NEW YORK—A former Coinbase product manager and his brother, along with a Houston man, were charged Thursday in what federal authorities described as the U.S. government’s first cryptocurrency insider trading case. The brothers—Ishan Wahi and Nikhil Wahi—were arrested while the Houston man, Sameer Ramani, remained at large, federal authorities said as they announced the unsealing…
World Stocks Eye 6th Day of Gains but Euro Hit as Activity Sours
July 22, 2022
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LONDON—Global stocks edged up on Friday, eyeing a sixth day of gains, while weak eurozone business activity data hit the euro and weighed on the bloc’s debt. The MSCI World index, its broadest gauge of equity markets, was last up 0.1 percent in early European trade, with the Euro STOXX 50 index up 0.2 percent….
My Big Coin Founder Convicted in $6 Million Crypto Fraud Scheme
The founder of a purported cryptocurrency was convicted by a federal jury in New York on Thursday for defrauding investors who thought the virtual money was backed by commodities, the Department of Justice (DOJ) said. According to court documents and evidence presented at trial, 51-year-old Randall Crater from East Hampton offered virtual payment services through…
Tesla Sold 75 Percent of Bitcoin Holdings, Adding $936 Million to Balance Sheet
Tesla reported that it sold much of its Bitcoin investment after saying the cryptocurrency was one of a number of factors that impacted operating income in the second quarter of 2022. The electric car company told shareholders on Wednesday in its Q2 Quarterly Update (pdf) that it converted around 75 percent of its Bitcoin purchases…
Stocks and Euro Slip Ahead of Key US Inflation Data
July 13, 2022
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LONDON— Stocks slipped on Wednesday and the euro lurked just above parity against the dollar, as traders waited to see if U.S. inflation data later bolsters the case for another supersized Federal Reserve rate hike this month. Recession worries meant Europe stumbled out the blocks after a relatively steady session in Asia Pacific where South…
Euro on the Brink of Breaching Parity, Stocks Slide Again
July 12, 2022
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LONDON—The euro sank to within a whisker of parity with the dollar on Tuesday and stock markets fell as the prospect of further central bank tightening and worries about the health of economies worldwide unnerved investors. The dollar’s role as the safe-haven go-to currency for investors worried about the economic outlook has been burnished in…
Euro Flirts With Parity as Russian Gas Link Enters Planned Shutdown
LONDON—The euro tumbled towards parity versus the dollar on Monday as the biggest single pipeline carrying Russian gas to Germany entered annual maintenance, with flows expected to stop for 10 days. Investors are worried the shutdown might be extended due to the war in Ukraine, restricting European gas supply further and tipping the struggling eurozone…
Euro Just Off Two-Decade Low, Volatility at Highest Since March 2020
A slight pullback in the dollar offered the euro some respite, allowing it to edge away from two-decade lows reached this week after surging energy prices fanned recession fears. Risky assets, including the euro, managed gradual gains on Thursday as investors grappled with the risks of a recession and a potential pause in interest rate…
Crypto Lender Voyager Digital Files for Bankruptcy
U.S. crypto lender Voyager Digital said on Wednesday it had filed for bankruptcy, becoming another casualty of a dramatic fall in prices that has shaken the cryptocurrency sector. Crypto lenders such as Voyager boomed in the COVID-19 pandemic, drawing depositors with high-interest rates and easy access to loans rarely offered by traditional banks. However the…
Euro Falls to Lowest Since 2002 on Concerns Over Energy Prices
July 6, 2022
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The euro tumbled to a new two-decade low on Wednesday as fears over rising energy prices and potential shortages cast a long shadow over the bloc’s economy, while demand for safe-haven assets drove the dollar to fresh 20-year highs. All oil and gas fields that were affected by a strike in Norway’s petroleum sector are…
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