Economy
Bitcoin Soars Above $50,000 For First Time Ever
A little over a month ago – when JPMorgan and every so-called financial expert was bashing bitcoin and saying a crash is imminent – we said that $50,000 is only a matter of weeks if not days (on its way to $100,000). Well, that prediction came true at exactly 7:29am ET this morning when bitcoin soared by some $2,000 in minutes, rising above $50,000 for the first time ever and hitting $50,547.70…
Texas Power Retailers to Customers in Face of Freeze: Please, Leave Us
Some retail power companies in Texas are making an unusual plea to their customers amid a deep freeze that has sent electricity prices skyrocketing: Please, leave us.
One power supplier, Griddy, told all 29,000 of its customers that they should switch to another provider as spot electricity prices soared to as high as $9,000 a megawatt-hour. Griddy’s customers are fully exposed to the real-time swings in wholesale power markets, so those who don’t leave soon will face extraordinarily high electricity bills.
The World Will Pay More for Meat as Food Inflation Deepens
There are signs that the food inflation that’s gripped the world over the past year, raising prices of everything from shredded cheese to peanut butter, is about to get worse.
The Covid-19 pandemic upended food supply chains, paralyzing shipping, sickening workers that keep the world fed and ultimately raising consumer grocery costs around the globe last year.
Virologist On Wuhan Trip: Seafood Market ‘Not The Whole Story’ In Early Outbreak
After traveling to Wuhan, China, a team of researchers from the World Health Organization is readying a preliminary report on the origins of the coronavirus.
Wuhan is where the virus was first reported in December 2019.
The WHO team’s main public conclusion so far is that it’s “extremely unlikely” that the virus originated in a lab in Wuhan. The scientists think the virus most likely started in bats, then jumped to other animals, then to humans.
Natural-gas futures led an across-the-board surge in energy prices on Tuesday, as swaths of the U.S. struggled with subzero temperatures and rolling blackouts hit several states.
“Elevated, weather-driven demand across much of the nation” supported the rally for natural gas, said Tyler Richey, co-editor at Sevens Report Research. “Supply has also become an issue in some locations as the storage infrastructure has literally frozen, preventing physical delivery to various consumers,” including utility companies, which contributed to some regional power issues.
Wall Street Short Sellers: Hated For Centuries
Wall Street “short sellers” are often cast as villains. They make money when most others are losing it — that is, when stock prices fall.
In recent weeks they were painted as the enemy again, when hedge funds made bets that prices would fall for several so-called “meme stocks” like GameStop and AMC. These bets drew the attention and ire of small investors, setting off a tug of war between the two sides.
USPS increased revenue by 11% in Q1, but the Postmaster General still wants to restructure
This week marks a rare moment of celebration for the typically ailing United States Postal Service. The agency reported a net profit for the first quarter of fiscal year 2021 (ending Dec. 31, 2020), the first quarterly profit recorded in several years.
Still, the party hats remain tucked away in the cupboard. USPS warned that the surge is likely temporary and stems from a COVID-related boom in package deliveries. This isn’t sustainable, said Postmaster General Louis DeJoy in a statement. His controversial plans to restructure and come up with a new financial plan remain in place.
Millions Are Out Of A Job. Yet Some Employers Wonder: Why Can’t I Find Workers?
At a time when millions of Americans are unemployed, businessman Bill Martin has a head-scratching problem: He’s got plenty of jobs but few people willing to take them.
“I keep hearing about all the unemployed people,” Martin says. “I certainly can’t find any of those folks.”
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The post Daily Digest 2/16 – Bitcoin Soars Above $50,000 For First Time Ever, Wall Street Short Sellers: Hated For Centuries appeared first on Peak Prosperity.
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