• Mon. Mar 4th, 2024

Crypto & Stock Markets Briefing – 27 May 2021

May 27, 2021

BTC Plunges in Crypto Crash

On Wednesday, Bitcoin plunged by about 30% with the accelerated selloff. Keep in mind that the leading digital coin achieved record highs this year, climaxing at $64,829 in April. That was after multiple companies gained interest in Bitcoin, accepting it as a payment option. Unfortunately, the world’s favorite coin plunged to $30,202 low on Wednesday before retreating to $38,802, translating to a 10% decrease. Quilter investment director Rick Eling stated that most people are interested in crypto investing to enjoy the crypto market luxuries. He added that BTC being in a volatile industry, investors should expect a bust after any market boom. Are individuals investing in crypto due to the profits that the sector has had over the past year?

Tech Shares Struggle as Stock Futures Decline

On Thursday, the United States stock futures fell as stocks indicated a continued weakness. Dow Jones Futures fell by 0.6% for some hours before retreating. NASDAQ and S&P 500 tied futures declined by 0.5%. Moreover, before market trading, tech giants Intel, Microsoft, Facebook, and Netflix had their shares down. Cisco networking maker witnesses a 6% decline in share value. That was after the firm advertised quarter guidance that did not meet the expectations. BTC’s drop dragged down multiple companies involved in the coin’s transactions. You probably know the case with Tesla. Keep in mind that the DOW has been declining in the past three days.

Colonia Pipeline Paid $4.4 million: CEO Admits

Colonial Pipeline funded hackers a ransom amounting to $4.4 million to reestablish its computer system to restart East Coast energy distributions. The Wall Street sources interviewed Joseph Blount, Colonial CEO, on Wednesday about the matter. The CEO admitted paying hackers publicly. He declared that the company chose that path since they could not gauge the intense of the breach. Also, the executive added that the company didn’t know the time it may take for the pipeline to achieve stability. The crime resulted in pipeline shutting down, prompting panic purchasing and inadequate fuel in mid and Southern Atlantic, increasing pump prices. He declared that paying hackers was the right path for the country could take.

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