Celsius Crash Reverberates In Crypto Market, Musk's Pep Talk To Salvage 'Tough Quarter,' Apple Car Springs Back To Life And More: 5 Key Stories You May Have Missed This Weekend

Zinger Key Points
  • The week is expected to start off on a negative note for the market amid nervousness over coming Fed decision
  • Celsius' collapse was the talk of the weekend, as it sent the cryptocurrency market into a tailspin
  • Bankruptcy news also dominated, reflecting the precarious economic conditions

U.S. consumer price inflation data spooked the market last week, stifling any hopes of a recovery. Investors are entering the new trading week with trepidation, with a two-day Federal Open Market meeting starting Tuesday. 

Against this backdrop, here's a recap of a few major headlines that hit the wire over the weekend.

1. Celsius Meltdown: With the TerraLuna LUNA/USD fiasco fresh in the minds of cryptocurrency investors, now cryptocurrency lending firm Celsius Network's Celsius CEL/USD token is crashing. In a blog post, Celsius said it is pausing all withdrawals, swap and transfers between accounts, blaming the action on extreme market conditions.

CEL, which has been on a broader downtrend since May last year, lost more than half of its market cap following the announcement. It took down along with it the rest of the cryptos as well.

2. Web69 On Dogecoin? After Twitter, Inc. TWTR founder Jack Dorsey said Friday that he is building Web5 exclusively based on Bitcoin BTC/USD, Dogecoin DOGE/USD supporters raised the specter of a Web69 based on the dog-themed currency.

Elon Musk did not want to be left out of the fun and chimed in with his view using a fire emoji for the suggestion.

Related Link: Elon Musk Says He Respects Tesla Employees 'Indefinitely More' Than Richest Person On Wall Street

3. Musk Calls Out to Employees For Big Push: Electric vehicle maker Tesla, Inc. TSLA has had a tough second quarter due to supply chain challenges and production disruptions stemming from the Giga Shanghai lockdown. In an internal email, Musk reportedly told employees to rally hard to recover from the tough quarter. He also commended the Gigafactories in Fremont and Berlin on achieving milestones.

4. Apple Car Could Finally Be A Reality: Apple, Inc.'s AAPL improved CarPlay, announced at the annual Worldwide Developers Conference last week, is a forerunner of the Apple Car, which could be announced in 2025, Bloomberg columnist Mark Gurman said.

Gurman said the Apple Car project team is shaping up well under its new head Kevin Lynch.

He highlighted the engineering talent Apple managed to mobilize for the project and also said an Apple Car could pose a serious challenge to Tesla.

Related Link: Beauty Products Giant Revlon In Talks To File For Chapter 11 Bankruptcy: Report

5. Kim Jong-Un Flaunts His Affection For Putin: On the occasion of the National Day of the Russian Federation, North Korean leader Kim Jong-Un sent a letter to his Russian counterpart Vladimir Putin, saying he is defending the the nation's dignity. Kim also extended support to Putin and the Russian people.

What Else? Comcast Corporation CMCSA-owned Universal Picture's ‘Jurassic World Dominion" topped the U.S. box office charts over the weekend, fetching $142.1 million in ticket sales from 4,676 theaters.

Bankruptcy news did the rounds during the weekend, with reports suggesting cosmetics products maker Revlon, Inc. REV will likely file for Chapter 11 bankruptcy as early as this week. EV maker Electric Last Mile Solutions, Inc. ELMS said on Sunday it is filing for Chapter 7 bankruptcy.

Nationwide average retail gas prices topped the $5-a-gallon mark over the weekend due to supply constraints amid the Ukraine war and increasing demand.

Market News and Data brought to you by Benzinga APIs
Posted In: NewsPenny StocksTop StoriesMediaElon MuskJack DorseyKim Jong-unVladimir Putin
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!