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.
The 11,500 members of the Writers Guild of America went on strike this week after negotiations with Hollywood studios that began in March failed to result in an agreement.
Will McDonough, founder and CEO of EMG Advisors, joined Cheddar News to discuss Wednesday's trading session after the Federal Reserve raised rates by 0.25% as tighter credit conditions continue to affect small- and medium-sized businesses.
The Federal Reserve reinforced its fight against high inflation Wednesday by raising its key interest rate by a quarter-point to the highest level in 16 years.
Cheddar News' Courtney Sturgeon reports from the Cboe floor with Alan Knuckman, Chief Market Strategist at Bulls Eye Option, to discuss strategies for options traders ahead of a busy trading week amid earnings, the FOMC meeting, and more.
On Tuesday, the Writer’s Guild of America (WGA) kicked off its first strike in 16 years. Cheddar News' field reporter Ashley Mastronardi spoke with some of those picketing writers who said streaming giants need to catch up with the times and offer a higher wage and a bigger cut of residuals.
