US is now banning cryptocurrencies

Markets have had a tumultuous day as hopes of a quick recovery fade and the US Labor Department reports nearly three million new jobless claims. These steep declines also come as the US Federal Reserve warns of a prolonged recession. Meanwhile, as digital currency sees a ray of hope during the Covid-19 pandemic, Telegram has halted its cryptocurrency project. It is officially abandoning its Telegram Open Network (TON) and “Gram” cryptocurrency after a lengthy legal battle with the United States. Plus, sector after sector has faced the wrath of the Covid-19 outbreak, and the media is no exception. While television ratings are up due to people staying home, revenue from advertisers is spiraling downward. And with movie studios paralyzed due to the pandemic, the film industry has had to bank on syndication rights rather than box office draw.

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