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.
The number of Americans filing for jobless claims last week rose to its highest level in a year-and-a-half, though the labor market remains healthy by historical standards.
The process to purchase a home nowadays can be a daunting one, especially with inflation and higher interest rates in tow. Danielle Hale, chief economist at Realtor.com, joined Cheddar News to provide some tips for those looking to purchase a residence in a volatile environment.
Jetblue announced it's revamping its True Blue loyalty program by adding perks for travelers who haven't reached their frequent flier status and is an effort to have its program reflect shifting travel habits.
Even as the number of instances of child labor labor violations surged in recent years, lawmakers in some states have worked to ease the use of minors in often dangerous working conditions.
