Author: troygates2284

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Dow ends up 550 points, stocks jolt higher after Fed’s Brainard calls for ‘sustained’ large-scale asset purchases

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Oil drops 5% on report Saudi oil output will return to normal faster than initially anticipated

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EU court shields ECB from disclosing key document in Greek crisis

Equities recovered while Treasury yields pulled back from the highest in 4 years after the hawkish FOMC minutes were digested. Wall Street was higher as led by energy and healthcare shares. Rate hike speculations were also tamed by some Fed members including St Louis Fed president James Bullard, a non-voting dove.

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Equities Recover as FOMC Minutes Digested. Fed Official Downplayed Chance of Four Rate Hikes

Market sentiment was buoyed by upward revision in US GDP growth. Real GDP expanded +5% saar in 3Q14, a surprisingly large revision from the previous estimate of +3.9% and 2Q14’s +4.6%. Consumer spending contributed +2.2% while fixed investment contributed +1.2%. Net exports contributed +0.8% while the federal government contributed +0.7%. On the contrary, inventory represented a marginal drag on growth.

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US GDP Shows Biggest Growth Since 2003

The price of Bitcoin is once again taking a beating and heading lower as this week alone has seen its most high profile exchanges experience DDoS attacks, a potential major market outlaw the currency and the state of its once-largest exchange Mt. Gox deteriorate.

After a few days of shaky stability, the price of Bitcoin continued to fall across major exchanges as fear, uncertainty and doubt spread throughout the Bitcoin community and investors bail out.

Bitcoin Price

Data from Bitcoin Charts shows the price reached a low of $451.10 yesterday, a figure that was less than its 18th December low of $455, when prices nosedived on the news that China, the market then responsible for driving Bitcoin price growth, would be severely limited by regulation.

Silk Road Site Hacked

Underground drugs website Silk Road 2 was hacked and the website’s entire cache of Bitcoin worth $2.7 million was stolen. “Our initial investigations indicate that a vendor exploited a recently discovered vulnerability in the Bitcoin protocol known as ‘transaction malleability’ to repeatedly withdraw coins from our system until it was completely empty,” from a forum post.

As a result the value of the popular krypto currency has plunged to just $400 (£240) on the troubled MT Gox Bitcoin exchange after reports showed an increasing number of attacks on the currency making use of security flaw in the Bitcoin code.

While the price drop has been most noticible on Mt. Gox, where bitcoin was trading at $399 on at 06:30 GMT this morning, it has also dropped on other exchanges, declining to $574 and $605.88 on popular exchanges Btc-e and BitStamp, respectively.

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Bitcoin price falls further as bad news continues to haunt the krypto currency