Bitcoin cracks $60k with stimulus coming, AMC to reopen LA cinemas
By John Shepard
10:36, 15 March 2021
Bitcoin (BTC) continued its rebound over the weekend as the world’s largest cryptocurrency topped $60,000 for the first time. The coin is seeing demand from corporate investors with Chinese internet firm Meitu recently copying Tesla’s Bitcoin balance sheet plan.
AMC Entertainment (AMC) saw further support for its stock after the company released its latest earnings and announced it would reopen 25 LA movie theatres this week.
Bitcoin could get a stimulus boost
Bitcoin has moved to another all-time high – above $60,000 – as the coin capitalised on corporate investor demand. The cryptocurrency could also get another boost from retail fans as the US $1,400 stimulus checks continue to roll out.
IRS and Treasury officials said that some checks would appear this past weekend, while others will land this week. The last stimulus from the government saw money making its way into stocks and crypto, which is expected to happen again this time.
Chinese app maker Meitu has joined the line of companies buying Bitcoin for its treasury as it tries to piggyback the strategy of Tesla. Meitu purchased 15,000 Ether and 379 Bitcoin worth around $40m in total. The firm plans to invest another $60m at the early stage.
BTC saw a high above $61,700 on the weekend but has since tailed back to trade at $57,900 on Monday. Bulls will be hoping that the latest stimulus round can help to boost the overall crypto market.
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AMC is set to skyrocket as theatres open
AMC stock could get a boost as it plans to reopen 25 theatres after nearly a year of closure. The sites opening are in Los Angeles, which is the largest movie market in the country. The company’s flagship cinemas in Burbank and Santa Monica will open on Monday afternoon.
AMC was higher in the last week after an open near $8.00 and closing at $11.16. The theatre news came late on Friday after the company had released its latest earnings in the middle of the week. AMC reported revenue of $162.5m, which was higher than the expected estimates of $142m.
The company also has $1bn of cash to get through its ongoing struggles. However, the cinema reopening will be a boost, and AMC could also benefit from stimulus check investors.
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