Cryptocurrency is gaining this morning in a way that mirrors Q1’s skyrocketing. Meanwhile, the most highly anticipated SPAC (special purpose acquisition company) of the year is hitting the exchange floor this morning. So what will the stock market do today?
- The S&P 500 is down 0.06%
- The Dow Jones Industrial Average is down 0.18%
- The Nasdaq Composite is up 0.10%
So what else will the stock market do today? Here are some of the top stories.
What Will the Stock Market Do Today? Watch Crypto Surge.
Monday continues a bullish last couple of days for Bitcoin (CCC:BTC-USD) and the whole crypto asset class. It seems as though Jack Dorsey’s ‘B Word’ Conference was just the start of a series of events that’s bringing digital currency back into the limelight for the coming week.
Dorsey, along with the polarizing crypto figure Elon Musk, took to Zoom in front of a live audience, wherein they hashed out a lot regarding crypto. Elon Musk teased Bitcoin payments for Teslas (NASDAQ:TSLA) once again and revealed BTC holdings across his own personal portfolio as well as Tesla’s and SpaceX’s portfolios. He even revealed his stake in the second largest coin, Ethereum (CCC:ETH-USD).
While last week’s event did well to help Bitcoin bounce back out of its rut, today’s news is strapping a rocket to the coin and shooting it off into space. Speculation is surging around Amazon (NASDAQ:AMZN) taking on cryptocurrency payments as early as this year. Per City A.M., an anonymous insider is saying Amazon will be rolling out Bitcoin payments before the end of 2021. The insider also notes that future planned payments include Ethereum, Cardano (CCC:ADA-USD) and Bitcoin Cash (CCC:BCH-USD).
All this huge speculative news is doing well to boost Bitcoin in the short term. Bitcoin is up nearly 12.5% in the wake of this story, completing a gain of nearly $5,000 dollars in a single morning. Ethereum and Cardano are being boosted 10% each as well, and Bitcoin Cash is up 11%.
Lucid Motors Finally Hits Wall Street
The electric vehicle (EV) industry is turning the page today. Tesla’s market dominance is being challenged by a competitor with a ton of hype to its name, and as that challenger finally reaches retail investor portfolios, the threat is becoming more and more concrete to Musk and company.
Churchill Capital (NYSE:CCIV), one of the most famous blank-check companies of the year, is bringing Lucid Motors (NASDAQ:LCID) public Monday morning. The long awaited SPAC merger is seeing Lucid stock making its way to the Nasdaq under the ticker name ‘LCID.’
The deal is quite a lucrative one for the rapidly expanding Lucid; all in all, the company is adding $4.4 billion in value through the deal. According to this morning’s press release, the money will be spent capitalizing on the expected demand increase from the public listing. Thus far, Lucid has already seen approval to greatly expand the footprint of its factory in Casa Grande, Arizona. Additionally, the company is opening Lucid Studios in major U.S. cities to continue gathering a presence, starting with Chicago and the recently opened NYC studio.
It will be quite interesting to see where things go from here. Lucid is supposedly Tesla’s greatest challenger, yet it does not have a car on the streets yet. Hype is a glorious thing though; there are 11,000 paid reservations for the debut model, the Lucid Air, which promises to be the one of the most luxurious vehicles on the road. Look forward to seeing where the company goes from this historic day, especially as it prepares to finally roll out its long-awaited vehicle in the second half of the year.
What Else We’re Watching
- The world’s most popular crypto exchange, Binance (CCC:BNB-USD), is delisting margin trading pairs, which include Euros, GBP and AUD, as part of an effort to curb leverage trading. This comes at a time of great regulatory concern for the exchange platform.
- Tesla will be reporting earnings at the end of trading today, making for one of the most highly anticipated earnings calls of the quarter.
- The Olympics are well underway in Tokyo. Team U.S.A. is trailing only the host country, Japan, in gold medals, including one won by the Caeleb Dressel-led men’s 4×100 relay swim team.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.