Yahoo Finance Plus 
Last week, Virginia became the 16th U.S. state to legalize recreational marijuana. It's going to be a while longer before the retail cannabis market opens in Virginia. State lawmakers set a Jan. 1, 2024 date for companies to begin selling recreational marijuana.
Winthrop Capital Management President Greg Hahn tells Reuters' Fred Katayama he's taking profit in some tech and communications services shares and putting some of the proceeds into real estate investment trusts. He names some REIT sectors he finds especially promising.
The Canadian cannabis operator may be struggling to reach the threshold of shareholder votes required to complete its proposed merger with Aphria.
Apr.16 -- Citizens Financial Group CEO Bruce Van Saun says the credit picture continues to improve and adds that he's optimistic about corporate loan growth in the second half of 2021. He speaks with Bloomberg's Amanda Lang and Matt Miller on "Bloomberg Markets."
Today is shaping up negative for OrganiGram Holdings Inc. ( TSE:OGI ) shareholders, with the analysts delivering a...
Coinbase got the headlines this week for going public, but another crypto category is also booming: derivatives exchanges.Why it matters: These exchanges are taking crypto investor appetite for speculation to the next level, enabling bets on a range of events and assets — even Coinbase’s own IPO, months before the actual float.Stay on top of the latest market trends and economic insights with Axios Markets. Subscribe for freeThe big picture: “The defining companies in crypto are the exchanges,” says FTX CEO Sam Bankman-Fried, whose two-year-old company has become one of the most popular derivatives exchanges. “That’s not necessarily true on Wall Street.” Unlike in traditional finance, crypto exchanges provide services end-to-end, including the wallet, asset custody, matching engine and so on, putting them at the center of the industry's activity. Coinbase, for example, started out as a digital wallet for storing and transferring bitcoin, and over the years added an exchange to trade digital tokens — while building out the services needed to support that. Between the lines: The growing popularity of crypto derivatives, which are largely based abroad due to regulations, comes down to capital efficiency, according to Bankman-Fried. Users can put up all kinds of collateral, and get tons of leverage, 100x up to 125x, depending on the exchange.FTX also managed to harness some of the stock market zeitgeist, debuting futures ahead of the public listings of companies like Airbnb, Coinbase, and most recently Robinhood. It also launched tokenized stock for Tesla, and a WallStreetBets index quarterly futures contract during the retail trading saga in January. And that translates to big business for the exchanges. Bitmex, a rival exchange founded in 2014 and derivatives trailblazer , was handling about $65 billion a month in trading volume by the summer of 2020, according to Bloomberg.FTX (which also runs a spot exchange) saw roughly $10 billion in trades per day in April, raking in about $2 million in daily revenue from fees. The company says it currently has an $800 million run rate. And according to FTX’s own tracking of other exchanges, there’s just under $100 billion in derivatives trade per day on Binance, over $78 billion on Huobi, and about $36.5 billion on OKEx. Yes, but: Like much of the rest of crypto, the lack of a clear regulatory regime in the U.S., especially with regards to newer derivatives like tokenized stock, is keeping crypto derivatives exchanges from being able to operate here.The CTFC has signaled that crypto derivatives fall within its jurisdiction, but is still behind on providing new rules and regulations. U.S. residents can still trade some very limited derivatives, like bitcoin futures, via a few large regulated exchanges like the Chicago Board Options Exchange and the CME Group exchange. Meanwhile, Bitmex has run afoul U.S. regulators for allegedly soliciting American customers without being licensed. But, again, there is no license to get.CEO Arthur Hayes and three others also face criminal charges for failing to implement sufficient anti-money laundering measures, and knowing of certain illicit activities. The CFTC is also reportedly probing Binance for letting U.S.-based users to trade derivatives. The bottom line: We've entered a new era of cryptocurrency exchanges. Like this article? Get more from Axios and subscribe to Axios Markets for free.
If this market is going to form a short-term top, it’s not likely to be related to an economic event, but rather surprise news.
(Bloomberg) -- A sudden rebound in the euro and a selloff in bond havens are forcing investment strategists to play catch-up on rising expectations for European growth.As the currency climbs toward $1.20, some in the investment community worry their projections for the months ahead look too gloomy. Goldman Sachs Group Inc. this week revised up its three-month forecast to $1.25 from $1.21. Meanwhile, BNP Paribas, Pictet and Manulife Investment are predicting German bond yields will turn positive by December for the first time in two years.Just weeks ago, the euro was mired in its worst start to the year since 2015, dogged by stubbornly high Covid infections and the European Union’s fumbling of its vaccination program. The yield on German 10-year bonds, the region’s go-to haven, was at its deepest discount to its U.S. counterpart in more than a year.Now, the EU’s rollout of immunizations is getting into gear with a renewed drive to cover the bulk of its population within a few months. Meanwhile, data are turning positive and last week saw a robust increase in factory orders for Germany, the region’s biggest economy.Shifting DynamicsThe recovery in the single currency is set to continue, according to Charles Diebel a money manager at Mediolanum who says it could reach $1.25 by year-end.“The euro has been an underperformer against the dollar and a sterling laggard in terms of vaccine rollout,” he said “But those dynamics are shifting now, and with good news already in place in the U.S. and the U.K., Europe is catching up.”That optimism is also rippling into the bond market, squeezing German 10-year debt. Bund yields have climbed 30 basis points from this year’s low to minus 0.29% and Goldman Sachs sees them rising to 0%. BNP Paribas predicts 0.2%, the highest level since early 2019.“The pace of vaccinations in Europe should ramp up soon,” said Chris Chapman, a portfolio manager at Manulife Investment, who also expects the the yield to break into positive territory by year-end. “The re-opening of the economy and the catch-up of the services sector will drive growth.”But with Covid infections still rising in much of Europe and just just 11% of the EU population vaccinated, that optimism is far from universal.Bank of America Corp. strategist Sphia Salim sees bund yields ending the year at -0.25%, though she concedes the bank’s economists are more bearish than the consensus on growth and inflation. HSBC’s Chris Attfield predicts -0.5%, saying most of the good news is already priced in.Ominous SignMeanwhile, in an ominous sign for those placing bullish bets on the recovery, so-called speculative investors -- mainly hedge funds -- have cut long euro positions to the lowest in a year, according to Commitments of Traders data. The median year-end outlook for the euro among analysts contributing forecasts to Bloomberg remains at $1.22.Many traders are wagering on a stronger euro, however. Options betting on gains against the dollar trade at a premium over those looking for declines across tenors out to six months. Against sterling, that premium stretches to one year. Meanwhile, analysts are revising their end-2021 forecasts for German 10-year yields by the most in more than a year.Goldman Sachs says the biggest four euro economies will probably have given Covid shots to around 37% of their populations by the end of May, rising to 54% a month later. The bank is suggesting investors go short on European bond duration.“Our economists remain optimistic on the European recovery as data have been resilient and vaccination is likely to accelerate from here,” strategists including Christian Mueller-Glissmann wrote in a note.Next WeekThe European Central Bank’s April meeting dominates the calendar, with policymakers likely to sound cautiously optimistic on Thursday without giving away details about the pace of weekly stimulus beyond 2QFlash PMIs on Friday will give insights into how economies are faringEurozone sovereign supply will remain above the year-to-date average at about 27 billion euros with auctions in five countries, as well as the sale of a new BTP Futura, according to CommerzbankThe U.K., meanwhile, will sell more than 5 billion pounds worth of gilts maturing in 2024 and 2035, with employment and inflation data Tuesday and Wednesday in focusU.K. unemployment probably stabilized in February, while inflation is seen nudging up in March(Adds Goldman Sachs’s new forecast in second paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- The mania that drove crypto assets to records as Coinbase Global Inc. went public last week turned on itself on the weekend, sending Bitcoin tumbling the most since February.The world’s biggest cryptocurrency plunged as much as 15% just days after reaching a record. It was lower by 9% to $55,323 at 10:18 a.m. in New York. Ether, the second-biggest, dropped as much as 18% to below $2,000 before paring losses. Binance Coin, XRP and Cardano each lost more than 12%. Dogecoin, the token started as a joke, was the only gainer among the 10 largest coins.The weekend carnage came after a heady week for the industry that saw the value of of all coins surge past $2.25 trillion amid a frenzy of demand for all things crypto in the runup to Coinbase’s direct listing on Wednesday. The largest U.S. crypto exchange ended the week valued at $68 billion, more than the owner of the New York Stock Exchange.“With hindsight it was inevitable,” Galaxy Digital founder Michael Novogratz said in a tweet Sunday. “Markets got too excited around $Coin direct listing. Basis blowing out, coins like $BSV, $XRP and $DOGE pumping. All were signs that the market got too one way.”Dogecoin, which has limited use and no fundamentals, rallied last week to be worth more than $50 billion at one point before stumbling Saturday. Demand was so brisk for the token that investors trying to trade it on Robinhood crashed the site a few times Friday, the online exchange said in a blog post.There was also speculation Sunday in several online reports that the plunge was related to concerns the U.S. Treasury may crack down on money laundering that’s carried out through digital assets.“The crypto world is waking up with a bit of a sore head today,” said Antoni Trenchev, co-founder of crypto lender Nexo. “Dogecoin’s 100% Friday rally was ‘peak party,’ after the Bitcoin record and Coinbase listing earlier in the week. Euphoria was in the air. And usually in the crypto world, there’s a price to pay when that happens.”Besides the “unsubstantiated” report of a U.S. Treasury crackdown, Trenchev said factors for the declines may have included “excess leverage, Coinbase insiders dumping equity after the direct listing and a mass outage in China’s Xinjiang province hitting Bitcoin miners.”Growing mainstream acceptance of cryptocurrencies has spurred Bitcoin’s rally, as well as lifting other tokens to record highs. Interest in crypto went on the rise again after companies from PayPal to Square started enabling transactions in Bitcoin on their systems, and Wall Street firms like Morgan Stanley began providing access to the tokens to some of the wealthiest clients. That’s despite lingering concerns over their volatility and usefulness as a method of payment.Governments are inspecting risks around the sector more closely as the investor base widens.Federal Reserve Chairman Jerome Powell last week said Bitcoin “is a little bit like gold” in that it’s more a vehicle for speculation than making payments. European Central Bank President Christine Lagarde in January took aim at Bitcoin’s role in facilitating criminal activity, saying the cryptocurrency has been enabling “funny business.”Turkey’s central bank banned the use of cryptocurrencies as a form of payment from April 30, saying the level of anonymity behind the digital tokens brings the risk of “non-recoverable” losses. India will propose a law that bans cryptocurrencies and fines anyone trading or holding such assets, Reuters reported in March, citing an unidentified senior government official with direct knowledge of the plan.Crypto firms are beefing up their top ranks to shape the emerging regulatory environment and tackle lingering skepticism about digital tokens. Bitcoin’s most ardent proponents see it as a modern-day store of value and inflation hedge, while others fear a speculative bubble is building.(Updates prices and context on other cryptocurrencies from 2nd paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Advocates and lawmakers say the crisis isn't over, and neither is the need for relief.
Bitcoin prices sink into correction territory on Sunday, marking the sharpest slide for the digital asset since February, coming on the heels of what has been a remarkable stretch for the crypto industry.
The IRS commissioner now says the monthly payments to families will indeed start in July.
The amount represents roughly 1.5% of his holdings.
Dogecoin (DOGE-USD) has had an incredible week, rallying dramatically to touch a high of 40 cents before retreating slightly. DOGE-USD is currently trading around 34 cents, truly astonishing when you remember that back in early January 2021 its value was about one cent. Source: Orpheus FX / Shutterstock.com Naturally, your first thought will be “what a great rally,” followed swiftly by “what a missed investment opportunity!” But Dogecoin isn’t an investment opportunity at all. It’s the poster child for an epic financial bubble. Even worse, this coin isn’t even a financial asset to me, though it is a digital currency. Dogecoin isn’t just a joke, but a very nasty one, and things could soon end very badly for those invested in DOGE-USD.InvestorPlace - Stock Market News, Stock Advice & Trading Tips Cryptocurrencies: Where Is Their Value? The main factors that give any cryptocurrency its value are: Coin utility; Scarcity; Perceived project value; Transportability; Durability; and Ability to serve as a store of value and unit of exchange. The main question to answer now is whether Dogecoin has any of these mentioned factors to have any value 10 Stocks at the Heart of Good Retirement Portfolios The answer is it only has transportability. One person can send it to another through the internet. But this isn’t enough to have any value at all. It has no utility at all. It does not have any scarcity as there is no limit on the mining of Dogecoin. And the perceived value of the project is based on its ” fun factor,” which does not a solid investment make. Dogecoin: Fun Is A Reason to Speculate, Not Invest The official Dogecoin webpage bears the following statement: “THE FUN AND FRIENDLY INTERNET CURRENCY. Dogecoin sets itself apart from other digital currencies with an amazing, vibrant community made up of friendly folks just like you.” Then there’s a video that claims it is a revolutionary digital currency. DOGE is now accepted at online retailers to buy groceries or gifts. And online creators can make cash by receiving Dogecoin from their fans, instead of likes that add no monetary value. Social Media Use and Social Media Trolls The Dogecoin community is an active one and in the past, it has funded Olympic Athletes and contributed to charities. The “troll currency” Dogecoin, which started with memes and sending Jamaica to the Winter Olympics, has recently reached the top 10 cryptocurrencies by market capitalization. And the internet has gone wild ever since. But should you invest in this digital currency? One of the founders of Dogecoin, Billy Markus, has himself told the Wall Street Journal that he created the asset entirely “for fun.” Online fundraising for charities, donations and other causes has value, but that doesn’t make Dogecoin a valuable investment at all. The currency was based on open-source Litecoin (CCC:LTC-USD) and unlike Bitcoin (CCC:BTC-USD), has no limit on the number of “coins” that can be produced in the system. So while Bitcoin is designed to be deflationary, Doge does not follow the same logic, as this wasn’t a concern for its creators. Why Dogecoin Is Moving Wildly Occasionally Lately, Elon Musk has also taken a stand on meme coin via his Twitter (NYSE:TWTR) posts. As in the case of GameStop (NYSE:GME), Reddit has also done its bit to skyrocket the value of the “Shiba currency,” with cryptocurrency communities setting their sights on taking it to 10 cents. They have since eclipsed that goal. But is the Dogecoin frenzy a reason to invest? Of course, the impetus was again provided by Musk on April 10, when he described the token as “…going to the moon very soon.” In February he described Dogecoin as the “people’s cryptocurrency”, and the rest is history. With each of Musk’s tweets, after all, Doge was going up 20%. The idea of investing in Dogecoin is too risky for any sophisticated investor. And this insanity is reinforced by what people are searching on Google (NASDAQ:GOOG). Two of the most popular questions: Will Dogecoin reach $1? Will Dogecoin make me rich? Dogecoin Verdict If you think investing should be fun and aren’t worried about potential returns, then you may consider Dogecoin an interesting, speculative game. But the word to focus on is game. Dogecoin has no intrinsic value, its price is very easily manipulated and being another “meme” investment, it is subject to great volatility. I do not know if DOGE-USD will ever reach $1. But the truth is, I don’t care and it doesn’t matter. Who wants to invest in an asset without any fundamentals t0 support it? Dogecoin is the definition of an epic bubble, so it is completely off my list. No second thoughts about it. On the date of publication, Stavros Georgiadis, CFA, did not have (either directly or indirectly) any positions in the securities mentioned in this article. Stavros Georgiadis is a CFA charter holder, an Equity Research Analyst, and an Economist. He focuses on U.S. stocks and has his own stock market blog at thestockmarketontheinternet.com. He has written in the past various articles for other publications and can be reached on Twitter and on LinkedIn. More From InvestorPlace Why Everyone Is Investing in 5G All WRONG It doesn’t matter if you have $500 in savings or $5 million. Do this now. Top Stock Picker Reveals His Next Potential 500% Winner Stock Prodigy Who Found NIO at $2… Says Buy THIS Now The post Dogecoin Is the Poster Child for an Epic Financial Bubble appeared first on InvestorPlace.
(Bloomberg) -- U.S. stocks ended the week at all-time highs as Chinese growth data added to signs of a global economic recovery. The dollar slipped.The S&P 500 Index capped its fourth straight weekly advance as the strong data from Asia joined a raft of robust readings in the world’s largest economy to boost sentiment. Chinese stocks outperformed in Asia after a report showed the nation’s economy soared in the first quarter. The Stoxx Europe 600 Index posted a seventh week of advances, its longest streak since May 2018.The data from Beijing added to Thursday’s string of positive economic figures out of the U.S., pushing the MSCI All-Country World Index to a fresh record. Treasuries extended their gains. Morgan Stanley became the latest American bank to post record first-quarter results.Along with healthy corporate earnings, the week’s dump of data gave fresh impetus to the reflation trade. In the U.S., retail sales and weekly jobless claims data signaled an accelerating recovery in the world’s biggest economy. Investors will look for further confirmation as the reporting season picks up pace next week, with about 80 S&P 500 members and more than 50 Stoxx 600 firms announcing.“In addition to earnings, there has been plenty of impressive data to digest indicating that the U.S. economy is firing up,” Fiona Cincotta, senior financial markets analyst at City Index, said. “With a strong vaccine rollout in addition to fiscal stimulus and loose monetary policy, the recovery is picking up pace. Despite the blowout data, U.S. treasury yields are heading lower suggesting investors have bought into the Fed’s low rates for longer mantra.”These are some of the main moves in financial markets:StocksThe S&P 500 Index climbed 0.4% as of 4 p.m. New York time.The Nasdaq 100 added 0.1%.The Stoxx Europe 600 Index jumped 0.9%.The MSCI Asia Pacific Index increased 0.3%.The MSCI Emerging Market Index gained 0.6%.CurrenciesThe Bloomberg Dollar Spot Index fell 0.1%.The euro jumped 0.1% to $1.1978.The British pound gained 0.3% to $1.3834.The onshore yuan was little changed at 6.52 per dollar.The Japanese yen was little changed at 108.76 per dollar.BondsThe yield on 10-year Treasuries fell one basis point to 1.57%.The yield on two-year Treasuries climbed less than one basis point to 0.16%.Germany’s 10-year yield advanced three basis points to -0.265%.Britain’s 10-year yield jumped three basis points to 0.762%.Japan’s 10-year yield increased less than one basis point to 0.093%.CommoditiesWest Texas Intermediate crude lost 0.5% to $63.14 a barrel.Gold strengthened 0.8% to $1,778.25 an ounce.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Mortgage rates fall for a second consecutive week but fail to boost purchase demand, with inventories and rising prices leaving home buyers on the sidelines.
WASHINGTON (Reuters) -The U.S. Treasury Department on Friday said Vietnam, Switzerland and Taiwan tripped its thresholds for possible currency manipulation under a 2015 U.S. trade law, but refrained from formally branding them as manipulators. In the first semi-annual foreign exchange report issued by Treasury Secretary Janet Yellen, the Treasury said it will commence "enhanced engagement" with Taiwan and continue such talks with Vietnam and Switzerland after the Trump administration labeled the latter two as currency manipulators in December.
Dogecoin, dogecoin, dogecoin! That must be what bitcoin holders are saying lately. Owners of the world's No. 1 crypto, like Jan from the 1970s-era sitcom, The Brady Bunch, must feel as if they have been living in the shadow of a more intriguing sister crypto.
On Friday, Keith Gill exercised his 500 GameStop call options to get 50,000 more shares at a strike price of $12, which is less than a tenth of the current stock price. What Happened: Keith Gill, the Reddit WallStreetBets trader, also bought 50,000 more GameStop Corp (NYSE: GME) shares, bringing his total investment to 200,000 shares worth more than $30 million. Gill — who goes by DeepF------Value on Reddit and Roaring Kitty on YouTube — is the man who helped inspire the GameStop short squeeze in January. On Friday, he shared a screenshot of his portfolio marked "final update" on the WallStreetBets subreddit. The screenshot showed nearly $34.5 million in his assets with $30.9 million of GameStop shares and $3.5 million in cash. The Wall Street Journal also reported Gill held more than $30 million in assets. Gill uploaded a video on YouTube entitled "Cheers everyone!" According to Gill's latest update on Reddit's r/WallStreetBets forum, his average price paid for GameStop shares is $55.17. Keith Gill gained fame amid Reddit's WallStreetBets craze. He has been posting about GameStop for a year and also making videos on YouTube. Gill found himself in the middle of the GameStop story after posting about large gains made from buying the stock before its 1,000% increase. Gill was registered as an agent with MML Investors Services LLC, a broker-dealer arm for Mass Mutual. Last month, the company filed a termination request with FINRA to remove Gill's broker license. In February, a class-action lawsuit was filed against Gill after the GameStop short squeeze. He appeared at a Congressional hearing in February regarding Reddit's influence on the market. The CEOs of Robinhood, Citadel and Melvin Capital also spoke at the hearing. Price action: GameStop closed Friday at $154.69. Image: Screenshot of Keith Gill's video See more from BenzingaClick here for options trades from BenzingaKorean EV Battery Suppliers To Ford, VW Reportedly Reach Agreement To Avoid Import DisruptionWhy Alibaba Just Got Hit With A Record .87 Billion Fine In China© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
'Sell in May and go away,' advises the trading maxim. But with stocks at record highs, one trader at the New York Stock Exchange is recommending a related but different strategy.
Bitcoin was last trading down 10% at $53,991 as of 1320 GMT, a whopping $12,000 below record highs set on Wednesday. Data website CoinMarketCap cited https://coinmarketcap.com/headlines/news/chinas-xinjiang-blackout-and-bitcoin-hashrate-correction-caused-btc-price-crasha blackout in China’s Xinjiang region, which reportedly powers a lot of bitcoin mining, for the selloff. Luke Sully, CEO at digital asset treasury specialist Ledgermatic, said in an email that people "may have sold on the news of the power outage in China and not the impact it actually had on the network".
Yahoo Finance