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.
Caleb Silver, editor-in-chief of Investopedia, joined Cheddar News to explain the risks in the banking sector after the recent turmoil with Silicon Valley Bank and the news that Credit Suisse's biggest backer said it wouldn't provide further financial help.
T-Mobile has entered into an agreement to acquire the parent company of Mint Mobile, a direct-to-consumer prepaid wireless company partially owned by actor Ryan Reynolds.
Mortgage applications jumped 6.5 percent from a week ago, according to a weekly survey from the Mortgage Bankers Association (MBA), even as they remain well below their pace a year ago.
Ed Egilinsky, Managing Director, Head of Sales and Distribution & Alternatives at Direxion, joins Cheddar News to discuss trading bank volatility, how traders can navigate the race in the A.I. space, and how traders are reacting to the most recent economic data.
Shares of the Swiss bank Credit Suisse tumbled more than 30 percent after its biggest shareholder, the Saudi National Bank, said it could no longer provide funding.
