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.
The SAG-AFTRA National Board over the weekend voted unanimously to express solidarity with the Writers Guild of America and its plans to go on strike amid ongoing negotiations with studios and streamers.
Lila Snyder, CEO of Bose, joins Cheddar News anchor Hena Doba to discuss her journey to the top of the corporate world, the business of selling top of the line speakers, and how new technologies such as machine learning are shaking up the industry.
Stocks drifted ahead of reports that could offer clues on questions that have kept Wall Street at a standstill, including on where the economy and corporate profits are heading.
Aidan McClean, co-founder and CEO of UFODRIVE, joined Cheddar News to discuss how his company plans to shake up the car rental market with a digital experience. "There are no lines, there are no paperwork, there is no key collection ... no pushy insurance or pushy fuel options," he said. "You simply arrive for your electric car, use your smartphone and drive away."
Nearly half of Americans report having to side hustle to make ends meet, according to a survey from LendingTree. Jane Oates, president of WorkingNation, joined Cheddar News to discuss the state of play as families are having a difficult time with inflation and high-interest rates.
