U.S. Treasury Secretary Steven Mnuchin Opens a New Window. said during a press conference on Monday that he was not currently comfortable with Facebook launching its Libra cryptocurrency Opens a New Window. platform. The Treasury Department has concerns that Libra could be misused by terrorist financiers and/or money launders, to carry out illicit activities ranging from cybercrime to tax evasion, extortion and ransomware.
Bitcoin jumped suddenly on Tuesday, following months of relatively low volatility in an asset once known for its wild price swings. Earlier Tuesday, bitcoin briefly touched the $5,000 mark on the Luxembourg-based Bitstamp exchange. The digital asset has added over $14 billion to its market value in the last 24 hours, according to CoinMarketCap. It comes after a massive slump for the cryptocurrency market last year. Bitcoin fell over 76 percent in 2018, and is still well below an all-time high near $20,000 it notched in December 2017.
Canada’s largest cryptocurrency exchange is unable to access millions in digital currency following the sudden death of its founder. Quadriga has filed for creditor protection and estimates that about C$180m ($137m) in cryptocurrency coins is missing. It has not been able to locate or secure its cryptocurrency reserves since Gerald Cotten died in December. Cotten, 30, had sole responsibility for handling the funds and coins.
In a big victory for the Wall Street, federal regulators approved a broad proposal to ease financial crisis-era regulations on risky trading on Wednesday. The change to the 2010 Volcker Rule would give Wall Street banks more freedom to make their own complex bets. The move is another government effort to loosen financial regulations.
The world’s richest woman, L’Oreal heiress Liliane Bettencourt, passed away peacefully overnight, aged 94, her family confirmed. Bettencourt had an estimated 2017 net worth of $40 billion, all of her assets, including her holding stake in L’Oreal, have been placed in a trust controlled by her daughter. One of her grandchildren succeeds her as vice chairman and was also named to guard her personal affairs.
China’s president, Xi Jinping, has projected himself as the leader of a new economic order in a plan known as the belt and road initiative. The plan which is estimated to come to $1 trillion, will connect over 60 countries although not the United States. Xi’s plan is to connect and establish trade routes, creating a new economic infrastructure which has yet to be seen. He plans to connect China from Asia to the Middle East, Africa, and Europe.
The founding partner of a recognized Silicon Valley venture capital firm, Steve Jurvetson, will leave the firm after the beginning of an investigation into his alleged ‘predatory behavior’ with women. Jurvetson spoke out Monday, saying he is leaving to ‘focus on personal matters, including taking legal action against those whose false statements have defamed me.’
After Snap Inc, the parent company of the social media platform Snapchat, shared their first earnings report, the company’s stock lost almost 25% of its value. Snap shared their $2 billion loss leaving many to come to the conclusion that they would not be able to keep up with other social media competitors like Facebook and Twitter. Analysts stated that Snap would probably not make a profit until 2019.
Many former Wells Fargo employees, 5,300 who were let off for exposing what they knew, spoke of their time at the company, standing on street corners, exploiting their roles in the bank to get customers with a promise of a higher salary and better place in the company. Every immigrant they managed to create a bank account for was considered a sale and placed the employee higher up in the company. Spanning 15 years, this information was apparently no secret to the bank’s executives.
For a few hours on Thursday, Jeff Bezos was the richest man in the world with $90.6 billion, beating Bill Gates’ $90.1, according to Forbes.com. After a few hours, Amazon shares fell through putting Bill Gates back on the top spot. Bezos holds almost 81 million shares of Amazon, just shy of 17 percent of the company.