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Money continues to flood into cryptographic assets, with bitcoin, ether and zcash setting new highs today amid a broader market boom.

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Stocks ticked up slightly after the release of the Federal Reserve's May minutes but remained close to their starting levels on Wednesday.

Treasury yields took a turn into negative territory following the release of the minutes and oil bounced around all day as news from OPEC members trickled out.

We've got all of the headlines you need to know, but first, the scoreboard:

• Dow: 21,010.88 +72.97, (+0.35%)
• S&P 500: 2,404.32, +5.90, (+0.25%)
• Nasdaq: 6,163.02, +20.52, (+0.34%)
• US 10-year yield: 2.266%, -0.019
• WTI crude oil: $51.35, -0.12, -0.23%

1. The Fed says it'll be appropriate to raise interest rates again 'soon.' The Fed didn't seem too worried about flagging consumer spending numbers, saying the slowdown was due to temporary factors. The Fed also addressed the question of shrinking its $4.5 trillion balance sheet by proposing a gradual raise to it caps on the dollar amounts of Treasurys and other securities that would be allowed to run off into maturity each month.
2. Moody's downgraded China's credit rating. The credit rating agency dropped the China's rating from Aa3 to Aa1 due to the growing levels of debt in the economy.
3. Bitcoin once again smashed record highs. The cryptocurrency blew through $2,300 and $2,400 per coin to set a new all-time high after a new scaling agreement was reached by Digital Currency Group.
4. The market for existing homes has never been this tight. The average time a home stays on the market hit a record low in the month of April according to the National Association of Realtors. Sales of existing condos, coops, and single-family homes fell by 2.3%, or a seasonally adjusted annual rate of 5.57 million.
5. The Bank of Canada hold interest rates. The central bank held the target for its overnight rate at 0.50%, as most economists were expecting. In the accompanying statement, the bank noted that, "The global economy continues to gain traction and recent developments reinforce the Bank’s view that growth will gradually strengthen and broaden over the projection horizon."
6. The Container Store beat on earnings and the stock surged nearly 30%. Net sales for the period were $221 million, exceeding consensus estimates of $213 million. The specialty retail chain said full-year 2017 net sales would be between $830 million and $850 million, and forecast earnings per share of $0.25 to $0.35. Both beat analyst estimates.

Additionally:

GOLDMAN SACHS: Hedge funds are betting billions that these 18 stocks are doomed

People are making a fortune buying government-seized bitcoins

Ben Bernanke on Japan

A European banking dynasty just made 4 big US hires

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Welcome to Finance Insider, Business Insider's summary of the top stories of the past 24 hours.

Wall Street's workforce is slowly and relentlessly shrinking.

Every year, the number of bankers and traders employed by the largest banks on Wall Street falls a little. Headcount has now dropped 12,700 from 2012 to 2017, with the bulk of those cuts coming in fixed income, currencies and commodities divisions. Here's a definitive breakdown of the gloomy state on Wall Street.

In related news, the investing business is about to go through "the largest competitive realignment" in history. And 2,000 Wall Streeters just had a meeting in Las Vegas, and they all kept making the same awkward noise.

The Trump administration thinks it can save $35 billion by rolling back Dodd-Frank regulations. Democrats on the House Committee on Financial Services have sent a letter to Deutsche Bank CEO John Cryan asking for information on the banks dealing with President Donald Trump. BNP Paribas paid $350 million to settle a New York currency probe. And a bunch of hedge funders and government insiders have been charged with illegal trading.

Rothschild & Co, one of the oldest banks in Europe, just keeps on making hires in the US.

In deal news, the owner of Corona reportedly offered to buy the owner of Jack Daniels, but was turned down. And one of the world's largest commodities traders is in talks to make a big entry into America's agriculture market.

Hedge funds are betting billions that these 18 stocks are doomed, according to Goldman Sachs. And a tech startup founded by alumni of the world's largest hedge fund is launching in London.

In macro news, the Bank of Canada held rates at its latest monetary policy meeting. Moody's downgraded China. China's downgrade risks creating "a negative feedback loop," according to ANZ.

Geopolitical fear is at its highest point since the Arab Spring due to Trump, according to JPMorgan. And there’s another American economy facing talk of presidential impeachment.

Bitcoin soared past $2,300 and $2,400 for the first time. In related news, people are making a fortune buying government-seized bitcoins. And hot investing app Acorns has hired a former top exec at the world's largest investor.

The Polish embassy gave Jim Cramer a history lesson after the CNBC host compared Macy's to the Polish army in WWII. Elsewhere in retail:

• Sears just scored a critical deal to extend its lifeline
• Container Store explodes higher after sales beat, layoff announcement
• Lowe's sinks after same-store sales miss
• Tiffany reports a surprise drop in same-store sales

In tech, SoftBank has invested $4 billion into US graphics chipmaker Nvidia.

A cofounder of the Magellan Financial Group, which manages more than $37 billion, thinks the ride-hailing service Uber has a less than 1% chance of surviving the next decade.

We talked to one of the greatest chess players of all time, Garry Kasparov, about artificial intelligence and the interplay between machine learning and humans.

Lastly, here's how to grill the perfect steak.

SEE ALSO: The 27 most important finance books ever written

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Exchange operators take the stage at Consensus 2017 to talk tokens, ICOs and building an exchange from scratch.

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Despite the benefits financial services institutions (FSIs) stand to reap from adopting blockchain technology, most have been hesitant due to a lack of familiarity with the technology.

Financial services consultant and tech provider Synechron plans to address this problem, announcing on Monday that three of its "Blockchain Accelerators" — essentially examples of how blockchain technology can be applied to different use cases — are now available in demo mode via Microsoft's Azure cloud.

The three initial Blockchain Accelerators are for trade finance on Quorum, for insurance claims processing on Ethereum, and for smart margin calls on Corda. Synechron is also working on Accelerators for know-your-customer (KYC) procedures, mortgage financing and processing, and international payments for platforms including the Hyperledger Fabric and Ripple. Significantly, these demos are being rolled out across a wide range of blockchain technology platforms, enabling FSIs to compare them and choose one on which to build their own blockchain tools.

These demos seem likely to be a major boon for FSIs. Most legacy FSIs' lack of tech savvy means they are put off committing to blockchain solutions as the benefits of the technology aren't immediately apparent to them, and they often don't know how to go about developing such tools. By providing demos, Synechron is creating an environment in which such companies can try out blockchain technology tools for different use cases, across different platforms, which may make them feel more informed and assured about implementing the technology.

Nearly every global bank is experimenting with blockchain technology as they try to unleash the cost savings and operational efficiencies it promises to deliver. 

Banks are exploring the technology in a number of ways, including through partnerships with fintechs, membership in global consortia, and via the building of their own in-house solutions. 

Sarah Kocianski, senior research analyst for BI Intelligence, Business Insider's premium research service, has compiled a detailed report on blockchain in banking that outlines why and in what ways banks are exploring blockchain technology, provides details on three major banks' blockchain efforts based on in-depth interviews, and highlights other notable blockchain-based experiments underway by global banks. It also discusses the likely trends that will emerge in the technology over the next several years, and the factors that will be critical to the success of banks implementing blockchain-based solutions.

Here are some of the key takeaways from the report:

• Most banks are exploring the use of blockchain technology in order to streamline processes and cut costs. However, they are also looking to leverage additional advantages, including increased competitiveness with fintechs, and the ability to use the technology to create new business models. 
• Banks are starting to narrow their focus, and are increasingly honing in on tangible use cases for blockchain technology that solve real problems faced by their businesses. 
• Regulators are taking an increased interest in blockchain technology, and they're working alongside major banks to develop regulatory frameworks. 
• Blockchain-based solutions will start to emerge in different areas of financial services. The most successful solutions will solve specific problems for banks and attract a large enough network to create widespread benefits. 

 In full, the report:

• Outlines banks' experiments with blockchain technology. 
• Details blockchain projects at three major banks — UBS, Credit Suisse, and Banco Santander — based on in-depth interviews. 
• Discusses the likely trends that will emerge in the technology over the next several years.
• Highlights the factors that will be critical to the success of banks implementing blockchain-based solutions.

Interested in getting the full report? Here are two ways to access it:

1. Subscribe to an All-Access pass to BI Intelligence and gain immediate access to this report and over 100 other expertly researched reports. As an added bonus, you'll also gain access to all future reports and daily newsletters to ensure you stay ahead of the curve and benefit personally and professionally. >> START A MEMBERSHIP
2. Purchase & download the full report from our research store. >> BUY THE REPORT

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The old saying goes that one man's loss is another man's gain. That's been proven true in the bitcoin market.

Over time, the US government has seized hundreds of thousand of bitcoins from individuals who used the cryptocurrency in the process of breaking the law. Perhaps the most high-profile example came in October 2013, when the FBI raided online marketplace Silk Road, a hub for transactions involving illegal drugs and criminal activities.

But those confiscated bitcoins don't just sit in the US government's digital wallet. They get auctioned off to the highest bidder. And due to the cryptocurrency's recent surge to record levels, the winners of those auctions have made a killing — about $250 million in total.

Below is a rundown of four major bitcoin auctions since the Silk Road bust, breaking down the profits made by each winning bidder, assuming they haven't sold out of their positions. All numbers calculated using Wednesday's intraday high of $2,398 a coin.

• June 30, 2014: 30,000 bitcoin sold at a value of $19.4 million (price per coin: $647)
  • Position would be worth $71.9 million — net profit: $52.5 million
  • Buyer: Venture capitalist Timothy Draper
• December 9, 2014: 48,000 bitcoin sold at a value of $18.1 million (price per coin: $378)
  • Position would be worth $115.1 million — net profit: $97.0 million
  • Buyer: SecondMarkets, an exchange started by Barry E. Silbert, who runs the Bitcoin Investment Trust fund
• November 30, 2015: 44,000 bitcoin sold at a value of $14.6 milion (price per coin: $332)
  • Position would be worth $105.5 million — net profit: $90.9 million
  • Buyer: Unknown
• August 22, 2016: 2,700 bitcoin sold at a value of $1.6 million (price per coin: $585)
  • Position would be worth $6.5 million — net profit: $4.9 million
  • Buyer: Unknown
• Total profit: $245.3 million

Bitcoin's surge above $2,300 a coin and a series of new highs has been driven by a recent glut of good news. The cryptocurrency has gained in 26 of the past 29 sessions, doubling its value over the period.

Wednesday's climb came after China was downgraded at Moody's and a bitcoin scaling agreement was reached by the Digital Currency Group, representing 56 companies in 21 countries, at the Consensus 2017 conference in New York.

At the beginning of April, Japan announced bitcoin had become a legal payment method in the country. Additionally, Ulmart, Russia's largest online retailer, said it would begin accepting bitcoin even though Russia had said it wouldn't explore the cryptocurrency until 2018.

The gains also seem to be boosted by speculation the US Securities and Exchange Commission could overturn its ruling on the Winklevoss twins' bitcoin exchange-traded fund. The SEC was accepting public comment on its decision until May 15, but it hasn't announced whether it will overturn its rejection of the ETF.

SEE ALSO: The price of Bitcoin just hit an all new high — here's how easy it is to buy your first one

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It seems as though nothing can stop bitcoin from going higher. The cryptocurrency is up 3.5%, or $80, at $2,339 a coin. It's gained in 26 of the past 29 sessions and has doubled in value over that time.

Wednesday's gain comes after a bitcoin scaling agreement was reached by the Digital Currency Group, representing 56 companies in 21 countries, at the Consensus 2017 conference in New York. The agreement states:

"We agree to immediately support the following parallel upgrades to the bitcoin protocol, which will be deployed simultaneously and based on the original Segwit2Mb proposal:

• Activate Segregated Witness at an 80% threshold, signaling at bit 4
• Activate a 2 MB hard fork within six months"

The announcement is the latest bit of good news for the cryptocurrency. At the beginning of April, Jaoan announced bitcoin had become a legal payment method in the country. Additionally, Ulmart, Russia's largest online retailer, said it would begin accepting bitcoin even though Russia had said it wouldn't explore the cryptocurrency until 2018.

The gains also seem to be boosted by speculation the US Securities and Exchange Commission could overturn its ruling on the Winklevoss twins' bitcoin exchange-traded fund. The SEC was accepting public comment on its decision until May 15, but it hasn't announced whether it will overturn its rejection of the ETF.

Bitcoin has gained 145% this year. Except for 2014, it has been the top-performing currency every year since 2010.

SEE ALSO: The price of Bitcoin just hit an all new high — here's how easy it is to buy your first one

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Here is what you need to know.

Moody's downgrades China for the first time since 1989. The ratings agency cut its China rating to A1 from Aa3, saying it "expects that economy-wide leverage will increase further over the coming years."

Iron ore got crushed. The commodity tumbled by more than 6% after Moody's downgraded China.

Bitcoin roars to a new high. The cryptocurrency trades up $109, or 4.9%, at $2,325 a coin. Wednesday marks the first time bitcoin has cleared the $2,300 level.

Fed's Harker says a June rate hike is on the table. Speaking with reporters, the Philadelphia Fed president, Patrick Harker, said a June interest-rate hike was a "distinct possibility."

Glencore is trying to get into America's agriculture market. Glencore, one of the world's largest commodities traders, is reportedly making a run at Bunge, but there's no assurance a deal will be reached, The Wall Street Journal says.

The owner of Corona reportedly made an offer for the owner of Jack Daniels. Constellation Brands made an undisclosed offer for Brown-Forman but was rejected, CNBC reports.

Softbank is taking a big stake in Nvidia. The Japanese tech giant has invested $4 billion in the chipmaker, good for about a 4.9% stake, Bloomberg says.

Stock markets around the world are higher. Japan's Nikkei (+0.7%) paced the advance in Asia, and Britain's FTSE (+0.2%) is out front in Europe. The S&P 500 is set to open slightly higher near 2,400.

Earnings reports flow. Lowe's and Tiffany report ahead of the opening bell, while HP releases its quarterly results after markets close.

US economic data remains light. The FHFA House Price Index and existing-home sales will cross the wires at 9 a.m. ET and 10 a.m. ET. The minutes from the May Federal Open Market Committee meeting are due out at 2 p.m. ET. The US 10-year yield is down by 1 basis point at 2.27%.

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Here is what you need to know.

Moody's downgrades China. The ratings agency cut its China rating from Aa3 to A1, saying it "expects that economy-wide leverage will increase further over the coming years.”

Iron ore got crushed. The commodity tumbled more than 6% after Moody's downgraded China.

Bitcoin roars to a new high. The cryptocurrency trades up $109, or 4.9%, at $2,325 a coin. Wednesday marks the first time bitcoin has cleared the $2,300 level.

Fed's Harker says a June rate hike is on the table. Speaking to reporters, Philadelphia Fed President Patrick Harker said a June rate hike was a "distinct possibility."

Glencore is trying to get into America's agriculture market. Glencore, one of the world's largest commodities traders, is reportedly making a run at Bunge, but there's no assurance a deal will be reached, the Wall Street Journal says.

The owner of Corona reportedly made an offer for the owner of Jack Daniels. Constellation Brands made an undisclosed offer for Brown-Forman, but was rejected, CNBC reports.

Softbank is taking a big stake in NVIDIA. The Japanese tech giant has invested $4 billion in the chip maker, good for about a 4.9% stake, Bloomberg says.

Stock markets around the world are higher. Japan's Nikkei (+0.7%) paced the advance in Asia and Britain's FTSE (+0.2%) is out front in Europe. The S&P 500 is set to open slightly higher near 2,400.

Earnings reports flow. Lowe's and Tiffany report ahead of the opening bell while HP releases its quarterly results after markets close.

US economic data remains light. The FHFA House Price Index and existing home sales will cross the wires at 9 a.m. ET and 10 a.m. ET, respectively. The minutes from the May FOMC meeting are due out at 2 p.m. ET. The US 10-year yield is down 1 basis point at 2.27%.

Join the conversation about this story »

 Prolific investment firm Naspers is making a push into bitcoin and financial services after it backed Philippines-based startup Coins.ph to the tune of $5 million. Coins is focused on offering financial services for the unbanked in the Philippines and Thailand. It uses bitcoin as its underlying technology to facilitate transfers and remittances. It announced the new funding — which comes… Read More

Why digital currencies are hitting record highs.

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A meeting of bitcoin startup executives and miners held this weekend has resulted in a new proposal for how the project should be upgraded.

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