Moving into a fresh trading week, here is a roundup of the top five stories Benzinga featured over the weekend that investors wouldn't want to miss out on.
1. Vitalik Buterin On El Salvador and Bitcoin: Ethereum ETH/USD co-creator Vitalik Buterin spoke out against making Bitcoin BTC/USD usage mandatory for merchants and businesses in El Salvador.
The cryptocurrency creator also came down heavily on BTC maximalists’ support for the country’s president Nayib Bukele. He said that Bukele’s move on BTC was in part motivated by politics.
“Bitcoin maximalists are a very easy community to get to praise you: you just have to be in a position of power and do or say nice things about them and their coin.”
2. Michael Burry Not Impressed With SHIBA INU: Hedge fund manager and physician Michael Burry said there are too many SHIBA INU tokens in circulation.
As per a now-deleted tweet, he said, “Just saying, one quadrillion seconds is about 32 million years. One quadrillion days is 2.7 trillion years, or ALL of TIME, from the beginning of the universe, multiplied by 71,000. In other words, pointless."
Burry has in the past warned about the hype surrounding BTC, meme stocks, and other assets that have been skyrocketing of late.
3. Alibaba Soars in Hong Kong: Chinese tech and e-commerce names including Alibaba Group Holding Limited BABA soared higher in Hong Kong on Monday as investors took the line that the worst of the regulatory crackdown by Chinese authorities on such first is now behind them.
4. Goldman Cuts US Forecast: On Sunday, economists at Goldman Sachs cut the U.S. growth rate to 5.6% from an earlier estimate of 5.7% for the current year on annual basis.
“After updating our estimates of the key growth impulses that drive our consumption forecast—reopening, fiscal stimulus, pent-up savings, and wealth effects—and incorporating a longer-lasting virus drag on virus-sensitive consumer services spending, we now expect a more delayed recovery in consumer spending,” the economists wrote in a report.
Goldman projects a growth rate of 4% for the next year, which is unchanged from the previous estimate.
5. India’s No To Made-In-China Tesla EVs: India’s Transport Minister Nitin Gadkari said Tesla Inc TSLA should not be looking to sell Made-In-China electric vehicles in the South Asian nation.
The minister’s comments came in the backdrop of tensions between the two Asian giants that have been brewing for months on border disputes.
Tesla’s India foray is delayed as the company continues to negotiate differences but the Government of India has expressed willingness to discuss tax concessions. India has one of the highest import duties in the world on completely=-built vehicles.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
