Amazon founder and executive chairman Jeff Bezos is sounding the alarm. In an interview with CNN, Bezos says that the economy “does not look good right now.” “Things are slowing down. You’re seeing layoffs in many many sectors of the economy.” And that means you might want to tighten up your budget. “If you’re an… Continue reading Jeff Bezos says you may want to rethink your shopping — here’s 3 better recession-proof buys

Stock Market Today: S&P 500, Nasdaq Close Lower for a Second Straight Day

Stocks opened higher Tuesday after China’s National Health Commission said it would increase COVID-19 vaccinations in seniors after widespread protests broke out over the weekend in response to the country’s zero-COVID policies.  Also boosting stocks in early action was the latest S&P CoreLogic Case-Shiller National Home Price Index, which showed home prices fell for a… Continue reading Stock Market Today: S&P 500, Nasdaq Close Lower for a Second Straight Day