Category: Economy

Ethereum Soars Above $600 – Bigger Than GM, As Crypto-Mania Spreads

After two warnings to investors (but no bans) from the SEC on ICOs, alt-coins like Ethereum and Litecoin have exploded higher in the last 24-48 hours, pushing the former over $60 billion market cap – bigger than GM and Aetna.


Bitcoin Futures Trading Opening Brings Crypto to Wall Street

Cboe Global Markets Inc. started letting traders buy and sell bitcoin futures Sunday evening. Though the exchange operator warned volume might be low — new futures typically take time to build a following — almost 600 contracts traded in the first hour. As of 7:36 p.m. New York time, contracts expiring in January were priced at $15,800, or about 3 percent higher than bitcoin itself, according to data compiled by Bloomberg. The cryptocurrency spiked by more than $1,000 before paring the gain.

GE to cut 12,000 jobs worldwide

The company said the headcount cuts, which will affect both professional and production employees mostly outside the United States, will position GE Power to reach its announced target of $1 billion in structural cost reductions in 2018. The move aligns with GE’s effort to reduce overall structural costs by $3.5 billion in 2017 and 2018.