Finance

Donohoe to Run for Third Term Leading Euro-Area Finance Ministers

Eurogroup President Paschal Donohoe is set to seek a third term leading the meetings of euro-area finance ministers, according to sources close to his plans. The 50-year-old, who also serves as Ireland’s finance minister, has been at the helm of the Eurogroup since 2020. Donohoe was re-elected for a second term in December 2022, with his current tenure concluding this summer. As he prepares to run for a third term, his leadership role within the Eurogroup continues to be a pivotal one, especially amid ongoing economic challenges in the region.

TECH

China’s DeepSeek AI App Triggers Drop in U.S. Tech Stocks

The unexpected surge in popularity of a Chinese artificial intelligence model, DeepSeek, caused a significant market reaction on Monday, with the Nasdaq, which is heavily weighted towards tech stocks, dropping nearly 3.5 percent right at the market open. Several technology companies that had been counting on the continued rise of AI saw sharp declines in their stock prices. U.S. chipmaker Nvidia, a major player in the AI space, saw its shares plummet by more than 12 percent as trading began, reflecting broader concerns about competition from DeepSeek and the potential disruption it could cause in the AI market.

CRYPTO

Bitcoin and Crypto Prices Face Major Crash Following Fed’s ‘Financial Crisis’ Alarm

Bitcoin’s price has fallen below $100,000 per coin, a sharp drop from its all-time high of nearly $110,000, which was recorded just before U.S. President Donald Trump’s inauguration. This decline comes despite optimistic predictions, such as those from Coinbase CEO, who once speculated that Bitcoin could eventually surpass gold’s $18 trillion market cap.

Now, as BlackRock’s Larry Fink shares details of his talks with sovereign wealth funds about potentially investing in Bitcoin, concerns are mounting in the crypto world. Notably, prominent crypto trader Arthur Hayes has raised alarms about a looming "financial crisis." Hayes predicts that this potential crisis could prompt the Federal Reserve to introduce new stimulus measures, which might further influence market dynamics and crypto prices.