The cryptocurrency market is now doing the same daily volume as the New York Stock Exchange

• Oscar Williams-Grut
 

• Dec. 20, 2017, 12:17 PM
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Traders on the floor of the New York Stock Exchange on December 6. REUTERS/Brendan McDermid

• Global volume in cryptocurrency markets has passed $50 billion, close to the average turnover on New York Stock Exchange.
• The comparison is inexact but highlights just how popular digital currencies have become.

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LONDON — Global cryptocurrency markets are now averaging the same daily trading volumes as the New York Stock Exchange.

Twenty-four-hour trade volume in the cryptocurrency market passed the $50 billion mark on Wednesday, according to the data provider CoinMarketCap.com.

That is close to the average daily volume of trade on the New York Stock Exchange this year. Daily trading volumes on the London Stock Exchange hover at about £5 billion, or $6.7 billion.

The comparison is inexact, as the cryptocurrency market is arguably closer to the foreign-exchange market, which has daily volumes of over $5 trillion.

But it highlights just how hot the cryptocurrency market has become in 2017. Unlike the foreign-exchange market, cryptocurrency trading is largely done by small-time, retail investors, making it closer to the stock market (though some huge institutions are playing in the market.)

Investors have flocked to cryptocurrencies in 2017 because of the eye-catching returns of bitcoin, which has grown by about 1,500% against the dollar. A boom in so-called initial coin offerings, in which startups issue their own cryptocurrencies to raise money, has created a raft of other digital assets for investors to speculate on. There are now more than 1,300 cryptocurrencies in circulation, according to CoinMarketCap.com.

But many people within the financial industry have expressed concern about the largely unregulated market. The UK's top financial regulator warned earlier this month that peopleshould be prepared to lose all the money they invest in bitcoin, and JPMorgan CEO Jamie Dimon has called cryptocurrencies a "scam."

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More: Bitcoin Cryptocurrencies cryptocurrency New York Stock Exchange 

Companies are rushing to announce special bonuses and pay hikes after the GOP tax plan

• Matt Turner and Jonathan Garber
 
• Dec. 20, 2017, 4:39 PM
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Dennis Muilenburg, CEO of The Boeing Company, arrives at Trump Tower in New York City, US January 17, 2017.REUTERS/Stephanie Keith

Both the House and Senate passed the final version of the Republican tax bill on Wednesday, and a number of companies took the opportunity to announce special bonuses or pay hikes. 

The bill reduces the corporate tax rate to 21% from 35% while allowing a one-time repatriation of overseas cash. Companies are mostly expected to buy back stock or pay down debt with their savings.

The pay hike and bonus announcements are sure to please Republican lawmakers, who have been pitching corporate tax cuts as a boost for American workers.

Here's what has been announced so far:

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AT&T

AT&T CEO Randall StephensonGetty Images / Chip Somodevilla

AT&T said Wednesday it will pay a $1,000 bonus to more than 200,000 US employees after the GOP tax bill is enacted.

"Once tax reform is signed into law, AT&T plans to invest an additional $1 billion in the United States in 2018 and pay a special $1,000 bonus to more than 200,000 AT&T US employees — all union-represented, non-management and front-line managers," a company press release said. "If the president signs the bill before Christmas, employees will receive the bonus over the holidays."

At a White House event on Wednesday afternoon, President Donald Trump called AT&T's plan "pretty good."

Boeing

Boeing

Boeing released a statement announcing "immediate commitments for an additional $300 million in investments that will move forward as a result of the new tax law."

They are:

"$100 million for corporate giving, with funds used to support demand for employee gift-match programs and for investments in Boeing's focus areas for charitable giving: in education, in our communities, and for veterans and military personnel.

"$100 million for workforce development in the form of training, education, and other capabilities development to meet the scale needed for rapidly evolving technologies and expanding markets.

"$100 million for "workplace of the future" facilities and infrastructure enhancements for Boeing employees.

Boeing CEO Dennis Muilenburg said: 

"For Boeing, the reforms enable us to better compete on the world stage and give us a stronger foundation for the investment in innovation, facilities and skills that will support our long-term growth."

Fifth Third Bancorp

Flickr / Jim

Fifth Third Bancorp said it would raise its minimum hourly wage for all employees to $15, with 3,000 hourly employees benefiting from the hike. The bank also said it would distribute a one-time bonus of $1,000 to about 75% of its employees.

"We want to invest in our most important asset – our people," said Fifth Third President and CEO Greg Carmichael. "Our employees drive our reputation, our business and our success."

From the release: 

"Newly passed tax legislation includes a reduction in corporate tax rates designed to spur economic growth. Carmichael said the tax cut allowed the Bank the opportunity to reevaluate its compensation structure and share some of those benefits with its talented and dedicated workforce."

Wells Fargo

Ryan Welsh/Flickr

Wells Fargo said it would raise its hourly minimum wage 11% to $15 from $13.50. Additionally, the bank plans to donate $400 million to community and nonprofit organizations in 2018 and will target 2% of its after-tax profits for corporate philanthropy beginning in 2019.

"We believe tax reform is good for our U.S. economy and are pleased to take these immediate steps to invest in our team members, communities, small businesses, and homeowners," said President and CEO Tim Sloan in a company release.

"We look forward to identifying additional opportunities for Wells Fargo to invest, as we continue to execute our business strategies and provide long-term value to all our stakeholders. As the nation’s largest small business lender and residential mortgage provider, we understand our significant role in helping grow the economy."

Comcast NBC Universal

Thomson Reuters

Brian Roberts, CEO of Comcast NBC Universal, said the company would award $1,000 special bonuses to more than 100,000 eligible frontline and non-executive employees following tax reform and the repeal of net neutrality.

Roberts also pledged to spend $50 billion over the next five years investing in infrastructure, saying that the investments would "add thousands of new direct and indirect jobs."

SEE ALSO:

Trump's tax plan could bring $250 billion into the US — here are the companies set to benefit most

IT'S DONE: MASSIVE REPUBLICAN TAX BILL PASSES CONGRESS IN GENERATIONAL OVERHAUL

• Bob Bryan
 

• Dec. 20, 2017, 12:55 PM
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President Donald Trump. Getty Images

• The House again voted to pass the final GOP tax bill after a glitch forced small changes to it in the Senate.
• The bill now goes to President Donald Trump to sign.
• It proposes massive changes in the tax code for businesses and individual Americans.

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The House passed the final version of the Republican tax bill on Wednesday, capping off a furious seven-week push to bring about the most sweeping changes to the US tax code in decades.

The nearly $1.5 trillion tax cut required a second vote in the House after a Senate rule forced Republicans to remove three minor details from the bill on Tuesday.

The bill now heads to President Donald Trump's desk for a signature to enact it, though it's unclear when that will happen.

Trump said he would hold a press conference at the White House with Republican leaders on Wednesday to celebrate the bill's passage.

"I promised the American people a big, beautiful tax cut for Christmas," Trump said in a statement. "With final passage of this legislation, that is exactly what they are getting."

The bill, known as the Tax Cuts and Jobs Act, is set to bring about widespread changes to the US tax code for both businesses and individual Americans.

The bill reduces the corporate tax rate to 21% from 35%, and most — but not all — Americans are likely to see a smaller tax bill.

Most economists and tax experts say the bill will provide a modest boost to US economic growth, but probably much less than Republicans predict. It is also likely to fall short of another Republican goal of paying for itself — analyses have found that it will add roughly $1 trillion to the deficit over 10 years.

The bill's passage now sets off a mad scramble to understand the bill's impact on both a macroeconomic level and an individual level. The Internal Revenue Service will have to adjust its internal code and public documents to comply with the new rules, and payroll departments are expecting to make adjustments as soon as February.

The tax overhaul is the first signature legislative achievement for Republicans during Trump's presidency. The party earlier this year attempted to repeal the Affordable Care Act, the healthcare law also known as Obamacare. But after repeatedly failing, it has focused on taxes in the fourth quarter.

In contrast to its healthcare-overhaul push that saw many intraparty divisions, the GOP has been relatively cohesive on taxes — not a single Republican voted against the bill in the Senate.

The combined need to notch a win by the end of the year and the breakneck speed at which the bill moved through Congress allowed Republicans to avoid the pitfalls of their healthcare push.

The political fallout from the tax bill remains unclear.

Polls have found that the bill is the least popular piece of tax legislation in at least 30 years, even less so than two in the 1990s that increased taxes.

Republicans have maintained, though, that once Americans see the effects of this bill, support for it will increase.

SEE ALSO: Paul Ryan just undercut a major Republican argument about the GOP tax bill

NOW WATCH: Here's what Trump's tax plan means for people at every income level from $20,000 to $269,000 a year

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