Bitcoin alternatives, Russia's oil, and America's natural gas: Markets news roundup
It’s not just Bitcoin: 5 ‘altcoins’ riding the cryptocurrency wave
The crypto world has been thriving in recent months, bringing an end to a long period of hardship. This year alone, Bitcoin has grown by 50%, reaching an all-time high of $72,000. But it isn’t just Bitcoin that’s seeing a meteoric rise. Other cryptocurrencies have also grown by more 100% over the past year, marking the end of a long crypto winter plagued by a string of crypto exchange collapses, scandals, and bankruptcies.
Ukraine is bombing Russian oil refineries right when Russia really needs its oil money
It’s been a bit of whiplash this week the world of Russian oil.
On Tuesday, Bloomberg reported that the country’s oil exports had crept up to 3.7 million barrels a day, their highest level this year. This comes even as its OPEC+ colleagues are trying to cut supply to help keep the price-dropping effects of surging U.S. crude production in check. Then, on Wednesday, the Associated Press reported that Ukrainian forces had attacked three oil refineries in two days, including the biggest facility operated by Rosneft, Russia’s biggest oil company.
Almost half of U.S. parents financially support their adult children
Getting older is unavoidable, but growing up, well that’s a different story. A new survey found that nearly half (47%) of parents in the U.S. financially support their adult children in some way.
America exports so much natural gas that Americans are paying more for it
Despite a Biden administration pause in new natural gas exports, the U.S. still ships a lot of the stuff to the world. Last year it sent 88.9 million metric tons of natural gas abroad, becoming the globe’s biggest supplier. One would imagine that would mean cheaper natural gas for Americans. But it turns out the opposite has become true.
Ozempic maker Novo Nordisk is working on a weight loss pill that’s even more powerful. Here’s what to know
Danish pharma giant Novo Nordisk teased promising early-stage trial results of its experimental weight loss pill amycretin last week, resulting in the company’s stock surging.
Binance executives were arrested in Nigeria for allegedly destabilizing its currency
Nigerian authorities have arrested 2 top officials from Binance, who were in the country to address allegations that the crypto exchange was destabilizing the national currency, the naira. According to a Wall Street Journal report, Tigran Gambaryan, head of financial-crime compliance at Binance who previously worked at the U.S. Internal Revenue Service (IRS), and Nadeem Anjarwalla, a British-Kenyan national and Binance’s regional manager for Africa, have been held against their will for the past two weeks in the country.
The high-flying ‘Magnificent Seven’ tech stocks are actually undervalued, JPMorgan says
Investors concerned about a potential tech bubble bursting this year can breathe a sigh a relief for now. At least according to analysts at JPMorgan.
Under Armour stock tanked after the CEO was ousted for the founder to come back
Under Armour stock fell by almost 11% on Thursday after the announcement that its ex-CEO and founder Kevin Plank is returning as the head of the American sportswear company. Its current CEO, Stephanie Linnartz, is stepping down after 13 months, and Plank will take charge effective April 1.
Does Novo Nordisk already have the next Ozempic?
The Danish pharma giant released promising early-stage trial results of its experimental weight loss pill amycretin last week
What Nvidia’s reversal means for investors
Strategas Research Partners’ Chris Verrone tells Quartz the AI chip maker’s big reversal on Friday could mean its time for investors to look elsewhere for gains