Bitcoin extended its selloff Wednesday, with prices of the cryptocurrency falling below $10,000 on some exchanges. Bitcoin lost nearly half its value from its record high last month. James Altucher, Managing Director at Formula Capital, was with us to discuss whether we will see another rally in the market.
Altucher stresses that a year ago bitcoin was at $1,000. The reality is, people who are long-term believers have been winning and it's not too late for others, he says. The real opportunity is adoption by institutions, which he says is going to drive up prices significantly. Altucher says they are slow to get in on the trade because they aren’t sure how to regulate it.
The financial guru says 95% to 98% of cryptocurrencies are scams and will be wiped out. The real purpose of cryptocurrency is to solve problems created by a paper currency. He says start with bitcoin and ethereum, then do research to find the coins that solve a real problem.
A handful of retailers will report earnings this week, including Home Depot, Target, Walmart and Macy's, as gas prices peaked in September to the end of this latest quarter while borrowing costs remain at their highest levels in decades.
Long-haul carrier Emirates opened the Dubai Air Show with a $52 billion purchase of Boeing Co. aircraft.
Krispy Kreme is giving out a dozen free original glazed donuts to the first 500 customers who visit participating stores for World Kindness Day.
'The Marvels' made just $47 million at the box office for its opening weekend.
The largest South American airline altered its travel policy because Taylor Swift was supposed to perform in Argentina's capital on Friday but moved the date to Sunday because of inclement weather.
Google's parent company Alphabet says it has dissolved its stake in Robinhood.
Stocks fell slightly in Monday's opening session after credit rating for the U.S. was downgraded on Friday.
Workers at 24 Ford production facilities in Kentucky have voted against a tentative labor agreement.
Thousands took to the streets in San Francisco to protest the kickoff of the Asia Pacific Economic Cooperations Summit.
Big Business This Week is a guided tour through the biggest market stories of the week, from winning stocks to brutal dips to the facts and forecasts generating buzz on Wall Street.
