BTC hits $50k, GameStop wobbles, and Cameco jumps 7.4%
By John Shepard
09:00, 17 February 2021
Uranium stock Cameco Corp (CCO) soared 7.4 per cent on Tuesday as markets opened following a US holiday.
We wrote about Cameco and uranium stocks on Monday, which had seen interest from investor Michael Burry, who is fresh from a $270m score in GameStop (GME).
Investors are eyeing the sector after the price of uranium increased over 20 per cent in the last year. Analysts are saying there is room to run in the commodity as governments pursue a clean energy agenda and turn to nuclear power.
GameStop surrendered 5 per cent as the stock wobbled ahead of the government testimony regarding the short squeeze. The stock had been holding the $50 level last week but has slipped lower to $49.50. Traders are likely fearing regulation from the hearing but the stock could rally if this doesn’t happen.
Bitcoin blasts through $50,000 level
Bitcoin (BTC) is trading at $50,508 after the coin surged through the key technical level. Bitcoin has benefited from the attention of big corporations, who wish to hold the coin on their balance sheet.
A study by Gartner has shown that 5 per cent of companies are interested in adding BTC to their books. “Follow the leader” is a common business strategy and Elon Musk’s Tesla has given the green light for corporations to raise the topic in boardrooms.
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