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The Dow Jones Industrial Average closed down 1,152.46 points, or 2.18%, at 51,594.86 on Wednesday, July 29; the S&P 500 closed down 112.40 points, or 1.51%, at 7,316.38; and the Nasdaq Composite closed down 433.97 points, or 1.74%, at 24,442.94 on Wednesday, July 29.July 30th - U.S. stocks initially rose and then fell after the Federal Reserve announced its decision on Wednesday. The Dow Jones Industrial Average closed down 2.18%, the S&P 500 fell 1.5%, and the Nasdaq Composite fell 1.7%. SK Hynix (SKHY.O) fell 2.6%, SanDisk (SNDK.O) fell 7%, Micron Technology (MU.O) fell 9.9%, Nvidia (NVDA.O) fell 3.5%, and Seagate Technology (STX.O) rose more than 2%. The Nasdaq China Golden Dragon Index closed up 1.7%, and Li Auto (LI.O) rose more than 4%.According to CNBC, "New Bond King" Gundlach said the Federal Reserve may raise interest rates in September, especially if the yield curve continues to steepen.Market news: Canadian Prime Minister Carney has dismissed the idea that Canada should restrict the supply of critical resources to the United States in retaliation for its tariff policies.On July 30th, analysts described the Federal Reserves decision as "hawkish inaction." While a majority of members chose to keep interest rates unchanged, three members—Dallas Feds Logan, Cleveland Feds Hammark, and Minneapolis Feds Kashkari—voted in favor of a 25-basis-point rate hike. Barclays Marc Giannini stated, "The FOMC made a hawkish inaction decision." "This policy decision was made amidst significant hawkish headwinds, with these hawkish members favoring an immediate rate hike rather than waiting for more data." Previously, economists had widely expected two dissenting votes, making Kashkaris vote in favor of the rate hike surprising to some. Janus Henderson Investors analyst Daniel Syluk stated, "The three dissenting votes highlight that there remains a considerable force within the committee concerned about inflation."

Crypto lender Voyager Digital gets approval to return $270 million to customers

Alice Wang

Aug 05, 2022 15:16

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Voyager Digital Holdings Inc., a cryptocurrency company, has been granted permission by the U.S. Bankruptcy Court in New York to restore $270 million in client funds, the Wall Street Journal reported on Thursday.


Voyager Digital Holdings Inc., a cryptocurrency company, has been granted permission by the US Bankruptcy Court in New York to restore $270 million in client funds, the Wall Street Journal reported on Thursday.


According to the Journal, Judge Michael Wiles, who is in charge of Voyager's bankruptcy, said the firm had "sufficient grounds" to back up its claim that clients should be given access to the custodial account kept at Metropolitan Commercial Bank.


The business did not immediately respond to requests for comment.


Voyager, one of several businesses that struggled after the widespread turbulence on the cryptocurrency market, filed for Chapter 11 last month.


Voyager reported that it had between $1 billion and $10 billion in assets and liabilities, as well as over 100,000 creditors, in its bankruptcy case.


The Federal Reserve and the Federal Deposit Insurance Corp (FDIC) issued an injunction to the firm last week directing it to stop making "false and misleading" promises about the government's protection of its clients' cash.


The firm only had a bank account at Metropolitan Commercial Bank, according to the authorities, and none of the investors using its platform were covered by the FDIC.


During the COVID-19 epidemic, cryptocurrency lenders like Voyager saw a surge in business, luring depositors with high interest rates and convenient access to loans that conventional banks seldom ever gave. Lenders have suffered from the recent decline in cryptocurrency markets, which was brought on by the failure of two significant tokens in May.

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