Pippa Stevens of CNBC.com brings you today’s top business news headlines. On today’s show, CNBC.com’s Mackenzie Sigalos explained El Salvador’s rollout of nationwide bitcoin acceptance and why some citizens are against it. Additionally, opening statements from the trial of former Theranos CEO Elizabeth Holmes are about to begin.
Bitcoin drops nearly 10% as El Salvador adopts it as legal tender
The price of bitcoin fell on Tuesday, surpassing $ 52,000 on Monday night to reach its highest level since May.
The price action comes on a day when El Salvador prepares to adopt the largest cryptocurrency by market cap as legal tender, becoming the first country to do so. Bitcoin fell to 16% on Tuesday morning. According to Coin Metrics, it was down about 9.5% and was trading at $ 46,892.04. Ether fell 12% to $ 3,441.21.
Crypto-adjacent stocks MicroStrategy and Coinbase also fell 9% and 4%, respectively. Coinbase users were aware of delayed or canceled transactions at “advanced rates” this morning, the company said. said in an update on Twitter, but these issues were resolved by noon. Major crypto exchanges Kraken and Gemini were also investigating delays and performance issues.
Major automakers fear global chip shortage will last for some time
Automakers including Ford, Volkswagen and Daimler continue to struggle to cope with the impact of global chip shortages, with executives at each company warning that silicon shortages will continue to be a problem.
Volkswagen CEO Herbert Diess, Daimler CEO Ola Kalenius and Ford Europe CEO Gunnar Herrmann told CNBC’s Annette Weisbach at the Munich auto show on Monday that it was difficult to say when the complex issue would be solved.
Germany’s Volkswagen, Europe’s largest automaker, has lost market share in China due to a chip shortage, Diess said.
“We are relatively vulnerable to semiconductor shortages,” he said. “We are more affected in China than in the rest of the world. This is why we are losing market share.
Dias said his colleagues in China were pushing for more semiconductors, describing the lack of chips as a “very big concern.”
Elizabeth Holmes lives on the land of her $ 135 million estate in Silicon Valley during her trial
On the same day that former Theranos CEO Elizabeth Holmes was allowed to delay a criminal fraud trial due to her pregnancy, her partner was fined.
William “Billy” Evans received a citation on March 17 for “non-display of license plate,” according to court records for San Mateo County, California.
The quote revealed a new address for the couple: a home on the ultra-succulent grounds of Green Gables, one of America’s most expensive estates.
CNBC has independently confirmed that Holmes and Evans currently live in one of the homes on the 74-acre property. The historic property, which is currently on sale for $ 135 million, is located in Woodside, one of the wealthiest towns in Silicon Valley. The first statements from his trial begin this week.
The Green Gables website claims it is an “architectural masterpiece in the most beautiful setting of nature”.