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☆ Arizona heat almost killed Lois Nigrin. Her coma, burns, and medical bills show the dangers of heat that many Americans face today.
▼ + stars: | 2023-09-21 | by ( Morgan Mcfall-Johnsen | ) www.businessinsider.com time to read: +12 min

AdvertisementAdvertisement"I don't think I had a true understanding of what heatstroke was," Lois Nigrin told Insider. Lois Nigrin was feeling tired and didn't want to climb the rocks, so they turned around. Lois Nigrin has no memory of that interaction, even when she looks at the photo. At one point, Lois Nigrin said, they asked her to draw a clock showing the time 3 o'clock. "Probably the best thing that I ever felt was that airplane landing and being back home," Joe Nigrin said.

Persons: Lois Nigrin, Joe, heatstroke, She's, Lois, Yoon, Joe Nigrin, Kevin Foster, Lois Nigrin's, Lois Lois Nigrin didn't, she'd, It's, couldn't, Lois Lois Nigrin's, she's Organizations: Arizona Burn, Arizona Burn Center, NASA, Center for American Progress Locations: Arizona, Nebraska, Phoenix, New Mexico

What is the Prime Big Deal Days event? Despite 'Prime Day 2' being right there, Amazon has this time gone for 'Prime Big Deal Days,' but it is, for all intents and purposes, a second bite at Prime Day. We're already looking at what deals are available today on our Prime Day pets deals and Prime Day headphone deals guides. If you want a peek into what deals we saw in some other categories during the Prime Day event in July (fingers crossed they make a comeback), check out what we found for Prime Day gaming deals, Prime Day beauty deals, and Prime Day furniture deals. Amazon Prime 30-Day Free Trial New and eligible returning members can try Prime for 30 days, free.

Persons: We'll, they're, you'll Organizations: Amazon, Deal, Summer's, Prime, Echo, Amazon Prime, Apple Music, Walmart Locations: Canada, Australia

☆ It's going to be way harder to be a tourist in NYC
▼ + stars: | 2023-09-18 | by ( Jordan Hart | ) www.businessinsider.com time to read: +4 min

New York City is getting serious about its laws on rentals and hotels. Tourists might have a hard time finding a place to stay in New York City. "We could see fewer budget travelers but more tourists willing to spend on regulated high-quality accommodations," he said. AdvertisementAdvertisementThe Airbnb law especially is a big change. Still, New York City will always draw tourists.

Persons: aren't, Steve Turk, Turk, you'll, Razonie Napier, he'd, Napier, That's Organizations: Service, Wired, Apple, Turk Hospitality, Special Enforcement, New Yorker Locations: York City, New York City, Wall, Silicon, New York, York, New, Lower, Coney Island , Brooklyn, , New York City, Omaha

☆ After Birkenstock's 'Barbie' bump, iconic footwear brand seeks a big part in IPO market
▼ + stars: | 2023-09-13 | by ( Natalie Rose Goldberg | ) www.cnbc.com time to read: +10 min

Footwear companies have found recent success going public market, but not all by any means over the longer-term. In more recent history, the brand has collaborated with Rick Owens, Dior, and Manolo Blahnik, among many other big names in fashion. The current IPO market landscape The IPO market has been all but frozen since the pandemic stock offering boom crashed, and successful IPOs have included iconic brands, such as the Johnson & Johnson spinoff of its consumer health business which includes Tylenol and band-Aids in the Kenvue IPO. Still, while Kenvue was the biggest deal of the year, it's barely holding onto its IPO price today, according to CNBC and Renaissance Capital data, and the IPO market overall hasn't performed great after listing. The two potential paths of a footwear IPO can be tracked by the histories of Crocs and Allbirds.

Persons: Nordstrom, Jeff Greenberg, what's, Johann Adam Birkenstock, Birkenstock, Angelo Bochanis, Oliver Reichert, outsized, Reichert, Konrad Birkenstock, Johann, Karl, Konrad, Margo Fraser, Kim Knott, Kate Moss, Corinne Day, Rick Owens, Dior, Manolo Blahnik, Jeremy Moeller, Barbie, Margot Robbie, Johnson, Kenvue, it's, hasn't, Mark Cohen, Cohen, Jamie Dimon, Dimon, Bochanis, " Cohen Organizations: Universal, Getty, New York Stock Exchange, Nasdaq, Holding, Renaissance, Consumers, British Elle, Brand, CNBC, Columbia Business School, Facebook, Wall, JPMorgan, Company Locations: Merrick, , Miami, Germany, America, California, British, Arizona, It's, U.S

The surprise deal, which would join the venerable PGA Tour and a rival Saudi-funded golf start-up, LIV, was announced in June. The Saudi sovereign wealth fund, called the Public Investment Fund, or PIF, is controlled by the Saudi government. The Saudi Embassy did not immediately respond to a request for comment on the subpoena, which names the Public Investment Fund's New York-based U.S. subsidiary, USSA International. This summer's announcement of the PGA-Saudi golf deal ended a legal battle between the two rivals. Blumenthal said available public records indicate the Saudi sovereign wealth fund has expanded its investments in the United States from $2 billion in 2018 to $35 billion now.

Persons: Sen, Richard Blumenthal's, al, LIV, ” Blumenthal, Blumenthal, “, ”, Crown Prince Mohammed bin Salman Organizations: WASHINGTON, Saudi, PGA, Connecticut, Senate, PGA Tour, Public Investment Fund, Public Investment, United, Saudi Embassy, USSA, Crown Locations: United States, Saudi, York, San Francisco, Saudi Arabia

☆ Apple moved from a top-line growth story to a margins story, says Fenway Summer's Javier Saade
▼ + stars: | 2023-09-12 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailApple moved from a top-line growth story to a margins story, says Fenway Summer's Javier SaadeJavier Saade, Fenway Summer Partner and Wamsi Mohan, Bank of America Securities Sr. Analyst, join 'Closing Bell Overtime' to talk Apple's iPhone 15 reveal.

Persons: Fenway, Javier Saade Javier Saade, Wamsi Mohan Organizations: Email Apple, Fenway, Bank of America Securities

☆ Gas markets are becoming 'extremely difficult' to predict. It's a big problem for Europe this winter
▼ + stars: | 2023-09-12 | by ( Sam Meredith | ) www.cnbc.com time to read: +5 min

Aerial view of the LNG storage and vaporization vessel "Höegh Esperanza" at the Wilhelmshaven LNG terminal. European gas markets have been constantly fluctuating in recent months, owing to extreme heat, maintenance at gas plants and, most recently, industrial action at major liquefied natural gas (LNG) facilities in Australia. "Gas markets are becoming riskier — gas and LNG prices are increasingly volatile and greatly affected by global factors," Jaller-Makarewicz said. The EU reached its target of filling gas storage facilities to a 90% capacity roughly 2 1/2 months ahead of its Nov. 1 deadline. It means that we've got a pretty good buffer," Malek said, referring to Europe's filling of its gas storage facilities.

Persons: Ana Maria Jaller, seesaw, Makarewicz, Christyan Malek, Malek, CNBC's, we've, Filippo Monteforte Organizations: Getty Images Energy, Workers, LNG, Makarewicz Energy, Institute for Energy Economics, Gas, EU, Gas Infrastructure, International Energy Agency, European Union, Eurasia Group, JPMorgan, Afp, Getty Locations: Wilhelmshaven, Australia, Western Australia, Japan, China, South Korea, Asia, Europe, U.S, skyrocketing, Gas Infrastructure Europe, wean, Ukraine, Eurasia, Tuscany

☆ The Great College Pricing Sham
▼ + stars: | 2023-09-10 | by ( James S. Murphy | ) www.businessinsider.com time to read: +21 min

I use quotation marks, because merit aid is granted to half the students at public colleges and 84% at private colleges. Today the average merit-aid discount at private colleges is $23,000 — leaving the student to cover the remaining $30,000 or $40,000. At four-year public colleges, tuition now accounts for 52% of operational revenue, versus 48% from state funding. To make college more accessible, we need to make greater public investments — at both the state and federal levels — in higher education. James S. Murphy is a higher education policy analyst at Education Reform Now.

Persons: Joe Biden, YouGov, Gen, Gen Zers, You'll, Pell Grant, Dominique Baker, —, Getty, Ben Sasse, who's, Sasse, David Feldman, William & Mary, Ford, Feldman, they're, Sandy Baum, It's, There's, Baum, They're, Josh Shapiro, Spencer Cox, shouldn't, James S, Murphy Organizations: Insider, Harvard, of California, Southern Methodist University, Ivy League, U.S . News, Honda, Porsche, University of Florida, McKinsey & Company, University of Oklahoma, University of Kentucky, Ford, Apple, Fordham, Appalachian, William &, Technology, West Virginia University, WVU, Urban Institute, Google, Reform, Twitter Locations: United States, Italian, Appalachian State, America, Pennsylvania, Utah

☆ European gas prices jump 10% as strikes get underway at major LNG facilities in Australia
▼ + stars: | 2023-09-08 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

Liquefied natural gas (LNG) storage units at Grain LNG importation terminal, operated by National Grid Plc, on the Isle of Grain on August 22, 2022 in Rochester, England. European gas prices moved sharply higher on Friday as workers at Australian natural gas facilities went on strike, prompting fears that a prolonged halt to production could squeeze global supplies. "Unfortunately, following numerous meetings and conciliation sessions before the Fair Work Commission, we remain apart on key terms," a spokesperson for Chevron Australia said. Fears of strike action in Australia, one of the world's biggest exporters of LNG, have recently pushed up European gas prices — and analysts expect near-term market volatility to persist. European gas prices rose to around 43 euros last month but had pared gains as the two sides sought an amicable resolution.

Organizations: National Grid, Chevron, Chevron Australia, Offshore Alliance, Union Locations: Isle, Rochester , England, Western Australia, Chevron Australia, Australia

CINCINNATI (AP) — Cincinnati Bengals quarterback Joe Burrow became the highest-paid player in the NFL on Thursday, agreeing to a five-year, $275 million contract extension, according to a person familiar with the deal. The market for quarterbacks was set for Burrow in late July when Los Angeles Chargers QB Justin Herbert agreed to a five-year, $262.5 million extension. Herbert’s total value and $52.5 million average per season surpassed the $260 million, five-year extension ($52 million average) that Baltimore’s Lamar Jackson signed in April. Deshaun Watson agreed to a fully guaranteed $230 million deal with Cleveland in 2022. Bengals owner Mike Brown said a year ago that the team had begun restructuring finances in order secure a long-term deal for Burrow.

Persons: Joe Burrow, hadn't, Burrow, Bowler, ” Burrow, “ You’ve, Zac, Taylor, Justin Herbert, Baltimore’s Lamar Jackson, Deshaun Watson, Patrick Mahomes, wasn’t, Mike Brown, Joe Mixon, Tee Higgins, Logan Wilson, Ja’Marr, Higgins, Chase, ___ Maaddi, ___ Organizations: CINCINNATI, — Cincinnati Bengals, NFL, Bengals, Cleveland, AFC, Rams, Cincinnati, Browns, Los Angeles Chargers Locations: Cincinnati, . Kansas, Tampa , Florida

☆ Climate change adds workplace costs and hazards
▼ + stars: | 2023-09-07 | by ( Mark John | ) www.reuters.com time to read: +6 min

The 57-year-old's death in hospital was announced in late August - just as his trade union was ratifying a deal with UPS on improved heat protections. In a statement to local media, UPS (UPS.N) said it was cooperating with the authorities as they investigated the cause of death. "We train our people to recognize the symptoms of heat stress, and we respond immediately to any request for help," it said. Many European and other usually temperate countries still have no laws establishing maximum work temperatures. "Climate change is such a paradigm shift that all of us need to rethink these legacy economic assumptions," said NELP's Christman.

Persons: patchily, Chris Begley, Halshka Graczyk, Graczyk, Chaya, Anastasia Christman, Owen Tudor, Tudor, Jerome Volle, NELP's, David Stanway, Catherine Evans Organizations: UPS, Teamsters, International Labour Organization, Chiang Mai University, . Occupational Health, Safety Authority, Employment Law, International Trade Union Confederation, Reuters, Thomson Locations: Texas, Paris, Thailand, Myanmar, China, Singapore

August was about 1.5 degrees Celsius (2.7 degrees Fahrenheit) warmer than pre-industrial averages, which is the warming threshold that the world is trying not to pass. “Climate breakdown has begun.”Political Cartoons View All 1145 ImagesSo far, 2023 is the second hottest year on record, behind 2016, according to Copernicus. Usually an El Nino, which started earlier this year, adds extra heat to global temperatures but more so in its second year. The world has been warmer before, but that was prior to human civilization, seas were much higher and the poles were not icy. While the world's air and oceans were setting records for heat, Antarctica continued to set records for low amounts of sea ice, the WMO said.

Persons: Copernicus, ”, Antonio Guterres, Carlo Buontempo, ___ Borenstein, Seth Borenstein Organizations: GENEVA, Northern, World Meteorological Organization, WMO, ” United Nations, El Nino, University of Maine's, Twitter, AP Locations: El, United Kingdom, United States, Antarctica, Washington

☆ An escalating dispute at major gas facilities in Australia could drive up European prices, analysts say
▼ + stars: | 2023-09-06 | by ( Sam Meredith | ) www.cnbc.com time to read: +6 min

Liquefied natural gas (LNG) storage units at Grain LNG importation terminal, operated by National Grid Plc, on the Isle of Grain on August 22, 2022 in Rochester, England. Jacob Mandel Senior research associate for global energy markets at Aurora Energy ResearchFears of strike in Australia, one of the world's biggest exporters of liquified natural gas (LNG), have recently pushed up European gas prices — and analysts expect near-term volatility to persist. Jacob Mandel, senior research associate for global energy markets at U.K.-based consultancy Aurora Energy Research, said the global natural gas market was currently "very tight" and "very little supply flexibility" means that strike action in Australia could send European gas prices higher. He said that European gas prices could climb to above 40 euros ($42.9) per megawatt hour if the strikes go ahead as planned. The front-month gas price at the Dutch Title Transfer Facility (TTF) hub, a European benchmark for natural gas trading, traded at 33.5 euros on Tuesday.

Persons: Dan Kitwood, Jacob Mandel, Mandel, we've, Ramesh, Wheatstone, Henning Gloystein, Gloystein Organizations: National Grid, Getty, CNBC, Chevron, Offshore Alliance, Wheatstone, Fair, Aurora Energy, Aurora Energy Research, videoconference, Rystad Energy, Europe, EU, Eurasia Group Locations: Isle, Rochester , England, Western Australia, Chevron Australia, Australia, Europe, Japan, Korea, wean, Ukraine, Russia

☆ Russia will increase foreign currency sales 830% as deadline for Eurobond repayment nears
▼ + stars: | 2023-09-06 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Russia's central bank said it will increase its foreign currency sales by 830% later this month. The sales will help Russia repay a $3 billion Eurobond that is due on September 16. The offloaded foreign currency will also help calm ruble volatility, the central bank said. Between September 14 and 22, the Bank of Russia will sell 21.4 billion rubles worth of foreign currency a day into the domestic market, up 830% from a planned 2.3 billion. This will total 150 billion rubles worth of foreign currency, or $1.5 billion.

Persons: Wagner, Elvira Nabiullina, Anton Siluanov Organizations: Service, Bank of Russia, Bolshevik, Kremlin, Moscow Times, Reuters Locations: Russia, Wall, Silicon, Russia's, Moscow, Ukraine

☆ Two people have been accused of using an excavator to destroy part of the Great Wall of China to create a shortcut
▼ + stars: | 2023-09-05 | by ( Alex Bitter | ) www.businessinsider.com time to read: +2 min

Two people have been accused of destroying part of the Great Wall of China with an excavator. The pair reportedly wanted to create a path cutting through the Ming-dynasty portion of the wall as a shortcut, according to CNN. The damage has affected the structural integrity of that portion of the Great Wall, and it was "beyond repair," state-owned newspaper China Daily reported. AdvertisementAdvertisementThe earliest segments of the Great Wall, which stretches for over 4,000 miles across China, were first created in the third century BC. The damage to the Great Wall is this summer's latest example of a world-historical landmark facing purposeful damage.

Persons: Vespasian Organizations: CNN, Service, China . Police, China Daily, UNESCO, Smithsonian Magazine Locations: China, Wall, Silicon, Shanxi, Northeastern China

☆ Low water levels in Texas reveal dinosaur tracks dating back 110 million years
▼ + stars: | 2023-09-02 | by ( Rachel Ramirez | ) edition.cnn.com time to read: +5 min

CNN —As Texas baked in record-breaking heat this summer and a growing drought pushed water levels down, a group of volunteers uncovered something sort of magnificent: new giant dinosaur tracks that are believed to be from around 110 million years ago. Paul Baker, the retail manager at Dinosaur Valley State Park, told CNN he has “never seen this many dinosaur tracks” before. It is a hotspot for dinosaur enthusiasts and tourists who typically flock the now-dry Paluxy River to fish, swim and kayak. Paul BakerThe Paluxy River usually draws tourists for fishing, swimming and kayaking, but has been bone dry in this summer's growing drought. Baker was raised in Dinosaur Valley State Park – his father was a park manager for 30 years – and now operates several businesses, including the park’s gift shop.

Persons: Paul Baker, ”, Baker, I’d, it’s, ” Baker, “, dino, ” Kuban, –, ” Read, Mead Organizations: CNN, Dinosaur, US Drought Monitor, Glen Kuban, Society, Master Naturalists, North America — Locations: Texas, Dallas, Dinosaur, Kuban, Dinosaur Valley, North America, ”, Iraq

☆ A how-to repair company wants to fix one of summer's biggest problems: McDonald's broken ice cream machines
▼ + stars: | 2023-08-31 | by ( Kai Xiang Teo | ) www.businessinsider.com time to read: +3 min

McDonald's ice cream machines are so prone to breakdowns that they've spawned thousands of memes. Now, iFixit, a how-to repair company, wants a copyright exemption to repair them. McDonald's ice cream machines have a history of breaking down. This isn't the first time an outside group has tried to fix McDonald's ice cream machines. Startup Kytch introduced a device in 2019 to help franchise owners troubleshoot their ice cream machines so they could repair them.

Persons: iFixit, —, Taylor, We've, we've, Elizabeth Chamberlain, Chamberlain, McDonald's Organizations: Service, Copyright Locations: Wall, Silicon, McDonald's

Retail pasta prices rose about 12% this year in Europe and 8% in the United States, according to market research firm Nielsen. CANADA DRYWhen the Prairies turned dry this summer, Canadian farmer Darold Niwa saw hopes of a bumper durum harvest dashed. Durum, the hardest wheat, produces pasta with the prized "al dente" firm texture, unlike soft wheat. In the meantime, Vincenzo Martinelli, president of the durum section of Italian millers association Italmopa, nervously awaits the outcome of the Canadian harvest. "Without Canada, prices will only go up," he said.

Persons: De, Continental Noodles, Vincent Liberatore, Liberatore, Darold Niwa, Jerry Klassen, Philip Werle, There's, Severine, Maisons, Vincenzo Martinelli, Gus Trompiz, Rod Nickel, Emilio Parodi, Ceyda, Julie Ingwersen, Michael Hogan, Caroline Stauffer, David Gregorio Our Organizations: Foods, Nielsen, Grains, CANADA, Prairies, Statistics, Traders, Northstar, European Union, Thomson Locations: Fara San Martino, Italy, PARIS, WINNIPEG , Manitoba, Canada, Turkey, Toronto, Continental, Spain, India, Europe, United States, Oyen , Alberta, durum, Statistics Canada, France, Algeria, TURKEY, Turkish, American, Russia, North Africa, Milan, Ceyda Caglayan, Istanbul, Chicago, Hamburg

☆ Hot girl summer could lead the way into a recession-less fall
▼ + stars: | 2023-08-26 | by ( Sebastian Cahill | ) www.businessinsider.com time to read: +3 min

Local economies across the US are enjoying the boost brought by women's spending this summer. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. He also added that the pay gap between women and men is the narrowest it's ever been, especially among younger generations. Overall, Fortune estimated, the economy could benefit by about $3.1 trillion if women were afforded more opportunities and equity was increased. AdvertisementAdvertisementChevalier-Jordan said many women are in a good position to assume more power in spending as their rate of higher education completion rises.

Persons: Taylor Swift's, Forbes, —, Swift, Curt Long, National Business Capital Brian Chevalier, Jordan, Chevalier, we've, Beyoncé, Taylor Swift Organizations: Service, National Association of, CNBC, National Business Capital, — Fortune, Fortune Locations: Wall, Silicon, Cincinnati , Ohio, Sweden

☆ CNBC Daily Open: Jackson Hole anxiety overshadows Nvidia
▼ + stars: | 2023-08-25 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

Jerome Powell, Chair of the Federal Reserve, arrives to a dinner at the start of the Jackson Hole Economic Symposium on August 24, 2023 at Grand Teton National Park near Jackson Hole, Wyoming. This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Rally fizzles outU.S. stocks closed lower Thursday as an earlier Nvidia-sparked rally fizzled out, while Treasury yields climbed higher. But there are other market themes that investors should know about, according to Goldman Sachs.

Persons: Jerome Powell, paring, CNBC's Lucy Handley, Singh Puri, CNBC's Tanvir Gill, Puri, Goldman Sachs Organizations: Federal Reserve, Jackson, Grand Teton, CNBC, Nvidia, Nikkei, AMD, Intel, Petroleum, Natural Gas Locations: Jackson Hole , Wyoming, Asia, Pacific, China, Europe, India, Moscow

Even as inflation has slowed from last summer's 40-year highs, Fed officials have been reluctant to declare their job finished until there are clearer signs the economy is slowing. If, as some argue, the interest rate that neither stimulates nor restrains the economy has shifted higher, it means Fed policy is putting less pressure on the economy than expected. Partly to let its policies play out, the Fed is widely expected to leave interest rates on hold at its Sept. 19-20 meeting. Will the bulk of policymakers feel higher rates will be needed to finish the job? "I do expect some rise in unemployment will be required to get underlying inflation into a zone where the Fed is comfortable."

Persons: Chris Albrecht, what's, Thomas Barkin, Barkin, Charles Evans, Richard Clarida, Howard Schneider, Dan Burns, Paul Simao Organizations: Caesars, Richmond Fed, Reuters, Fed, Chicago Fed, Workers, U.S, Thomson Locations: DANVILLE, Virginia, Danville , Virginia, Caesars Virginia, Danville, U.S, Jackson Hole , Wyoming

☆ Wildfires rage in Greece, Spain and Italy as heatwave spreads
▼ + stars: | 2023-08-22 | by ( Alexandros Avramidis | ) www.reuters.com time to read: +4 min

[1/5] Flames burn a tree as a wildfire rages in Alexandroupolis, on the region of Evros, Greece. Authorities urged residents to avoid the heat as France, Italy, Spain and elsewhere suffered hot, dry and windy conditions that scientists have linked to climate change. WILDFIRES IN SPAIN, ITALYThe blaze has burned through 15,000 hectares in 12 municipalities forcing the evacuation of thousands of people. In France, four southern regions - the Rhone, Drome, Ardeche and Haute-Loire - were placed under red alert, the most serious warning. Grape-pickers in wine-producing regions of southern France have been advised to start work on the harvest in the early hours of the morning to avoid sweltering in a late summer heatwave.

Persons: Alexandros Avramidis, I've, Nikos Gioktsidis, Vassilis Varthakogiannis, AEMET, Alessandro Vitaliano, ANSA, Karolina Tagaris, Dominique Vidalon, Gisela Vignoni, Crispian Balmer, Ingrid Melander, Janet Lawrence Organizations: Flames, REUTERS, Greece Firefighters, heatwave, University Hospital, ERT, Rio Marina, Reuters, Thomson Locations: Alexandroupolis, Evros, Greece, Spain, Italy, Europe, France, Turkey, Tenerife, SPAIN, ITALY, Elba, Rio, Rome, Milan, Florence, Drome, Ardeche, Haute, Loire, Rhone, Alexandropoulis, Athens, Paris

☆ Bitcoin had a big drop late last week. Here's what sparked it, and why that volatility can persist
▼ + stars: | 2023-08-20 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +4 min

Bitcoin's back to its volatile ways after its big move down late last week — but not for the reason investors expected. Aside from the mismanaged crypto lenders (and FTX) that plagued the crypto market in 2022, the Federal Reserve's inflation-fighting rate hiking campaign played a big part in bitcoin's downward price pressure. "The volatility will have a persistence if we're going to stay here at an elevated real rate environment," he told CNBC. Even if the Fed doesn't raise interest rates anymore, the crypto space seems more focused now on real rates and keeping them elevated to fight inflation. Having institutions with an established long core holding would act as a stabilizing force for Bitcoin, Connors added.

Persons: it's, Mark Connors, 3iQ, We're, headwinds, Connors, It's, that've, Bitcoin, —, Jeff Cox Organizations: CNBC, SEC, Fidelity Locations: BlackRock

A child plays the game "Honour of Kings" by Tencent at home in Dezhou, Shandong province, China July 2, 2017. REUTERS/Stringer Acquire Licensing RightsHONG KONG, Aug 17 (Reuters Breakingviews) - China's economic woes have gifted Tencent (0700.HK) an unexpected silver lining. Revenue rose a decent 11% to 149 billion yuan ($20.4 billion), but fell slightly short of the average analyst forecast compiled by Refinitiv. That compares to the 151.7 billion yuan average analyst forecast of 21 analysts compiled by Refinitiv. Adjusted net profit, after excluding certain one-time and non-cash items, rose 33% to 37.5 billion yuan.

Persons: Tencent, Stringer, HONG KONG, Refinitiv, James Mitchell, pare, Alibaba, Antony Currie, Thomas Shum Organizations: REUTERS, Reuters, HK, Revenue, Tencent, Citi, Refinitiv, Thomson Locations: Dezhou, Shandong province, China, HONG, Tencent, Hong Kong

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