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Roaring crypto-cacophony drowns out the rest of Wall Street

(Bloomberg) – Wild stock volatility, spikes in government bond yields, startling economic results? Interesting, sure. But now, if you really want to get people’s attention, you have to tell them a story about crypto. And there were a lot of them. Even for a market known for its wild volatility and gimmicks, last week’s cryptocurrency news broke new records for jaw-dropping jerks. It started with Elon Musk’s eagerly anticipated appearance as host on Saturday Night Live. Dogecoin owners watched, hoping the “Dogefather” would continue to push the digital currency, which had risen from less than a cent to 74 cents this year, before taking the stage. Instead, they got a sketch in which he laughed after calling the coin a “scrum.” Since then, the Shiba Inu brand coin, created as a joke, has lost almost half of its value. Hundcoin wasn’t the only dog-themed coin to see a fall. Shiba Inu coin – yes, a meta joke about that joke is Dogecoin – rose earlier in the week when it was added to exchanges like OKEx and Binance. The popularity of other Dogecoin imitators reached such a peak that transaction fees on the Ethereum network hit an all-time high, according to CoinDesk. The rally quickly subsided. The cryptocurrency crashed Wednesday after the Wall Street Journal reported that the creator of Ethereum, Vitalik Buterin, donated more than $ 1 billion of the coin to a charity fighting the spread of Covid-19 in India. That night Musk struck again. He announced that Tesla Inc. would no longer accept Bitcoin as a means of payment for its cars. In a tweet, Musk said the automaker was “concerned about the rapidly increasing use of fossil fuels for bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel.” – The facts of the coin’s energy profile hadn’t changed since Tesla announced in March it would be accepting it as a means of payment. – The market responded quickly. Bitcoin fell from nearly $ 57,000 before its flip-flop to $ 46,000 in two hours. Thursday brought some good news for crypto fans. Point72, the hedge fund of billionaire Steve Cohen, owner of the New York Mets, should take a substantial step in the market. Bitcoin gained 2.5% after the news. The rally didn’t last long. Tether, the crypto stablecoin that says it is backed one-to-one by fiat currencies, first published a breakdown of reserves, which featured a large proportion of unspecified commercials on paper. The company had questions about both its reserves and whether it was used to manipulate cryptocurrency prices. In February, Tether closed a lawsuit with the New York Attorney General and paid a $ 18.5 million fine. After that, reports surfaced that Colonial Pipeline Co. paid nearly $ 5 million in untraceable cryptocurrency to the hackers who infiltrated and forced the company’s network around the same time, Bloomberg reported that Binance Holdings Ltd., the world’s largest Cryptocurrency exchanges, investigated by the Department of Justice and the Internal Revenue Service in connection with the news of the investigation saw Bitcoin and Ethereum, the two largest cryptocurrencies, each decline by more than 7% as fears were raised that the Biden government was afraid Would take a tougher approach to an industry that operates mostly overseas Then at 4:00 p.m. New York time, Coinbase Global, Inc., the largest U.S. crypto e xchange, reported first quarter results. Revenue fell just short of consensus estimates and the company forecast flat user growth. Coinbase also plans to offer Dogecoin trading on its platform. The stock market’s shares even fell 6.5% in over-the-counter trading before recovering. Friday already brings more drama with it, starting with more commentary from Musk. The billionaire said in a tweet he “strongly” believes in crypto, but “it cannot lead to a massive increase in the consumption of fossil fuels, particularly coal.” Not long after that, another post followed in which he said he was working with Dogecoin. Developers to improve the efficiency of system transactions ”, describes the effort as“ potentially promising ”. Dogecoin jumped more than 20% after the tweet. (Updates prices in the last paragraph.) For more articles like this, visit bloomberg.com. Sign up now to stay up to date with the most trusted business news source. © 2021 Bloomberg LP

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