In today’s Recap, despite the terrible cryptocurrency scenario brought on by the bankruptcy of the FTX exchange, we finally have some positive news on inflation as it came in under what was projected; Europe is still having trouble meeting its energy demands for the next winter.
The cryptocurrency market plunged on Tuesday after the 2 biggest crypto exchanges in the world, Binance & FTX, came to a merger agreement to fix the latest reported “liquidity crunch”.
Bitcoin plunged over -14% on Wednesday, to below $16,000 at one point, dropping to its lowest level in 2 years, down over -60% in 2022, as crypto traders processed the news that Binance exchange retreated from an earlier plan to buy its ailing rival FTX. Binance stated that, after conducting due diligence on FTX, it could not go through with the deal, citing mishandled funds & alleged U.S. agency investigations.
Republicans moved ever closer Thursday to securing majority in the U.S. House of Representatives ( need 218 seats), while control of the Senate at 49 Republicans vs 48 Democrats relies on 3 razor tight races, 2 days after Democrats staved off an anticipated red wave of Republican gains in midterm elections, given that +75% of electorate consider the country to be on wrong track & President Biden remaining politically underwater. Republican control of Congress will stop Biden’s legislative agenda.
Disney stock -13.16% on Wednesday at $86.75, after the U.S. based media giant reported Q4 earnings results that missed expectations across the board, w/ exception of subscriber net additions. Disney stock hasn’t declined by over +10% in reaction to earnings in 20 years.
Ukrainian troops advanced further south on Thursday, after Russia ordered one of the war’s biggest retreats from the strategic city of Kherson, (the only provincial capital held by the Russians) though officials in the Ukraine remained wary, warning that fleeing Russians could turn Kherson into a city of death. Ukrainian troops had advanced 7 km (4 miles) in the past 24 hours & recaptured 12 settlements.
Renault & Google stated on Tuesday that they are expanding their partnership in software services for future Renault vehicles, further adding that Google will become the preferred cloud supplier to the French automaker. The partnership with Google will also help Renault accelerate its digital transformation, from the design of the car to its market launch through its production, according to Renault Chief Executive Luca de Meo.
A new deep-space ground station is being built in South Africa in the semi-desert Karoo region which will come online by 2025 to help track U.S. NASA missions to the moon & elsewhere, space agency officials stated on Tuesday. Through its Artemis program, which aims to land the 1st woman or person of color on the moon by 2025, NASA is now targeting this month for an inaugural launch of its next-generation rocket ship, delayed for weeks by technical setbacks & inclement weather
Apple has stated that iPhone 14 production has been temporarily reduced due to Covid-19 restrictions at its assembly plant in Zhengzhou, China. This could mean the tech firm may struggle to meet demand in December as it deals with significantly reduced capacity at the plant. The company has previously signaled slowing growth in its iPhone business in its earnings report last month.
Total cryptocurrency market worth $849.26B, down from all-time high of $3.1T, 50 weeks ago; On Monday, Irish airline Ryanair, Europe’s largest by passenger numbers posted its largest ever profit for its summer season.