Bitcoin took another large stride toward mainstream acceptance on Monday after billionaire Elon Musk’s electric vehicle company Tesla Inc revealed it had bought $1.5 billion of the cryptocurrency and would soon accept it as a form of payment for cars, sending the cryptocurrency shooting higher. The announcements, buried deep in Tesla’s 2020 annual report, drove a roughly 20% surge in the world’s most widely held cryptocurrency to over $47,000. At current prices, 0.8 bitcoins would be enough to buy an entry-level Tesla Model 3. Investors anticipated other companies will soon join a list of firms that invest in or hold bitcoin including BlackRock Inc, the world’s largest asset manager, and payments companies Square and PayPal. Musk has upended Wall Street over the last year and briefly became the world’s richest person as shares of Tesla surged nearly 500% to become the fifth most-valuable U.S. company, leaving other companies and investors eager to follow in his wake. “If any lesser mortals had made the decision to put part of their balance sheet in Bitcoin, I don’t think it would have been taken seriously,” said Thomas Hayes, managing member at Great Hill Capital LLC in New York. “But when the richest man in the world does it, everyone has to take a second look.” The news sparked heavy trading in cryptocurrencies and caused exchanges like Coinbase, Gemini, Binance to experience technical issues, according to Coindesk. It also generated discussion on Reddit. While discussions of cryptocurrencies are banned on the WallStreetBets community that fueled the GameStop Corp trading frenzy, users in other subreddits posted “to the moon,” expecting more companies to follow suit after Tesla. A well-known supporter of cryptocurrencies, Musk has weighed in regularly on the past month’s frenzy in retail investment, also driving up prices of the meme-based digital currency dogecoin and shares of U.S. video game chain GameStop. Experts said they would not be …
Billion dollars in cash
Stock market size reaches 88% of GDP
An overview of the Aqua City project developed by Novaland in the southern province of Đồng Nai. Novaland is among companies whose capitalisation is valued at billions of dollars on the market. — Photo novaland.com.vn HÀ NỘI — Việt Nam's stock market reached approximately 87.68 per cent of the country’s Gross Domestic Product (GDP) as of the end of 2020, the highest rate reported so far. The other two high rates recorded were in August 2018 at 84.57 per cent and March 2018 at 83.08 per cent. Including the government bond market and corporate bond market, the value of Việt Nam’s entire stock market by the end of 2020 exceeded 110.64 per cent of GDP, this is also the highest rate ever recorded. New cash flow continuously pouring into the market since the second half of 2020 has boosted liquidity. December 2020 and January 2021 were two months witnessing record matching value, of more than VNĐ250 trillion (US$10.8 billion) and more than VNĐ300 trillion on the Hồ Chí Minh City Stock Exchange (HoSE), respectively. However, skyrocketing liquidity has far exceeded market forecasts, leading to frequent congestion in many sessions, causing a lot of trouble for investors and affecting the quality of the market. The sudden increase in liquidity is unpredictable, causing undesired interruptions in trading, according to HoSE. To tackle this issue, the State Securities Commission said it was speeding up the implementation of a new information technology system for the entire stock market, known as KRX. The Vietnamese stock market has experienced a year of spectacular recovery from the bottom caused by the COVID-19 crisis, a trend that is in parallel with most of the major stock markets in the world. Since the bottom at the end of March 2020, the VN-Index has increased by nearly 50 per cent. Billion-dollar companies So far, the Vietnamese stock market recorded 38 companies whose value reaches billions of dollars. Vingroup is valued at $15.95 billion …
Stock market size reaches 88 percent of GDP
An overview of the Aqua City project developed by Novaland in the southern province of Dong Nai. Novaland is among companies w hose capitalisation is valued at billions of dollars on the market (Photo: novaland.com.vn) Hanoi (VNS/VNA) – Vietnam’s stock market reached approximately 87.68 percent of the country’s Gross Domestic Product (GDP) as of the end of 2020, the highest rate reported so far. The other two high rates recorded were in August 2018 at 84.57 percent and March 2018 at 83.08 percent. Including the government bond market and corporate bond market , the value of Vietnam’s entire stock market by the end of 2020 exceeded 110.64 percent of GDP, this is also the highest rate ever recorded. New cash flow continuously pouring into the market since the second half of 2020 has boosted liquidity. December 2020 and January 2021 were two months witnessing record matching value, of more than 250 trillion VND (10.8 billion USD) and more than 300 trillion VND on the Ho Chi Minh City Stock Exchange (HoSE), respectively. However, skyrocketing liquidity has far exceeded market forecasts, leading to frequent congestion in many sessions, causing a lot of trouble for investors and affecting the quality of the market. The sudden increase in liquidity is unpredictable, causing undesired interruptions in trading, according to HoSE. To tackle this issue, the State Securities Commission said it was speeding up the implementation of a new information technology system for the entire stock market, known as KRX. The Vietnamese stock market has experienced a year of spectacular recovery from the bottom caused by the COVID-19 crisis, a trend that is in parallel with most of the major stock markets in the world. Since the bottom at the end of March 2020, the VN-Index has increased by nearly 50 percent. So far, the Vietnamese stock market recorded 38 companies whose value reaches billions of dollars. Vingroup is valued at 15.95 billion USD in market …
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