With BTC shooting back up above $37K and a look into the aftermath of the GameStop moment, CoinDesk’s Market Daily is back with the latest news roundup.
The GameStop-galvanized "bear raid" by retail stock traders appears to have terrified Wall Street but crypto industry marketeers are salivating over the prospect of new customer leads and more demand.
Cathie Wood’s ARK estimates bitcoin could climb to $400K if the cryptocurrency were to replace 10% of the cash on corporate balance sheets.
“Investors have been continuously conditioned to buy the dip, regardless of its cause. FOMO (fear of missing out) and TINA (there is no alternative to risk assets) have turbocharged this behavior,” Allianz Chief Economic Adviser Mohamed el-Erian writes in column (Bloomberg Opinion)
Although the U.S. economy shrank last year by the most since 1946, consumers have increased their spending on goods faster than before the coronavirus hit, as “resilient wages, buoyant stocks, low interest rates and stimulus gave most households ample spending power” while the pandemic limited payments for services, the U.S. Commerce Department reported Thursday (WSJ)