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Apr.16 -- JPMorgan Chief China Economist Haibin Zhu discusses China's economic growth and Huarong. He speaks with Haslinda Amin and Rishaad Salamat on "Bloomberg Markets: Asia."
Apr.16 -- JPMorgan Chief China Economist Haibin Zhu discusses China's economic growth and Huarong. He speaks with Haslinda Amin and Rishaad Salamat on "Bloomberg Markets: Asia."
The British pound went back and forth during the course of the trading session on Thursday as we are trying to correct a bit from the recent break out.
Global stocks rose and the dollar dipped on Friday after U.S. Federal Reserve officials said there would be no imminent move to tighten monetary policy in the world's biggest economy. The MSCI World Index, a broad gauge of equity markets globally, was up 0.4%, clawing back some more of the week's losses, which stand at just under 3%. After a higher than expected inflation print had spooked markets earlier in the week, Fed official Christopher Waller signalled overnight that rates would not rise until policymakers either see inflation above target for a long time or a situation of excessively high inflation.
SHANGHAI (Reuters) -Alibaba affiliate Ant Group became China's largest seller of non-money-market mutual funds in the first quarter, industry data showed, disrupting a market dominated by banks despite a regulatory crackdown. Ant and Alibaba are being targeted by Beijing's anti-monopoly campaign. Regulators have urged Ant to reduce the size of Yu'ebao, China's biggest money market fund managed by Ant-controlled mutual fund house Tianhong.
(Bloomberg) -- Discover what’s driving the global economy and what it means for policy makers, businesses, investors and you with The New Economy Daily. Sign up here.Money markets are wagering on an increase in Bank of England borrowing costs as soon as next year, having only recently erased bets on negative rates.Traders now see 15 basis points of tightening in September 2022. That’s a sharp turnaround from the second half of last year, when traders were contemplating rates of as low as minus 0.1% after the central bank said it was studying the feasibility of such a move. They only removed bets on further loosening in February, when policy makers stressed that negative rates are not imminent as the U.K.’s vaccine rollout transformed the nation’s monetary policy debate. A larger-than-expected increase in U.S. consumer prices on Wednesday triggered a global rates selloff, sending benchmark gilt yields to their highest level in around two months and spurring traders to bring forward their expectations for a BOE rate hike.The central bank traditionally shifts its key interest rate by multiples of 25 basis points, though it cut rates by 15 basis points in March 2020, at the height of the coronavirus pandemic. If officials wanted to tighten financing conditions, a move back to 0.25% is seen by strategists as a plausible first step.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
The Tesla CEO sent the price of Bitcoin and other cryptocurrencies plummeting. But he may be aiming to turn crypto-mining green in ways that benefit Tesla.
(Bloomberg) -- A crack in a bridge over the Mississippi River has stranded more than 700 barges, cutting off the biggest route for U.S. agricultural exports when the critical waterway is at its busiest.The route is shut near Memphis while the Tennessee Department of Transportation inspects a large crack in a highway bridge spanning the river, according to the U.S. Coast Guard. A queue has expanded to 47 vessels and 771 barges, with 430 of those heading north and the rest going south, Petty Officer Carlos Galarza of the Coast Guard’s 8th District said Thursday afternoon by email.The Mississippi River is the main artery for U.S. crop exports, with covered barges full of grain and soy floating to terminals along the Gulf of Mexico, while crude oil as well as imported steel also travel through sections of the waterway. Any sustained outage would disrupt shipments out of the Gulf. Corn futures tumbled by the most allowed under CME Group rules partly on speculation that exports would back up.“The river is the jugular for the export market in the Midwest for both corn and beans,” said Colin Hulse, a senior risk management consultant at StoneX in Kansas City. “The length of the blockage is important. If they cannot quickly get movement, then it is a big deal. If it slows or restricts movement for a longer period it can be a big deal as well.”The stoppage along the Mississippi River is the latest calamity to upend the commodities world in recent weeks. Back in March, the Suez Canal was blocked by a giant container ship that got stuck sideways in the vital waterway for almost a week, paralyzing global shipping. And late last week, a cyberattack brought down the largest fuel pipeline in the U.S. for five days, leading to widespread gasoline shortages from Florida to Virginia.A lengthy halt on the Mississippi River could further roil crop markets, where soybeans and corn futures have hit multiyear highs amid adverse weather in Latin America and a buying spree from China. Corn futures fell Thursday by the exchange limit of 40 cents, or 5.6%, to $6.7475 a bushel in Chicago.As a workaround, traders could in theory also send some supplies on trains and divert to ports along the U.S. Pacific Northwest. Few grain and soy buyers were bidding for barges north of the river closure amid uncertainty on when vessel traffic would resume.The crack halting vehicle and waterway traffic is in the truss of the Interstate 40 Hernando DeSoto Bridge, which was found during a routine inspection, according to a Tuesday statement from the Tennessee Department of Transportation.“The timeline is still undetermined” for the waterway reopening, department spokeswoman Nichole Lawrence said Thursday morning by email.The Army Corp of Engineers could figure out a way to keep automotive traffic closed in order for water traffic to resume under the bridge, according to CRU Group analyst Josh Spoores. It may cause bottlenecks, but most consumers already used to waiting months for supplies to ship are probably fine with some added delays, he said.The New Orleans Port Region moved 47% of waterborne agricultural exports in 2017, according to the U.S. Department of Agriculture. The majority of these exports were bulk grains and bulk grain products, such as corn, soybeans, animal feed and rice. The region also supports a significant amount of edible oil exports, such as soybean and corn oils and even attracted 13% of U.S. waterborne frozen poultry exports in 2017.Some traders speculated that, based on past experience, the river might be partially opened for restricted movements while repairs are being done.“My sense is that it is not a big deal for river traffic as it will be a short-term disruption,” said Stephen Nicholson, a senior analyst for grains and oilseeds at Rabobank. “The good news is most of fertilizer has already come up river and soybean exports are at their low point. However, corn exports continue at a strong pace, so we may see a slight delay in corn barges reaching” New Orleans.It may be difficult for exporters to shift much volume to rail, as the capacity to unload trains outside of the New Orleans area is limited, according to Curt Strubhar, vice chairman and risk management consultant at Advance Trading Inc.“There aren’t many rail unloaders South of the issue,” he said, adding that New Orleans “port elevators aren’t equipped to handle a sharply higher share of rail unloads either.”Of agricultural supplies that floated on barges north of Memphis, about 84% was corn and about 13% was soybeans, according to Mike Steenhoek, executive director of the Soy Transportation Coalition, citing USDA data. Overall shipments of corn and soy during the week ended May 8 were 18% higher than a year ago.Agricultural co-operative Growmark’s St. Louis port, which sends corn and soybeans south to New Orleans for export mostly to China and receives fertilizers, will likely close Friday, according to Matt Lurkins, executive director of the firm’s grain division.“Freight was already tight,” Lurkins said in a phone interview. “Then this kind of sent us over the edge.”If the pause drags on, he said, Growmark could send more grain to processors rather than loading it on barges for export.Small volumes of crude and partly refined oil are shipped by barge on the river as well. In February, 2.85 million barrels moved from the Midwest to the Gulf Coast via barge and tanker, according to government data.Imported steel on barges will be delayed as long as traffic is halted. About 25% of imported steel travels through at least a section of the Mississippi River, according to Wood Mackenzie analyst Cicero Machado, though he said newly arriving foreign steel to ports in New Orleans or Mobile, Alabama can be diverted onto rail cars or trucks.The river also is a major artery for steel shipments within the U.S. and delays could become an issue for automakers in the South that depend on high-strength steels produced in the Midwest, he said.“At this stage the big question is: is this going to last?” Machado said. “The issue is not actually in the river, it’s in a bridge over the river -- so perhaps they’re going to find a way to manage the traffic there.”(Adds Coast Guard update in second paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
USA TODAY answers the most asked questions regarding the Colonial Pipeline cyber attack and what states are struggling to keep gas stations stocked.
The Walt Disney Co. blew away earnings expectations with a Thursday report, but shares still fell in late trading as the pandemic-fueled growth of its streaming services slowed down.
(Bloomberg) -- Prices paid to U.S. producers rose in April by more than forecast, adding to signs of a growing wave of inflationary pressure that’s extending to American consumers.The producer price index for final demand increased 0.6% from the prior month after a 1% gain in March, according to data from the Labor Department Thursday. Excluding volatile food and energy components, the so-called core PPI advanced 0.7%.A Bloomberg survey of economists called for a 0.3% monthly gain in the overall measure and a 0.4% rise in the core figure. The April advance was broad across both goods and services. The S&P 500 rose in early trading, while the yield on the 10-year Treasury note eased.As production costs continue to climb, a report Wednesday showed consumer prices are following suit, stoking the flames of an already heated debate about the path and durability of inflation that the Federal Reserve views as temporary.The PPI tracks changes in production costs, and supply bottlenecks and shortages tied to the pandemic recovery have caused commodity prices to soar. At the same time, labor costs have begun picking up. Together, the increases represent a threat to profit margins unless companies pass along the higher costs and boost productivity.Fed officials have said price pressures from pent-up demand and bottlenecks will likely prove temporary, but many others expect the pickup in inflation to prove more lasting.“There is more inflation coming,” Luca Zaramella, chief financial officer at Mondelez International Inc., said on the food and beverage maker’s April 27 earnings call. “The higher inflation will require some additional pricing and some additional productivities to offset the impact.”Consumer InflationWednesday’s data -- which showed the strongest monthly gain in the overall consumer price index since 2009 -- suggest companies are passing along at least some of the input-price inflation. The report also showed record monthly price surges in airfares and hotel stays, reflecting the impact from a broader reopening of the economy.The annual advance in the overall PPI accelerated to a 6.2% gain, a figure biased higher by the fact that it was compared to the very low reading seen in April 2020. The increase was the largest in data back to 2010.A separate Labor Department report Thursday showed applications for regular state unemployment benefits declined for a second week, to a fresh pandemic low. A slew of states have recently announced intentions to stop federal pandemic relief programs prior to their expiry in September.Producer prices excluding food, energy, and trade services -- a measure often preferred by economists because it strips out the most volatile components -- jumped 0.7% from the prior month and increased 4.6% from a year earlier.While the advance was broad-based across goods and services, about two-thirds of the monthly gain can be attributed to the 0.6% gain in prices for final demand services, the Labor Department said. The indexes for portfolio management, airline passenger services, food retailing, physician care and building materials and supply retailing all moved higher.The advance in the goods index reflected an 18.4% jump in prices received for steel mill products as well as increases in the prices for a variety of meat, residential natural gas, plastic resins and materials, and dairy products.Michael Hsu, chief executive officer at consumer-product maker Kimberly-Clark Corp., said in April that the maker of Scott toilet paper and Huggies diapers is “moving rapidly especially with selling price increases to offset commodity headwinds.”(Adds markets in third paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
The IRS sent out COVID-19 relief checks to nearly 1 million more Americans in the ninth batch of payments made under Biden's American Rescue Plan.
Now that the IRS knows what you earned last year, you may be eligible for more support.
The company that operates America's biggest fuel pipeline has reportedly paid a ransom of nearly $5m (£3.5m) to hackers who shut down the facility last week triggering fuel shortages and price hikes across the East Coast. Colonial Pipeline paid the extortion fee on Friday, Bloomberg reported, despite reports that it had no plans to do so and concerns that paying a ransom simply encourages hackers. The pipeline is not yet back at full force following the cyberattack on Friday, when the criminal gang Darkside locked computers controlling the pipeline. The pipes transport 2.5m barrels a day of diesel, petrol and jet fuel across 5,500 miles of pipelines linking refiners on the Gulf Coast to the eastern and southern US. The shutdown triggered fuel shortages from Virginia to Florida and panic buying, with the national US gasoline price rising above $3 a gallon and jumping as much as 11 cents in a day in some areas.
The Japanese tech investor smashed profit records in its home country, capping a wild year in which it rode roller-coaster stock markets from the lows at the beginning of the pandemic to recent highs.
A pipeline hack has pumped up the average price, but it's not the only source of pain.
(Bloomberg) -- Toshiba Corp. plans to return an additional 150 billion yen ($1.37 billion) to shareholders and establish a strategic review committee to examine options for the business, including proposals to take it private.The move comes after weeks of takeover discussions sparked by private equity firm CVC Capital Partners’ $21 billion acquisition bid. The Japanese energy-to-electronics conglomerate has been pressured by 3D Investment Partners and other investors to conduct a full strategic review and explore any serious interest in the company in order to rebuild shareholder trust.Toshiba, which deemed the CVC proposal insufficiently detailed to evaluate, said Friday it has appointed UBS as financial adviser and will consider potential offers, without committing to a transaction. It made the announcement while releasing its quarterly earnings.Chief Executive Officer Satoshi Tsunakawa, who stepped into the role in April after former CVC dealmaker Nobuaki Kurumatani stepped down, said the firm will do its utmost to improve relationships with a wide range of shareholders and will consider any proposals that improve shareholder value, including going private.“There’s big opportunity ahead of us focusing on infrastructure, energy and renewables -- as tackling global warming is a global trend,” the CEO said, declining to specify what he would consider a good proposal for taking Toshiba private.Read more: Toshiba Investor 3D Calls for Strategic Review After CVC BidThe company’s stock has seen large swings since the CVC bid, with the shares closing as high as 4,895 yen on April 15 before falling in recent weeks. It closed at 4,510 yen after Friday’s announcement.It’s not clear whether other reported bidders will proceed with a formal offer. After CVC’s initial approach, private equity firm KKR & Co. and Canadian investment giant Brookfield Asset Management Inc. began exploring potential offers, Bloomberg News has reported. Bain Capital has entered into discussions with Japanese banks, including units of Mizuho Financial Group Inc. and Sumitomo Mitsui Financial Group Inc., to secure funding for a potential bid, Reuters has reported.Separately, Toshiba is investigating a claim by the hacker group DarkSide that it breached the computer systems of affiliate Toshiba Tec Corp. The group is claiming to have stolen information on management, new businesses and personal information. General Executive Masaharu Kamo said no other Toshiba units were affected by the cyberattack.Toshiba will provide specifics on how it intends to execute the shareholder return plan in June. It has not yet decided its dividend plan for the year ahead, but will maintain its basic policy and look to increase, it said.(Updates with CEO comments from fourth paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
James Anderson says to forget value investing and be ready for stomach-churning swings in stock prices.
CEO Brian Armstrong said on the company’s Q1 earnings call that it would list coins on the first day that they trade.
(Bloomberg) -- Fisker Inc.’s existing agreement to develop an electric vehicle with Foxconn Technology Group will now include a factory in the U.S., the companies said in a statement Thursday.The joint project -- codenamed Project PEAR -- is targeting a start of production in the U.S. by the fourth quarter of 2023. The companies said they’re considering multiple sites around the world to support eventual global manufacturing capacity of 250,000 units a year. The partners plan to unveil a prototype of their jointly developed car later this year.Los Angeles-based Fisker’s shares rose as much as 22% to $12.13 in late trading in New York. The stock is down 32% this year through Thursday’s close. Hon Hai Precision Industry Co., the main listed arm of Foxconn, is up 14% for the year in Taipei. Electric vehicles have risen in prominence in recent months, with everyone from established automakers like Geely to smartphone purveyor Xiaomi Corp. making big investments in the category. Foxconn has an EV platform that will be used to launch two light vehicles in the fourth quarter of this year, Chairman Young Liu said in February. The company has also inked a manufacturing deal with Chinese startup Byton Ltd. and been among a coterie of suppliers and assemblers linked with a potential Apple Inc. car.Read more: IPhone Maker Foxconn to Help Launch Electric Cars This YearFisker is one of a wave of startups to go public via a special purpose acquisition company, or SPAC, and seek a fast-track challenge to Tesla Inc. in the EV market. It’s also the second battery-powered-car venture founded by its namesake founder and chief executive officer, Henrik Fisker, a longtime auto designer. Fisker’s first venture, Fisker Automotive, filed for bankruptcy in 2013.China Tech Giants Bet $19 Billion on Global Electric Car FrenzyUnder the agreement, Fisker and Foxconn will jointly invest in Project PEAR -- short for Personal Electric Automotive Revolution -- with each company taking proceeds if the launch is successful. Spending on the partnership will be hefty. Liu told analysts on Friday that building 10,000 cars per month in the U.S. will require $1 billion of capital expenditure, though he declined to elaborate on how the two companies will split the costs.Foxconn has said it will decide between Mexico and Wisconsin for the site of its first electric-car plant this year. The companies didn’t disclose any specifications of the vehicle they’re developing.The companies said the jointly developed vehicle will be priced below $30,000. Taiwan-based Foxconn, best known for assembling iPhones, is the second major manufacturer with which Fisker has announced a partnership since reaching a deal to go public last year. In October, the EV startup said Magna International Inc. would help it build its debut model. The Ocean electric SUV is scheduled to start production in late 2022 at a Magna facility in Graz, Austria.(Updates with Hon Hai executive’s comments in sixth paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Investing is all about profits, and part of generating profits is knowing when to start the game. The old adage says to buy low and sell high, and while it’s tempting just to discount cliches like that, they’ve passed into common currency because they embody a fundamental truth. Buying low is always a good start in building a portfolio. The trick, however, is recognizing the right stocks to buy low. Prices fall for a reason, and sometimes that reason is fundamental unsoundness. Fortunately, Wall Streets analysts are busy separating the wheat from the chaff among the market’s low-priced stocks, and some top stock experts have tagged several equities for big gains. We’ve used the TipRanks database to pull up the data and reviews on three stocks that are priced low now, but may be primed for gains. They’ve been getting positive reviews, and despite their share depreciation, they hold Buy ratings and show upwards of 80% upside potential. Vapotherm, Inc. (VAPO) First up, Vapotherm, is a medical device manufacturer, specializing in heated, humidified, high-flow nasal cannulas. These are therapeutic breath aids, designed to deliver oxygenated air directly to the patient’s nose. Heating and humidifying the air reduces the discomfort of delivering dry oxygen. As can be expected, during a pandemic of a respiratory illness, Vapotherm saw high sales in recent months – but the share price has pulled back since early February. Paradoxically, the two events are related. First, on the positive side, Vapotherm’s 1Q21 financial results were solid. The company’s revenue, at $32.3 million, was up 69% year-over-year, and worldwide, installations of the Precision Flow base unit was up 73% over the same period. The company’s net loss in the quarter, $5.2 million, was an improvement from the $10.2 million loss in the year-ago quarter. On the negative side, VAPO shares are down from their early-February peak. The drop is substantial; the stock has fallen 50% from its peak, and is down 34% year-to-date. The fall in share value reflects concerns that the company’s flagship product is oversold, that customers, fearful of COVID-related respiratory emergencies, bought more units that would be needed in ordinary times. This is the case made by Piper Sandler analyst Jason Bednar. “Shares have meaningfully underperformed since early February as many investors have questioned utilization dynamics for the bolus of Precision Flow systems that were sold into hospitals last year… We understand the logic here, particularly for those investors with a shorter time horizon, but with much of that concern seemingly already reflected in the stock at current levels we do believe the upside opportunity meaningfully outweighs the risk of further downside,” Bednar noted. The analyst added, "It’s also our view that investors who wait for utilization trends to bottom out will ultimately miss an initial move higher that could come as HVT 2.0 begins to contribute with a rollout later this year and as market expanding opportunities for HVT 2.0 in 2022 begin to take on a more defined shape (particularly EMS and home-based care)." To this end, Bednar rates VAPO an Overweight (i.e. Buy), and his $32 price target implies a robust upside of 81% in the year ahead. (To watch Bednar’s track record, click here) Overall, the unanimous Strong Buy consensus rating on this stock, supported by 4 recent analyst reviews, makes it clear that Bednar is not alone in his bullish view. The average price target here, $39, is even more optimistic, suggesting an upside of ~122% from the current trading price of $17.65. (See VAPO stock analysis on TipRanks) Emergent Biosolutions (EBS) The next stock we’re looking at, Emergent, is a biopharmaceutical company. The company has multiple products on the market, including a NARCAN nasal spray for use on opioid overdose patients, and vaccines against smallpox, anthrax, and other diseases. Emergent’s development pipeline includes a pediatric cholera vaccine, Vaxchora, currently in a Phase III trial. Several programs, including an anthrax vaccine candidate, a Chikungunya vaccine, and a seasonal flu shot, have all completed Phase II and are in preparation for Phase III. One of Emergent’s most important programs is in its Contract Development and Manufacturing service, a service extended to other pharmaceutical companies to manufacture vaccines which they have developed. Under a CDMO plan, Emergent is part of Johnson & Johnson’s manufacturing chain for a COVID-19 vaccine. That last is a key point. The J&J vaccine has been linked – at least in some reports – to serious adverse events, particularly blood clots in otherwise healthy recipients. That has caused a hold in manufacturing of the vaccine, and consequently a delay in receiving payments from J&J. Which, in turn, impacted the company’s 1Q21 financials, resulting in lower revenues and earnings than expected. Investors are concerned, and the stock has fallen 33% year-to-date. Despite the setback, Benchmark analyst Robert Wasserman keeps a Buy rating on EBS shares, along with a $120 price target. If correct, the analyst’s objective could deliver one-year returns of 101%. (To watch Wasserman’s track record, click here) "EBS remains solidly profitable, and even with the lowered expectations for J&N and AZ vaccine contracts, is expected to show solid revenue growth for this year. These shares remain a bargain in our CDMO/bioprocessing group and could offer significant upside for value-oriented investors if circumstances turn around or new business can be garnered in the near-term," Wasserman opined. Overall, the Street currently has a cautiously optimistic outlook for the stock. The analyst consensus rates EBS a Moderate Buy based on 3 Buys and 2 Holds. Shares are priced at $59.59, and the average price target of $89.67 suggests an upside potential of ~50% for the next 12 months. (See EBS stock analysis at TipRanks) Haemonetics Corporation (HAE) For the last stock on our list, we’ll stick with the medical industry. Haemonetics produces a range of products for blood and plasma collection and separation, as well as software to run the machines and service agreements for maintenance. In short, Haemonetics is a one-stop shop for blood donation centers and hospital blood banks. Blood products is a $10.5 billion market in the US alone, with plasma accounting for 80% of that, and Haemonetics has made itself an integral part of that business. Haemonetics had been recovering steadily from a revenue dip at the height of the corona crisis, and its 3Q fiscal 2021 earnings showed a solid results: top line revenue of $240 million and EPS of 62 cents. While the revenue was down 7.3% yoy, EPS was up 6.8%. Even with that, however, the stock dropped sharply between April 15 and April 20, losing 42% of its value in that short time. The reason was simple. One of Haemonetics’ largest customers, CSL Pharma, announced that it does not plan to renew its contract with HAE. That contract, for supply, use, and maintenance of Haemonetics’ PCS2 plasma collection system, was worth $117 million and made up approximately 12% of the company’s top line. The cancellation comes with a one-time charge of $32 million in other related losses. Fortunately for HAE, the CSL contract does not expire until June of 2022, giving the company time to plan and prepare. Covering the stock for JMP Securities, analyst David Turkaly noted: “The advance notice gives HAE some time (~15 months) to prepare for the expiration, and we note that management has consistently strengthened its financial position using levers such as complexity reduction and product optimization to derive significant cost savings, and more of these will likely be employed ahead to help offset the customer loss.” The analyst continued, "While this disappointing decision could impact HAE's plasma positioning with other fractionators, we continue to believe that giving customers the ability to collect more plasma in less time is a very compelling value proposition - and HAE still has contracts and maintains significant market share with many of the most relevant plasma players." Accordingly, Turkaly rates HAE an Outperform (i.e. Buy), and sets a $110 price target. This figure implies an upside of 86% from current levels. (To watch Turkaly’s track record, click here) All in all, HAE has a Moderate Buy consensus rating, based on 7 reviews that break down 5 to 2 in favor the Buys over the Holds. The stock is trading for $59.02 and carries an average price target of $108.67, which suggests ~84% one-year upside. (See HAE stock analysis at TipRanks) To find good ideas for stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights. Disclaimer: The opinions expressed in this article are solely those of the featured analysts. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.
Crypto is treated by the IRS as property for U.S. tax purposes and can be seized in the same way, an official said.