Here is a rundown of Cheddar News' top market stories of the day.
BITCOIN RALLIES
The price of bitcoin is back above $20,000 after months hovering around $16,000 per coin. This is still less than a third of cryptocurrency's peak of roughly $65,000 in 2021, but it does show that bitcoin has so far weathered the recent collapse of several large crypto exchanges. Crypto-related stocks were buoyed by the rally, and second-runner Ethereum is up more than 20 percent year-to-date, threatening to cross $1,500 for the first time since November.
TIKTOK'S NEW PLAN
TikTok parent company ByteDance is rolling out a $1.5 billion plan to reorganize its U.S. operations and increase transparency around its data-collecting, according to a Wall Street Journal article. The China-based company is looking to assuage federal regulators' concerns that Beijing can access U.S. TikTok users' data. Tiktok is also looking to convince the U.S. government that it can operate independently of its parent company.
EV SALES SURGE
Electric vehicle sales now make up around 10 percent of global automotive sales, according to data provided to the Wall Street Journal. However, the U.S. continues to lag behind China and Europe when it comes to EV adoption. Just 5.8 percent of U.S. auto sales were electric vehicles in 2022, which is nonetheless more than double the previous year's percentage.
CHINA'S LOW GROWTH
In the West, China has long been synonymous with growth — both economically and demographically. But two official reports out of China Tuesday show that the country's reputation for constant expansion could be coming to an end. China recorded its first population drop in more than 70 years and its second-lowest growth rate in four decades. The country's economy grew around 3 percent in 2022, which is less than half what it achieved in 2021.
James Gallagher, CEO and Co-Founder of GreenLite, discusses the challenges of rebuilding the fire-affected LA area and how permitting complicates the process.
Super Bowl Champion, Julian Edelman, talks Chiefs' conspiracies, his fave TSwift song and his bet for Super Bowl LIX. Plus, the best time for a bathroom break.
Ron Hammond, Sr. Director of Government Relations at the Blockchain Association, breaks down Trump’s plan to strengthen U.S. leadership in financial technology.
BiggerPockets Money podcast is now available on Cheddar Wednesdays at 10am ET! Mindy Jensen shares how her podcast is helping people gain financial freedom.
The social video platform's future remains in doubt, as players scramble to profit from the chaos. Plus: Big oil gets bigger, DOGE downsizes, and tariffs!
Ty Young, CEO of Ty J. Young Wealth Management, joins Cheddar to discuss Trump's moves as he returns to Washington D.C. and how it may affect the U.S. economy.
Starbucks’ decision to restrict its restrooms to paying customers has flushed out a wider problem: a patchwork of restroom use policies that varies by state and city. Starbucks announced last week a new code of conduct that says people need to make a purchase if they want to hang out or use the restroom. The coffee chain's policy change for bathroom privileges has left Americans confused and divided over who gets to go and when. The American Restroom Association, a public toilet advocacy group, was among the critics. Rules about restroom access in restaurants vary by state, city and county. The National Retail Federation says private businesses have a right to limit restroom use.
President Donald Trump is talking up a joint venture investing up to $500 billion for infrastructure tied to artificial intelligence by a new partnership formed by OpenAI, Oracle and SoftBank. The new entity, Stargate, will start building out data centers and the electricity generation needed for the further development of the fast-evolving AI in Texas, according to the White House. The initial investment is expected to be $100 billion and could reach five times that sum. While Trump has seized on similar announcements to show that his presidency is boosting the economy, there were already expectations of a massive buildout of data centers and electricity plants needed for the development of AI.
