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Bitcoin’s incredible rally shows little sign of abating yet after the token jumped past $52,000 for the first time.
The largest cryptocurrency was little changed in Asian trading Thursday at about $52,100 after a fivefold surge in the past year
Bitcoin’s rally for some is emblematic of speculative froth in financial markets awash with stimulus. The crypto faithful counter that the digital asset is grabbing more mainstream attention, especially after Tesla Inc.’s recent $1.5 billion purchase. MicroStrategy Inc. boosted its convertible debt sale to buy Bitcoin by nearly half to $900 million and cut the coupon to 0%, making it virtually a straight bet on the price of the cryptocurrency.
Bitcoin’s incredible rally shows little sign of abating yet after the token jumped past $51,000 for the first time. The largest cryptocurrency rose almost 6% Wednesday to about $51,431 after a fivefold surge in the past year, according to a composite of prices compiled by Bloomberg. The Bloomberg Galaxy Crypto Index reached a record. Bitcoin’s rally for some is emblematic of speculative froth in financial markets awash with stimulus. The crypto faithful counter that the digital asset is grabbing more mainstream attention, especially after Tesla Inc.’s recent $1.5 billion purchase. MicroStrategy Inc. said Tuesday it would sell $600 million of convertible bonds and use the proceeds to buy more of the tokens.
Retail sales improve in January 2021 (SPY -0.1%). Texas winter storm highlights the importance of fossil fuels and oil prices gain as Texas freeze effects crude production.
Here is the current market situation from CNN Money
European markets are mixed to lower. Shares in Germany are off as the DAX drops 0.52%. The FTSE 100 is down 0.18% while the CAC 40 in France is unchanged.
What Is Moving the Markets
Here are the headlines moving the markets.
Oil Prices Soar As U.S. Oil Production Plunges 30% West Texas Intermediate jumped over $60 per barrel after the Polar Vortex that brought unusually cold weather to a large part of the U.S. frozeliterallya third of oil production. Citing unnamed sources from the industry familiar with the details, Bloomberg reported that U.S. oil production is now 3.5 million bpd lower than it was before the cold snap hit, marking the largest ever production decline in history. In the Permian, production came down by as much as 65 percent. According