Paolo Ardoino, Tether’s chief technology officer, said the company estimates that the excess reserve will increase by $700 million in the current quarter, which is not yet over. Justin Tallis | Afp | Getty Images Cryptocurrency giant Tether on Wednesday said that it’s going to purchase hundreds of millions of dollars’ worth of bitcoin to…
Bitcoin, the world’s largest cryptocurrency, has been stealthily rising in 2023. Chris Ratcliffe | Bloomberg | Getty Images Trading in cryptocurrencies is akin to gambling and should be treated as such, British lawmakers said. Unbacked tokens like bitcoin and ether aren’t underpinned by underlying assets and have “no intrinsic value,” lawmakers on the U.K. Treasury…
Signage outside Western Alliance Bank headquarters in Phoenix, Arizona on March 13, 2023. Caitlin O’Hara | Bloomberg | Getty Images Check out the companies making the biggest moves in premarket trading: Western Alliance — Shares popped 12% premarket after Western Alliance said its deposit growth for the current quarter exceeded $2 billion as of May…
Swiss authorities brokered the controversial emergency rescue of Credit Suisse by UBS for 3 billion Swiss francs ($3.37 billion) over the course of a weekend in March. Fabrice Coffrini | AFP | Getty Images UBS estimates a financial hit of around $17 billion from its emergency takeover of Credit Suisse, according to a regulatory filing,…
German digital insurer Wefox said Wednesday it raised $110 million of fresh funding from backers including JPMorgan and Barclays. The news marks a vote of confidence for the insurance technology space at a time when it faces tough macroeconomic headwinds. related investing news Wefox is a Berlin, Germany-based firm focused on personal insurance products, such…
Market Movers rounded up the best reactions from investors and analysts as Home Depot shares fell after its first-quarter revenue missed Wall Street estimates. The home improvement retailer reported its biggest revenue miss in more than 20 years before the opening bell Tuesday. The company lowered its sales forecast for the rest of the year,…
Jamie Dimon, CEO of JPMorgan Chase, testifies during the Senate Banking, Housing, and Urban Affairs Committee hearing titled Annual Oversight of the Nations Largest Banks, in Hart Building on Sept. 22, 2022. Tom Williams | CQ-Roll Call, Inc. | Getty Images JPMorgan Chase CEO Jamie Dimon said Tuesday that it’s not likely his bank would…
A Home Depot store in Hyattsville, Maryland, on February 22, 2022. Stefani Reynolds | AFP | Getty Images Check out the companies making headlines in premarket trading. Dish Network — The satellite TV provider added 5.2% in premarket trading after director James DeFranco disclosed the purchase of 3 million shares. related investing news Home Depot,…
A man walks past an ad for the Samsung Galaxy Z Flip4 smartphone at the company’s Seocho building in Seoul on Jan. 31, 2023. Jung Yeon-je | Afp | Getty Images Consumer tech giant Samsung is looking into launching a central bank digital currency in a collaboration with the Bank of Korea. The South Korean…
Market Movers rounded up the best reactions from investors and analysts as Charles Schwab ‘s shares jumped to close the trading day up 4% after an upgrade from Raymond James . The experts, including Jim Cramer , discussed the bank stock after the firm hiked its rating on Schwab to outperform from market perform. Raymond…
