Wall Street Financial News

Cryptocurrency platforms are having a tough time of it, with a number of them laying off swathes of their workforce as digital currencies continue to see their value plummet.

Billionaire Citadel Securities founder Ken Griffin has compared cryptocurrency to abstract art, opining that the value of both is derived from the eye of the beholder.

Billionaire investor Warren Buffett has once again slammed Bitcoin, asserting he “wouldn’t take” all of the BTC in the world for just $25.

Bitcoin buffs who were questioned by skeptics about the value of the cryptocurrency would respond by saying: Just wait. Wait until inflation hits, and people look to park their savings in a stable digital asset that won't lose its value. Wait until war breaks out, and authoritarians start seizing assets and imposing capital controls on their citizens. Wait until big banks and tech companies start censoring dissidents for their political views. Then you'll see why we need a stateless, decentralized, anonymous digital currency. More than most cryptocurrencies, Bitcoin was seen by many of its libertarian-leaning fans as a kind of doomsday insurance, a form of «digital gold, that would be a source of stability as the world grew more chaotic and unpredictable.

Investors are bracing for more gyrations in bitcoin and other cryptocurrencies, as worries over a hawkish Federal Reserve threaten to squelch risk appetite across markets. The volatility traditionally associated with cryptocurrencies has been on full display in recent weeks. Bitcoin, the largest cryptocurrency, is up by around 33% since Jan. 24 and recently traded at $43,850, rebounding from a tumble that cut its price in half from November's record high. Its main rival, ether, is up around 45% since Jan. 24 at around $3,200, following a nearly 56% nosedive from its record high of $4,868, also in November. While proponents of cryptocurrencies once touted their lack of correlation to other assets, bitcoin and its peers saw huge gains over the last two years, rallying along with stocks as the Fed and other central banks pumped unprecedented levels of stimulus into the global economy. Bitcoin is up 1,039% since March 2020 and ether has risen 2,940%, though the rallies in both cryptocurrencies have been interrupted by numerous-stomach churning selloffs.

Investor-focused social media platform Stocktwits, which gained popularity during last year’s ‘retail short squeeze’ frenzy involving GameStop and AMCTheaters, rolled out its own crypto trading services on Thursday.

Within months after its launch in April 2021, Bored Ape Yacht Club (BAYC) has become one of the main reasons Wall Street should take the emerging nonfungible token (NFT) market seriously, thanks to its recent sales turnover of over $1 billion.

Wall Street financial advisor that helped Amazon acquire MGM studios this year is exploring crypto payment options.

cryptocurrency’s spiritual forebears, Timothy C. May, predicted in the 1990s that untraceable digital cash would allow online casinos, bank secrecy and money laundering to flourish.

Ethereum blockchain’s native asset, Ether (ETH), touched a new record high on Nov. 8, supported by a rally across the top cryptocurrencies ahead of a key United Stat inflation report this week.