TOKYO/LONDON—The euro jumped to a more than three-week peak versus the dollar on Monday, as European Central Bank officials argued for further aggressive monetary tightening and the greenback softened against most majors except the under-fire Japanese yen. The European common currency rose around 1.5 percent to $1.0198, its highest since Aug. 17, and well up…
Payments Company Bolt Scraps $1.5 Billion Deal to Buy Crypto Firm Wyre
U.S. online checkout company Bolt Financial Inc. said on Friday it scrapped its $1.5 billion deal to buy cryptocurrency infrastructure provider Wyre Payments Inc., amid plunging valuations in crypto and fintech businesses. San Francisco-based Bolt was last valued at $11 billion after a funding round in January. However, high-flying tech valuations have come under pressure…
Elon Musk $258 Billion Dogecoin Lawsuit Expands
NEW YORK—The $258 billion racketeering lawsuit accusing Elon Musk of running a pyramid scheme to support the cryptocurrency Dogecoin has expanded, adding seven new investor plaintiffs and six new defendants including his tunnel construction business Boring Co.. According to an amended complaint filed on Tuesday night in Manhattan federal court, Musk, his electric car company…
Dollar Set for Weekly Fall as Euro Bounces on ECB Hike
September 9, 2022
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LONDON—The dollar was on track for its first weekly fall in four on Friday, as a hawkish rate hike from the European Central Bank lifted the euro and investors looked to U.S. inflation data early next week. The dollar lost ground across the board, with the dollar index—which tracks the greenback against six major peers—falling…
King Dollar Stomps on Yen as US Yields Rise
September 7, 2022
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TOKYO/LONDON—The dollar was lord of all it surveyed on Wednesday, at a fresh 24-year peak on the yen and retesting a 20-year high on the euro after U.S. economic data reinforced the view that the Federal Reserve would maintain aggressive policy tightening. Economic jitters elsewhere, pushing investors to safety, also supported the U.S. currency. The…
Interest Rate and Recession Fears Knock Stocks and Oil
August 31, 2022
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LONDON—Record-high inflation in the eurozone compounded recession fears stalking markets on Wednesday as central banks on both sides of the Atlantic prepared to raise borrowing costs for businesses and households again next month. Wall Street was set for a muted start as U.S. crude oil prices sank for a second day, trading below $90 a…
ECB Bets Boost Euro, Dollar Slips From 20 Year Peak
August 30, 2022
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HONG KONG—The euro climbed past parity against a softening dollar on Tuesday, thanks to lower energy prices and the possibility of a super-sized European Central Bank rate hike. The European common currency was 0.41 percent higher at $1.00390, extending the previous day’s rally, albeit from near 20-year lows. “It’s about the ECB being priced far…
Dollar Zooms Higher as Markets Brace for Higher for Longer Rates
August 29, 2022
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LONDON—The dollar shot higher on Monday, briefly scaling fresh 20-year highs against a basket of other currencies, as Federal Reserve Chair Jerome Powell signaled interest rates would be kept higher for longer to bring down uncomfortably high inflation. The dollar index, which measures the currency’s value against a basket of peers, scaled a fresh two-decade…
Bitcoin Dips Below $20,000
August 27, 2022
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Bitcoin dipped below $20,000 on Saturday, continuing a drop that has taken it down nearly 60 percent from its year high. Bitcoin, the world’s biggest and best-known cryptocurrency, was last down 1.5 percent at $19,946 on Saturday, down $298 from its previous close. It is down 58.7 percent from the year’s high of $48,234 hit…
When Investing in Crypto, Avoid These Scams to Protect Your Portfolio
Cryptocurrency is one of the most popular investments of the past few years. The crypto market is booming, with billions of dollars traded and bought quarterly. However, despite this increase in popularity, the crypto industry is not without its fair share of scams. Coinbase, one of the world’s largest and oldest cryptocurrency exchanges, has come…
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