Markets

Billionaire investor Jeff Gundlach told CNBC he wouldn’t be surprised if bitcoin plunged to $10,000.  The “Bond King” pointed to “blow-ups” in crypto that helped drive a fall in bitcoin to just above $20,000. Worries about the financial health of hedge fund Three Arrows and lender Celsius have shaken confidence. Loading Something is loading. Billionaire… Continue reading Billionaire investor Jeff Gundlach says he won’t be shocked if bitcoin falls to $10,000, as ‘blow-ups’ rattle the crypto market

Wells Fargo said the US economy will tip into a recession in 2023 after the Fed hiked interest rates by the most since 1994. The Fed’s move caused analysts across Wall Street to lower their growth expectations for the US economy. The central bank itself envisages having to cut rates in 2024, suggesting it expects… Continue reading Wells Fargo says the US will fall into recession after the Fed delivers its biggest rate hike since 1994

Real estate stocks Redfin and Compass have both dropped roughly 25% over the last five days.  Both companies announced layoffs this week as the US housing market stalls under pressure from rising rates.  Mortgage applications have plunged, and luxury home sales have dropped 18% year-over-year. Loading Something is loading. Stocks of real estate companies including… Continue reading Real estate stocks crater as new fears of a prolonged US housing market slump trigger wave of job cuts

Bitcoin is getting closer to the bottom of a sell-off at $20,000, billionaire investor Mike Novogratz told CNBC on Tuesday.  The Galaxy Digital CEO said the crypto world is undergoing a “Long-Term Capital Management moment”.  He sees parallels in crypto-network problems to the unwinding of the highly leveraged hedge fund that was bailed out in… Continue reading Bitcoin may be near a bottom at $20,000 as the crypto market endures a ‘Long Term Capital Management moment’, says Mike Novogratz

Investors should be prepared for more “misery” ahead after the S&P 500 entered a bear market on Monday, according to Bank of America.BofA listed a host of reasons why there is likely more downside for stock prices as inflation continues to surge higher.A look at prior bear markets suggests the S&P 500 could fall another… Continue reading Stock market investors should prepare for more misery ahead as the S&P 500 officially enters a bear market, Bank of America says

Since El Salvador made bitcoin legal tender last September, the crypto token has plunged in value.  The country, led by bitcoin-bull President Nayib Bukele, holds 2,301 bitcoins, per Bloomberg data. “The fiscal risk is extremely minimal,” El Salvador’s finance minister said at a press conference. Loading Something is loading. Bitcoin has cratered as investors shed… Continue reading As bitcoin craters 65% from its high, El Salvador’s finance minister said the fiscal risk is ‘extremely minimal’

European natural gas surged 20% Tuesday while US prices declined 15%. Freeport LNG said its plant in Texas wouldn’t be fully operational until late 2022 following a fire last week. Russia’s Gazprom also said Tuesday it was limiting natural gas flows to Europe via the Nord Stream pipeline. Loading Something is loading. European natural gas… Continue reading European natural gas prices jump as US LNG export hub to stay closed while Nord Stream flows slashed

Russia is shipping half of its seaborne crude oil to Asia — mainly China and India, per Bloomberg. In May, Russia overtook Saudi Arabia to become India’s second-largest supplier of oil. Indian refiners imported three times more barrels from Russia in May than in April. Loading Something is loading. Half of the Russian oil transported… Continue reading China and India now account for about 50% of Russia’s seaborne oil exports, as Asian demand props up Moscow’s energy revenues