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Three numbers to start your day:
Bitcoin Up More Than 66% for the Year
Bitcoin just reached the price milestone of $50,000.
The cryptocurrency has been on a tear. As always with Bitcoin, it is a challenge to find a single explanation for what is driving the move. Professional investors have shown greater interest in the cryptocurrency recently, and more payments companies have been accepting it. Tesla provided a boost this month, announcing that it had invested part of its cash in Bitcoin, and saying that it would accept the cryptocurrency as payment on its cars.
It probably doesn’t hurt that more individual investors are getting interested in cryptocurrency after a headline-grabbing rally in meme stocks. But like other hyped-up markets, regulators might start paying closer attention. So investors may want to be cautious.
Natural Gas Prices Rise 6% Tuesday Amid Severe Weather in U.S.
This week’s extreme cold front has caused rolling blackouts in some parts of the country—consumers are using more heat than usual, overwhelming energy grids, and exhausting reserve supplies of electricity. On top of that, the cold weather is actually knocking some plants offline and undermining electricity providers’ ability to operate.
In Texas, one of the worst-hit areas by the severe weather, the spot price of electricity spiked as much as 10,000% on Monday, according to a Reuters report.
Texas’s troubles have also temporarily put the brakes on U.S. oil production and transportation. That helped push the price of crude oil up 1% Tuesday, to around $60 a barrel.
Palantir Shares Dip 13% After Mixed Fourth Quarter Results
The company did beat Wall Street’s forecasts for its revenue. But without any adjustments, Palantir reported that it lost 8 cents a share for the quarter. While it did a lot more business with government customers — those revenues climbed 85% — its corporate revenues didn’t grow nearly as much, rising just 4%. The company also said it expects profitability to decline in the first quarter compared to the fourth.
But even with Tuesday’s declines, Palantir stock has had a pretty good 2021. It is up 18% so far this year.
Numbers by Barron’s is our daily podcast. Find out more here.
Write to Alexandra Scaggs at alexandra.scaggs@barrons.com
