Markets
Here are today’s market moves:
S&P 500 down 0.41% to 4,124.66
Dow Jones up 0.16% to 33,730.89
Nasdaq down 0.99% to 13,857.84
Bitcoin: $62,887
US10Y: 1.639%
Gold: $1,738
What Happened?
#Coinbase closes at $328.28 per share in Nasdaq turbulent debut, valuing crypto exchange at $65.4bn. Coinbase’s market cap exceeded $100bn after its debut Wed morning on the Nasdaq, though the stock fell later in the day from high at $429. cnb.cx/3e5Mrez
BREAKING: Bernie Madoff, the financier who pleaded guilty to orchestrating the largest Ponzi scheme in history, has died in a federal prison, AP source says.
Bernie Madoff's ponzi scheme was shockingly un-sophisticated.
He essentially kept money in a single Chase checking account and paid out redemptions from it.
At one point, the checking account had $5.5B in it.🤯
#Bitcoin is now the 6th largest currency in the world, and has overtaken the British pound sterling in monetary base size
Goldman Sachs: “Bitcoin is not an asset class.”
Also Goldman Sachs: “Bitcoin is the best performing asset class this year.”
A $65M exit with 80% ownership is a better financial outcome than a $1B exit with 5% ownership.
Every round of funding increases a startup's risk of failure, dilutes founders, and only in outlier cases does it provide more financial return for entrepreneurs.
This Week
Tuesday: Earnings expected from Charles Schwab.
Wednesday: Earnings expected from Goldman Sachs, JPMorgan Chase, and Wells Fargo; Coinbase goes public.
Thursday: Earnings expected from Bank of America, BlackRock, Citi, Delta, and Pepsi; Weekly jobless claims.
Friday: Earnings expected from Ally, Morgan Stanley, BNY Mellon, and State Street.