Why Major Cryptocurrencies Are Having a Relatively Flat Week
A relatively flat week for the three major cryptocurrencies Bitcoin, Ethereum, and Ripple's XRP. Canaccord Genuity Managing Director Michael Graham explains the latest trends in the market and his outlook for the year ahead.
Graham cites increased regulation in South Korea and China as driving prices down from all-time highs. "For the last couple week's we've been sort-of recovering from all that," explains Graham.
This week Coincheck confirmed it suffered what appears to be the biggest hack in cryptocurrency. The Japanese exchange says around tokens worth $533 million dollars were taken from the exchanges digital wallets. "I think the fact that the crypto markets are being resilient in the face of the biggest hack ever potentially for crypto exchanges is pretty interesting," said Graham.
Bitcoin still trading far from its all-time high around $20,000. Today, Bitcoin trading about 12 percent down from last week. Ethereum hovering just over $1,000, down about 6 percent over the course of the last week.
A majority of Americans support higher pay for auto workers who are on strike against Detroit's Big Three carmakers, although approval of the workers' other demands is more mixed, according to a poll from The Associated Press-NORC Center for Public Affairs Research.
The ongoing United Auto Workers strike expanded Thursday in a major blow to Ford as the union ordered 8700 workers to walk off the job at the automaker giant's largest plant.
A retired bank official testified that former president Donald Trump obtained hundreds of millions of dollars in loans based on financial statements that have since been deemed fraudulent.
