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.
Employees at Ben & Jerry's flagship store in Burlington, VT have filed for a union election.
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Samsung is considering using Bing as the default search engine on its mobile devices, replacing Google, according to The New York Times.
Gov. Ron DeSantis and Florida lawmakers are ratcheting up pressure on Walt Disney World.
Jay Hatfield, chief investment officer for ICAP, joined Cheddar News to discuss how markets are reacting to labor market news and what the Federal Reserve will do next in terms of interest rates.
Ross Mayfield, the investment strategy analyst at Baird Ross, joined Cheddar News to discuss the choppy markets.
Kristin Cavallari, who first gained fame as a cast member of the MTV reality show Laguna Beach, is now the founder of a beauty company called Uncommon James. Cheddar News anchor Hena Doba took a walk with Cavallari to discuss her many business ventures.
