Receiving Wide Coverage ...
Holding steady: "Halving" sounds like it should be straight out of Lord of the Rings or The Hunger Games, but it's not. Bitcoin survived its quadrennial event on Saturday, with the reward for mining new bitcoins slashed in half for a second time in the virtual currency's history. The change could thin the herd of bitcoin miners, armed with powerful computer processors, that have popped up around the world.
Prices sank about 5% immediately following the change, though values have largely recovered. The currency was trading at just under $650 per bitcoin early Monday morning, down from about $660 going into the weekend, a change of less than 2%. The halving event was written into the currency's code in 2008 by bitcoin architect Satoshi Nakamoto to help keep the currency's supply from growing too fast. Wall Street Journal, American Banker, Reuters, Fortune
Wall Street Journal
In the red: Citigroup has lost almost $350 million since 2009 trying to break into the Chinese consumer market. The bank is still profitable in the country thanks to trading and other business lines, but cracking the retail segment is taking longer than expected.
Here come the earnings reports: The big banks will begin rolling out their second-quarter results this week – and the outlook is less than rosy. Analysts have reportedly "taken an axe to profit forecasts" thanks to the Brexit vote and signs of a weakening U.S. economy.
Making lending great again: Crain's New York Business profiles Ladder Capital Financial, an eight-year-old REIT that has provided $275 million worth of mortgage loans to Donald Trump in recent years. "The likes of Citigroup and JPMorgan Chase appear to have turned their backs on Trump since the early 1990s, when the developer nearly collapsed into bankruptcy," the paper notes.