Oil Leads Market Plunge as Virus Rattles Faith in Recovery
Jill R Shah, 19 July 2021
Oil was the biggest loser in a broad market selloff after OPEC+ agreed to boost crude supply as a resurgent virus shook investor confidence in the global economic recovery.
Futures in New York fell 7.5% on Monday, the largest decline since September. OPEC and its allies agreed to monthly supply hikes of 400,000 barrels a day. At the same time, the spread of the delta variant is stoking a risk-off mood in broader markets and threatening oil demand with fresh mobility restrictions around the world. The dollar also rose, reducing the appeal of commodities priced in the currency. Continue reading “Article: Oil Leads Market Plunge as Virus Rattles Faith in Recovery”
Bitcoin’s reputation as a government-free zone is in question after the US snatches $2.3 million from hackers
Harry Robertson, 08 June 2021
Bitcoin’s fans have long argued that its decentralized design makes it a currency free from government control and manipulation. But on Monday, the US Justice Department said it had reached into a bitcoin “wallet” and swiped back $2.3 million that Colonial Pipeline had paid to hackers after a ransomware attack in May.
Analysts said the dramatic move raised questions about just how free from state oversight bitcoin really is.
“The rapid move by US agents in tracing and tracking the ransom paid, then retrieving it after gaining access to a private key to unlock the bitcoin wallet, is a blow to crypto fans who have lauded its untraceable nature,” said Susannah Streeter, senior investment analyst at broker Hargreaves Lansdown. Continue reading “Article: Bitcoin’s reputation as a government-free zone is in question after the US snatches $2.3 million from hackers”
GameStop Takes $6 Billion Round Trip as Results Shrugged Off
Bailey Lipschultz,27 March 2021
GameStop Corp. is ending the week where it started, after an earnings-related selloff was quickly reversed, with retail investors refusing to let go of their commitment to the stock.
Investors were quick to get over GameStop’s 12th consecutive quarter of slowing sales and management’s decision to not take questions on its earnings call on Tuesday, despite warnings from most Wall Street analysts. After see-sawing to as low as $118.62, the stock was trading near last week’s closing level on Friday. That created a more than $6.4 billion swing in market value from Monday’s intraday high to a bottom on Wednesday.
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