What you need to know on Wall Street today


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Bitcoin soared
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.”

Different exchanges were printing
significantly different prices
. The immaturity of the bitcoin
market has often created price discrepancies, which would be
unheard of elsewhere on Wall Street. But on Thursday, some
exchanges were more than $1,000 apart. Elsewhere in crypto
news: 

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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