Monday morning news drop
The Coin That Could Wreck Crypto As cryptocurrencies have plunged, attention has focused on a potential point of vulnerability: the market’s reliance on a so-called stablecoin called Tether (New York Times)
Bitcoin Plummets Below $20,000 for First Time Since Late 2020 Its fall was accelerated in recent weeks by the collapse of two major cryptocurrency projects while sowing doubts about the stability of the overall cryptocurrency market. (New York Timestimes.com/2022/06/18/technology/bitcoin-20000.html)
Crypto is melting down. Here’s who’s hurt: These are gut-wrenching days if you’re an investor in stocks or bonds. But things could be worse: You could have your money in crypto. Bitcoin, the leading crypto asset and the one most familiar to laypersons, has lost about 70% of its value since Nov. 9, when its price peaked at $69,000. (Los Angeles Times)
The Fed’s Policy Mistake has Been Made A slowdown is all but certain. But does it turn into a recession? Does it turn into a deeper recession than expected? Does it spill over into credit markets and cause a debt deflation? (Pragmatic Capitalism)
A Ragtag Band of Hackers Is Waging Cyberwar on Putin’s Supply Lines In Belarus, forces opposed to President Alexander Lukashenko have been derailing Russia’s war against Ukraine. (Businessweek)
The Celtics should be on their way to the title. But … Stephen Curry. Now, the Boston Celtics should have won. If basketball was a meritocracy, in which the better team always reaped the rewards, then the Celtics would take Game 5 and a 3-2 series. (Washington Post)
PGA Tour vs LIV: How Saudi Arabian money ignited a golf war A new Saudi-backed series has upended the world of golf, but with players forced to field questions about Jamal Khashoggi, it has not been without controversy. (Middle East Eye)
When the Lamp Switched On: How Pixar Went From Experimental Studio to Commercial Juggernaut From the stewardship of George Lucas to Steve Jobs to Mickey Mouse himself, the story of Pixar is marked by breakups, risk-taking, and sheer creative flair (The Ringer)
Wall Street’s Latest Bear Market May Be Here to Stay for a While US stocks have entered a bear market and if history is any guide, it could be long and painful (Bloomberg)
