The tech industry has cut tens of thousands of jobs and lowered compensation for the select few who get offers, leading more young people to consider finance as a career option. With the economy in flux, many are turning to where the jobs are or at least where fewer have been lost. Tech firms are decreasing offers for new employees, with total compensation packages dropping as much as 25% in March compared with the same time last year. This has led young people who dreamed of working in tech to turn to finance instead. Despite layoffs and lower bonuses on Wall Street, it is still seen as offering stability during a recession.

The world's largest banks, including JPMorgan Chase & Co., Goldman Sachs Group Inc., and Morgan Stanley, have created a booming business churning out imitation quant trades known as quantitative investment strategies (QIS). These trades replicate strategies pioneered by Ivy League academics and systematic fund managers like AQR Capital Management. QIS trades come with a handbook about exactly how they work, making them transparent and cheaper than most money managers. However, skeptics point out that banks don't have a fiduciary duty in the same way a money manager does. Despite this criticism, assets run by QIS have grown an average of 3% annually over the last six years to reach about $370 billion by mid-2022.

The Wall Street Journal recently published an article claiming that US authorities had "cracked" Bitcoin's anonymity, but this is a misconception. Bitcoin is pseudonymous, not anonymous, and it has long been noted within the industry. While it is possible to trace someone's identity through wallet addresses, there are still ways to overcome this pseudonymity, such as using Bitcoin mixers. The article highlights how the mainstream media often misunderstands and misreports on the cryptocurrency industry, which has been a long-standing issue for the crypto community.

Bitcoin is down -3.31% on Feb. 24 due to a hotter than expected PCE data. Traditional assets are also down on the day, which includes SPX (-0.22%), XAUUSD (-0.75%), and Nasdaq (-2.00%). Wall Street is now pricing another 25 bps hike, in addition to the 50 bps remaining, due to today’s PCE. This would take the federal funds rate to 5.25 – 5.50% for the end of 2023, a total of 75 bps remaining.

The U.S. Federal Reserve will announce another crucial rate hike decision during the FOMC meeting on Wednesday, February 1, primarily based on the aim to reduce inflation to 2%. Considering the cooling inflation and strong jobs data, Wall Street experts believe the Fed is likely to slow the interest rate hike to 25 bps.

Former stockbroker, commonly known as the “Wolf of Wall Street,” Jordan Belfort, said he believes the collapse was likely premeditated after observing the conduct of FTX’s former CEO.

Given the complex nature of the bankruptcy process, it could be years before any of FTX’s customers recover their funds, and they’re likely to receive only a small fraction of what they deposited. So the financial firms are competing to buy customers’ claims to those assets now at a discount and then profit when some portion of the funds are eventually turned over.