Musk Eyes Bitcoin While Bumble Opens At $43, All Amidst A Cautious Upturn
After a week of gains in the Dow Jones, S&P 500, and Nasdaq, the market continues to be on an uptrend, contributing to rapid portfolio growth and a melt-up phase.
However, with the potential risk of a pullback within the next couple of days, investors are encouraged to stay alert and proceed with decisive acts. This week, companies like Amazon (AMZN), Adobe (ADBE), and Apple (AAPL) took a lead in market gains, while cannabis stocks took a hit.
The Dow Jones rose 1%, the S&P 500 climbed 1.2%, and Nasdaq rose 1.7%. The top performers in the Dow Jones this week were Intel, American Express, and JPMorgan.
And, while Disney (DIS) fell 1.8% this past week, the number of subscribers to the desired platform Disney+ has drastically increased.
In other news, Bumble (BMBL), the company that operates the dating app also named “Bumble” began trading last Thursday at $43 per share. Soon after its launch in the markets, Bumble sold close to 50 million shares and showed a 63% gain up until the markets closed.
Stock Exchanges are closed today so we should not be seeing any changes in the market until Tuesday morning.
Lastly, Elon Musk strikes again in the crypto world. Musk has previously had a track record of influencing the market. But this time it wasn’t in the form of a meme or a Twitter bio, instead, Musk put his money where his mouth is. Musk and Tesla poured a shocking $1.5 billion into bitcoin.
Shortly after this, Bitcoin (BTC) reached its highest point of $47,000 and continued to increase. Next, Tesla became the first major automaker in the world to announce that they will be accepting payments for their products in bitcoin on a limited basis.
Earlier in January, JP Morgan analysts called a long-term bitcoin price target of over $146,000 based on the assumption that the cryptocurrency will grow in popularity as an alternative to gold. Could Musk and Tesla be the push that bitcoin needed to get closer to that long-term price target of $146,000?
