What you need to know on Wall Street today

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December 7, 2017 6:44 PM

Hello. Here's what you need to know on Wall Street today.

Welcome to Finance Insider, Business Insider's summary of the top stories of the past 24 hours. Sign up here to get the best of Business Insider delivered direct to your inbox.

Bitcoinsoared above $19,500 a coin on Coinbase's GDAX exchange around 11 a.m. ET Thursday, just three hours after it blew past $16,000.

The massive tear upwards seems to have put pressure on Coinbase's infrastructure, with the exchange saying on Twitter that users were experiencing issues logging into their accounts because of record traffic. Some users trying to log in were met with a message reading "AN ERROR HAS OCCURED."

Thieves stole potentially millions of dollars of bitcoin in a hacking attack on a cryptocurrency company
There's an argument brewing over the launch of bitcoin futures
The CIO of a crypto hedge fund reveals why you should be cautious of the ICO bubble
Blockchain developers are earning $180,000 a year as the Swiss crypto industry booms

In Wall Street news, banks could take a $4.4 billion hit from new reforms — and traders will bear the brunt of it.

In markets news, retail stocks have been crushing the market against all odds — and traders are betting on more gains. And the next stock market crash will look a lot different than the financial crisis.

In tax news, experts are starting to find massive errors in the GOP tax bill after it went through Congress at lightning speed. And Amazon, Facebook and Google could save billions thanks to the GOP tax bill.

Elsewhere in DC news, a new Fed nominee could be key to setting rates — but his views make him a wildcard.

Lastly, here are the 10 most luxurious first class cabins in the world.

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