Ahead of a new trading week, investors may want to see Friday’s market rally gather momentum. With earnings season approaching its last leg, retail earnings are expected to flow in thick and fast. The market may also take cues from a slew of Fed speeches scheduled for the week and the economic reports on industrial production and retail sales.
Here’s a recap of a few major headlines that hit the wire over the weekend.
1. Buffett Can’t Stay Away From Bitcoin: Billionaire investor Warren Buffett, who has made no bones about his anti-crypto belief, has a tangential brush with Bitcoin BTC/USD.
Nu Holdings Ltd. NU, a Brazilian bank in which Buffett has a position, is launching the trading of both Bitcoin and Ethereum ETH/USD for customers. The bank’s parent company has also opted to invest 1% of its cash in Bitcoin.
In a separate development, technical traders pointed out that Bitcoin has strung together seven weekly red candles in a row for the first time ever. The extended slump could increase hopes for a bounce back, although the huge volume that accompanied the downside creates some uneasiness.
2. Buterin’s Largesse: Ethereum founder Vitalik Buterin, who prefers to maintain a low profile, has quietly donated 500 Ether coins to the Dogecoin DOGE/USD foundation. The donated coins are worth roughly $1 million.
A transaction to this effect was recorded on Ethereum’s network, as seen on Etherscan.io.
3. Musk Has Thoughts On Housing Collapse: Tesla, Inc. TSLA chief executive officer Elon Musk came down hard on predatory lending practices, which were the prime reason behind the housing market collapse that started in 2006 and later boomeranged into a global recession.
Musk suggested the lenders themselves were responsible for their ill fate, and this should serve as a lesson for people.
Despite putting the Twitter, Inc. TWTR deal on hold, Musk was found working overtime over the weekend, doling out advices on how to fix the Twitter feeds.
4. Netflix To Livestream? After a disappointing first-quarter, streaming giant Netflix, Inc. NFLX seems to be leaving no stones unturned. The company is reportedly mulling the rollout of livestreaming, with unscripted shows and stand-up specials initially chosen for the service.
5. Apple Car Chatter Returns: Over the weekend, Bloomberg’s Apple reporter Mark Gurman suggested in his Power On newsletter that Cupertino can expedite the launch of its self-driving car by buying beleaguered electric vehicle manufacturer Canoo, Inc. GOEV. Apple could be interested in Canoo’s Lifestyle vehicle the company hopes to launch later this year and the EV maker’s engineering talent.
What Else? Walt Disney Company’s DIS “Doctor Strange in the Multiverse of Madness” lead the U.S. weekend box office for the second consecutive week, generating $61 million in ticket sales from 4,534 theaters.
Following the collapse of Terra LUNA/USD and Terra USD USDT/USD, it has come to light that Luna’s $3.5 billion worth of Bitcoin reserve has gone missing. The reserves have reportedly been transferred to cryptocurrency exchanges Gemini and Binance.