Market Event, General

Week in Review: big guns jump on the Bitcoin bandwagon

Annie Charalambous, Friday, 12 February 2021

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As seems the norm for 2021, this was another week of firsts. Donald Trump’s unprecedented second impeachment trial began, Bitcoin broke its own records as more mainstream big guns get on board with crypto, and Bumble, one of just ~20 female-owned and lead companies to IPO, joins the NASDAQ family. Earnings continued to roll in too, while fundamental data came in mixed.

Let’s take a deeper look into the markets that made the biggest moves.


Tesla, Mastercard, and BNY Mellon get on the BTC bandwagon

Bitcoin’s booming week began with Tesla’s SEC filing announcing a $1.5 billion investment into the cryptocurrency, and that the company would also soon be accepting BTC as payment. The news sent Bitcoin soaring past $47k, breaking a new record high.

Only two days later, MasterCard announced that it too planned to implement it across its card payment network by the end of this year. Come Thursday, America’s oldest bank BNY Mellon shared news that they would be adding custody services for digital assets like BTC on its traditional securities platform in 2021. Bitcoin shot up to almost $49k for the first time.  

YTD, BTCUSD is already up over 60% -- just one year ago, it was trading around $10k.

 

Bumble breaks barriers

Bumble, the dating app where women make the first move, held its IPO Thursday, soaring as much as 80% before closing the trading day with a gain of nearly 64%. Listed on the NASDAQ under the $BMBL ticker, Bumble is one of just ~20 female-lead companies to IPO, with co-founder and CEO Whitney Wolfe Herd being the youngest woman to ever take a company public.

Herd also co-founded Tinder, the app’s largest rival (a subsidiary of Match Group). While Tinder’s member numbers are unclear, it’s estimated to have around 50 million active users. Bumble (with Badoo, which the company owns) boasts 42 million monthly active users, and has 2.4 million paying members. Get the buzz on what sets Bumble apart in this CNBC article.

 

Movers & shakers

🔺 Twitter (TWTR) posted positive earnings, gaining over 20% just this week. Over the past year, shares are up nearly 100%. Read more on its results on MarketWatch

🔻 Tilray (TLRY) tanked 49% Thursday, after gaining about as much the day before as Reddit set its eyes on cannabis stocks. Get the full story over at Bloomberg

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