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Bitcoin surges back above $51,000 after Square's $170 million investment, Cathie Wood's positive comments | Currency News | Financial and Business News | Markets Insider

Bitcoin surges back above $51,000 after Square's $170 million investment, Cathie Wood's positive comments | Currency News | Financial and Business News | Markets Insider

Bitcoin rebounded on Wednesday, climbing back above the $50,000-level after a sharp selloff to start the week. The world's largest cryptocurrency by market capitalization jumped Wednesday on news that payment firm Square purchased an as well as Ark Investment Management CEO Cathie Wood's .Bitcoin around 4AM ET on Wednesday jumped 7.5% to a price of $50,683, according to data from Coin Metrics. It edged even higher to $51,369 hours earlier. Other cryptocurrencies from ether to XRP were also up early on Wednesday.As of 8:42AM ET, was trading higher by 1.47%, to $49,536.87.Bitcoin , tumbling...

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Dow closes at record high as Powell signals Fed to remain accommodative | Markets Insider

Dow closes at record high as Powell signals Fed to remain accommodative | Markets Insider

The Dow closed at record highs on Wednesday after Federal Reserve Chairman Jerome Powell wrapped up his second day of testimony to Congress.Powell reiterated his view that the US economy still has a long way to go before hitting the Fed's unemployment rate and inflation targets, signalling that the Fed is likely to continue remaining accommodative with its near-zero Federal Funds Rate and monthly bond purchases.Technology stocks rebounded following a volatile Tuesday sell-off that was sparked in part by fears of rising interest rates and inflation. The 10-year Treasury yield hit a high of...

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McKinsey's partners have reportedly voted out Kevin Sneader, its global managing partner, after he served just one term | Markets Insider

McKinsey's partners have reportedly voted out Kevin Sneader, its global managing partner, after he served just one term | Markets Insider

Kevin Sneader, McKinsey's global managing partner, has been voted out of the position during the firm's leadership election, reported.The US consultancy firm's partners did not advance Sneader to the next round, two people with direct knowledge of the matter told the publication Wednesday.This means Sneader will have only served one term in the role. The five previous global managing partners each served at least two three-year terms, the publication reported. A McKinsey spokesperson was not immediately available to comment on the report.McKinsey's 650 senior partners vote in a leadership...

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Goldman Sachs boosts US GDP forecast to 6.8% in 2021 and now expects $1.5 trillion in COVID-19 stimulus | Markets Insider

Goldman Sachs boosts US GDP forecast to 6.8% in 2021 and now expects $1.5 trillion in COVID-19 stimulus | Markets Insider

Goldman Sachs upgraded its outlook for the US economy in 2021 on Tuesday and says it now expects a larger coronavirus relief package.Economists at the bank raised their forecast for 2021 US gross-domestic-product growth to 6.8% from 6.6% and to 4.5% from 4.3% in 2022.Last week, the Senate that paves the way for approval of President Joe Biden's proposed $1.9 trillion relief plan. The next step, expected to be completed this week, requires committees to draft and vote on legislation such as the details, size, and timing of particular provisions.Read more:Goldman Sachs doesn't expect the size...

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Feb 9
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Saudi Arabia's $400 billion sovereign wealth fund reveals billion-dollar stakes in video game stocks, and almost doubled its holdings of US equities in the 4th-quarter | Markets Insider

Saudi Arabia's $400 billion sovereign wealth fund reveals billion-dollar stakes in video game stocks, and almost doubled its holdings of US equities in the 4th-quarter | Markets Insider

Saudi Arabia's sovereign wealth fund, which is among the largest in the world, bought stakes in video game stocks for the first time in the fourth-quarter, according to a with the Securities and Exchange Commission. The kingdom's Public Investment Fund bought 7.4 million shares, worth $1.06 billion, in and 14 million shares, worth $1.4 billion, in , the filing showed.  The wealth fund raised its overall holdings of US equities, including stakes in , , and to nearly $12.8 billion in the quarter, up from $7 billion in the third quarter. Last quarter, it dumped some exchange-traded funds and...

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Feb 17
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Renowned GameStop investor 'Roaring Kitty' hit with a securities-fraud lawsuit over his role in the stock's epic surge | Markets Insider

Renowned GameStop investor 'Roaring Kitty' hit with a securities-fraud lawsuit over his role in the stock's epic surge | Markets Insider

Keith Gill, who goes by RoaringKitty on Twitter and YouTube, was hit with a securities-fraud lawsuit over his role in the rise of stock, .Gill gained a following as he documented his "YOLO" trade in GameStop on Reddit's Wall Street Bets forum for more than a year. He invested $53,000 in GameStop stock and call options in June 2019. The value of those securities peaked at about $48 million during .Gill was named in a proposed class-action lawsuit filed in Massachusetts on Tuesday alleging that he misrepresented himself as an amateur investor when in reality he was a licensed securities...

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Feb 18
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GameStop's top investor during the wild Reddit-fueled trading frenzy has dumped nearly all of its stake | Markets Insider

GameStop's top investor during the wild Reddit-fueled trading frenzy has dumped nearly all of its stake | Markets Insider

cashed in its shares amid the stock's meteoric rise in January. The company sold all but 87 shares according to regulatory filings posted on Jan. 29.Fidelity had been the largest shareholder in GameStop at one time, owning 9.3 million shares, or 13% of the company, as of Dec. 31.Shares of the video game retailer went on a run in January after the company became the target of traders on Reddit's WallStreetBets forum seeking to initiate a on heavily shorted stocks.What began as a way for a group of traders to turn a profit quickly turned into a full-blown that saw retail traders on Reddit...

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Apple can surge another 25% by adding cryptocurrency services to its Wallet app, RBC says | Currency News | Financial and Business News | Markets Insider

Apple can surge another 25% by adding cryptocurrency services to its Wallet app, RBC says | Currency News | Financial and Business News | Markets Insider

shares can jump higher if the tech giant steps into the cryptocurrency market, RBC Capital Markets said Monday.In a note to clients, the analyst Mitch Steves lifted RBC's price target for the iPhone maker to $171 from $154, implying a 25% increase from Apple's close on Friday. The target is the highest among Wall Street analysts. Steves also maintained an "outperform" rating on the shares.While headlines about Apple's future offerings have recently focused on an electric car, RBC sees more near-term opportunity in the company's Wallet app. Apple has expanded the app over the years, making...

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'Big Short' investor Michael Burry says Tesla's $1.5 billion bet on Bitcoin was a distraction - and Dogecoin's record price signals a massive bubble | Currency News | Financial and Business News | Markets Insider

'Big Short' investor Michael Burry says Tesla's $1.5 billion bet on Bitcoin was a distraction - and Dogecoin's record price signals a massive bubble | Currency News | Financial and Business News | Markets Insider

Michael Burry questioned and sounded the alarm on in a series of now-deleted tweets on Monday."Chinese regulators summon Tesla on quality issues as consumers complain about quality ... but $TSLA bought $BTC," the Scion Asset Management boss tweeted, using the tickers for Tesla and Bitcoin. "In my mind's eye, so much #digitalconfetti."In other words, Burry thinks Tesla may have timed its $1.5 billion purchase of Bitcoin to distract from its China troubles.Burry, whose billion-dollar bet on a US housing-market collapse was chronicled in Michael Lewis' book "The Big Short," revealed he was...

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Feb 10
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GameStop stock-trading star Keith Gill - also known as Roaring Kitty - is reportedly under investigation as regulators look at his previous financial-advisement job | Markets Insider

GameStop stock-trading star Keith Gill - also known as Roaring Kitty - is reportedly under investigation as regulators look at his previous financial-advisement job | Markets Insider

The risk-loving investor who goes by Roaring Kitty on YouTube and u/DeepFuckingValue on Reddit is being  investigated for his previous job as a financial adviser, reported Wednesday.Keith Gill rose to fame in January for his massive bet on . He first revealed his bullish stance on the beleaguered video-game retailer in a July YouTube video, saying that massive short interest in the stock could be leveraged to fuel a massive rally. Such a stock surge came to fruition last month, and Gill's position allegedly swelled to $48 million from roughly $755,000 at the peak of the Reddit-trader...

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GameStop and AMC plunge by more than 50% as Reddit short squeeze begins to fade | Markets Insider

GameStop and AMC plunge by more than 50% as Reddit short squeeze begins to fade | Markets Insider

The fueled by traders on Reddit's Wall Street Bets forum are unwinding, based on Tuesday's trading activity. fell by as much as 67% on Tuesday, adding to a 31% decline on Monday. The stock was down 85% from its all-time high of $483.GameStop had surged by more than 2,000% in January, leading to massive losses for some hedge funds , which was down 53% for the month.The activity spread to another stock favored by the Reddit traders, . The movie-theater chain had fallen by 55% at intraday lows on Tuesday and was down 71% from its recent high of $20.36.The trading activity suggests that Reddit...

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Billionaire Mark Cuban says his 11-year-old son made money with Wall Street Bets traders and he 'loves' what's going on with the Reddit forum | Markets Insider

Billionaire Mark Cuban says his 11-year-old son made money with Wall Street Bets traders and he 'loves' what's going on with the Reddit forum | Markets Insider

The entrepreneur Mark Cuban said Wednesday that his 11-year-old son made money by trading with r/wallstreetbets and that he loved how the Reddit day-trading forum became the central catalyst to an ."I got to say I LOVE LOVE what is going on with #wallstreebets," Cuban . "All of those years of High Frequency Traders front running retail traders, now speed and density of information and retail trading is giving the little guy an edge. Even my 11 yr old traded w them and made $."The members of the stock-investing chat group, who numbered about 3.5 million by Thursday, urged one another to keep...

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Jan 28
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Robinhood blocks purchases of GameStop, AMC, and others after days of Reddit-fueled rallies | Markets Insider

Robinhood blocks purchases of GameStop, AMC, and others after days of Reddit-fueled rallies | Markets Insider

Robinhood has restricted trading of highly volatile stocks including and  on its platform, leaving its users unable to buy the highly volatile stocks.The discount brokerage informed clients they could close out positions in the affected stocks but could not purchase additional shares. Companies affected by the restrictions are GameStop, AMC, , , , , , and .Robinhood also lifted margin requirements for certain trades. The move came Thursday before markets opened."We continuously monitor the markets and make changes where necessary," the company said in a .The stocks that were removed have...

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GameStop short-sellers have lost $5 billion this year as Reddit's day-trader army squeezed their bearish bets | Markets Insider

GameStop short-sellers have lost $5 billion this year as Reddit's day-trader army squeezed their bearish bets | Markets Insider

As investors and hedge funds bet against GameStop, Reddit traders are feasting.Short-seller net-of-financing mark-to-market losses in Gamestop have reached an incredible $5 billion in 2021 as the company's stock continues its historic run, according to data from the financial-analytics firm .Losses totaled nearly $867 million on Tuesday alone as shares rocketed as much as 95% higher.GameStop stock continued its climb on the back of retail traders and Reddit's WallStreetBets army this week as the battle with short-selling hedge funds and investors continues.The company's shares initially...

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Jan 26
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GameStop short-sellers lost $1.6 billion in a single day as Reddit traders rebelled against them | Markets Insider

GameStop short-sellers lost $1.6 billion in a single day as Reddit traders rebelled against them | Markets Insider

Investors betting against and the army of bullish retail traders have already lost billions in 2021.Mark-to-market losses for GameStop shorts on a year-to-date basis reached $3.3 billion when trading closed on Friday, according to data from the financial-analytics firm . Losses totaled nearly $1.6 billion on Friday alone as shares rocketed 51% higher into the close.GameStop stock has continued to climb as Reddit users and day traders have extended the unusual momentum trade into its third week. The company's shares initially leaped on January 11 after it agreed with an activist investor to...

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Porter Capital Closes the Year by Funding a $20M Facility in Just Three Weeks | Markets Insider

Porter Capital Closes the Year by Funding a $20M Facility in Just Three Weeks | Markets Insider

, /PRNewswire/ -- Porter Capital, a leading provider of accounts receivable financing and asset-based lending solutions for businesses nationwide, announced the funding of a facility in just three weeks. The client is a publicly-traded company who specializes in manufacturing machine tools and machines. The company sought a line to be drawn down to enhance the balance sheet before year-end. To meet their auditing guidelines and accomplish its balance sheet objectives, the facility had to be a true non-recourse facility. Porter Capital was introduced about two weeks later than a competitor...

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GM jumps 9% to record high after Microsoft announces investment in the company's self-driving car subsidiary Cruise | Markets Insider

GM jumps 9% to record high after Microsoft announces investment in the company's self-driving car subsidiary Cruise | Markets Insider

gained as much as 8.9% to a record high on Tuesday amid news that its autonomous vehicle subsidiary, Cruise, is receiving a large investment from . The stock rose to an intraday record high of $54.42 shortly after the opening bell. Meanwhile shares of Microsoft gained 1% to $241.92. Microsoft joins a number of companies in a $2 billion funding round for Cruise which also includes backing from Honda and institutional investors. The partnership will accelerate the commercialization of self-driving vehicles by bringing together the two companies' software and hardware engineering expertise,...

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Bill Gates now owns 242,000 acres of farmland, making him America's biggest private farmland owner, according to a new report | Markets Insider

Bill Gates now owns 242,000 acres of farmland, making him America's biggest private farmland owner, according to a new report | Markets Insider

Microsoft cofounder and philanthropist Bill Gates owns 242,000 acres of farmland in the US - making him the largest private farmland owner nationwide, according to a national survey.Gates, whose net worth of nearly makes him the world's fourth-richest person, and his wife Melinda Gates hold an extensive farmland portfolio stretching over 18 states, according to .The Gates family's biggest holdings are in Louisiana (69,071 acres), Arkansas (47,927 acres) and Nebraska (20,588 acres).The farmland is held both directly and through Cascade Investments, a firm controlled by Gates to manage his...

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Facebook sees $34 billion erased from market cap as Trump-ban fallout continues to spook tech investors | Markets Insider

Facebook sees $34 billion erased from market cap as Trump-ban fallout continues to spook tech investors | Markets Insider

sank as much as 4.5% on Monday as investors continued to balk at the platform's ban of President Donald Trump.The slide saw $33.6 billion erased from Facebook's market cap at intraday lows. Shares have since pared some losses and now trade about 2.6% lower.The stock's decline comes as Wall Street reconciles with the president's role in his supporters' storming of the Capitol on Wednesday. Facebook CEO Mark Zuckerberg announced on Thursday the company adding the risks of allowing him to remain on the platform "are simply too great."Read more:, which permanently banned Trump on Friday, the...

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There's roughly $140 billion of inaccessible bitcoin right now - or 20% of the world's limited supply. Here's what could happen to it. | Currency News | Financial and Business News | Markets Insider

There's roughly $140 billion of inaccessible bitcoin right now - or 20% of the world's limited supply. Here's what could happen to it. | Currency News | Financial and Business News | Markets Insider

Cryptocurrency enthusiasts praise decentralized nature. Yet the imperfect methods used to secure the digital tokens are pulling millions of bitcoin out of circulation with little hope of recovery.Bitcoin owners hold private keys necessary for spending or moving tokens. These keys exist as complex strings of data and are often stored in protected digital wallets.Those wallets are then typically protected with passwords or authentication measures. While their complexities allow owners to more securely store their bitcoin, losing keys or wallet passwords can be devastating. In many cases,...

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Tesla will climb 8% to street-high price target of $900 as stock rally boosts fundraising, Bank of America says | Markets Insider

Tesla will climb 8% to street-high price target of $900 as stock rally boosts fundraising, Bank of America says | Markets Insider

"upward stock spiral" is feeding a repetitive cycle that will further push the automaker ahead of its rivals, according to .Analysts led by John Murphy lifted their price target for Tesla to $900 from $500, implying an 8% climb from Monday morning over the next 12 months. The new target is the highest on Wall Street, eclipsing the $880 level Morgan Stanley set . The analysts maintained a "neutral" rating on the automaker.Bank of America cited Tesla's fundraising potential for their more bullish outlook. The company announced in December that it will sell up to $5 billion in stock to raise...

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Twitter loses $5 billion in market value after Trump is permanently barred from the platform | Markets Insider

Twitter loses $5 billion in market value after Trump is permanently barred from the platform | Markets Insider

Twitter stock fell as much as 12% on Monday after the social-media company on Friday evening. The share-price decline wiped $5 billion from Twitter's market capitalization.Twitter's bosses suspended Trump's account - which had about 88 million followers - after the world leader's fanning of conspiracy theories about voter fraud and election theft spurred thousands of his supporters to last week."After close review of recent Tweets from the @realDonaldTrump account and the context around them we have permanently suspended the account due to the risk of further incitement of violence,"...

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Twitter loses $5 billion in market value after Trump is permanently barred from the platform | Markets Insider

Twitter loses $5 billion in market value after Trump is permanently barred from the platform | Markets Insider

Twitter stock fell as much as 12% on Monday after the social-media company on Friday evening. The share-price decline wiped $5 billion from Twitter's market capitalization.Twitter's bosses suspended Trump's account - which had about 88 million followers - after the world leader's fanning of conspiracy theories about voter fraud and election theft spurred thousands of his supporters to last week."After close review of recent Tweets from the @realDonaldTrump account and the context around them we have permanently suspended the account due to the risk of further incitement of violence,"...

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World Bank warns global economy could be heading for a 'lost decade' of growth after the coronavirus pandemic | Markets Insider

World Bank warns global economy could be heading for a 'lost decade' of growth after the coronavirus pandemic | Markets Insider

The coronavirus pandemic will cause "lasting damage" to the world economy and could even lead to a "lost decade" of growth, according to a gloomy report from the World Bank.Although the global economy is set to recover sharply this year, it will still be around $4.7 trillion smaller than pre-pandemic projections, the international organization said.Global GDP contracted by 4.3% last year, as COVID-19 led governments to all but shut down economies, according to the .It is expected to grow 4% next year, as aid a return to normal life. Nonetheless, the global economy will be around 5.3%...

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Jan 6
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Water futures set to join likes of gold and oil and trade on Wall Street for first time ever | Markets Insider

Water futures set to join likes of gold and oil and trade on Wall Street for first time ever | Markets Insider

The   futures contracts tied to the spot price of water for the first time ever this week.The contracts will allow investors and farmers alike to bet on the future price of water. The contracts are tied to the $1.1 billion California spot water market. While water will officially join the likes of gold, oil, and other commodities in being traded on Wall Street, the contracts will be financially settled. This means buyers of the contracts who hold on through expiration won't be greeted by a delivery of millions of gallons of water like they would for other commodity based futures like oil...

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