The egg shortage in the US brought on by the avian flu is leaving retail locations like Costco without eggs on their shelves; The Fed is likely to keep on track to further slow the pace of interest rate hikes due to inflation data showing cooling price pressures; and Airplanes across the USA were grounded and flights were canceled due to an FAA outage. This is the first time since 9/11 that all flights within the USA have been grounded. Last week, the airspace of Canada and the Philippines was also closed. These and other topics are discussed by Marcello in this week’s recap.
SEC charged crypto firms Genesis & Gemini with allegedly selling unregistered securities in connection with a high-yield product offered to depositors. Gemini, a crypto exchange & Genesis, a crypto lender, partnered in Feb. 2021 on a Gemini product called Earn, which touted yields up to +8% for customers. SEC says, Genesis loaned Gemini users’ crypto & sent a portion of the profits back to Gemini, which deducted an agent fee, sometimes over +4% & returned the remaining profit to its users.
The cryptocurrency market suffered in 2022, as risk appetite diminished & various crypto firms collapsed. Investors were left with large losses & regulators have stepped up calls for more consumer protection. Data from blockchain analytics firm Chainalysis showed on Thursday, that illicit use of cryptocurrencies hit a record $20.1B in 2022, as transactions involving companies targeted by U.S. sanctions skyrocketed.
The situation with the cryptocurrency market has markedly improved over the past week as Bitcoin saw its 4th straight day of gains on Thursday to over $19K, after the highly anticipated Consumer Price Index (CPI) report largely aligned with expectations & showed that U.S. inflation continues to moderate.
Swedish state-owned mining group LKAB announced on Thursday, that it has identified significant deposits of rare earth elements in the Kiruna area, with mineral resources exceeding 1 million tonnes of rare earth oxides, which is the largest known deposit of its kind in Europe. It could well become a significant building block for producing the critical raw materials that are absolutely crucial to enable a green transition in Europe.
Singer Lisa Marie Presley, the only daughter of the “King of Rock ‘n’ Roll,” Elvis Presley, died Thursday at the age of 54 after being rushed to a LA-area hospital, after suffering cardiac arrest in her home. She is survived by daughter Riley Keough, 33, an actress & 14-year-old twin daughters Harper & Finley Lockwood as well as her mother Priscilla. Her only son committed suicide in 2020, at the age of 27.