Cryptocurrencies dominated the markets on Friday.
Bitcoin ended its worst week since 2013 with a plunge to below $US11,000 in a reversal that sceptics – and even some investors – had expected after a breathtaking surge.
The cryptocurrency was down by as much as 45% from its recent high of nearly $US20,000, though it has recouped much of the loss. Its move prompted trading halts on Coinbase, the largest US crypto exchange, and in futures trading at CME Group.
The sell-off spilled into smaller digital-currency markets including ether and litecoin.
Major equity indexes closed lower but little changed on the last working day of the year for some traders.
Here’s the scoreboard:
- Dow: 24,754.06, -28.23, (-0.11%)
- S&P 500: 2,683.34, -1.23, (-0.05%)
- Nasdaq: 6,959.96, -5.40, (-0.08%)
- 10-year yield: 2.485%, +0.002
- President Donald Trump signed the massive GOP tax bill into law before heading to Mar-a-Lago for Christmas. The bill overhauls the tax code for individuals and businesses, eliminates the Affordable Care Act’s so-called individual mandate, and opens parts of Alaska up to oil drilling.
- Bank of America Merrill Lynch will pay employees making up to $US150,000 per year a one-time $US1,000 bonus, according to a memo cited by The Wall Street Journal. Also, Texas Capital Bank and Sinclair Broadcast Group on Friday announced special bonuses because of the tax cuts.
- Mike Novogratz, the famed hedge funder turned crypto junkie, is shelving a plan to start a cryptocurrency hedge fund. He told Bloomberg he thought bitcoin could fall to as low as $US8,000 a coin.
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