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The past few months have been a testing time for investors across the board, but particularly so for crypto investors . After a brief correction in early 2021, the crypto markets seemed poised for the moon. Bitcoin achieved a new all-time high of over $68,000 in November 2021, while overall crypto trading of $23 billion shattered all previous years' records. However, the sharp decline of crypto prices in January saw the market fall below $2 trillion , and the continuation of this decline began to hit companies with unsustainable business models. The first high-profile casualty was Terra's Luna stablecoin, beginning a domino-like series of implosions. With the market falling heavily across the board, people are naturally asking if crypto has finally come undone. A Market Opportunity Even the Incumbents Can't Ignore Is crypto dead? The short answer: Absolutely not. In fact, there has never been a better time to shape the future of crypto. … [Read more...] about In a Crypto Bear Market, Fortune Favors the Builders

Share to Twitter Share to Linkedin Equifax Sent Lenders Inaccurate Credit Scores on Millions of Consumers Equifax provided inaccurate credit scores on millions of U.S. consumers seeking loans during a three-week period earlier this year, according to bank executives and others familiar with the errors. Equifax sent the erroneous scores on people applying for auto loans, mortgages and credit cards to banks and nonbank lenders big and small, including JPMorgan Chase, Wells Fargo and Ally Financial. The scores were sometimes off by 20 points or more in either direction, enough to alter the interest rates consumers were offered or to result in their applications being rejected altogether. [ The Wall Street Journal ] New Crypto Oversight Legislation Arrives as Industry Shakes After 13 years, at least three crashes, dozens of scams and Ponzi schemes and hundreds of billions of dollars made and evaporated, cryptocurrencies finally have the full … [Read more...] about This Week In Credit Card News: Crypto Oversight One Step Closer; Did Equifax Send Out Inaccurate Credit Scores?

More cyber attacks could be in the pipeline after the global havoc caused by the Wannacry ransom-ware. – PARIS – A cyberattack that caused indiscriminate economic damage around the world was apparently designed to create maximum havoc in Russia’s neighbor and adversary Ukraine, security researchers said. While the rogue software used in the attack was configured as extortionate “ransomware,” that may have just been a ruse. “It is clear that this was targeted indiscriminately at Ukrainian businesses, and the Ukrainian government,” Jake Williams, president of the security firm Rendition Infosec and a former member of the U.S. National Security Agency’s elite cyberwarfare group, told The Associated Press in an online chat. “The ‘ransomware’ component is just a smokescreen (and a bad one).” UKRAINE IN PAIN Although the attack was global in its reach, Ukraine bore the brunt. Computers were disabled at banks, government agencies, energy companies, supermarkets, … [Read more...] about Global Cyberattack Seems Intent on Havoc, Not Extortion

U.S. stocks continued to claw their way back last week, especially growth stocks . For the week, the Nasdaq posted a gain of 2.2% and the S&P 500 rose 0.4%. The Dow? Not so much, sliding just 0.1%. A blowout jobs report for July offered up another dose of good news for the economy and not-so-good news for the stock market, but equity investors hung in there. U.S. employers added 528,000 jobs to their payrolls last month , which was more than twice what was expected, and that added credence to the Federal Reserve 's stance that the U.S. economy is not in a recession given the continued strength of the labor market. So, the thinking goes, the Fed will continue to be aggressive in raising interest rates to cool down inflation, because it's not impacting companies' willingness to hire. That led to a steep selloff in U.S. Treasurys, with the yield on the 10-year Treasury note ending the week at 2.83%. Oil prices continue to tumble, hitting their lowest level since early … [Read more...] about Live from InvestFest with Downtown Josh Brown, BitBoy Crypto, and Lamar Wilson