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Bitcoin Skyrockets Amid FOMO

Bitcoin Skyrockets Amid FOMO

And, GitLab's surprise first profit.

3D render of Bitcoin rocket. You can buy the transparent background version here: https://payhip.com/b/9CkW1

Photo by Choong Deng Xiang on Unsplash

Today is Tuesday, December 5, 2023.

The Early Bird Index today is 61.82.

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Bitcoin Skyrockets Amid FOMO

Bitcoin continued its late 2023 surge, with the price increasing 4% on Monday to $42,000, which is the highest price for Bitcoin since May 2022.

Big Picture: The increase in Bitcoin’s price pushed the market capitalization of all cryptocurrencies over $1.5 trillion for the first in over 19 months, according to CoinDesk. Bitcoin is up 150% this year.

Zoom Out: Bitcoin is also pushing other crypto prices up. Ethereum ticked up 2% on Monday and Dogecoin grew by 7%.

Also: Stocks involved in crypto performed well on Monday. The trading platform Coinbase (Nasdaq: COIN) jumped 5.48%.

The Big Trend: Robinhood (Nasdaq: HOOD) said on Monday that crypto trading on its platform jumped 75% in the last month.

Powering the Story: Anticipation over the approval of a spot Bitcoin ETF (exchange-traded fund), coupled with the hopes of lower interest rates, is driving the price of Bitcoin up. Call it Bitcoin FOMO (fear of missing out) as investors flocked to Bitcoin on Monday.

Final Thoughts: It’s a killer rally for Bitcoin, but how long will it last?

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Notables

Notable Earnings Today: Autozone (NYSE: AZO), Nio (NYSE: NIO), MongoDB (Nasdaq: MDB), Stitch Fix (Nasdaq: SFIX), SentinelOne (NYSE: S), J.M. Smucker (NYSE: SJM), Toll Brothers (NYSE: TOL), Yext (NYSE: YEXT), Signet Jewelers (NYSE: SIG), Box (NYSE: BOX), America's Car-Mart (Nasdaq: CRMT), Dave & Buster's (Nasdaq: PLAY), Asana (NYSE: ASAN), Core & Main (NYSE: CNM), Phreesia (NYSE: PHR), Ferguson (NYSE: FERG), HealthEquity (Nasdaq: HQY), Hovnanian Enterprises (NYSE: HOV), G-III Apparel (Nasdaq: GIII), Designer Brands (NYSE: DBI), AeroVironment (Nasdaq: AVAV), ZeroFox Holdings (Nasdaq: ZFOX), Descartes Systems Group (Nasdaq: DSGX).

Notable IPOs Today: N/A.

Notable Equity Crowdfunding Campaigns Ending Today: Oath Oats (StartEngine).

Notable Economic Events Today: S&P Global Services PMI (9:45 a.m. ET), S&P Global Composite PMI (9:45 a.m. ET), JOLTs Job Openings (10:00 a.m. ET), ISM Non-Manufacturing PMI (10:00 a.m. ET), ISM Non-Manufacturing Prices (10:00 a.m. ET), ISM Non-Manufacturing Employment (10:00 a.m. ET), API Weekly Crude Oil Stock (4:30 p.m. ET).

GitLab's Surprise First Profit

Photo by Pankaj Patel on Unsplash

Software company GitLab (Nasdaq: GTLB) posted financial results on Monday with a surprise profit, sending shares up 16.25% in after-hours trading.

Financials: GitLab reported earnings of nine cents per share in the past quarter and revenue of $149.7 million; both were better than expected.

Details: Revenue grew 32% in the quarter. The number of customers with more than $100,000 in annual recurring revenue increased by 37%. And GitLab expects higher revenue in the current quarter.

Final Thoughts: GitLab, up 20% this year, is finally profitable. The company attributes its growth to its DevSecOps platform, which is all the rage today.