Bitcoin, Tesla And GameStop: 10 Numbers That Sum Up The Fastest Market Recovery Ever

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Within just five weeks last year, the longest bull market on record erased three years worth of stock gains, crashing more than 30% from an all-time high in February to a pandemic low on March 23, the day Federal Reserve Chair Jerome Powell pledged to use the central bank’s “full range of tools to support the U.S. economy in this challenging time.” Exactly one year and trillions of dollars in government spending later, stocks have staged a historic rally, taking investors on a wild ride.

Some highlights: Electric-carmaker Tesla is now one of the most valuable companies in the world, the cryptocurrency market has swelled to more than $1 trillion and so-called meme stocks dominate Wall Street commentary with volatile swings that force exchanges to halt trading. It’s still unclear how long the new bull market can last, but one year after one of the worst stock-market crashes in history, here’s a look at its monumental recovery.

S&P 500

Up 76%

 The S&P 500 has skyrocketed over the past year, hitting its latest high on Wednesday and marking what LPL Financial Chief Market Strategist Ryan Detrick calls the “best start to a bull market ever.” It took just five months forthe index to recover its steep Covid-induced losses, the fastest recovery ever for a correction of more than 30%. To compare, it took the S&P a staggering 20 months to recover after the index crashed by 34% in 1987.

High-flying technology stocks like Amazon, Zoom and Tesla led the market to new highs last year, but this year, energy stocks have been heading up the index’s resurgence. The S&P 500 Energy Index is still about 10% off its pre-pandemic levels, but it’s surged 103% over the past year. Materials and financials aren’t far behind, climbing 92% and 90%, respectively.

Dow Jones Industrial Average

Up 76%

The Dow, which counts 30 market leaders in its ranks, has also soared 76% over the past year, though its pandemic low was on March 16, one week before the S&P’s trough. A testament to the economy’s impending recovery, cyclical stocks–which tend to outperform during periods of growth but fall hard during recessions–have driven the index’s gains.

Top-performer Boeing tanked more than 70% in the pandemic’s early days, but it’s rocketed 165% over the past year. Meanwhile, storied investment bank Goldman Sachs nabs the Dow’s second-biggest gain, surging 145% as analysts look toward financials to lead the market this year. Equipment-maker Caterpillar, commodities giant Dow Inc. and Walt Disney round out the top five Dow stocks over the past year–all surging at least 125%.

Nasdaq

Up 95%

A new stay-at-home normal that catapulted stocks like Peloton, Zoom and Slack helped the tech-heavy Nasdaq climb to meteoric highs during the pandemic, but tech’s dominance has been threatened in recent weeks. The index is down about 5% from a high on February 12, as rising Treasury yields fuel concerns that investors may sell-off high-priced tech stocks in favor of the risk-free asset class. But experts aren’t too worried yet. “It’s a buckle-your-seatbelt moment for tech stocks, but we believe this sell-off has created a golden opportunity for investors to own secular tech winners for the next 3 to 5 years,” says Wedbush analyst, Dan Ives.

Russell 2000

Up 126%

Massive fiscal stimulus spending, including nearly $720 billion in forgivable loans doled out to small businesses, has been a boon to the Russell 2000, a basket of small-cap stocks with market values that are typically less than $1 billion. The index has outperformed the broader market and posted its best quarter ever during the pandemic. With President Joe Biden’s lofty $1.9 trillion stimulus plan shoring up fresh funding for the economic recovery–and an even bigger $3 trillion infrastructure plan in the works, Bank of America analysts say they think small-caps will continue to outperform larger companies this year.

Meme Stock Mania

GameStop: Up 5,005%

Perhaps most emblematic of the market’s bullish mania are the staggering gains in the meme stocks popularized by an army of Reddit traders in late January. Heading up gains is GameStop, the past year’s best-performing stock in the Russell 2000. The Grapevine, Texas-based video game retailer reached a meteoric high on January 27 as retail traders coordinated an effort to buy up Wall Street’s most heavily shorted companies, stirring a panic among hedge funds that exited their positions with steep losses. Short interest has plummeted since, and the rally’s taken a breather, but two months into the frenzy GameStop’s still sporting eye-popping gains that have landed prices at more than 10 times analysts’ average one-year price expectations. Meanwhile, meme stocks AMC Entertainment and Blackberry are also holding up, climbing 300% and 200%, respectively, over the past year.

The S&P’s Biggest Gainer

ViacomCBS: Up 790%

ViacomCBS, the S&P’s best-performing stock over the past year (save for a couple new additions on Monday–Penn National Gaming and Caesars Entertainment), is another testament to the recent retail trading frenzy. The company, founded in 2019 by the merger between CBS and Viacom, has long garnered bearish calls from analysts, but with short interest that’s roughly five times greater than the S&P’s average, shares have skyrocketed in the months since Reddit traders started plowing into heavily shorted stocks. Though its Paramount+ streaming service has helped improve its outlook, one analyst last week said the stock has “run too far” and climbed too high.

The S&P’s Few Losers

Gilead Sciences: Down 10%

The past year’s raging bull market is not without its losses. The S&P’s worst-performing stock over the period belongs to California-based Gilead Sciences, which surged alongside other biotech companies in January 2020 as the pandemic took hold, but has floundered ever since. The company’s Covid-19 treatment, remdesivir, pulled roughly $3 billion in sales last year, and it was even hailed as a miracle treatment by former President Donald Trump, but like with other biotechs last year, investors lost interest. Only four S&P stocks have fallen over the past year, and three of them, including Biogen and Viatris, are biotechs.

Tesla’s New Dominance

Up 670%

Shares of electric carmaker Tesla–last year’s best-performing S&P 500 stock–are down for the year and have plunged nearly 25% from a late-January high—yet another sign the recently booming market for tech stocks could be over once post-pandemic spending drives growth into other industries. Tesla made its S&P debut in December and now carries about 1.5% of the index’s weight, but some experts are worried the stock’s increased volatility could spell trouble for the index-tracking funds that represent trillions in market value.

Bitcoin’s Resurgence

Up 730%

The price of the world’s largest cryptocurrency has skyrocketed over the past year amid booming institutional adoption and heightened inflationary concerns fueled by massive government spending to combat the pandemic. Just this month, Morgan Stanley became the first big bank to offer up bitcoin exposure to wealthy clients (though it’s limiting the funds to investors with “an aggressive risk tolerance”), and Goldman Sachs is also dabbling in the space with a cryptocurrency trading desk that opened up this month.

Oil’s Wild Ride

Up 160%

At $61.55, the price of a barrel of U.S. oil benchmark West Texas Intermediate stands at nearly three times the price of $23.36 one year ago, but the oil market’s volatile ride has been anything but a straight shot up. Prices seeped into negative territory for the first time in history last April, when pandemic lockdowns led to a glut in supply that became too expensive to maintain. Now, experts are bullish that prices can continue to bounce back as the world reopens.

“We’re going to need more supply as demand comes roaring back, and add to that all the stimulus that’s been pumped out by governments, the massive growth in money supply and I think we’re headed toward a global synchronized economic recovery that’s going to be pretty strong,” NOV Inc Chair and CEO Clay C. Williams said in an earnings call last month of energy’s impending boom.Follow me on Twitter. Send me a secure tip.

I’m a reporter at Forbes focusing on markets and finance. I graduated from the University of North Carolina at Chapel Hill, where I double-majored in business journalism and economics while working for UNC’s Kenan-Flagler Business School as a marketing and communications assistant. Before Forbes, I spent a summer reporting on the L.A. private sector for Los Angeles Business Journal and wrote about publicly traded North Carolina companies for NC Business News Wire. Reach out at jponciano@forbes.com.

Source: Bitcoin, Tesla And GameStop: 10 Numbers That Sum Up The Fastest Market Recovery Ever

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Discussing what I’m coining “Movement Investing” and the implications on the future of stocks, companies and investing opportunities. Social 🐦 Twitter https://mobile.twitter.com/heydave7 🎧 Apple Podcast: https://podcasts.apple.com/us/podcast… 🎙️Spotify https://open.spotify.com/show/2iin015… 📸 Instagram https://www.instagram.com/heydave7
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One Of Bitcoin’s Biggest Backers Just Spent $1 Billion Buying More

In this photo illustration a Bitcoin logo is seen displayed...

While bitcoin remains about 15% below its record high from Sunday, a couple of the cryptocurrency’s biggest corporate backers have doubled-down on their bitcoin investments during the recent correction despite concerns over the token’s unshakeable volatility.

Business analytics company MicroStrategy said Wednesday morning that it spent slightly more than $1 billion buying about 19,452 bitcoin tokens during the recent correction, averaging about $52,756 per bitcoin.

As of Wednesday, the firm, which used debt to finance its recent bitcoin acquisition, holds roughly 90,531 tokens that it purchased at a combined price of nearly $2.2 billion–less than half the $4.5 billion they’re worth at current prices.

In a statement, MicroStrategy ژEO Michael Saylor said acquiring and holding bitcoin remains one of the company’s two biggest strategic priorities (in addition to growing its analytics software business) and that the investment “reaffirms [the firm’s] belief that bitcoin, as the world’s most widely adopted cryptocurrency, can serve as a dependable store of value.”

The move comes less than a day after payments fintech Square, cofounded and led by billionaire Jack Dorsey, revealed it’s also doubled-down on its bitcoin investment–investing another $170 million in the cryptocurrency this month after a $50 million investment in October.

At current prices, Square’s October investment is worth approximately $230 million–more than four times the purchase price; combined with the recent purchase, bitcoin represents about 10% of the cash Square had on hand at the end of last year.

MicroStrategy shares have plummeted 42% since a nearly 20-year high on February 9–the day after Tesla disclosed a $1.5 billion bitcoin investment; much of the plunge has been fueled by crashing bitcoin prices, which have similarly tanked Tesla shares.

Crucial Quote

“Bitcoin is a bank in cyberspace for people that don’t have the ability to run their own hedge fund,” Saylor said on CNBC Tuesday. “It’s not a stock; it’s an asset class, and so if I put $1 billion into a bank, and then came back and put another $10 billion in a bank, the bank is not overvalued, it’s just 10 times bigger.”

Surprising Fact

Bitcoin has plummeted about 16% from its record high of more than $58,000 on Sunday, but it’s still up more than 400% in the past year.

Key Background

In addition to corporations bulking up their balance sheets with volatile bitcoin, institutional investors continue to bolster adoption in the space. This month alone, the first two bitcoin exchange-traded funds launched in Canada, BNY Mellon announced that its wealth management arm will process cryptocurrencies alongside stocks and bonds, and news broke that Morgan Stanley’s $150 billion investing arm is considering adding bitcoin to its portfolio.

Chief Critic

Bitcoin prices reversed a recent rally on Sunday after Tesla CEO Elon Musk tweeted that its prices seemed “a little high,” fueling concerns among experts that the token’s volatility makes it an unreliable store of value. “The fall that has taken place since [Musk’s tweet] shows just how wild an instrument bitcoin is, how overbought it has become and how influential the Tesla CEO now is in the space,” Oanda Senior Market Analyst Craig Erlam said Tuesday. “I’m not sure any of that is a good thing.”

genesis-3-1

Further Reading

Not Just Tesla: Big Institutions Keep Piling Into Bitcoin As Price Rockets Past $50,000 (Forbes)

Tesla Has Plunged 25% And Lost $200 Billion In Market Value Since Its Bitcoin Investment (Forbes)

Bitcoin Market Value Shoots Past $1 Trillion Amid Tesla-Fueled Surge (Forbes)

Bitcoin Soars To New High After Tesla Says It Invested $1.5 Billion (Forbes)

Follow me on Twitter. Send me a secure tip.

I’m a reporter at Forbes focusing on markets and finance. I graduated from the University of North Carolina at Chapel Hill, where I double-majored in business journalism and economics while working for UNC’s Kenan-Flagler Business School as a marketing and communications assistant. Before Forbes, I spent a summer reporting on the L.A. private sector for Los Angeles Business Journal and wrote about publicly traded North Carolina companies for NC Business News Wire. Reach out at jponciano@forbes.com.

Source: One Of Bitcoin’s Biggest Backers Just Spent $1 Billion Buying More

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Bitcoin Falls Below $50K
http://www.dailyforex.com – February 23
In its biggest daily drop in a month, Bitcoin fell below the $50,000 level after Elon Musk commented that prices were too high […] The cryptocurrency had been rallying since Musk put #Bitcoin in his Twitter bio and since some major companies, including Tesla and MasterCard, decided to adopt […] reference to the necessity of cryptocurrency regulation, Treasury Secretary Janet Yellen said that Bitcoin was extremely inefficient. “I don’t think that Bitcoin…is widely used as a transaction mechanism,” Yellen said during an interview at CNBC […]
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Operator of World’s Biggest Bitcoin Mine Planning $500 Million IPO: Report
latestcrypto.news – February 23
Home Decrypt News Operator of World’s Biggest Bitcoin Mine Planning $500 Million IPO: Report Decrypt News Operator of World’s Biggest Bitcoin Mine Planning $500 Million IPO: Report By Andrew Asmakov February 23, 2021 In brief Northern Dat […] 6 Billion in Bitcoin Long Positions Shaurya Malwa – February 23, 2021 In brief Bitcoin traders lost over $1.6 billion yesterday betting on higher prices. The liquidations were some of the biggest ever. Bitcoin has continued its decline today […]
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Elon Musk loses $15B in a day after Bitcoin warning
[…] Tesla’s biggest decline since September was fueled in part by Mr. Musk’s comments over the weekend that the prices of Bitcoin and smaller rival Ethereum “do seem high […] Zhong Shanshan, Asia’s wealthiest person, was the second-biggest decliner on the Bloomberg index, dropping by $5 […]
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Top headlines: RIL to spin off O2C biz; Airtel, Qualcomm tie up in 5G boost | Business Standard News
[…] Tesla’s biggest decline since September was fueled in part by Musk’s comments over the weekend that the prices of Bitcoin and smaller rival Ether “do seem high […]
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Crypto selloff sends Bitcoin tumbling below $50,000
http://www.cityam.com – February 23
[…] Bitcoin suffered its biggest daily drop in a month to fall as low as $45,000 before recovering to just over $48,500 […] Analysts pointed to Elon Musk, who commented the price was too high, for the sharp fall in bitcoin over the past day. Musk’s electric vehicle firm Tesla recently invested $1.5bn in bitcoin but as a result of his tweets is set to open lower later today […]
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Elon Musk’s wealth tumbles by $15 billion after Tesla shares dropped 9% in one day | Currency News | Financial and Business News | Markets Insider
[…] The slide appeared partly fueled by Musk’s tweets that bitcoin and Ethereum’s prices seemed high. Tesla also announced it would halt new orders for the lowest-priced version of its Model Y SUV […] The drop appeared to be fueled partly by Musk tweeting over the weekend that bitcoin and Ethereum p

$8.7 Trillion Asset Manager BlackRock Is Exploring Bitcoin As Institutions Flood Crypto

Glowing dark background with bitcoin symbol.

Rick Rieder, BlackRock’s chief investment officer of global fixed income, told CNBC Wednesday that the investment giant has “started to dabble” in bitcoin—it’s the latest instance of a major financial player dipping its toes into digital assets.

Reider did not elaborate on BlackRock’s cryptocurrency strategy, but last month the investment giant filed documents with the Securities and Exchange Commission showing that it wants to include cash-settled Bitcoin futures as eligible investments for two of its funds.

BlackRock is the world’s largest asset manager—it managed some $8.7 trillion at the end of the fourth quarter.

Rieder told CNBC that he believes bitcoin’s recent rally is gaining momentum in part because of stronger regulations and better technology.

“My sense is the technology has evolved and the regulation has evolved to the point where a number of people find it should be part of the portfolio, so that’s what’s driving the price up,” he said.

Big Number

$51,000. That’s the new record price bitcoin hit early on Wednesday morning. The most popular cryptocurrency started the year with prices around $30,000.

Key Background

A spate of major corporations and financial institutions including MicroStrategy, BNY Mellon, and MasterCard,and PayPal have announced cryptocurrency initiatives this month, and there are reports that a $150 billion investment division at Morgan Stanley is considering investing in bitcoin. A portion of bitcoin’s recent gains are likely attributable to a surprise announcement from Tesla that the electric car maker had invested $1.5 billion into the cryptocurrency and has plans to start accepting it as payment.

Further Reading

BlackRock’s Rick Rieder says the world’s largest asset manager has ‘started to dabble’ in bitcoin (CNBC)

Not Just Tesla: Big Institutions Keep Piling Into Bitcoin As Price Rockets Past $50,000 (Forbes)

Bitcoin Soars To New High After Tesla Says It Invested $1.5 Billion (Forbes)

BlackRock Files To Add Bitcoin Futures To Funds (Forbes)

By: Sarah HansenSarah Hansen

 

 

Source: $8.7 Trillion Asset Manager BlackRock Is Exploring Bitcoin As Institutions Flood Crypto

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Crypto Market Erases $200 Billion In Market Value In 24 Hours; Regulator Warns Investors Could ‘Lose All Their Money’

After a more than 100% surge over the past month, the cryptocurrency market is taking a massive hit Monday as regulators and other experts sound the alarm on bitcoin’s booming rally, but not everyone’s convinced the bearishness is warranted.

Key Facts

As of 10:30 a.m. EST, the value of the cryptocurrency market has tanked to about $900 billion from a high of $1.1 trillion early Sunday morning, according to crypto data firm CoinMarketCap.

The world’s first and largest cryptocurrency, bitcoin, is behind much of the decline, falling 17% over the past 24 hours—wiping out about $125 billion in market value.

Other top tokens are also plunging, with ether, XRP and litecoin down 21%, 16% and 25%, respectively.

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“As with all high-risk, speculative investments, consumers should make sure they understand what they’re investing in,” the United Kingdom’s Financial Conduct Authority, which regulates financials in the country, said Monday, also issuing a stark warning: “If consumers invest in these types of product, they should be prepared to lose all their money.”

The price plunge started Sunday after a report by the United Kingdom’s Sunday Times shed light on the enforcement measures banks, including HSBC, are taking to bar transfers from cryptocurrency exchanges in the country.

Venture capitalist and longtime bitcoin supporter Tim Draper railed against the measures, tweeting early Monday that “banks don’t like bitcoin because it makes them less relevant” before issuing a bullish forecast that bitcoin prices will hit $250,000 by early 2023; bitcoin is currently trading at around $32,750.

Crucial Quote 

“Bitcoin often exhibits large upside swings that tend to be followed by corrections—this is normal behavior for a new technology in the early stage of its adoption curve,” Anatoly Crachilov, the cofounder and CEO of crypto investment manager Nickel Digital, said Monday, adding that the market is positioned for expansion as institutional adoption soars. “Only professional investors with a long-term view on the underlying technology should have exposure to this asset class. They also need high-risk tolerance levels and, importantly, to never lose sight of the forest for the trees.”

Chief Critic

Bank of America Securities Chief Investment Strategist Michael Hartnett warned that bitcoin looks like “the mother of all bubbles,” on Friday, noting that its roughly 1,000% surge since the beginning of 2019 has been fueled by “violent” inflation, akin to the short-lived surges of gold prices in the late 1970s and tech stocks in the late 1990s.

Surprising Fact

Before crashing 80% by the end of 2018, the price of bitcoin, which first launched in January 2009, climbed fifteenfold in 2017 amid a flood of heightened attention and surging mainstream adoption, as retail trading became easier through pioneering bitcoin platforms like brokerage Coinbase.

Key Background

The cryptocurrency market’s massive rally has been fueled in large part by inflation concerns and institutional adoption. Investors have been eyeing regulatory approval of a bitcoin exchange-traded fund, but JPMorgan warned Friday that such a development may actually hurt bitcoin prices in the short term as investors cash out of the Grayscale Bitcoin Trust, an SEC-approved bitcoin price-tracking fund that many have turned to in lieu of an ETF. 

Further Reading

As Bitcoin, Ethereum, Ripple’s XRP And Litecoin Lose Billions, Watchdog Issues Stark Crypto Price Warning (Forbes)

SEC Charges Ripple With Selling $1.3 Billion In Unregistered Securities, XRP Loses $2 Billion In Market Value (Forbes) Follow me on Twitter. Send me a secure tip

Jonathan Ponciano

Jonathan Ponciano

I’m a reporter at Forbes focusing on markets and finance. I graduated from the University of North Carolina at Chapel Hill, where I double-majored in business journalism and economics while working for UNC’s Kenan-Flagler Business School as a marketing and communications assistant. Before Forbes, I spent a summer reporting on the L.A. private sector for Los Angeles Business Journal and wrote about publicly traded North Carolina companies for NC Business News Wire. Reach out at jponciano@forbes.com

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Business News

After a more than 100% surge over the past month, the cryptocurrency market is taking a massive hit Monday as regulators and other experts sound the alarm on bitcoin’s booming rally, but not everyone’s convinced the bearishness is warranted.”Bitcoin often exhibits large upside swings that tend to be followed by corrections–this is normal behavior for a new technology in the early stage of its adoption curve,” Anatoly Crachilov, the cofounder and CEO of crypto investment manager Nickel Digital, said Monday, adding that the market is positioned for expansion as institutional adoption soars.

“Only professional investors with a long-term view on the underlying technology should have exposure to this asset class. They also need high-risk tolerance levels and, importantly, to never lose sight of the forest for the trees.”Bank of America Securities Chief Investment Strategist Michael Hartnett warned that bitcoin looks like “the mother of all bubbles,” on Friday, noting that its roughly 1,000% surge since the beginning of 2019 has been fueled by “violent” inflation, akin to the short-lived surges of gold prices in the late 1970s and tech stocks in the late 1990s. Before crashing 80% by the end of 2018, the price of bitcoin, which first launched in January 2009, climbed 15-fold in 2017 amid a flood of heightened attention and surging mainstream adoption, as retail trading became easier through pioneering bitcoin platforms like brokerage Coinbase.

The cryptocurrency market’s massive rally has been fueled in large part by inflation concerns and institutional adoption. Investors have been eyeing regulatory approval of a bitcoin exchange-traded fund, but JPMorgan warned Friday that such a development may actually hurt bitcoin prices in the short term as investors cash out of the Grayscale Bitcoin Trust, an SEC-approved bitcoin price-tracking fund that investors have turned to in lieu of an ETF. As Bitcoin, Ethereum, Ripple’s XRP And Litecoin Lose Billions, Watchdog Issues Stark Crypto Price Warning (Forbes)SEC Charges Ripple With Selling $1.3 Billion In Unregistered Securities, XRP Loses $2 Billion In Market Value (Forbes) All data is taken from the source: http://forbes.com Article Link: https://www.forbes.com/sites/jonathan…#bitcoin#newsheadlines#cnnnewstoday#newstodaylocal#newstodayabc#newstodaybbc #

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