BTC to $200,000?

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Good morning, Coin Discoverers!

CRYPTO

• BTC: $61,333 (+7.10%) YTD (+27.77%)

• ETH: $3,360 (+5.75%) YTD (+31.48%)

• BNB: $409.41 (+4.10%) YTD (+24.64%)

*Crypto numbers as of 5:00 pm EST on Feb 28th

Bitcoin Smashes Past $63,000 For The First Time Since November 2001.

Morgan Stanley a 1.3 trillion asset manager is considering whether to offer spot Bitcoin ETFs to customers of its large brokerage platform.

Bitcoin now has a place at the table alongside gold, farmland and other alternative assets”— something unthinkable five years ago.

Coinbase app glitch leads to users witnessing their balance drop to $0 after app suffers glitch.

MicroStrategy Chairman Michael Saylor is about $700 million richer after the three-day pop in his company’s stock and the price of bitcoin.

BTC to $200,000? Peter Brandt drops epic Bitcoin price prediction. DOGE and SHIB both surge past 25%+ in one day.

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STOCKS

• DOW: 38,949 (-0.06%)

• S&P: 5,070 (-0.17%)

• NASDAQ: 15947 (-0.55%)

*Stock numbers as of market close on Feb 28th

Store Closures & Layoffs

Several companies announced significant changes, involving store closures and layoffs:

Sony (SONY -0.33%): In a move impacting the gaming community, Sony plans to lay off 900 employees from its PlayStation division, which is about 8% of its worldwide staff.

Bloomin (BLMN -2.62%): The company behind Outback Steakhouse and other well-known dining brands is set to shut down 41 locations, including Outback Steakhouse, Carrabba’s Italian Grill, Bonefish Grill, and Fleming’s.

Macy's (M +3.37%): This retail giant announced the closure of roughly 150 stores while focusing on enhancing its remaining 350 stores.

Promising Medical Breakthrough Tuesday's standout in the trading session was Viking Therapeutics (VKTX +121.02%).

The company's stock surged following encouraging results from a mid-stage trial of its experimental weight loss medication. Viking Therapeutics is among several contenders in the competitive obesity drug market, which analysts believe could expand into a $100 billion industry by the decade's end.

REAL ESTATE

• 15-year: 6.65%

• 30-year: 7.16%

*Mortage rates via Mortgage News Daily

Hitting an All-Time High

The beginning of 2024 saw U.S. home prices reaching unprecedented levels, as reported on Tuesday. There was a 0.2% increase from the previous month, marking the seventh successive record-setting month in 2023.

Out of 20 major metropolitan areas, 10 have seen home prices exceed their previous peaks, with Las Vegas experiencing the most rapid growth. Despite higher mortgage costs, the 20 largest U.S. metros witnessed substantial home price rises, driven by a persistent shortage of homes available for resale.

In the retail sector, Lowe’s reported earnings and revenue for the fourth quarter that exceeded Wall Street predictions, with a 1.76% increase. This follows a similar trend observed by Home Depot. Both companies have noted a shift towards smaller home improvement projects among consumers.

This trend has resulted in a more challenging sales environment for home improvement retailers like Home Depot and Lowe's over the past year. Lowe's CEO Marvin Ellison attributed the sales decline to slower housing market turnover and a shift in consumer spending towards services rather than goods, such as new tools and outdoor furniture.