Trump Media stock sinks, gold soars, and Bitcoin bleeds: Markets news roundup
Plus, the Bitcoin ETF struggling because of high fees
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Shares of Trump Media & Technology Group, the social media company founded by former President Donald Trump, plunged sharply on Monday after the company disclosed major losses in 2023.
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Investors have poured money into spot Bitcoin ETFs, but the market has not yet reached its full potential due to the underperformance of one ETF.
That would be the world’s largest crypto asset manager Grayscale’s Bitcoin Trust ETF (NYSE: GBTC), which has been experiencing consistent outflows of funds for the past few weeks.
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Gold is trading near yet another record high: In early Monday trading, the price was at $2,250 a troy ounce. An explanation for the latest excitement? Inflation. One common feature of gold rallies is the thought that inflation is high and may get higher. When that happens, money becomes worth less because it buys less. At a time like right now, when central banks are reluctant to raise interest rates that would make people feel better about keeping their holdings in cash, commodities like gold become an attractive alternative because they’ve become a recognized store of value over the centuries.
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Bitcoin experienced a sharp decline on Tuesday morning following nearly a month of upward movement, causing other cryptocurrencies to suffer sympathetic cold sweats. The stock market opened poorly, with the Dow dropping by 450 points, and the cryptocurrency market is following the same trend. The flagship cryptocurrency dropped 7% in the past 24 hours, trading at $64,000 at the time of writing. Just a week ago, the cryptocurrency was above $70,000.
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Shelby McFaddin of Motley Fool Asset Management tells Quartz why Meta might be the social media stock to buy
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Microsoft and Meta are the ‘Mag 7' leaders now, not Apple, according to Motley Fool Asset Management’s Shelby McFaddin