Cryptocurrencies had a bad week. They have been linked to reports of money laundering, hacking, tax evasion and accelerating climate change – topics that Bitcoin fans hope will be a thing of the past as the industry becomes more widespread.
The price of bitcoins fell 13% during the week to $ 50,800. As of Friday, the cryptocurrency was worth less than $ 1 trillion, first reaching in February. The largest catalyst:
CEO Elon Musk said the electric vehicle maker would no longer accept bitcoin as payment for its cars because of its environmental impact. Digging for bitcoins with powerful chips consumes more electricity in a year than Sweden uses, an analysis notes. Tesla still holds bitcoin, but has sold some. And
said he would not add soon after losing money from his holdings.
Crypto made headlines for other reasons as well. Bloomberg reported that the Ministry of Justice and the Internal Revenue Service are investigating money laundering and tax evasion at Binance, the world’s largest cryptocurrency exchange. Binance said there are systems to eradicate bad actors such as money launderers. Reports also show that the hackers behind the Colonial Pipeline cyberattack wanted a crypto as a ransom – and received $ 5 million from them. The Securities and Exchange Commission’s staff statement warned mutual funds to take precautions if they planned to buy bitcoin futures, and mentioned exchange-traded funds in a way that led some experts to predict that the US bitcoin ETF would be delayed.
And yet, after a bad, very bad week, the market value of crypto reached $ 2.4 trillion, which is more than 100% for the year. Crypto may feel doomed, but it is not dead.
Dogecoin collapsed to less than 50 cents after that
Elon Musk called it “noise” Saturday Night Live. Musk then rocked Bitcoin by ceasing to use it to buy Tesla cars for environmental reasons. The
fell on Monday, led by shares of chips, followed by
on Tuesday as fears of inflation increased. The 4.2% rise in consumer prices in April did not help, but investors fell in love with flat retail sales and stocks rose. During the week, the Dow fell 1.1% to 34,382.13; on
losses 1.4%, to 4173.85; and the Nasdaq sagged 2.3% to 13,429.98.
Jobs rose 24% in April to 8.1 million, but about seven million remained unfilled and unemployment claims continued to fall. At the Covid front, the Food and Drug Administration has approved the Pfizer vaccine for ages 12 to 15, which will allow camps and schools to reopen and parents to move beyond childcare. Federal authorities have said that fully vaccinated people do not need masks, even indoors.
Pipeline to DarkSide
The ransomware attack cut off the Texas-East Coast pipeline for the week, causing panic over the purchase of gas stations. The FBI tracked the attack on an Eastern European cyber gang known as DarkSide, which in turn blamed murky partners, saying it only wanted to make money, not create “problems for society.” The pipeline’s owner, Colonial Pipeline, paid a $ 5 million ransom and began restarting operations in the middle of the week.
Republican Republicans ousted the Republic of Wyoming from Liz Cheney’s leadership position to criticize former President Trump’s claims that he won the election that led to the Capitol uprising. New York spokeswoman Elise Stefanick replaced her. Separately, the Capitol Inspector General of Police said threats to members of Congress had increased by 107 percent since 2020.
China’s population has grown slightly over the past decade, but its share of the population over 60 has grown more. The data show that China’s long-awaited aging population is arriving faster.
Annals for making deals
The boom of blank checks may fade, but some companies still want to play. The plant technology company Benson Hill will be made public through a special purpose merger to acquire $ 1.4 billion. Mortgage lender Better merges with SPAC in a $ 7 billion deal; SoftBank is an investor. Wynn Resorts’ online gambling unit, Wynn Interactive, has combined with SPAC in a $ 3.2 billion deal. And Vice Media hopes to merge the SPAC worth nearly $ 3 billion, below $ 5.7 billion in the last round. Vice shareholders TPG, Walt Disney, A&E Network Group and Raine Group plan to stay … Amazon.com wins $ 300 million tax deal for European Union … L Brands hopes to spin Victoria’s Secret, this time seeking valuation as big as $ 6 billion … Private equity firms Knighthead Capital and Certares have gained control of the bankrupt Hertz Global. Shareholders will receive up to $ 8 per share.
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