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US markets closed red; Twitter rallied amid Musk not joining board; Coinbase fell on India operations struggle

  • The Nasdaq fell 2.18% on Monday to close the session at 13,412 points.
  • Twitter rose almost 2% on Musk’s backflip decision on joining the board.
  • Coinbase fell 4.4% on struggling India operations & lower price of Bitcoin.

The US markets started the week lower as investors grew concerned about the impact fresh lockdowns in Shanghai and other industrial areas in China will have on China’s economy. Auto-sales have declined while consumer prices grew 1.5% in March, which topped expectations.

The Dow Jones fell 1.19% to finish the trading day down 413 points to close at 34,308 points.

The tech heavy NASDAQ fell 2.18% to finish the trading day down 299 points to close at 13,412 points.

One bitcoin is worth US$39,940 going into the Asian trading day.

The Australian dollar is stronger against the major currencies and is buying 74.22 US cents.

Twitter shares rallied almost 2% on Monday after the social media giant’s CEO Parag Agrawal said that Elon Musk has backflipped on his decision to join the company’s board, and will no longer be doing so, just a week after purchasing a 9.2% stake in Twitter. Twitter said the company is still open to Mr Musk’s input despite his decision not to join the board.

Shares in cryptocurrency exchange platform Coinbase tumbled 4.4% on Monday after announcing the company is struggling to get its operations in India going. On Sunday, the world’s second largest crypto exchange platform temporarily disabled the option to buy cryptocurrencies using the UPI in India. Coinbase shares also fell as the price of Bitcoin dipped overnight to its lowest level since March.

And humans can now turn their hand into a functioning credit card after British-Polish firm Walletmor became the first company to implant a tiny payable chip into a human hand. Walletmor has now sold more than 500 of the chips that have regulatory approval and require no battery or charge to work.

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