Distressed crypto firm BlockFi has filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the District of New Jersey following the implosion of putative acquirer FTX. In the filing, the company indicated that it had more than 100,000 creditors, with liabilities and assets ranging from $1 billion to $10 billion. In the filing, the company listed an outstanding $275 million loan … Continue reading Crypto firm BlockFi files for bankruptcy as FTX fallout spreads

Bitcoinreversed higher on Tuesday after briefly hitting a two-year low, as investors assess potential damage still to come in the aftermath of FTX’s collapse. The largest cryptocurrency by market cap was last trading higher by 2.5% at $16,204.92, according to Coin Metrics. Earlier in the day it fell to $15,480, its lowest level since Nov. 11, 2020. Ether rose 2.1% to $1,126.92. The rebound followed … Continue reading Bitcoin bounces slightly after hitting two-year low

In a stunning recent move that sent shockwaves throughout Hollywood, Bob Iger, one of the most notable CEO’s in the history of The Walt Disney Company, is returning to once again run the media empire. Continue reading Bob Iger returns as Disney CEO in shocking shakeup

With persistent inflation eroding wage gains, more Americans are struggling financially just as the peak shopping season kicks into high gear. Holiday spending could come at a high cost if it means tacking on additional credit card debt just as interest rates rise. As of October, 60% of Americans were living paycheck to paycheck, according to a recent LendingClub report. A year ago, the number … Continue reading 60% of Americans are living paycheck to paycheck heading into the peak shopping season

The market is actually up this month, but bearish bets are building fast. A measure of sentiment from the options markets shows that bets on falling stock prices have sharply outpaced those expecting prices to rise. That might sound like a reason to run away from stocks. But oddly, market analysts usually see extreme levels of bearishness in investor sentiment as good news for stocks. … Continue reading Bearish bets build in stock market

The breadth of the global fallout from FTX’s collapse has continued to emerge. Temasek, Singapore’s state-backed fund, said on Thursday that it had fully written down its $275 million investment in the crypto exchange, joining the Silicon Valley firm Sequoia Capital and SoftBank, the Japanese tech conglomerate, in declaring their stakes worthless. The development comes as Sam Bankman-Fried, FTX’s founder, delivered a series of bombshell … Continue reading Investor Losses From FTX’s Implosion Are Growing

Target is the latest big retailer that is blaming shoplifting for putting a big hit on its profits.  The company said its gross margin rate dropped from 28 percent in last year’s 3rd quarter to 24.7 percent this year.  Along with shoplifting, referred to as shrink in the industry, the company blamed higher markdown rates and freight costs for dragging down profits. The company says … Continue reading TARGET blames massive shoplifting for lost profits; Locks up toothpaste

On Monday morning, FTX CEO Sam Bankman-Fried woke up still a billionaire, even as his cryptocurrency empire was crumbling down around him. By Friday, his entire fortune had been completely wiped out. Continue reading In less than a week, Sam Bankman-Fried’s $16 billion fortune evaporated

The EU warned Friday the eurozone was set to fall into recession this winter as Brussels hiked inflation forecasts for 2022 and 2023 on the back of high energy prices. Europe is reeling from the economic shockwaves unleashed by Russia’s war on Ukraine, which have fuelled a spike in energy costs and hit the wallets of consumers around the continent. The EU’s executive arm said … Continue reading EU warns of ‘difficult months’ as eurozone faces recession

Crypto exchange FTX lent billions of dollars worth of customer assets to fund risky bets by its affiliated trading firm, Alameda Research, setting the stage for the exchange’s implosion, a person familiar with the matter said. FTX Chief Executive Sam Bankman-Fried said in investor meetings this week that Alameda owes FTX about $10 billion, people familiar with the matter said. FTX extended loans to Alameda … Continue reading FTX Tapped Into Customer Accounts to Fund Risky Bets, Setting Up Its Downfall

Stocks mounted their biggest rally since 2020 after October’s reading of consumer prices raised hopes that inflation has peaked. The Dow Jones Industrial Average jumped more than 1,000 points, or more than 3% for its biggest one-day gain since the market was emerging from the depths of the pandemic bear market. The S&P 500 jumped 4.6% for its biggest one-day rally since April 2020. The … Continue reading Dow surges 1,000 points in biggest rally since 2020 after a lighter-than-expected inflation report

The consumer price index rose less than expected in October, an indication that while inflation is still a threat to the U.S. economy, pressures could be starting to cool. The index, a broad-based measure of goods and services costs, increased 0.4% for the month and 7.7% from a year ago, according to a Bureau of Labor Statistics release Thursday. Respective estimates from Dow Jones were … Continue reading Consumer prices rose 0.4% in October, less than expected, as inflation eases

The world’s largest crypto exchange by volume, Binance, said it would walk away from a deal with the third largest crypto exchange by volume, FTX. On Tuesday, Binance signed a letter of intent to purchase its troubled competitor, FTX, in what appeared to be a potential bailout of the latter amid a liquidity crunch. But just a bit over 24 hours later, that plan crumbled. … Continue reading Binance backs out of deal to buy FTX

The United States Department of Justice has announced it has seized #3.36bn of Bitcoin last year, which was stolen from an infamous darkness website. Continue reading Justice Department Announces Seizure of Bitcoin Once Valued at $3.36 Billion

The Bank of England has warned the UK is facing its longest recession since records began, as it raised interest rates by the most in 33 years. It warned the UK would face a “very challenging” two-year slump with unemployment nearly doubling by 2025. Bank boss Andrew Bailey warned of a “tough road ahead” for UK households, but said it had to act forcefully now … Continue reading Bank of England expects UK to fall into longest ever recession

Bitcoin’s price was up about 0.3% over the past 24 hours, the latest surge in an upbeat week that saw the largest cryptocurrency by market capitalization climb about 8% in value. The spike came amid new hopes that the U.S. Federal Reserve would be able to scale back its monetary hawkishness sometime early next year, and a few mildly encouraging economic indicators. Ether’s price recently … Continue reading Bitcoin, Ether Press Higher as Momentum Increases