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Over $170 billion wiped off cryptocurrencies as market tanks on Mt. Gox bitcoin payout fears

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  The world’s largest cryptocurrency has been pressured of late by news of collapsed bitcoin exchange Mt. Gox preparing to distribute around $9 billion worth of coins to users. Nurphoto | Getty Images Cryptocurrencies plunged Friday as investors focused on the payout of nearly $9 billion to users of  collapsed bitcoin exchange Mt. Gox . As of 10:50 a.m. London time, bitcoin’s price slumped nearly 6% in 24 hours to hit $54,500.53, marking the first time it’s traded below the $55,000 level since Feb. 27, according to data from CoinGecko. Rival token ether sank around 9% to $2,872.10. Altogether, the entire cryptocurrency market has shed more than $170 billion in combined market capitalization in the last 24 hours, according to CoinGecko data. On Friday, the trustee for the Mt. Gox bankruptcy estate, Nobuaki Kobayashi, said in a  statement  that it had begun making repayments in bitcoin and bitcoin cash to some of the creditors through a number of designated crypto exchanges. Mt. Gox’s tr
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Singapore’s central bank leaves policy unchanged in first quarterly meeting of 2024

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  The Merlion statue in Singapore, on Tuesday, Jan. 3, 2023. Photographer: Lionel Ng/Bloomberg via Getty Images Lionel Ng | Bloomberg | Getty Images Singapore’s central bank left its policy unchanged on Monday in its first quarterly monetary policy decision of 2024, as expected. The Monetary Authority of Singapore said it will also maintain its exchange rate policy band known as the Singapore dollar nominal effective exchange rate or S$NEER. “MAS will closely monitor global and domestic economic developments, and remain vigilant to risks to inflation and growth,” the central bank said in a  policy statement. Unlike other central banks that tweak their domestic lending rates, MAS opts to tweak the exchange rates of its currency. The central bank strengthens or weakens its currency against those of its main trading partners, thus effectively setting the S$NEER. The exact exchange rate is not set, rather the S$NEER can move within the set policy band, the precise levels of which are not d
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China skeptic Lai Ching-te wins Taiwan’s presidential election

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  Taiwan’s President-elect Lai Ching-te (left) gestures beside his running mate Hsiao Bi-khim during a rally outside the headquarters of the Democratic Progressive Party (DPP) in Taipei on January 13, 2024, after winning the presidential election. Yasuyoshi Chiba | AFP | Getty Images TAIPEI — Taiwan’s ruling Democratic Progressive Party won an unprecedented third-straight presidential term, as incoming leader Lai Ching-te pledged to stay open-minded in his approach toward governance, while committing to forging consensus in a split legislature. The outcome of the presidential election on Saturday riled Beijing, which has repeatedly labeled Lai as a “ stubborn worker for Taiwan independence ” and a dangerous separatist. There are also fears this could in turn influence frosty China-U.S. relations and security in the broader Indo-Pacific region, with China having escalated military activity in the Taiwan Strait and  other nearby waters . “As president, I have an important responsibility
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‘Things are going to break’: Kevin O’Leary predicts Fed hikes will lead to more U.S. regional bank failures PUBLISHED THU, JUL 27 20236:13 AM EDTUPDATED 27 MIN AGO

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  WATCH NOW VIDEO 02:51 Kevin O’Leary cautions against optimism about the U.S. economy “ Shark Tank ” investor Kevin O’Leary predicts the ongoing cycle of U.S. Federal Reserve rate hikes could lead to more regional U.S. bank failures. Fed Chair Jerome Powell said  the central bank is not yet fully confident that inflation is defeated  even though recent headline reads show that price increases have cooled significantly. RELATED INVESTING NEWS Fed decision trade: What JPMorgan traders see the market doing, based on these scenarios Fred Imbert 22 HOURS AGO The  consumer price index rose 3%  from a year ago in June — the lowest level since March 2021. But Powell said the Fed would need to “hold policy at a restrictive level for some time” and be prepared to raise rates further, given that core inflation is still above 3% — higher than its 2% annual target. “You keep squeezing the toothpaste tube, you keep rolling it up, you keep raising rates, and you know things are going to break, you j
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Extreme heat in Europe is becoming the new normal — prompting tourists toward cooler destinations

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  Tourists are evacuated as huge wildfire rages across Greece’s Rhodes island on July 22, 2023. Anadolu Agency | Anadolu Agency | Getty Images Sweltering conditions across southern Europe could accelerate a burgeoning trend among holidaymakers, as more tourists prioritize milder temperatures or off-season travel to avoid spending their time away in oppressive heat. Europe is currently experiencing some of the hottest temperatures of the summer so far, with yet another heat wave  expected  to push the mercury close to record-breaking levels in the coming days. An intense and prolonged series of heat waves recently brought temperatures to over 45 degrees Celsius (113 Fahrenheit) in parts of Greece, eastern Spain, and Sardinia and Sicily in southern Italy. Data  from the European Travel Commission, a nonprofit based in Brussels, showed earlier this month that travelers planning to take trips between June and November this year decreased by 4% compared with 2022 — but remained at a high 69
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UK borrowing costs drop sharply after lower-than-expected inflation print

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  Andrew Bailey, governor of the Bank of England, at a Group of 20 finance meeting in India, on Monday, July 17, 2023. Bailey has been facing pressure over the extent of U.K. inflation. Bloomberg | Bloomberg | Getty Images LONDON — U.K. government borrowing costs fell sharply Wednesday morning as a cooler-than-expected inflation print rippled through markets. The yield on two-year U.K. government bonds, which are sensitive to rate expectations, was down 27 basis points to 4.808% by 10:35 a.m. BST as investors pared back expectations for the Bank of England’s peak rate to 5.75% from 6%. Peak rate bets rose as high as 6.5% earlier in the month. RELATED INVESTING NEWS 15 strategists predict how global stock markets will end 2023 — and reveal how to position Weizhen Tan Ganesh Rao 13 HOURS AGO Markets are ‘overdue’ for a correction, investment manager says — and picks 3 stocks to buy Weizhen Tan A DAY AGO A 50-basis point hike from the BOE in August now looks significantly less likely, ana
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