Microstrategy (MSTR) has “outperformed every asset class and big tech stock” since the company adopted a bitcoin strategy and started accumulating the cryptocurrency in its corporate treasury, says CEO Michael Saylor. The pro-bitcoin executive will be stepping down as the CEO of Microstrategy and take the role of the company’s executive chairman to focus on
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Foreign secretary Liz Truss, frontrunner in the race to become the next British prime minister, said she would look to change the Bank of England’s mandate to ensure it controlled inflation. Speaking at a hustings of Conservative party members in Cardiff on Wednesday, she argued that inflation had been caused by “huge” supply side shocks
Tesla rival Lucid Motors halved its 2022 production target on Wednesday, citing “extraordinary supply chain” challenges as it tries to ramp up production and meet “strong demand”. The California-based group, backed by Saudi Arabia’s sovereign wealth fund, said 2022 production is now estimated between 6,000 and 7,000 cars, down from an earlier projection of 12,000
Ether (ETH) price is up 60% since May 3, outperforming leading cryptocurrency Bitcoin (BTC) by 32% over that span. However, evidence suggests the current $1,600 support lacks strength as network use and smart contract deposit metrics weakened. Moreover, ETH derivatives show increasing sell pressure from margin traders. The positive price move was primarily driven by
On Wednesday, Galoy, the firm behind El Salvador’s Bitcoin Beach Wallet, announced that the company raised $4 million in funding in an investment round led by Hivemind Ventures. On the same day, the startup launched a new product called Stablesats, a stablecoin concept that leverages derivatives contracts to create a bitcoin-backed synthetic dollar pegged to
Puerto Rico bankruptcy Judge Laura Taylor Swain approved the extension of mediation discussions for the Puerto Rico Electric Power Authority for the fourth time this year. Swain ordered the mediation to continue to at least Aug. 15, with the mediation team being given the authority to extend the mediation deadline until Sept. 9. In late
SoftBank has raised as much as $22bn in cash from deals that would sharply reduce its stake in Alibaba over the coming years, as the Japanese investor responds to a market downturn that has ravaged its technology portfolio. The group, led by billionaire founder Masayoshi Son, has this year carried out the sale of about
Municipals were weaker Wednesday, U.S. Treasuries were mixed and equities rallied. Muni-UST ratios were at 61% in five years, 79% in 10 years and 96% in 30 years, according to Refinitiv MMD’s 3 p.m. read. ICE Data Services had the five at 61%, the 10 at 83% and the 30 at 95% at a 3:30
In this week’s newsletter, read about how Binance started its nonfungible token (NFT) ticketing service by partnering with a sports club. Check out the NFT exchange-traded fund (ETF) that was released by trading platform KuCoin and how Google AI was able to paint BAYC-inspired NFTs. In other news, learn about how much the NFT community
Opec and its allies have agreed one of the smallest oil production increases in the group’s history as Saudi Arabia attempts to appease western allies without using up all its unused capacity. The increase agreed on Wednesday of just 100,000 barrels a day, or 0.1 per cent of global demand, is likely to cause disappointment
Voters in Orem, Utah, will decide whether to leave the state’s largest school district and create their own after the city council voted 4-3 Tuesday night to place the measure on the Nov. 8 ballot. But even with a new district, taxpayers in the northern Utah city would still be on the hook for about
While elevated expenses persist in battering not-for-profit hospital operating margins, the sector received one dose of good news this week as the federal government raised the Medicare payment rate for inpatient care. Hospitals can expect more than $2.6 billion of additional payments under the Centers for Medicare and Medicaid Services’ fiscal 2023 Hospital Inpatient Prospective
The European Securities and Markets Authority (ESMA) is gearing up to implement stricter oversight in regards to crypto-related transactions. The agency is now looking to hire suppliers of trading data, as monitoring major participants in the market falls under its responsibilities. ESMA Launches Public Procurement for Providers of Crypto Trading Data The securities watchdog of
Motoring organisations on Wednesday called on BP and the big four supermarkets to cut their petrol prices and provide greater help to Britons struggling with the cost of living crisis. The AA claimed BP — which unveiled its highest quarterly profits for 14 years on Tuesday — was charging “what they can get away with”
Hefty recent interest rate rises by the US Federal Reserve and European Central Bank highlight the concern among central bankers that high inflation could become entrenched and spiral further beyond their control. With many advanced economies facing the spectre of recession, monetary policymakers are grappling with an unenviable choice: raise rates gradually, which will more
MicroStrategy (MSTR) stock opened higher on Aug. 3 as investors digested the news of its CEO Michael Saylor’s exit after a depressive quarterly earnings report. Microstrategy stock up 142% since May lows On the daily chart, MSTR’s price surged by nearly 14.5% to $324.55 per share, the highest level since May 6. The stock’s intraday
In this article MRNA EA GILD A customer walks towards the entrance of a CVS Health Corp. store in downtown Los Angeles, California, U.S., on Friday, Oct. 27, 2017. Christopher Lee | Bloomberg | Getty Images Check out the companies making headlines in midday trading Wednesday. Gilead Sciences — Shares of the biopharma company rose
Several reports detail that U.S. Federal Reserve officials are resolute on tightening monetary policy and increasing the federal funds rate until inflation in America is alleviated. Chicago Fed president Charles Evans explained on Tuesday that the central bank would likely keep up the larger than usual rate hikes until inflation is remedied. The Fed Is
Bitcoin (BTC) rose to daily resistance at the Aug. 3 Wall Street open as United States equities gained on relief over Taiwan. Stocks gain as US dollar coils Data from Cointelegraph Markets Pro and TradingView showed BTC/USD returning to the area just below $23,500, which had figured as resistance since the start of the month. The
Apecoin rose to its highest point in over two months on hump day, as prices rebounded following a two-day losing streak. Uniswap was another big mover on Wednesday, as the token climbed by as much as 14%. Overall, the global crypto market cap is trading 2.79% higher as of writing. Apecoin (APE) Apecoin (APE) was