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.
Poised to raise interest rates Wednesday for a 10th time, Federal Reserve officials are facing two competing economic trends that could make their future rate decisions more difficult and treacherous.
U.S. job openings fell in March to the lowest level in nearly two years, a sign that the American labor market is cooling in the face of higher interest rates.
Cheddar News' Courtney Sturgeon reports from the Cboe floor with Russell Rhoads, Associate Clinical Professor at Kelley School of Business to break down why option traders should pay close attention to the FOMC meeting on Wednesday and monthly payrolls being released on Friday.
