Reddit pops, Bitcoin drops, and millionaires want out: Money and markets news roundup
Bitcoin has dropped all the way to $63,000. Is it just a setback before a big jump?
Bitcoin dropped over 7% on Tuesday, which may be its biggest single-day decline in two weeks.The top cryptocurrency was trading at $63,000, down from a high of $73,000 earlier this month.
The top 5 spot Bitcoin ETFs
Bitcoin recently reached its all-time high, and spot Bitcoin ETFs hit a new record by attracting more than $1 billion in net inflows.
Spot Bitcoin ETFs are investment vehicles that invest in Bitcoin, offering investors a more secure and accessible way to gain exposure to its price movements. Their approval by U.S. regulators in January 2024 is seen as a merger of traditional financial institutions with digital assets. Check out these slides of the available spot Bitcoin ETFs.
More American millionaires are considering leaving the U.S. Here’s why
Wealthy Americans are increasingly showing interest in migrating from the U.S., according to a new report by Henley & Partners, a firm that specializes in helping uber-rich clients invest their way into gaining residence and citizenship elsewhere.
Reddit’s stock price popped almost 50% after its IPO
Reddit stock soared by as much as 70% as the company kicked off its highly anticipated initial public offering, before closing up about 48% on its first day of trading. The shares at one point rose to a high of $57.80, well above the company’s IPO price of $34 set the day before. They closed at $50.44, still up 48.3% on the day.
The 7 best stocks right now
As spring blossoms, a crop of companies are already displaying beautiful blooms of returns for their shareholders. Among them are some familiar names. There are also a few surprises.
The American cities with the most millionaires
The United States remains the top country for private wealth creation and accumulation, according to a new report by Henley & Partners, a firm that specializes in helping uber-rich clients invest their way into gaining residence and citizenship elsewhere. The country accounts for about 32% of global liquid investable wealth, about $67 trillion.
The Dow is on the verge of hitting 40,000
The Dow Jones Industrial Average was on the verge Thursday of reaching 40,000 points for the first time in its 128-year history. The index was up 332 points, or 0.8%, around midday, to 39,844.
Reddit and other IPOs could be great news for investors
Kate Moore of BlackRock tells Quartz how the frozen IPO market of 2023 and recent market stability has led to many upcoming IPOs
The crypto market lost $400 million as Bitcoin had its worst day since the FTX collapse
Bitcoin’s value fell below $61,000 on Wednesday, dropping 8% in the past 24 hours after reaching its weekly peak. The decline is the biggest slide in a day since FTX’s collapse in November 2022. Other cryptocurrencies also suffered a sharp drop, wiping out $400 billion from the crypto market since Bitcoin’s peak, according to crypto tracking website CoinMarketCap.