Phil Rosen
@philrosenn
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Co-Founder & Editor-in-Chief, Opening Bell Daily @ReadOpeningBell • 2x Author • Alum: Fulbright, Business Insider, USC
New York City
Joined May 2021
Apple just had a record quarter. But it looks like it's prioritizing earnings expectations over the innovation that got it here. $AAPL
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1/📉Russia is days away from its first debt default since 1998 as a $100 million payment comes due with Moscow cut off from the global financial system.🚨. Hot off the press for @BusinessInsider.
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1/ President Vladimir Putin just penned a decree saying Russian companies must remove themselves from foreign stock exchanges like in NY and London -- dealing another sharp blow to Russian billionaires. My latest for @BusinessInsider.
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El Salvador and @nayibbukele's bitcoin bullishness has spurred a boom in local tourism. My latest for @BusinessInsider .
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1/ Russia's economy could spiral into a depression under an EU oil embargo, which is now much more likely. A top energy analyst (@Kpler) explained why Moscow won't be able to rely on China and India to fill the gap. New for @BusinessInsider .
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1/ I spoke to Shark Tank star Kevin O’Leary about crypto, investing, Web3 and metaverse — Mr. Wonderful really is wonderful. Here’s my convo with @kevinolearytv, hot off the press for @BusinessInsider:. (@ABCSharkTank, @MktsInsider).
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1/ I sat down with Shark Tank's Kevin O'Leary to chat crypto and investing — and Mr. Wonderful explained why he's buying the dip in #BTC & #ETH. Here's my convo with @kevinolearytv, hot off the press for @BusinessInsider: . (@ABCSharkTank, @MktsInsider).
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1/ Now this is interesting -- Israel's Central Bank added China's yuan to its reserve holdings for the first time ever, AND it reduced its exposure to the US dollar in its biggest currency reshuffle in a decade(!). my latest for @MktsInsider:.
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1/ Gas prices are hitting record highs -- but dont expect Biden to be able to lower them (or any President, for that matter). Here's why: . Hot off the press for @BusinessInsider: .
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1/ Dollar Vs. Euro: The world's two top currencies are on the verge of parity for the first time in 20 years -- and it could happen within a month. Here's what to know. Hot off the press for @BusinessInsider.
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1/ This is big: The US dollar and oil prices are breaking from their historical trade link. An economist broke down why this signals a 'double whammy' for global markets.😳.Hot off the press for @BusinessInsider.
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2/ By Sunday night — the last day of a 30-day grace period — Russia must pay roughly $100 million to bondholders, or else it will fall into default. (@MktsInsider, @InsiderIntl).
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1/🚨Gas prices have now dropped for 30 days(!) in a row — and a gallon at the pump costs 44 cents less than last month.📉. Hot off the press for @BusinessInsider:.
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1/ This blockchain expert explains how North Korea's $625 million crypto hack presents a new national security threat — and why it marks a shift in the global 'digital battlefield.' Hot off the press for @BusinessInsider⚡.
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2/ Putin signed the new rule April 16, and within the coming days Russian companies must comply, removing themselves from the likes of the NY Stock Exchange, London Stock Exchange, Nasdaq, and other top bourses. (@BusinessInsider).
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2/ With Germany saying this week that it’s ready to stop buying Russian oil, large implications are set to follow. The odds of a sweeping EU oil embargo have surged. (@MktsInsider, @BusinessInsider).
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1/🪵LUMBER prices are set for a shakeup as a new type of futures contracts rolls out - and a top broker (@LumberTrading) says trading volume could soar 10x📊. New for @BusinessInsider.
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3/ The likes of Vladimir Potanin — Russia's richest man — will now have to adjust the ownership structure of their businesses, Bloomberg reported. And many of Russia's billionaires have already had to navigate a tough few months. (@BusinessInsider).
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3/ While its government has said it had attempted to pay investors, wartime sanctions have stymied Moscow's attempts to fulfill those payments.⏰.(@PoliticsInsider).
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4/ Last month, the US Treasury had let a key sanctions exemption expire. Ending the carve-out meant US investors would no longer be allowed to receive payments from Russia.💵.(@BusinessInsider).
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1/ 🚨China is building a yuan currency reserve with five other nations to compete with the dollar and prop up other economies.💵. Hot off the press for @BusinessInsider.
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3/ "Russia's economy is projected to contract by more than 10% already this year. If an EU embargo happens, it would likely send the economy spiraling into a depression," @mattvsmith01, a top oil analyst at research firm @Kpler said.
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1/ TODAY: Germany says it's ready to stop buying Russian oil. That opens the door for the European Union to impose a full oil embargo against Moscow. New for @BusinessInsider: .
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1/ A hacker just stole $625 million(!) in crypto from @AxieInfinity. 3 experts broke down the historic swindle—and why cyberattacks shouldn't discourage adoption of digital assets. [My latest for @BusinessInsider].@amber_ghaddar @ARedbord @galka_max.
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Some news: I quit my job at Business Insider to team up with @APompliano and launch Opening Bell Daily, an independent news and research outlet committed to demystifying Wall Street, markets and investing — at no cost to readers📊👇.
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1/ An economist explains why a new China-Saudi Arabia oil deal could be monumental — and where China could expand its currency to next. Hot off the press for @BusinessInsider.
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5/ Russian billionaires, meanwhile, have already been targeted by Western sanctions as well as Moscow's own capital controls that restrict the ability to move money abroad. The war in Ukraine has only added obstacles for them. (@BusinessInsider).
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1/ NEW: Here's why gas prices are hitting record highs even as crude oil has fallen. (@BusinessInsider).
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4/ In addition, the decree that Putin signed means foreign holders of the canceled receipts must receive normal shares placed in non-resident accounts in Russia. (@BusinessInsider).
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1/📉The Taiwan dollar craters ahead of Nancy Pelosi's visit amid heightened US-China tensions.🇹🇼. New for @BusinessInsider.
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6/ Should Russia fail to complete its debt obligations, it could trigger legal action from creditors and stand as a black mark against the nation's prestige.
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1/😳🚨This feels significant: US gas prices have fallen for 21 straight days — the longest streak since the start of the COVID-19 pandemic. Hot off the press for @BusinessInsider.
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@VivekGRamaswamy in the house at Mainnet talking crypto, regulation, and running for president
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1/ The US dollar may be losing global dominance — which means China could elevate the yuan on the world stage. Here's what China would have to do to make this happen (and why it wouldn't be all bad). Hot off the press for @BusinessInsider.
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5/ At the time, Russian officials said it would pay its debts in rubles, and accused the US of forcing an "artificial default."📊. (@InsiderNews).
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2/ Pain at the pump has gotten so bad that demand for gasoline is now dropping, just as the summer driving season is about to begin. (@MktsInsider).
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11/ "Every single dollar a country is paying for Russian oil is funding the war [in Ukraine]. By cutting off those revenues, the goal is to ultimately cut off Russia's ability to continue this war," @mattvsmith01 said. (@MktsInsider, @BusinessInsider).
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1/🚨Russia's central bank slashes interest rates to below pre-invasion levels as oil and gas exports ease severity of its recession. New for @BusinessInsider.
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4/ Unless Moscow can find new buyers for its huge oil supply or at least find a place to stash it, there's a strong chance Russia will have to slash its oil production dramatically, the @Kpler analyst said. (@MktsInsider, @BusinessInsider) .
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1/ Russia's central bank admitted that Western sanctions have left the embattled nation scrambling for economic options as roughly half of its $642 billion in foreign reserves remain frozen. My latest for @BusinessInsider:.
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6/ "The rights of shareholders who believe in Russia and have invested in the Russian market for many years and who cannot hold Russian shares directly, are being hurt," a tycoon told Russian news outlet @kommersant this month. (@BusinessInsider).
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8/ While Putin's new decree means foreign holders must receive normal shares placed in non-resident accounts in Russia, those holders are already facing various restrictions that could prevent them from shedding those shares. (@BusinessInsider).
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1/ 🚨Gas prices have soared so high that the US is now seeing demand destruction ahead of the summer driving season🚨 .New for @BusinessInsider.
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7/ "They have nothing to do with politics, and there is a risk that their property rights will simply be lost," the tycoon continued. (@BusinessInsider).
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8/ But importantly, it's not as if Russia does not have the funds to pay — a default would be triggered primarily due to sanctions, rather than a lack of cash or willingness. (@MktsInsider).
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3/ Lumber sunk below $300 per thousand board feet in early 2020, jumped to $1,000 later, crashed, soared past $1,700 in May 2021, crashed again, rebounded to nearly $1,500 in March, plunged yet again, and are now below $600.💵. (@MktsInsider)
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9/ Since the war began in February, the country's oil export revenue has increased compared to 2021, with buyers in China and India snapping up additional barrels at a discount. (@MktsInsider).
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5/ Prices at gas stations across the US have hit record after record over the last two weeks. (@MktsInsider)
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7/ The debt payments had originally been due on May 27, and Moscow sent them to Russia's National Settlement Depository. But sanctions prevented Western institutions' ability to accept the payments.🚨.
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Personal news: Today was my last day at Business Insider. I'm so grateful to have worked 3 years in a newsroom packed with talented, kind individuals. This is a bittersweet day. But it's time for the next chapter — the future remains bright!.
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3/ The White House is staring down a global energy crunch sparked by Russia's invasion of Ukraine, as well as domestic supply strains across energy commodities. (@MktsInsider)
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New from me: Top economists have warned that US sanctions on Russia will end up hurting our own taxpayers. 3 experts told me what will happen in America, ringing the bell on inflation, gas, & cyber-warfare (@BusinessInsider).
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6/ "A dent in export revenue will ultimately result in significant deterioration in the country's economy," analyst @mattvsmith01 explained. (@MktsInsider, @BusinessInsider, @InsiderIntl, @PoliticsInsider).
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If you put $100 in $NVDA 10 years ago, it'd be worth $297,000 today. Every overnight success is a decade in the making. (h/t @GotLiveData)
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1/🛢Russia's gas shutoff is forcing Europe's biggest buyer of its supplies to draw down winter emergency reserves⚡️. New for @BusinessInsider.
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5/ Russia could use its extensive network of pipelines as storage space, but that wouldn't hold all the excess supply, @mattvsmith01 said, adding that unsold crude also could be floated offshore in vessels. (@MktsInsider, @BusinessInsider) .
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7/ Even if China and India increase Russia energy imports, it remains "highly, highly unlikely" they could absorb 100% of the excess barrels however, @mattvsmith01 said. (@MktsInsider, @BusinessInsider).
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A reporter was pushed to the ground and arrested for trespassing Wednesday while covering news on the derailment of a train carrying toxic chemicals in Ohio. (@politico).
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9/ Meanwhile, China's demand for energy has dropped under Beijing's zero-Covid policies, and its own oil refineries have dialed back. (@BusinessInsider, @MktsInsider, @Keplr).
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8/ "It would be very difficult for [India] to logistically pull in a huge amount of additional crude given it likely has a significant volume of its imports under long-term contracts from the Middle East.". (@BusinessInsider, @MktsInsider).
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1/ If you think gas prices are bad, diesel is in its worst crisis since the 1970s — it’s even raised fears of rationing(!). New for @BusinessInsider⚡️.@MktsInsider.
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Bitcoin has gone from a $1 billion to $1.8 TRILLION market cap in a decade. 7th largest asset in the world🤯. (h/t @GotLiveData)
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2/ A top economist told @BusinessInsider that the two currencies could hit parity within "a month or so" for the first time since 2002.
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7/ For his metaverse and Web3 investments, he recommended heavy diversification "because you have no idea what's going to work." Just one or two winners out of 10 positions can pay for all the losers, @kevinolearytv said. (@BusinessInsider).
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My latest for @BusinessInsider: A new NFT by @LITWTF features Robert De Niro's face reacting to the current price of ether.
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5/ "I'm not selling anything," @kevinolearytv said. "Long term you just have to stomach it. You have to understand you'll get volatility, and that some projects aren't going to work." (@MktsInsider).
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1/🚨Gas prices are 30% higher than last year - but fuel demand is cratering to pandemic levels of 2 years ago.📊. Hot off the press for @BusinessInsider.
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3/ Demand on a four-week rolling basis has hit its lowest level during this time of year since 2013, excluding the pandemic-hit period in 2020, according to data from the Energy Information Administration compiled by Bloomberg.
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4/ At the same time, crude prices have surged 62% in 2022 as Russian supplies disappear from the market, global stockpiles shrink, and demand ramps up amid easing COVID restrictions and summer travel season. (@MktsInsider, @InsiderIntl).
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4/ "There are very few tools the US administration has because the biggest drivers for gasoline prices are driven by global fundamentals," @mattvsmith01, lead oil analyst at @Kpler, told Insider.
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1/🚨China is weighing fast-tracking bond sale for the first time ever with $220 billion stimulus package to spark the slumping economy, reports say.👀. New for @BusinessInsider.
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2/ The cost of gas is surging across the US, but drivers shouldn't expect any action taken by President Joe Biden's administration to bring down prices at the pump ahead of summer driving season. (@MktsInsider).
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Nvidia has had an absurd year — and yet MicroStrategy has doubled its returns and then some. • $MSTR +430% .• $NVDA +190%
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"In a worst-case scenario, a bank can be taken over by the opposition, as in this case with the Russian military," Junior Theomou, CEO of @MinersDefi said. "[But] decentralized digital currency cannot be taken away." .
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4/ Given that 59% of gas prices come from the cost of crude, a 22% decline in oil should've translated to a 13% dip at the pump — but that didn't happen. (@MktsInsider, @BusinessInsider).
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Personal news: Excited and honored to share I have won a Fulbright award!. Later this year I will go to Berlin to learn about Europe's media landscape and government, and meet with policymakers alongside a small group of US journalists. Thank you, @FulbrightPrgrm!.
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3/ If anything, @kevinolearytv thinks the crypto bear market will end up propping up the whole crypto sector in the long run because it will teach investors what works and what doesn't. (@MktsInsider).
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Sam Bankman-Fried of @FTX_Official called for more sensible crypto regulation in a new interview. 2 experts shared what they predict will happen in 2022. My latest for @BusinessInsider .
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2/ A strong US dollar has historically put downward pressure on oil prices as it is typically priced in the greenback — but that hasn't been happening lately. (@MktsInsider).
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3/ US authorities have tied North Korean hackers to the historic $625 million(!) @AxieInfinity crypto swindle. The move signifies the emergence of a new type of national security threat, says @ARedbord 💸 .(@BusinessInsider).
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5/ "You can make decisions on domestic supply, but if it doesn't have an impact on the global picture, it won't have an impact at the pump," the top oil analyst explained. (@mattvsmith01).
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10/ Still, China and India, which largely have avoided condemning Moscow for its war on Ukraine, could take in an additional 1 million barrels per day from Russia, @mattvsmith01 estimates. (@InsiderIntl, @BusinessInsider).
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2/ Previously, the bank only held US dollars, euros, and the British pound. But now it is looking to diversify its holdings and change its investment philosophy. (@BusinessInsider, @MktsInsider).
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2/ Gas prices have dropped 9% over the last 30 days and one gallon now costs $4.577, according to AAA data.💵. (@MktsInsider).
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6/ The average gallon of gas in the US hit $4.599 on Tuesday, about 51% higher than a year ago, per AAA data. (@MktsInsider).
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8/ The demand destruction stemming from the high gas prices could alter earlier forecasts for prices to climb even higher. (@BusinessInsider).
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3/ This year, the dollar has strengthened roughly 8.5% to a 20-year high as the Fed winds down the easy-money era and tightens policy. (@MktsInsider).
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4/ Compared to year-ago levels, gas demand is down roughly 5%, even as summer is about to kick off. (@MktsInsider).
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2/ In this exclusive interview, @kevinolearytv explained how he applies his decades of experience as an index and stock investor to his crypto and Web3 portfolio. (@BusinessInsider, @ABCSharkTank).
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4/ Currently, @kevinolearytv said he holds 32 positions in the digital asset sector, including @solana, bitcoin, and blockchain firm @Polygon. (@BusinessInsider, @sandeepnailwal).
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6/ "Other countries have to pay even more for barrels [of crude] because they are dealing with the rising dollar and rising oil prices. The US is dealing with just the rising prices." (@MktsInsider).
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4/ The venture capitalist explained that he's been doubling down on tokens, including bitcoin and ether, as well as various Web3 projects even though he acknowledges that not every investment will be a winning bet. (@MktsInsider, @FinanceInsider).
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7/ Regular gas prices have never before hit this level. And in California, AAA data shows, prices are above $6.(See the photo, from just outisde San Francisco, CA).
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1/📊 Oil prices could crater all the way to $75 a barrel if a recession hits — or surge to $150 if EU sanctions slam Russian supplies, Bank of America says.🛢. New for @BusinessInsider.
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2/ In an exclusive interview, Kevin O'Leary broke down how he's approaching the crypto bear market, and why he is sweating the downturn. (@MktsInsider).
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I stepped out of the Business Insider newsroom for the last time yesterday. I exchanged handshakes and hugs with colleagues, had my last sip of the office coffee that had perked me up so many times, and turned in my laptop. As I left I took a long, final look around the place
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5/ "Bitcoin is not a coin, it's a software," @kevinolearytv explained. And the same goes for other tokens like ethereum, @helium, and solana, he noted. He sees software as a strategic, long-term bet. (@BusinessInsider).
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2/ Lumber prices have been on a wild ride in the last few years, but they could soon get less volatile, even with trading volume set to soar.📊🪵. (@MktsInsider).
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3/ While the current price is still 37% higher than a year ago, it marks significant relief from early June, when the average pump price moved above $5 for the first time ever.📊. (@MktsInsider).
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1/ US wholesale gas prices dropped to their lowest point since before Russia's invasion of Ukraine - but prices at the pump remain 21% higher than last year⛽. New for @BusinessInsider.
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