Economics

FTX Files Chapter 11 Bankruptcy, Sam Bankman-Fried Resigns as CEO

The battled cryptocurrency exchange FTX declared Chapter 11 bankruptcy. CEO Sam Bankman-Fried resigned from his leadership position at the helm of the company, passing on the CEO role to John J. Ray III, a lawyer experienced with leading companies such as Enron Corp. through bankruptcies.

FTX Bankruptcy Crashes Crypto Markets

The bankruptcy of the cryptocurrency exchange FTX crashed crypto markets with Bitcoin falling from its psychologically important $20,000 level to $16,000 within only two days.

Tech Companies Freeze Hiring and Lay Off Workers

Amazon is freezing its hiring while Lyft is laying off 700 workers, accounting for 13% of its employees. The news add to concerns that the tech labor market is cooling as the Federal Reserve continues slowing down the global economy.

Remote Job Listings Running Out

LinkedIn data shows that remote job listings are declining. The falling offers to work from home or anywhere come at a time when job seekers show increased appetite for remote work.

US GDP Records Growth In Q3

The US Economy recorded growth in Q3 of 2022, even though consumer and business spending took a hit from the double threat of continued inflation and higher interest rates

Traders Are Getting Tired Of Being Bearish

Option prices betting on a further 10% decline in stock market valuations are at their lows since 2017. This suggests that investors are betting that further downside movements are increasingly unlikely.