News You Can Use

Bitcoin drops 7%: Here’s how the headlines can affect your money

The price of bitcoin dropped 7% on Tuesday morning to $32,936, down from more than $60,000 in April.

Share
Twenty/20

Markets are mixed, bitcoin drops 7%, and the expanded Child Tax Credit readies for launch. Here's how the news could affect your money.

Markets close to record highs

Markets were mixed on Monday as the S&P 500 fell 0.1%, the Dow dropped 0.4%, and the Nasdaq climbed 0.5%. Still, all three indexes remain just shy of record highs after a strong performance last week.

Markets remained mixed Tuesday morning.

Bitcoin drops 7%

The price of bitcoin dropped 7% on Tuesday morning to $32,936, according to Coin Metrics data. That's nearly 50% lower than its all-time April high of over $60,000.

Bitcoin's price had already slipped late last week after Tesla CEO Elon Musk tweeted a meme suggesting he'd "broken up" with the cryptocurrency. Then, on Monday, U.S. law enforcement agencies said they had seized $2.3 million in bitcoin paid to DarkSide, the cybercriminal gang responsible for the May ransomware attack on Colonial Pipeline. The FBI was able to access the "private key" password for one of the hackers' bitcoin wallets, according to court documents.

Child Tax Credit begins July 15

In the coming days, taxpayers who qualify for the newly expanded Child Tax Credit will receive a letter from the IRS informing them of their eligibility. The benefit provides up to $300 per month for each qualifying child under age 6 and up to $250 for each child between the ages of 6 and 17. An estimated 36 million families qualify, and the first payments should arrive on July 15.

To find out how much you're likely to receive, check out Grow's Child Tax Credit calculator

Words you've heard: ransomware

Ransomware is a type of malware, or malicious software, that demands a ransom from the infected recipient using threats. U.S. Energy Secretary Jennifer Granholm recently said she opposes companies paying ransomware to criminals, saying companies should instead alert the federal government.

Although the daily news can have an impact on your wallet, remember to take a long-term outlook when it comes to decisions on spending, saving, and investing.

More from Grow: