(Photo Illustration by Filip Radwanski/SOPA Images/LightRocket via Getty Images)
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."
Green tech investments had a stellar 2021 amid a wave of SPAC mergers and massive valuations. But that momentum seems to be slowing down as investors turn to safer companies amid tightening monetary policy and skepticism about profitability and reliability amid SEC investigations. What happens next for this next-generation group of startups? Sophie Karp, an equity research analyst at KeyBanc Capital Markets, joins Closing Bell to discuss.
In late January, NFT company Candy Digital cashed in when a Shohei Ohtani Icon NFT sold for $100,000, breaking the six-figure sale price mark for MLB NFTs for the first time. Scott Lawin, CEO of Candy Digital, joins Cheddar News' Closing Bell, where he explains why his company is very excited about the future of digital collectibles and how the Ohtani NFT sale shows consumer confidence in the marketplace.
Sēkr, a mobile app that aims to improve and digitize the outdoor travel experience, announced this week that it raised a $2.25 million seed round. In the Sēkr app, users can get access to more than 50,000 campsites throughout the U.S. including the nation's largest database of free campsites. The company is saying it is on a mission to make every step of the planning experience for outdoor travel easier, safer, and more social. Breanne Acio, co-founder and CEO of Sēkr, and Jess Shisler, co-founder and COO, joined Cheddar News' Closing Bell to discuss.
Cheddar's Big Game Special gives you all the info you need heading into Sunday's event. Pro Football Hall of Famer Terrell Davis, Big Game MVP Hines Ward, and Big Game Champion Emmanuel Sanders dissect the action set to take place on the field, Olivia Harlan Dekker delivers her winning wagers, Tom Morton breaks down what we should expect from advertisers, Azia Celestino showcases the atmosphere from Los Angeles, and Baker Machado discusses what viewers should expect to see unfold during the halftime show.
As the Cincinnati Bengals and Los Angeles Rams prep to face each other in the Big Game at SoFi Stadium in LA, 55 percent of a record number of bettors are projected to drop money on the Rams. Casey Clark, the senior vice president of strategic communications for the American Gaming Association, joined Cheddar News to share some data and predictions based on the greater interest in gambling on Super Bowl LVI. "You know that means that people are migrating away from the predatory illegal market and corner bookie and moving their action into the legal marketplace," he said. "So really encouraging for consumer protections and for those of us who might want to have a little action on the game."
Facebook parent Meta and Grammy Award-winning singer Ciara have joined forces to help black female-owned small businesses. Selected businesses will receive marketing mentorship from Meta along with $100,000 to put into their brand. One such business, The Self Care Suite, is a platform that supports mental health, and founder Tara Pringle Jefferson, along with Irene Walker, Meta Elevate founder and program manager, joined Cheddar News to discuss the program. "Having this opportunity with Meta, with Ciara, really will allow us to focus on our virtual programming, to focus on our e-commerce shop, and, as we kind of adjust, to the new normal in 2022," said Pringle Jefferson.
Tesla has been under mounting regulatory scrutiny by the NHTSA, and has issued numerous recalls, including four within the past two weeks. While the company has issued recalls over the years, the number seems to be increasing in recent months as the company issues fixes for seat belt chimes, pedestrian alerts, its self-driving software, and more. What's behind this uptick in recalls — and how might this impact brand loyalty? Al Root, Senior Writer at Barron's, joins Closing Bell to discuss.
