Bitcoin Nears All-Time High

And, GitLab predicts surprise loss.

March 05, 2024

Today is Tuesday, March 5, 2024.

The Early Bird Index today is 73.13.

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Bitcoin Nears All-Time High

Bitcoin jumped over 7% on Monday to reach over $68,000 in price, a remarkable milestone for the asset that has recovered since the so-called “crypto winter” in 2022.

Details: The price of Bitcoin is up 60% in the last 30 days. It last reached a price of $68,000 in 2021. The all-time high price for Bitcoin is $68,999.

Powering the Story: Bitcoin is having a tremendous 2024 thanks to the approval of spot Bitcoin ETFs (exchange-traded funds) in January, which made it easier for traditional investors to get exposure to cryptocurrency. Another reason for the sudden surge is the anticipation of the Bitcoin halving event in April.

Definition: A halving event happens every four years and it reduces the amount of Bitcoin on the market. Basically, the reduced supply increases Bitcoin’s price.

Yes, But: Some analysts predict the price of Bitcoin will fall to $42,000 after the April halving event.

Final Thoughts: Bitcoin is soaring as other alternative investments have gone up. Gold also reached an all-time high on Monday.

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Notables

Notable Earnings Today: Ross Stores (Nasdaq: ROST), Nio (NIO), CrowdStrike Holdings (CRWD), Target (TGT), ChargePoint Holdings (CHPT), Ferguson (FERG), Nuvei (NVEI), Nordstrom (JWN), Box (BOX), Couchbase (BASE), W&T Offshore (NYSE: WTI), Aeva Technologies (NYSE: AEVA), Agiliti (NYSE: AGTI), Angel Oak Mortgage REIT (NYSE: AOMR), Aquestive Therapeutics (Nasdaq: AQST), BioNano Genomics (Nasdq: BNGO), Cadre Holdings (NYSE: CDRE), Cipher Mining (Nasdaq: CIFR), Compugen (Nasdaq: CGEN), First Watch Restaurant Group (Nasdaq: FWRG), MeridianLink (NYSE: MLNK), Nuwellis (Nasdaq: NUWE), Riskified (NYSE: RSKD), SmartRent (NYSE: SMRT), Seres Therapeutics (Nasdaq: MCRB), V2X (NYSE: VVX), Vivid Seats (Nasdaq: SEAT).

Notable IPOs Today: Lucas GC Limited Ordinary Shares (Nasdaq: LGCL).

Notable Equity Crowdfunding Campaigns Ending Today: Marin Backyards (SMBX).

Notable Economic Events Today: S&P Global Services PMI (9:45 a.m. ET), ISM Non-Manufacturing PMI / Prices / Employment (10:00 a.m. ET), Factory Orders (10:00 a.m. ET).

GitLab Predicts Surprise Loss

Despite posting better-than-expected financial results on Monday, shares of GitLab (Nasdaq: GLAB) plummeted by 22.10% in after-hours trading.

Financials: GitLab reported earnings of 15 cents per share in the past quarter and revenue of $163.8 million; both were better than expected.

Details: Revenue jumped 33% year-over-year. The number of customers spending more than $1 million each year increased by 52%.

Outlook: Gitlab expects a loss of 13 cents to 12 cents per share in the current quarter. Investors anticipated an outlook of profit, not loss.

Stock Price: GitLab is up 45% in the last 12 months, including 3% in the last 30 days.

Final Thoughts: As a development operations platform, it is troubling if GitLab forecasts a bad quarter. It could potentially be a bad sign for similar tech stocks.

Albemarle Drops Due to Offering

Chemical manufacturer Albemarle (NYSE: ALB) fell 7.55% in after-hours trading on Monday after announcing it will offer $1.75 billion in depositary shares.

Final Thoughts: Albemarle is down 9% this year and needs to raise extra funds.

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The contents from Early Bird are for informational and entertainment purposes only and do not constitute financial or legal advice.