On Wednesday over $200 billion was eliminated from the value of the cryptocurrency market. Frank Chaparro, Finance Reporter at Business Insider, joins Your Cheddar to discuss the reason for the recent sell-off, and walks us through some of the pros and cons of investing in the currency.
Chaparro says excitement drove the price up to begin with, and now investors are seeing the market sink and are getting out. He says it's important to know that if you invest, you need to be prepared to lose all your value. He adds that if you don't have money to lose, you may not want to take a chance.
Plus, Chaparro notes that it's very important for the individual to keep track of their bitcoin. There is no bank that regulates or guarantees you'll get your money should you lose the ID number for your crypto. He also talks about some of the advantages of investing, such as learning a new technology (blockchain) that many experts say will be an important aspect of our lives in the future.
President Donald Trump said he has decided to lower his combined tariff rates on imports of Chinese goods to 47% after talks with Chinese leader Xi Jinping on curbing fentanyl trafficking.
Universal Music Group and AI platform Udio have settled a copyright lawsuit and will collaborate on a new music creation and streaming platform. The companies announced on Wednesday that they reached a compensatory legal settlement and new licensing agreements. These agreements aim to provide more revenue opportunities for Universal's artists and songwriters. The rise of AI song generation tools like Udio has disrupted the music streaming industry, leading to accusations from record labels. This deal marks the first since Universal and others sued Udio and Suno last year. Financial terms of the settlement weren't disclosed.
Nvidia on Wednesday became the first public company to reach a market capitalization of $5 trillion. The ravenous appetite for the Silicon Valley company’s chips is the main reason that the company’s stock price has increased so rapidly since early 2023.
Chris Williamson, Chief Business Economist at S&P Global, breaks down September’s CPI print and inflation trends, explaining what it means for markets.
