Markets

Jason Ma A big screen display of stock prices hangs behind traders working at the New York Stock Exchange NYSE on May 9, 2022. Michael Nagle/Xinhua via Getty Images US stocks climbed Friday as investors digested strong earnings from the likes of Ross Stores, Palo Alto Networks and Gap. For the week, the Dow was… Continue reading US stocks defy rising yields to close higher, but cap a mixed week for major indexes

Home prices could fall at a faster pace, according to Pantheon Macroeconomics economist Kieran Clancy.  Previously reluctant home sellers could flood the market with inventory before prices decline further, he warned.  “We think prices need to drop by about 20% from their spring peaks in order to reach a sustainable level,” he said.   Loading Something… Continue reading Home prices could fall faster if once-reluctant sellers flood the market with more supply before the downside worsens, economist says

Regulators in the Bahamas directed FTX to move digital assets to safeguard them for creditors exposed to the blowup.  FTX said in its bankruptcy filing there was “credible evidence” ​​the Bahamian government was “directing unauthorized access” to FTX’s systems. FTX and the Bahamas-based unit have filed separate bankruptcy protection petitions in the US.  Loading Something… Continue reading Bahamas says it directed FTX to move digital assets for ‘safekeeping’ as the crypto firm plunged into crisis

Coinbase is “not another FTX” according to Bank of America, but that doesn’t mean it’s immune from the crypto fallout.The bank downgraded Coinbase to “Neutral” and lowered its price target to $50 from $77 in a Friday note.BofA listed three headwinds that Coinbase has to deal with in the aftermath of the FTX implosion. Loading… Continue reading Coinbase gets hit with a downgrade from BofA as the FTX implosion brings more pain to crypto markets

Binance resumed deposits of stablecoin Tether on Friday, a day after an unexplained pause. But a pause in deposits of stablecoin USD Coin is still in place until further notice.  The latest moves also came without any further detail, despite prices for both coins remaining steady. Loading Something is loading. Thanks for signing up! Access… Continue reading Binance adds to stablecoin mystery by resuming Tether deposits while keeping out USD Coin

FTX didn’t have an in-house accounting department, according to a recent bankruptcy filing. The group is now struggling to obtain accurate financial statements, new CEO John Ray III said. FTX’s accounts were audited by a firm that claims to be the first certified accountant to open an office in the metaverse. Loading Something is loading.… Continue reading FTX and Alameda Research didn’t have their own accounting department – and it’s impossible to rely on any of their financials, bankruptcy filing says

Bankruptcy filings show the fair value of crypto held by FTX is $659,000.That compares to Sam Bankman-Fried claim FTX held about $5.5 billion in “less liquid” crypto tokens.”Never in my career have I seen such a complete failure of corporate controls,” new FTX CEO John Ray III said.  Loading Something is loading. Thanks for signing… Continue reading A new bankruptcy filing shows the value of FTX’s crypto holdings is just $659,000, after Sam Bankman-Fried said they were worth $5.5 billion

Binance paused deposits of stablecoins Tether and USD Coin early Thursday.  The company didn’t provide a reason for the halt on it’s website.  Both tokens maintained their dollar peg as of presstime.  Loading Something is loading. Thanks for signing up! Access your favorite topics in a personalized feed while you’re on the go. Cryptocurrency exchange… Continue reading Binance pauses customer deposits of stablecoins Tether and USD Coin without explanation