BTC nears $50k while uranium stocks enjoy the market’s spotlight
By John Shepard
14:00, 15 February 2021
Bitcoin (BTC) came close to hitting the $50,000 mark for the first time ever as the rally from corporate interest continues. Tesla’s announcement of a $1.5bn investment in the coin saw a statement from Twitter (TWTR) and also news that Mastercard (MA) would soon allow crypto payments.
The news is helping to fuel further price gains as investors weigh the potential impact of billions of dollars of investment trying to find room in Bitcoin’s 18 million coin supply.
The rest of the cryptocurrency market was struggling to match Bitcoin’s latest push higher, and with a pullback to $47,300, coins are now moving lower. Dogecoin (DOGE) was lower by 12 per cent in early trading on Monday. XRP has been strong with a move to the $0.6000 level, despite a looming SEC court case.
Will uranium stocks enrich investors in 2021?
Attention is moving to uranium stocks after a recent surge in the underlying commodity. Investors are betting that uranium will play a bigger part in a green economy.
One investor who is joining the action is Michael Burry of the infamous “Big Short” film. Burry made a reported $270m through his investment firm betting on GameStop (GME) and now he sees value in uranium.
Canadian uranium stock Cameco Corp (CCO) is one of the big players and the stock has not fully recovered from shuttered mines caused by the virus. The company is one of the largest global producers of the fuel, which many see as vital to a cleaner world.
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Investors will keep an eye on retail and cannabis
Investors will be keeping an eye on GameStop this week after the selling dried up. The stock has been above the $50.50 level for three straight days and this will be a key level to decide the next path for the stock.
Cannabis stock Tilray (TLRY) also slowed its descent but a second day of losses saw the stock 10 per cent lower. The company releases its earnings on March 1 and that could be a driver for the price.
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