Bitcoin extended losses over the weekend as it approached $40,000 for the first time since late September, bringing its losses since a peak just three months ago to about 42%.
The total global crypto market cap has shed over $1 trillion from all-time highs in November, 2021. Despite recent price weakness, Wall Street giant Goldman Sachs has predicted bitcoin will increasingly compete with gold as a "store of value"—and could hit $100,000 within five years.
According to a company spokesperson, PayPal is aiming to launch its own stablecoin as the company continues to develop its crypto business.
Earnings reports released this week will likely help investors gain clarity as they plan for 2022. Higher interest rates tend to make investors less willing to pay unprecedented valuations for stocks, highlighting the importance of corporate profits.
Supply-chain backlogs are still disrupting the market for new home construction, causing delays, limited choices for buyers, and some unfinished projects. About 90% of home builders surveyed by housing-market research firm Zonda in November said they were experiencing supply disruptions.
The U.S. aims to distribute $10 billion to help upstart companies gain access to capital in an attempt to spark business in disadvantaged communities, adding to a broader economic recovery. The money stems from the $1.9 trillion coronavirus-aid package Congress passed last March.