Ripple's XRP cryptocurrency soaring to new heights this week. Coindesk's Director of Research Nolan Bauerle and Fortune Staff Writer Robert Hackett explain factors driving altcoins up, and Bitcoin down.
"Bitcoin has an enviable problem of being so popular, and such strong brand name that it became hard to access," says Bauerle. "I think when people saw that surge hit in December they said well I'll try something else." Altcoins like Ripple's XRP, Ethereum, and Tron posted significant gains in the first week of 2018.
"Retail investors are gobbling it up," says Hackett on some companies adding the word "Blockchain" to their name. " On Thursday Ripple's co-founder Chris Larsen became one of the wealthiest Americans on paper with his shares of the cryptocurrency growing to more than $59 billion. But Hackett says its important to note these shares are hard to transfer to direct wealth. Even if he were able to cash out all of his fortune, the markets would not handle it well says Hackett.
James Demmert, founder and chief investment officer of Main Street Research, joined Cheddar News to discuss market trends as investors digest mixed trading sessions with debt ceiling talks stalling.
This year's upfront presentations to advertisers happened against the backdrop of a massive writers' strike. Cheddar News broke down the big takeaways from how networks proceeded with their events and what upcoming TV and streaming shows were presented.
The Week's Top Stories is a guided tour through the biggest market stories of the week, from winning stocks to brutal dips to the facts and forecasts generating buzz on Wall Street.
With Americans' credit card debt mounting, Ted Rossman, senior analyst for Bankrate.com, stopped by the Cheddar News studio to offer some tips on how to pay down debt.
Google, Twitter, Facebook and other tech companies fueled by social media have dodged a legal threat that could have blown a huge hole in their business models.
