Good evening.
Stocks and crypto tumble, Fed signals higher rates, and Goldman Sachs says bitcoin will compete with gold as a "store of value."
Let’s dive in.
Markets
Here are today’s market moves:
What Happened?
U.S. stocks tumbled on Wednesday after the Federal Reserve said it may need to raise interest rates as soon as March to fight inflation.
The tech-heavy Nasdaq was hit the hardest, falling more than 3%.
Higher rates means future profits are worth less today, hurting fast-growing technology stocks.
Despite a bumpy start to 2022, stock market indexes are still sitting near record highs.
The crypto market fell on Wednesday, with Bitcoin trading near $43k, as digital assets fell alongside stocks.
Catch Up
The Nasdaq is off to its worst three-day start to a new year since 2008.
U.S. sets new global record for most daily COVID cases, recording 1 million new infections Monday.
NFT marketplace OpenSea valued at $13.3 billion in new round of venture funding.