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.
Scott Wren, senior global market strategist with Wells Fargo Investment Institute, joined Cheddar News to discuss Monday's market trading as earnings continue to trickle in and ahead of a Federal Reserve meeting next week.
The Walt Disney Co. will be laying off several thousand employees this week, a second round of cuts that’s part of a previously announced plan to eliminate 7,000 jobs this year.
Nissan Americas Chair Jeremie Papin spoke with Cheddar News and outlined the company's strategy, specifically its future in the electric vehicle market. "We foresee potentially 40% of our sales in 2030 being EVs," he said.
Restaurant inflation was up 8.8 percent from a year ago in March, according to the latest consumer price index, and customers say they're more carefully considering their culinary spending. Cheddar News correspondent Ashley Mastronardi visited Isabelle's Osteria in midtown Manhattan to ask patrons how the higher prices are impacting their wallets.
Longtime CNN host Don Lemon is out at the cable news network a little over two months after apologizing to viewers for on-air comments about Republican presidential candidate Nikki Haley, CNN announced Monday.
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.
