#11 Daily Financial News Round Up - Nov 11,2021
Market Snapshot
Dow Jones is down by 0.23%, but S&P500 is up by 0.17%, and Nasdaq Composite is up by 1.66%.
How’s crypto-market?
Bitcoin is down by 5.12%. Shiba Inu, XRP and Loopring continue to be the top three traded cryptocurrencies in the last 24 hours. It’s all red in the cyryptomarkets except for Shiba Inu.
What news caught my attention?
After selling less than 1% of his shares on Monday, Elon Musk sold another 2% in the next two days. The value of shares sold is around $5 billion. As per the company's regulatory filings, Musk indicated and mapped out pre-set trading plans two months before the Twitter poll. Monday's sale is per this pre-set plan. It's unsure if the later trades also follow the pre-set plan per the regulation.
Binance is the world's biggest cryptocurrency exchange. It came to this position by skirting laws. Now, it refuses to disclose its official location of operation. When China wanted to ban it, it moved to Japan, and it worked from there without filing for a regulatory license. When Japan indicated that they'd like the company to adhere to their regulations, Binance stopped disclosing its location. Its official statement is that they have employees operating from various countries in the world and they are not location-specific. US Justice Department and Internal Revenue Service department are pursuing money laundering and illicit activity cases against the platform. Despite the run-ins with regulatory issues, Binance continues to grow its business. The hope for technology is that it is the panacea for all evil in the world. But that is now transforming into a distant dream.
Rivian, an electric vehicle maker, debuted in the public markets with a market value of roughly $86 billion, making it one of the biggest IPOs ever in history. Its share prices rose around 29%, jumping further by 8% on Wednesday. Increased investor demand for environment friendly vehicles explains the surge. Investors are looking to diversify into environment-friendly stocks in all industries. But, the auto industry provides limited options. Tesla also saw its prices rise despite Musk’s drama of stock-selling.
My Takeaways:
Cryptocurrencies went unregulated for over a decade. Things will most likely change soon. Companies like Binance are accelerating the path to regulation giving crypto critiques ammunition.
It is a great time to be a startup that addresses an environmental issue with proof-of-concept. Climate Finance is going to be HUGE! Markets approve it.