Coinbase users took to social media and Reddit to complain about glitches on the platform. Coinbase says the root of the problem is credit card processing managed by Visa. But, Visa says they didn't cause the problem. Russell Brandom, Reporter at The Verge, explains the implications of these problems on the platform.
"This was going on for three weeks, and we're talking about thousands of dollars disappearing from people's accounts. That's kind of the worst thing that could happen for a service," said Brandom. "Coinbase has to take a lot of blame for this."
Bitcoin rebounded this week, trading above $10,000 for a short time. It still remains far from its all-time high of $19,000.
Brandom says Coinbase is getting most of the pie right now, but it should expect more and more competitors to emerge as this market continues to grow.
Tyson Foods is eliminating about 10 percent of corporate jobs and 15 percent senior leadership positions, according to a memo obtained by Reuters. The cuts are just the latest attempt to trim costs amid falling profits.
Verizon is taking steps to speed up its 5G network in rural areas. The company said it plans to extend its C-band 5G network across a larger suburban and rural footprint, meaning faster speeds for customers in those areas.
Facebook parent company Meta's first-quarter results surpassed Wall Street's modest expectations on both profit and revenue, sending its stock soaring in after-hours trading.
Another automaker is trying to cut its workforce to trim expenses and stay competitive as the industry makes the long and costly transition to electric vehicles.
The U.S. economy slowed sharply from January through March, decelerating to just a 1.1% annual pace as higher interest rates hammered the housing market and businesses reduced their inventories.
Applications for unemployment benefits in the U.S. fell last week as the labor market continues to show strength despite some weakness in other parts of the economy.
