Tag Archives: collapse

The crypto market is experiencing a stunning downfall following the collapse of the exchange FTX (FTT-USD). FTX filed for Chapter 11 bankruptcy protection followed a failed takeover by rival Binance (BNB-USD) earlier in the week, with Sam Bankman-Fried resigning as CEO after engineering a liquidity hole of billions. “It’s a black swan event,” Wedbush tech analyst Dan Ives said on Yahoo Finance Live (video above). “It’s a cautionary tale for what you see in sectors and unfortunately, many will… Source link

A new video by Inspired by Iceland pushes back against experiencing life through the “metaverse,” as described by Mark Zuckerberg during Facebook’s rebranding to Meta on Thursday, Oct. 28, 2021. Michael Nagle | Bloomberg | Getty Images Wall Street is bracing for disaster in online advertising. Following disappointing results from Snap last week and a 28% plunge in the stock price that sent the company’s value to its lowest since early 2019, investors are now turning their attention to ad giants… Source link

A steep drop in building permits in August overshadowed the better-than-expected rise in new residential construction and offered fresh evidence of a housing slowdown. “In short, ignore the headline starts numbers,” Ian Shepherdson, chief economist at Pantheon Macroeconomics, wrote. “The collapse in single-family permits is the real story, and it has much further to go.” Residential starts — including both single- and multi-family units — increased 12.2% last month to a 1.575 million… Source link

While many economists agree a recession is likely coming in 2023, Wall Street veteran and Bitcoin bull Mike Novogratz has just given one of the most dire outlooks yet. “The economy is going to collapse,” Novogratz told MarketWatch on Wednesday, adding, “We are going to go into a really fast recession, and you can see that in lots of ways.” Novogratz, chief executive of crypto merchant bank Galaxy Digital, gave the interview just before the Federal Reserve raised rates by 0.75… Source link

Acting Comptroller of the Currency Michael Hsu said this week that hype is a serious risk for cryptocurrencies and likened certain crypto transactions to Ponzi schemes, warning that the crypto space is very dangerous for investors of modest means. The comments come after the collapse of stablecoin TerraUSD (UST-USD) on May 9 reverberated through the cryptocurrency market. “The recent collapse of the TerraUSD stablecoin and associated sell-off in crypto markets has shown that hype-driven… Source link

Mito Pereira underwent perhaps the worst collapse in recent golf memory on Sunday afternoon. Yet minutes later, somehow, he was still smiling. “I guess you have so much pressure on your body, you maybe don’t even know what you’re doing,” he said with a laugh on CBS. Pereira, after entering Sunday with a three-shot lead at the PGA Championship in Tulsa, Oklahoma, fell apart in his final round at Southern Hills Country Club. Though he held onto a one-shot lead at the tee box of the par-4… Source link

TerraUSD (UST-USD), which was the third-largest stablecoin in the cryptocurrency market just a couple weeks ago, has since unpegged from the U.S. dollar and collapsed along with its reserve asset Luna (LUNA1-USD). According to Circle CEO Jeremy Allaire, such a crypto collapse could spur legislators to take quicker action towards regulating the digital asset space. “When you have a major blowup, it’s certainly going to accelerate the need for Congress to act and establish some perimeters… Source link

The fine line of “unprecedented” sanctions against Russia 2:38 London (CNN Business) — Yandex, Russia’s biggest search engine, could collapse as the financial fallout from the Ukraine invasion spreads. Yandex, which controls around 60% of Russia’s Internet search traffic and operates a large trucking business, warned late on Thursday that it may be unable to pay its debts as a result of the financial market collapse triggered by the unprecedented wave of sanctions from the… Source link

(Bloomberg) — Russia is on course for an economic collapse that will rival or even eclipse the size of the 1998 slump which followed its debt default, although the financial fallout may be less than then. Most Read from Bloomberg Days after President Vladimir Putin ordered troops into Ukraine, economists are starting to publish forecasts for what is currently the world’s eleventh largest economy, even though they warn the outlook is opaque and subject to revision. JPMorgan Chase & Co.’s… Source link

When the Arizona Cardinals were 10-2, not everyone was convinced they were legit. It wasn’t necessarily fair at the time. The skepticism ended up being prescient.  The Cardinals had the type of collapse you won’t see too often in the NFL. They followed a 10-2 start with a 1-5 finish, including an embarrassing 34-11 wild-card playoff loss to the Los Angeles Rams on Monday night. This comes a season after the Cardinals turned a 6-3 start into an 8-8 season with no playoff berth.  Quarterback Source link