US equities have started the week strong as bond yields declined from last week’s highs on Monday.
Two positive developments over the weekend have also encouraged investors: The U.S. House of Representatives approved the Biden administration’s $ 1.9 trillion pandemic aid package on Saturday before the Food Administration and Medications granted emergency authorization to Johnson & Johnson JNJ.
COVID-19 vaccine: the first single dose available to Americans.
The price of bitcoin BTCUSD,
It rose more than 5% to $ 47,691 on Monday, as it regained ground after the worst week of the year for cryptocurrency last week, having risen to a record $ 58,332 the weekend before.
In our call of the dayCiti analysts said that Bitcoin was at a “tipping point” between widespread acceptance or a “speculative implosion.” But recent developments, including electric car maker Tesla’s TSLA,
Investment of $ 1.5 billion and PayPal PYPL movements,
and Mastercard MA,
accept payments, targeting the first.
The analysts, led by Citi GPS managing editor Kathleen Boyle, noted that there were a “number of risks and obstacles” that stood in the way of cryptocurrency progress.
“But weighing these potential hurdles against opportunities leads to the conclusion that bitcoin is at a tipping point and we could be at the start of a massive transformation of cryptocurrency into the mainstream,” they said.
The report added that bitcoin could eventually become “the currency of choice for international trade,” due to its global reach, neutrality, and lack of currency exposure.
The biggest change in recent years has been the shift from an effort focused on retail to “something that looks attractive to institutional investors,” the authors noted.
If recent efforts lead to a central bank-backed digital currency, individuals and businesses would have digital wallets with a variety of cryptocurrencies like today, with checking, savings and treasury accounts, they said. “In this scenario, Bitcoin may be in an optimal position to become the currency of choice for world trade,” they added.
However, obstacles looming down that path include market updates and the potential for the cryptocurrency space to move closer to the oversight and rules of traditional financial regulators, Citi noted.
US stocks made significant early gains, with the Dow Jones Industrial Average DJIA,
2%, or 620 points, more shortly after the open. The S&P 500 SPX,
and the Nasdaq Composite COMP,
they were also upstairs. European stocks rose and Asian markets rose overnight on hopes of Biden’s US stimulus package and following last week’s sell-off.
Dr. Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, said he would “not hesitate at all” to take the COVID-19 vaccine from Johnson & Johnson, and that all three vaccines available to Americans were “highly effective.” .
Reddit CEO Steve Huffman reiterated his praise for the WallStreetBets forum that has shaken Wall Street “meme stocks” in recent weeks. Huffman said the community “exposed a gap” between those with access to financial markets and those without.
UK home builders surged on Monday, according to reports the government will try to boost home ownership with a new home equity guarantee.
Cruise operator Royal Caribbean Group said it has started a $ 1.5 billion public offering of shares.
Ladbrokes owner Entain ENT,
It said it has raised its bid for rival Swedish sports betting company Enlabs.
At the Golden Globe Awards, “The Crown,” “Schitt’s Creek” and “Nomadland” were among the big winners.
Actor Ben Stiller’s baked trophy and other Golden Globes highlights.
The doctor appears on the court video call while performing the surgery.
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