Why did bitcoin go up so much

Wall Street is looking over their backs following the portfolio blowup of whale Bill Hwang. The Dow ended higher, with shares of planemaker Boeing Co rising 2. Nomura and Credit Suisse are facing billions of dollars in losses after a U. Japan's Nomura and Credit Suisse of Switzerland warned of major losses from lending to Archegos for equity derivatives trades, triggering a worldwide sell-off in banking stocks.

While some of the stocks targeted in the block trades initiated by Goldman Sachs Group Inc. They posted their biggest daily losses ever. Morgan Stanley was shopping a large block of ViacomCBS shares on Sunday, according to a person familiar with the matter. About 45 million shares were offered on behalf of an undisclosed holder, the person said. Baidu Inc. Analysts at Citigroup Inc. In Japan, Nomura Holdings Inc. Futures on the Nasdaq dropped 0. ViacomCBS and Discovery have rallied this year. The stock fell 9. On Friday, a downgrade by Wells Fargo and the large block trades compounded the selling pressure.

Bloomberg -- Cathie Wood has spent months defending Ark Investment Management from critics who say the money manager has too much cash tied up in too few stocks.

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In a filing late last week, Ark altered the prospectuses for its exchange-traded funds to remove clauses limiting its exposure and concentration risks. These are eye-catching changes for Ark, founded by Wood in Ark invests in companies involved with disruptive trends, which mean it has a limited pool of targets in which to deploy that money. In addition to deleting the general limits, the March 26 filing removed caps on ownership of depositary receipts, rights, warrants, preferred securities and convertibles.

Updates with ARKX fund information in final paragraphs, analyst comment For more articles like this, please visit us at bloomberg. The race to shield coal country from an energy transition that Biden contends will generate jobs and wealth in everything from solar-panel manufacturing to wind power generation highlights the political complexity of the shift to renewables. Even though he recognizes climate change is a serious issue and that his stance makes him an outlier in his party, he says he worries about the devastating impact of a shutdown to the community.

If it shuts, "it's a ghost town," he said. Another proposal would set aside half a million dollars for legal challenges against other states that pass laws restricting the use of coal. One of the goals is to protect mining jobs that underpin the local economy, said Eric Barlow, a Republican state representative who co-sponsored some of the legislation. His district in the northeast part of the state is in the heart of coal country, where output has plummeted in the past decade as utilities started using more renewables and natural gas.

The effort is supported by the governor and at least some of the legislation is likely to become law, said Travis Deti, executive director of the Wyoming Mining Association.

The move mainstream

The company converted part of one of them to gas last year. Power providers in other states concur. West Virginia, the second-biggest coal producer, is considering a bill that would give state agencies additional oversight and approval authority over utilities that are seeking to close a power plant. The result could be higher power prices, or even making the state less attractive for outside investors, according to Jeri Matheney, a spokeswoman for Appalachian Power.

The American Electric Power Co. North Dakota is considering a bill that would reduce taxes on coal power plants, while another would consider whether the state should offer insurance to the industry after premiums from third-party insurers climbed. Arkansas introduced legislation aimed at making it harder for utilities to close power plants. In addition to the proposals to protect the Colstrip plant in Montana, another bill would require the state to evaluate the economic impact on local communities when a utility sought to shutter a power plant, another move designed to make the process of shutting down a site harder.

While that one has been tabled in the Montana House of Representatives, its Republican sponsor Braxton Mitchell expects it to be picked up in the state senate soon. It gets to be a pretty ugly picture pretty fast. The pessimism underscores the mounting difficulties faced by Prime Minister Boris Johnson.

How bitcoin grew up and became big money - The Verge

Trade data showed EU shipments collapsed in January. Sterling slipped as much as 0. Some of the shine is already starting to fade. Data from the Chicago-based Commodity Futures Trading Commission in Washington show investors have started to trim bullish bets on the pound. After their long positions hit a one-year high earlier in March, leveraged funds scaled back their wagers for a third-straight week.

Even with a Brexit deal and an agreement on financial regulation out of the way, the U. Britain now expects to receive the first doses of the U. Consumers did return to online and in-store shopping in February after a slump at the beginning of the year, official figures published Friday showed. Still, the rebound was modest.

There are a lot of little bad things in the background that individually have the potential to be pretty systemic. Losses at Archegos Capital Management, run by former Tiger Asia manager Bill Hwang, had triggered a fire sale of stocks on Friday, a source familiar with the matter said.

A phone message left for Archegos at its New York offices on Monday morning was not immediately returned. After getting furloughed by American Airlines, and watching her side gig leading trips outside of the US evaporate overnight at the start of the pandemic, Brittany Floyd felt unsettled. Having lived across every aspect of the income scale—she grew up in a low-income household, where her mother worked as a custodian and her father as a construction worker—she had no intention of going back to a life of financial struggle.

The pandemic had Floyd thinking about wanting to be financially independent and not having all her money tied up in one sector of the economy.

The trades were linked to sales of holdings by Archegos Capital Management, a person with knowledge of the matter told Reuters. Trauber will oversee the unit's investment banking front, while Sen will be in charge of corporate banking, the memo said. Bloomberg -- The family office of former Tiger Management trader Bill Hwang was behind the unprecedented selling of some U. The companies involved ranged from Chinese technology giants to U.

S, according to an email to clients seen by Bloomberg News. ViacomCBS and Discovery posted their biggest declines ever Friday, after the selling and analyst downgrades. Curiosity among everyday investors exploded through the end of last year. Global search interest for bitcoin more than tripled from early October to early January, according to Google Trends data.

Celebrities ranging from actress Maisie Williams to rapper Meek Mill have tweeted about entering the cryptocurrency market.

Bitcoin price hits new record, clears $60,000 milestone

In a matter of months, the crowd pushing cash into bitcoin has evolved from fund managers and crypto-fanatics to practically everybody else, Borthwick said. Bitcoin's rapid doubling has naturally prompted some investors to deem the token a bubble. JPMorgan said Monday that the token's rally moves it "into more challenging territory," and that a continued climb at its current pace would likely "prove unsustainable. The market very well may be "prone to a sort of correction," but it's unlikely to resemble that seen three years ago, Nguyen said.

Institutional investors are poised to maintain their bitcoin positions for fear of prematurely selling and missing out on additional returns. Growing interest in blockchain and cryptocurrencies also protects prices from returning to the recent lows, Borthwick said. Now read more markets coverage from Markets Insider and Business Insider :.

US payrolls post surprise drop of , in December, the first decline since April as America's labor-market struggles continue. Ben Winck. In many ways the token's rally in recent months is crucially different than the surge seen three years ago, as buyers now range from casual day traders to fund managers handling billions of dollars in assets. Easy monetary conditions and trillions of dollars in fiscal stimulus have led some investors to view the token as a new inflation hedge. Detailed below are the factors driving bitcoin higher, and why experts don't think the cryptocurrency will crash as it did in Visit the Business Insider homepage for more stories.

Read the original article on Business Insider. SEE ALSO: The research director at Grayscale breaks down 5 digital tokens other than bitcoin and ethereum that he is newly tracking - and shares 3 emerging opportunities he's monitoring ». Indices in This Article. Dow Jones 33, Currency Exchange Rates. Currency Converter.