Why Major Cryptocurrencies Are Having a Relatively Flat Week
A relatively flat week for the three major cryptocurrencies Bitcoin, Ethereum, and Ripple's XRP. Canaccord Genuity Managing Director Michael Graham explains the latest trends in the market and his outlook for the year ahead.
Graham cites increased regulation in South Korea and China as driving prices down from all-time highs. "For the last couple week's we've been sort-of recovering from all that," explains Graham.
This week Coincheck confirmed it suffered what appears to be the biggest hack in cryptocurrency. The Japanese exchange says around tokens worth $533 million dollars were taken from the exchanges digital wallets. "I think the fact that the crypto markets are being resilient in the face of the biggest hack ever potentially for crypto exchanges is pretty interesting," said Graham.
Bitcoin still trading far from its all-time high around $20,000. Today, Bitcoin trading about 12 percent down from last week. Ethereum hovering just over $1,000, down about 6 percent over the course of the last week.
Jack Daniels was at the U.S. Supreme Court today. The whiskey-makers argued that a dog toy company violated federal trademark law with a product that parodies the distiller's iconic bottle. The toy is the Bad Spaniels Silly Squeaker toy by VIP products. The first amendment case pits the rights of a famous trademark holder against parody products. Jack Daniel says the toy damages its reputation, especially the references to dog poop.
Alcohol brand White Claw is moving into spirits amid an industrywide shift away from hard seltzers. The spiked seltzer brand announced a new line of regular and flavored White Claw premium vodkas. The bottles are available in select markets across North America and come in an unflavored option as well as pineapple mango and black cherry white Claw has dominated the Heart Seltzer market for years. Now bringing the category into the mainstream as more consumers sought those low calorie alcohol drinks.
Stocks are holding relatively steady Wednesday as Wall Street bides its time until the Federal Reserve’s announcement in the afternoon about whether it will tighten the screws further on the economy.
Meme stocks are rising before the opening bell Wednesday after GameStop, one of the most heavily traded off-brand stocks during the pandemic, posted a surprise profit for the fourth quarter.
The rising cost of groceries is pushing more consumers to use Buy Now Pay Later (BNPL) services for necessities such as groceries, according to new data from Adobe Analytics.
