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Recap February 21: Bitcoin Explodes $57,000, Texas Freezes, Inflation is Coming (Recap Ep111)

In this week’s recap, we found that global equities generally fell for a third straight session on Thursday, as signs of rising inflation led by higher oil prices and the strongest copper prices in nearly a decade held back reserved traders after stocks hit a record earlier this week. US stocks were also affected by growing inflation concerns, supported by rising new claims for unemployment benefits and negative sales data from some companies.

As the price of a Bitcoin passes $57,000, the total valuation of the cryptocurrency has surged. The total number of bitcoins trading is now collectively worth over $1 trillion. There are about 18.6 million Bitcoins now in circulation, with the total number of Bitcoin eventually available being capped at 21 million.

Total U.S. crude oil production has now plunged by close to -40%, more than 4M barrels a day nationwide, the largest decline ever recorded, as an unprecedented cold blast freezes well operations across the central part of the U.S. Permian Basin production is said to have dropped as much as -80%. Before the weather event, the U.S. was pumping about 11M barrels a day.

The pandemic sent the global public debt to a new record high; 11-day rally of global stock markets ends; extreme cold generate energy crisis in Texas; NASA’s Mars rover Perseverance arrived Mars on Thursday; German and British 10-year bond yields rise; Walmart shares fell -6.6% on Thursday; platinum has reached a 6-year high; protests continue over the military coup in Myanmar.

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