US equities started the week strongly as bond yields fell from last week’s highs early Monday.
Two positive developments over the weekend also stimulated investors: the US House approved the $ 1.9 trillion package from the Biden administration on Saturday, before the Food and Drug Administration granted Johnson & Johnson’s JNJ emergency permit,
COVID-19 vaccine – the first single-injection dose available to Americans.
BTCUSD bitcoin price,
rose more than 5 percent to $ 47,691 on Monday as it regained ground after the worst week of the year in cryptocurrency last week after hitting a record $ 58,332 last weekend.
In ours call of the day, Citi analysts said that Bitcoin is in a “tipping point” between general acceptance or a “speculative implosion”. But recent developments, including TSLA, the electric car maker, Tesla,
$ 1.5 billion investment and move through PayPal PYPL,
Visa V,
and Mastercard MA,
to accept payments, directed to the first.
Analysts, led by Citi GPS editor Kathleen Boyle, noted that there are a “number of risks and obstacles” that stand in the way of cryptocurrency progress.
“But weighing these potential barriers to opportunities leads to the conclusion that Bitcoin is at a peak and we could be at the beginning of the massive transformation of cryptocurrencies into the mainstream,” they said.
The report added that Bitcoin could eventually become the “currency of choice for international trade” due to its global coverage, neutrality and lack of currency exposure.
The biggest change in recent years has been the shift from a retail-focused effort to “something that looks attractive to institutional investors,” the authors noted.
If recent efforts lead to a digital currency backed by a central bank, individuals and companies would have digital wallets holding a variety of cryptocurrencies just like today, with checking accounts, savings and treasury, they said. “In this scenario, bitcoin can be optimally positioned to become the preferred currency for global trade,” they added.
However, the obstacles that follow along this path include market updates and the potential for the cryptocurrency space to approach the supervision and rules of traditional financial regulators, Citi said.
markets
US equities recorded significant early gains, with DIA Jones Industrial Average DJIA,
2% or 620 points, higher shortly after opening. S&P 500 SPX,
and Nasdaq Composite COMP,
were also up. European stock markets have risen, and Asian markets have grown overnight, in hopes of Biden’s US stimulus package and after last week’s sale.
Buzz
Dr. Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, said he would have “no hesitation” in getting Johnson & Johnson’s COVID-19 vaccine and that all three vaccines available to Americans were “extremely effective. ”.
Reddit CEO Steve Huffman reiterated his praise for the WallStreetBets forum, which posted “meme stocks” on Wall Street in recent weeks. Huffman said the community “exposed a gap” between those who have access to financial markets and those outside.
Housing builders in the UK have risen on Monday, according to reports, the government will try to increase property with a new mortgage guarantee.
Cruise operator Royal Caribbean Group said it had started a $ 1.5 billion public offering.
The owner of Ladbrokes Entain ENT,
said it had expanded its bid for rival Swedish sports betting company Enlabs.
At the Golden Globe Awards, “Crown”, “Schitt’s Creek” and “Nomadland” were among the big winners.
Random readings
Actor Ben Stiller’s Coptic Trophy and other Golden Globe highlights.
The doctor appears at the video call in court during the operation.
You need to know how to get started early and update up to the opening bell, but sign up here to be delivered once in your inbox. The emailed version will be sent at approximately 7:30 a.m. Eastern time.
Want more for the next day? Sign up for The Barron’s Daily, a morning briefing for investors, including exclusive comments from writers Barron’s and MarketWatch.