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Elon Musk: Bitcoin is on the verge of broad acceptance

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In an interview Sunday on audio-only social app Clubhouse, Musk said he should have bought the digital currency eight years ago. The audio was no longer available on Monday, but many listeners posted the interview on other platforms, including YouTube.

“I do at this point think bitcoin is a good thing. I’m late to the party, but I am a supporter of bitcoin,” he said.

The price of a single bitcoin spiked a little more than $1,000 to about $34,500 on Monday before easing back again. Bitcoin is up more than 260% over the past 12 months and a number of high-profile money managers, including Paul Tudor Jones and Stanley Druckenmiller, have embraced the cryptocurrency.

Investors also have a growing number of ways to gain exposure to bitcoin in traditional capital markets, such as publicly traded companies and exchange-traded funds.

Musk has a history of tweeting support for assets and sending their value soaring. In recent weeks, he tweeted that he liked Etsy (ETSY), sparking a 10% stock rally. He supported cryptocurrency Dogecoin, sending it 20% higher. And he added to the GameStop (GME) surge.
“I think [bitcoin] is on the verge of getting broad acceptance by conventional finance people,” Musk told Clubhouse’s Good Time, a show focused on technology and culture. He has previously expressed skepticism of bitcoin and other cryptocurrencies, so he caused a stir on Friday when he changed his Twitter bio to #bitcoin.
Musk said he didn’t have strong opinions on other cryptocurrencies and that his comments on Dogecoin are “meant to be jokes.” The virtual currency, which originally started as an internet parody based on a viral dog meme, surged last week thanks to hyped-up Reddit users before plunging over the weekend.

“The most ironic outcome would be that Dogecoin becomes the currency of Earth in the future,” said Musk.

—- Paul R. La Monica and Michelle Toh contributed reporting.





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FreshKorn Cryptocurrency

Dow plummets more than 500 points as volatility returns to stock market

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The Dow fell more than 530 points Friday, a drop of around 1.6%. It was a broad-based selloff, with all 30 Dow stocks finishing in the red. Intel (INTC), Goldman Sachs (GS) and Walgreens (WBA) were among the biggest decliners.

The Dow is now on a five-day losing streak, falling nearly 3.5% this week. That’s the worst weekly pullback since late January.

Bullard, who does not have a say on the Fed’s policy committee this year but will have a vote in 2022, also said in the interview that the Fed is also starting to discuss the idea of tapering, or cutting back, its bond purchases.
Wall Street is worried about inflation. But investors are also nervous about the Fed taking away the stimulus it injected into the market during the height of the Covid-19 pandemic.

“There is more future volatility ahead,” said Bruce Monrad, portfolio manager of Northeast Investors Trust. “It should increase as the Fed starts to think about raising rates and once it starts tapering.”

These market gyrations could become more routine, which may alarm investors who have gotten used to more calm on Wall Street.

It’s actually been an unusually quiet first half of 2021 — despite the craziness with meme stocks like AMC (AMC) and GameStop (GME) and the big moves in bitcoin (XBT) and other cryptocurrencies.
This cannabis stock is a new Reddit favorite
If you look at the broader stock market, and the VIX (VIX) volatility index in particular, 2021 has been serene for investors.

“Volatility has been very low because the market overall supported by improving earnings,” said Marco Pirondini, head of equity at Amundi US. “But there is always some speculation in other corners of the market.”

The VIX, which many investors refer to as Wall Street’s “fear gauge,” is now hovering around the pre-pandemic levels of February 2020. It’s been steadily declining since peaking in March of last year. The VIX has fallen nearly 15% in 2021.

But the VIX spiked about 10% Friday, and some experts warn that the summer and latter half of 2021 could be a bit bumpier than the first six months of the year.

“When you look at the VIX, it’s eerily quiet. But that’s a little bit misleading,” said Darren Schuringa, CEO and founder of ASYMmetric ETFs, which runs a fund designed to lower investor risk.

Schuringa said he’s worried about the “speculative excess” in the meme stocks as well as in the tech sector and thinks that a broader market correction could be on the horizon.

It’s also clear, as Friday’s market pullback illustrates, that investors are hyperfocused on every little thing the Fed says about interest rates, tapering, inflation and the economy.

“I’m concerned about volatility in the second half of year. There is less room for error,” said Daniela Mardarovici, co-head of US multisector fixed income at Macquarie Investment Management. “Even a mild surprise from the Fed could create an aftershock.”

Still, it’s worth noting that volatility, while rising lately, remains relatively low. Measures of volatility for oil and interest rates have tumbled in recent months, along with the VIX.

“We could see some hiccups ahead. But it’s still pretty calm,” said Bill Sterling, global strategist with GW&K Investment Management.

Investors may also be overreacting to every utterance by Fed members. After all, Bullard is just one person, who doesn’t even have a vote until next year. The remaining Fed members still don’t think a rate hike is imminent.

“Big changes from the Fed are likely still years away. This volatility might be transitory but it will rear its head every now and then because of more uncertainty,” said Marvin Loh, senior global macro strategist with State Street Global Markets.



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FreshKorn Cryptocurrency

Dow plummets 500 points as volatility returns to stock market

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The Dow fell 500 points in late morning trading Friday, a drop of around 1.5%. It was a broad-based selloff, with 29 of the 30 Dow stocks in the red. Caterpillar (CAT) was the only winner while Intel (INTC), Goldman Sachs (GS), American Express (AXP) and Walgreens (WBA) posted the biggest drops.

The Dow is now on pace for its fifth straight day of losses, falling more than 3% this week.

Bullard, who does not have a say on the Fed’s policy committee this year but will have a vote in 2022, also said in the interview that the Fed is also starting to discuss the idea of tapering, or cutting back, its bond purchases.
Wall Street is worried about inflation. But investors are also nervous about the Fed taking away the stimulus it injected into the market during the height of the Covid-19 pandemic.

“There is more future volatility ahead,” said Bruce Monrad, portfolio manager of Northeast Investors Trust. “It should increase as the Fed starts to think about raising rates and once it starts tapering.”

These market gyrations could become more routine, which may alarm investors who have gotten used to more calm on Wall Street.

It’s actually been an unusually quiet first half of 2021 — despite the craziness with meme stocks like AMC (AMC) and GameStop (GME) and the big moves in bitcoin (XBT) and other cryptocurrencies.
This cannabis stock is a new Reddit favorite
If you look at the broader stock market, and the VIX (VIX) volatility index in particular, 2021 has been serene for investors.

“Volatility has been very low because the market overall supported by improving earnings,” said Marco Pirondini, head of equity at Amundi US. “But there is always some speculation in other corners of the market.”

The VIX, which many investors refer to as Wall Street’s “fear gauge,” is now hovering around the pre-pandemic levels of February 2020. It’s been steadily declining since peaking in March of last year. The VIX has fallen nearly 15% in 2021.

But the VIX spiked more than 10% Friday morning, and some experts warn that the summer and latter half of 2021 could be a bit bumpier than the first six months of the year.

“When you look at the VIX, it’s eerily quiet. But that’s a little bit misleading,” said Darren Schuringa, CEO and founder of ASYMmetric ETFs, which runs a fund designed to lower investor risk.

Schuringa said he’s concerned about the “speculative excess” in the meme stocks as well as in the tech sector and thinks that a broader market correction could be on the horizon.



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FreshKorn Cryptocurrency

Con Artists Capitalizing On Cryptocurrency Craze – CBS Miami

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