The price of bitcoin fell 48 percent in two days and lost 30 percent of its value this week, moving in tandem with risk assets and challenging the narrative that bitcoin acts as a safe haven asset in times of political and economic uncertainty.
Bitcoin is currently trading at $5,364, about 40 percent up from a low of $3,858 late Thursday night – the lowest since May 2019. Bitcoin has historically demonstrated strong recoveries from similarly violent sell-offs.
Crypto exchanges briefly went offline early Friday morning, and the New York State Department of Financial Services is requiring licensed crypto firms to produce coronavirus contingency plans.
On Thursday afternoon, between President Trump's speech about travel restrictions and before Christine Lagarde's speech in which she refused to cut rates, the crypto markets fell 20 to 30 percent in the span of an hour in one of bitcoin's sharpest ever selloffs. Gold, platinum, palladium, gasoline, and sugar plummeted around the same time.
"The latest market meltdown centers around liquidity (or lack thereof) as investors sell whatever they can to minimize additional losses or cover their positions," Kevin Kelly, lead analyst at Delphi Digital, said in an investor note Thursday. "The old adage 'cash is king' rings truer than ever at times like this as markets crater and hysteria takes hold. Beware fakeout rallies and false bottoms as they've claimed more careers than they've made."
Longtime Starbucks CEO Howard Schultz is facing sharp questioning before the Senate Health, Education, Labor and Pensions Committee where he is defending the company’s actions during an ongoing unionizing campaign.
Apple Pay is getting in on the buy now pay later boom with a feature allowing users to split purchases into four separate payments over six weeks at no additional cost or interest.
UBS says it’s bringing back former CEO Sergio Ermotti to lead the Swiss bank as it moves forward with a government-orchestrated plan to take over struggling rival Credit Suisse.
San Francisco-based technology startup Illumix just closed a $18 million Series A round of funding, and in a rare move for the Shark Tank star, Mark Cuban contributed.
Austin Graff, founder and CIO of Opal Capital in Austin, Texas, offers his take on why stocks opened higher Wednesday, saying investors appear tentatively optimistic about regulatory actions being taken around struggling banks, even as they remain worried about the long-term consequences of federal action on the sector. "
Credit Suisse violated a plea agreement with U.S. authorities by failing to report secret offshore accounts that wealthy Americans used to avoid paying taxes, U.S. lawmakers said Wednesday.
Stocks are rising Wednesday as Wall Street shakes off a bit more of the fear that dominated it earlier this month.
Honda is recalling more than 330,000 vehicles because heating pads behind both side-view mirrors may not be bonded properly, which could lead to the mirror glass falling out and increase the risk of a crash.
Lyft co-founder Logan Green is stepping down as CEO with David Risher, a former Amazon and Microsoft executive, set to take his place.
PepsiCo just unveiled a new nostalgic logo, and it might look familiar to long-time fans of the bubbly beverage. The new logo is a slightly modified version of the one last used in the 1990s.
