Dogecoin, an altcoin outside of Bitcoin, has seen a huge rally in the last days. There was a cyberattack that forced to shut down the largest gasoline pipeline on the East Coast, and the US in general.
Another crypto-currency mania is taking over the market as a parabolic rally for altcoins outside Bitcoin, is taking the value of all digital tokens past $2.3T. Dogecoin a crypto that started as a joke, was traded at $0.68 on Tuesday, +131% over past week, & over +11,000% so far in 2021. One can calculate that a $1,000 dogecoin investment on Jan. 1, 2021, when it sold for less than a cent per coin, would have been worth $121,052 at Wednesday’s high of $0.69, a gain of more than 12,000%.
Bank of England Governor Andrew Bailey states cryptocurrencies “have no intrinsic value” & people who invest in them, should be prepared to lose all their money. Remembering the 2017 crypto bubble, in which Bitcoin blasted toward $20K, only to later sink to $3,122 just a year later. Bitcoin is up over 90% in 2021, largely due to rising interest from institutional investors & corporate buyers like Tesla.
Berkshire Hathaway shares added +1.8% & hit a record in intraday trading on Monday, after its annual meeting over the weekend. CEO Warren Buffett stated the corporate earnings are recovering from the effects of the Covid-19 pandemic, & that the conglomerate is also extending its stock buybacks, by an additional $6.6B.
The U.S. trade deficit increased 5.6%, to an all-time high of $74.4B in March, but was in line with economists’ expectations. Imports surged +6.3% to a historic $274.5B for the month. Goods imports soared up +7.0% to $234.4B, also an all-time high, due to rising consumer demand. U.S. exports for March, rose +6.6%.
Apple shares -3.54% at $127.85 Tuesday, as investors continue to repatriate profits after the iPhone maker’s stronger-than-expected March quarter earnings. Somewhat puzzling, since it posted $89.6B in revenue, $12B more than expected, while profits were $1.40 a share, soaring past the consensus estimate for $0.98. Shares are -3.65% in 2021, but up +70% y/y, on a market cap of $2.21T.
Near 44% of older U.S. millennials born between 1981 & 1988 report having been diagnosed with at least 1 chronic health condition. Obesity seems to be driving much of it, as 1 of the root causes of the rise in rates of hypertension, diabetes & even certain types of cancer. It is a serious financial drain on individuals & the nation at large.
Increased inflation due to government spending worries analysts and investors; Peloton shares plunged following the announcement of the recall of its treadmills; Copper could be the “new oil” in the coming years; The global chip shortage will soon impact multiple industries