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.
Apple, the tech giant, is trying to trademark images of apples, the fruit. The company has been pursuing the trademark since 2017, and its latest battleground is Switzerland, where its appealing a partial trademark that would only cover black-and-white depictions of Granny Smith apples.
India's IndiGo airline is buying 500 passenger jets from European planemaker Airbus, the two companies said Monday, in a record-setting order that underscores surging demand for air travel fueled by the country's economic growth.
China’s Alibaba Group has announced a major management reshuffle as the e-commerce giant restructures into six different business divisions to adapt to fast-changing technologies.
Multinational companies including Amazon, Marriott and Hilton pledged Monday to hire more than 13,000 refugees, including Ukrainian women who have fled the war with Russia, over the next three years in Europe.
Many parents are already planning an early outing for back-to-school shopping, despite the early days of summer. Inflation concerns have spurred people to plan ahead in spending. Bryce Gruber, executive editor of Today's Parent, joined Cheddar News to help provide money-saving tips for affordable school shopping.
