Reddit pops, Bitcoin drops, and millionaires want out: Money and markets news roundup
Plus, the best stocks and the top spot Bitcoin ETFs
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Bitcoin dropped over 7% on Tuesday, which may be its biggest single-day decline in two weeks.The top cryptocurrency was trading at $63,000, down from a high of $73,000 earlier this month.
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Bitcoin recently reached its all-time high, and spot Bitcoin ETFs hit a new record by attracting more than $1 billion in net inflows.
Spot Bitcoin ETFs are investment vehicles that invest in Bitcoin, offering investors a more secure and accessible way to gain exposure to its price movements. Their approval by U.S. regulators in January 2024 is seen as a merger of traditional financial institutions with digital assets. Check out these slides of the available spot Bitcoin ETFs.
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Wealthy Americans are increasingly showing interest in migrating from the U.S., according to a new report by Henley & Partners, a firm that specializes in helping uber-rich clients invest their way into gaining residence and citizenship elsewhere.
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Reddit stock soared by as much as 70% as the company kicked off its highly anticipated initial public offering, before closing up about 48% on its first day of trading. The shares at one point rose to a high of $57.80, well above the company’s IPO price of $34 set the day before. They closed at $50.44, still up 48.3% on the day.
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As spring blossoms, a crop of companies are already displaying beautiful blooms of returns for their shareholders. Among them are some familiar names. There are also a few surprises.
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The United States remains the top country for private wealth creation and accumulation, according to a new report by Henley & Partners, a firm that specializes in helping uber-rich clients invest their way into gaining residence and citizenship elsewhere. The country accounts for about 32% of global liquid investable wealth, about $67 trillion.
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The Dow Jones Industrial Average was on the verge Thursday of reaching 40,000 points for the first time in its 128-year history. The index was up 332 points, or 0.8%, around midday, to 39,844.
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Kate Moore of BlackRock tells Quartz how the frozen IPO market of 2023 and recent market stability has led to many upcoming IPOs
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Bitcoin’s value fell below $61,000 on Wednesday, dropping 8% in the past 24 hours after reaching its weekly peak. The decline is the biggest slide in a day since FTX’s collapse in November 2022. Other cryptocurrencies also suffered a sharp drop, wiping out $400 billion from the crypto market since Bitcoin’s peak, according to crypto tracking website CoinMarketCap.