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What you need to know on Wall Street today

Coinbase


Welcome to Finance Insider, Business Insider’s summary of the top stories of the past 24 hours. Sign up here to get the best of Business Insider delivered direct to your inbox.

Bitcoin soared above $US19,500 a coin on Coinbase’s GDAX exchange around 11 a.m. ET Thursday, just three hours after it blew past $US16,000.

The massive tear upwards seems to have put pressure on Coinbase’s infrastructure, with the exchange saying on Twitter that users were experiencing issues logging into their accounts because of record traffic. Some users trying to log in were met with a message reading “AN ERROR HAS OCCURED.”

Different exchanges were printing significantly different prices. The immaturity of the bitcoin market has often created price discrepancies, which would be unheard of elsewhere on Wall Street. But on Thursday, some exchanges were more than $US1,000 apart. Elsewhere in crypto news:

In Wall Street news, banks could take a $US4.4 billion hit from new reforms – and traders will bear the brunt of it.

In markets news, retail stocks have been crushing the market against all odds – and traders are betting on more gains. And the next stock market crash will look a lot different than the financial crisis.

In tax news, experts are starting to find massive errors in the GOP tax bill after it went through Congress at lightning speed. And Amazon, Facebook and Google could save billions thanks to the GOP tax bill.

Elsewhere in DC news, a new Fed nominee could be key to setting rates – but his views make him a wildcard.

Lastly, here are the 10 most luxurious first class cabins in the world.

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