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What to Know About Bitcoin’s Terrible Weekend and Dogecoin’s Wicked Rally



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Just as Bitcoin goes mainstream, it is plunging. And that makes perfect sense.

Bitcoin and many other cryptocurrencies jumped last week as a crypto exchange

Coinbase

became a publicly traded company.

Bitcoin rose about 6%, Ethereum 17%, and Dogecoin jumped 600%. Coinbase closed the week worth nearly $ 90 billion, making the nine-year-old the most valuable exchange on the planet.

But after the party comes the hangover. Bitcoin is down almost $ 8,000 from its peak of around $ 65,000 in 52 weeks when Coinbase started trading. Bitcoin prices actually fell below $ 52,000 on Saturday before settling to recent levels of around $ 57,000.

Oh, we could give a reason or two for the slide. Turkey announced a crypto ban on Friday, citing a lack of oversight mechanisms. Dogecoin’s success – it has grown 32% in the past 24 hours – may siphon cryptocurrency investments from much larger Bitcoin and other cryptos. But really, it’s just that Bitcoin is Bitcoin.

The crypto slide also hit Coinbase on Monday morning, with the stock falling about 2% in pre-market trading. Coinbase needs Bitcoin to be popular and grow as an asset class. But the stock markets also need volatility to boost trade.

It remains to be seen how Coinbase’s profits will be affected as the Bitcoin roller coaster ride continues.

Al root

*** Barron’s honors women in the industry for their leadership, achievements and contributions. The 2021 roster includes Mary Meeker, Saira Malik, Aileen Lee, and more. New profiles will be published every week. Check out the full list and read the latest profiles here.

***

Johnson & Johnson vaccine could be back by Friday

With an advisory committee that will meet on April 23 to decide the fate of the

Johnson & johnson

coronavirus vaccine in the United States, the single-dose drug could be used again as soon as the end of this week.

  • “I would be very surprised … if we don’t have a recovery in some form or another by Friday,” White House chief medical adviser Dr Anthony Fauci told “Face the Nation ”from CBS.

  • It could come with certain conditions, However. “I think it’ll probably say, ‘Okay, we’ll use it, but be careful under these certain circumstances,'” Dr Fauci told NBC. Meet the press.

  • The use of the J&J vaccine, which has so far accounted for less than 5% of all doses administered in the United States, was discontinued on April 13 after six women who received the vaccine developed severe blood clots. One of these women later died.

And after: The J&J vaccine, which does not require ultra-cold storage like the

Pfizer

and

Moderna

formulas, is essential for immunizing populations in developing countries. Failure to do so could threaten the long-term economic stability of the United States by putting the country at risk for new variants returning within American borders.

Janet H. Cho

***

US, China agree to speed up climate targets

In a joint statement released over the weekend, China and the United States agreed to step up efforts to reduce climate change in line with the 2016 Paris Agreement to reduce global warming.

  • “The United States and China are committed to cooperating with each other and with other countries to fight against the climate crisis, which must be approached with the seriousness and urgency that it demands, ”the statement read.

  • Specifically, China aims to beat its target of reduce total carbon emissions by 2030 and achieve net zero emissions by 2060. China and the United States have also agreed to help developing countries reduce their emissions by providing financial support.

  • “This is the first time that China has joined together to say this is a crisis,” said John Kerry, the United States’ special envoy on climate change, after meeting with officials in Shanghai.

  • In its continued efforts to become a cleaner energy company, the British oil giant

    BP

    invests $ 1.3 billion in build a pipe network to capture natural gas produced as a by-product from oil wells in Texas and New Mexico. He plans to stop burning gas there by 2025.

And after: President Joe Biden will host a virtual climate summit with leaders from 40 countries to commemorate Earth Day on April 22-23. Chinese leader Xi Jinping is expected to attend.

—Anita Hamilton

***

Big investors ask banks to be serious about climate change

A group of 35 major global investors managing a total of $ 11 trillion in assets have called on banks to make “enhanced” commitments to ensure their lending practices are aligned with tougher emissions targets, according to Reuters.

  • Signatories include Pimco, the world’s largest bond investor, and Legal & General, the UK‘s largest investment fund.

  • The group wants the banks set intermediate goals to achieve net zero emissions by mid-century or earlier.

  • The remuneration of bankers should include an element indexed to the achievement of objectives, they say.

  • Investors are also asking banks to set “explicit criteria” for opting out of what they call “Misaligned” activities– those who go against the net zero ambition.

And after: Even though some of the world’s biggest banks have already pledged to reach a zero emissions target by 2050, that will sound like a warning to most players in the banking industry.

Pierre Briancon

***

Americans want to go on vacation. The travel industry is (for the most part) ready.

After a year of stays and deferred holidays, many Americans are eager to finally take a real vacation this summer. The travel industry is more than happy to oblige, deploying bigger jets, adding new flights and even offering vaccinations at the airport.

  • American


    and

    Delta

    are both widebody jet reassignment normally reserved for international flights to popular domestic routes like Chicago to Orlando. The idea is to “fill the biggest boat you can find with super cheap seats and hope the fares come in,” airline analyst Robert Mann told CNBC.
  • In an effort to revive tourism in Alaska, the state is offering travelers vaccinations at the airport on arrival from June 1. The program, which uses doses from Pfizer and Moderna, is funded by federal stimulus dollars.

  • Credit card companies are bringing back mind-blowing sign-up bonuses which can be converted into hotel stays and free flights. A new American Express card launched in March offers 125,000 bonus points after spending $ 5,000.

  • The only catch may be find a rental car. A national shortage exacerbated by last year’s pandemic vehicle sales and a slowdown in auto manufacturing have skyrocketed prices and made it difficult to book cars at the last minute in some locations.

And after: While vacationers dream of long days at the beach, some 3 million workers in the U.S. hospitality and entertainment industry have yet to get their pre-pandemic jobs back, as employers seek to cut labor costs. is working to recover losses due to the worst of the pandemic.

Janet H. Cho

***

Twelve major European football clubs announce plans for NFL-style league

A dozen of Europe’s richest and most successful football clubs have announced plans to form a closed Super League of professional teams, creating an uproar in the European sports world.

  • The new league, funded by a $ 6 billion loan from JP Morgan, would include 15 teams of founding members and five other teams selected from national championships that would compete weekly throughout the year.

  • It aims to replace the current Champions League, The most prestigious football tournament in Europe, which is currently open each year to the top three or four teams from each member of the Union of European Football Associations.

  • UEFA, as well as most national leagues, has threatened to ban teams who would participate in the Super League, which includes the biggest English names such as Liverpool, Arsenal or Manchester City, as well as Spanish Real Madrid or Italian Juventus, among others.

  • French President Emmanuel Macron along with British Prime Minister Boris Johnson joined in the fury on Monday to say they will support efforts to prevent the creation of the Super League which Johnson said “Would strike at the heart of the national game”.

And after: No French or German club joined the breakaway attempt, and public outcry, coupled with hostility from governments, could put a quick end to it. But the rebels may have engaged in a power play to secure concessions on, among other things, revenue sharing from Champions League matches.

Pierre Briancon

***

MarketWatch wants to hear from you

Spring is here and the home buying season is in full swing. Is it time to buy (or sell), given the competitiveness of the housing market?

A MarketWatch correspondent will answer this question shortly. In the meantime, send any questions you want answered to [email protected]

***

—Newsletter edited by Anita Hamilton, Stacy Ozol, Matt Bemer, Ben Levisohn





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