Throughout its history, the European economy has come across numerous crises. The current situation faintly resembles the financial crisis of 2008. However, its magnitude is likely to exceed the then financial collapse.
In 2008, the catastrophe began with the housing market bubble. In this case, the key reason lies in the halt of Russian gas supplies. The Bloomberg agency warns that “eventually the situation with the rise in energy prices may exceed the impact of the global financial crisis of 2008 and the recession that followed it in 2009.” Experts also pinpointed that “both private households and industrial giants, from chemical to engineering concerns, were under attack.” What is more, the sabotage at the Nord Stream gas pipeline has destroyed the hope for any significant Russian gas supplies.
According to the pessimistic scenario provided by Bloomberg Economics, the European GDP may drop by 5%. “This is about as deep as the 2009 recession. And even if that fate is avoided, the eurozone economy is still on track to spend 2023 with its third-biggest recession since World War II, with Germany hit the hardest,” analysts concluded.
Cathie Wood sees BTC hitting $1 million by 2030
According to Yahoo, Cathie Wood, the biggest crypto enthusiast and head of Wood’s Ark Innovation fund, is optimistic about the future of BTC. She believes that the first cryptocurrency may well soar by 6,000% up to $1 million.Despite growing fears of a looming "crypto winter", fueled by a recent 65% crash in the value of bitcoin, Wood remains bullish on the digital currency.
13:42 2022-12-02 UTC+00
Black Friday sales break record in US
According to Adobe Analytics, US shoppers spent $9.12 billion online this Black Friday, November 25, 2022. The figure soared by 2.3% year-over-year, analysts reported. In 2022, US online sales hit the record of 2021 estimated at $9.03 billion. Shoppers spent their money primarily on toys, electronics, and sporting goods, the sales of which soared by 285%, 221%, and 218% respectively.
13:24 2022-12-02 UTC+00
IOSCO to target crypto platforms after FTX crash
Following the crash of one of the largest crypto exchanges, FTX, global regulators highlighted the need for tighter regulation of the crypto segment. Targeting crypto exchanges will be the main focus for regulatory authorities in 2023, according to Jean-Paul Servais, the new chair of global securities watchdog IOSCO.
11:38 2022-12-02 UTC+00
Musk postpones Twitter’s paid verification relaunch
Twitter’s new owner Elon Musk decided to postpone the launch of paid verification on the social media platform. However, his fans have nothing to worry about. The businessman has not lost his grip. The restart of the paid verification service has been delayed for technical reasons. Currently, the company cannot effectively prevent the impersonation of users' accounts.
13:10 2022-11-30 UTC+00
Joe Biden: US ready to lead global economy
Joe Biden has stated the US remains the world’s leading economy and will always have such a status. This might not be an empty promise, however. Unlike many other politicians around the world, he actually may back up his words with action.The US has always come on top against other countries, but even with very few challenges, keeping the lead is not an easy task.
12:26 2022-11-30 UTC+00
FTX aftershock to cause Genesis meltdown
By the year-end, there could be one more bankrupt crypto exchange. Following the FTX collapse, the Genesis crypto broker may face a liquidity crunch. Genesis came into the spotlight when it became known about the company’s problems. Markets instantly reacted to the news, and the fact that the firm had close ties to the now-bankrupt FTX exchange only fanned the flames.
12:18 2022-11-30 UTC+00