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Grayscale tells SEC that turning biggest bitcoin fund into ETF will unlock $8 billion for investors

Michael Sonnenshein, CEO, Grayscale Investments at the NYSE, April 18, 2022.Source: NYSEGrayscale, the asset manager running the world's largest bitcoin fund, met privately with the Securities and Exchange Commission last week in an effort to persuade the regulator to approve the conversion of its flagship fund into an ETF,

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How fast does inflation cut buying power? Here’s a simple guide

Luis Alvarez | Digitalvision | Getty ImagesInflation is hovering near 40-year highs. The Consumer Price Index, a key inflation metric, increased 8.3% in April from a year ago, the largest jump since the summer of 1982, the U.S. Department of Labor said Wednesday.While a slight reduction from the 8.5%

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Stocks making the biggest moves premarket: Wendy’s, Krispy Kreme, Perrigo and more

Check out the companies making headlines before the bell:Wendy's (WEN) –Wendy's reported adjusted profit of 17 cents per share, 1 cent below estimates, with revenue and same-store sales also missing analyst forecasts. The restaurant chain is seeing a negative impact from higher costs for supplies and labor, and its

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Controversial stablecoin UST — which is meant to be pegged to the dollar — plummets below 40 cents

Bitcoin, the world's largest cryptocurrency, has fallen over 50% since setting an all-time high of nearly $69,000 in November.Dan Kitwood | Getty ImagesThe two main tokens from embattled crypto project Terra are now in freefall.UST, a so-called stablecoin that's meant to maintain a $1 peg, plunged more than 60%

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Shanghai’s big automakers saw production plunge by 75% in April after lockdowns began

Although Shanghai began in mid-April to prioritize several hundred companies for resuming work, foreign business organizations have said that doesn't mean the factories can operate at full capacity.Tian Yuhao | China News Service | Getty ImagesBEIJING — Auto production plunged in April as Covid lockdowns halted nearly all non-essential business

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China’s consumer prices hit a six-month high as Covid prompts locals to stock up on food

Fresh vegetable prices rose by 24% year-on-year in April as consumers stocked up to prepare for potential stay-home orders. Pictured here is a delivery driver for Alibaba's Hema Fresh supermarket in Beijing on May 10, 2022.Jade Gao | Afp | Getty ImagesBEIJING — China's consumer and producer prices rose

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