They have also put three astronauts on their new space station in orbit. This is a very big deal. The U.S. is still the leader in space but China is catching up and has incredible focus and resolve.
The MAGFA stocks had a great week. All were up, 7% on average. basically flat for the week. Coinbase was flat even though crypto took a big hit. Congress is after big tech, but I predict they will have trouble gaining consensus as the big tech continues to boom. Could take a very long time for action.
Crypto continues on a wild ride. Bitcoin and most cryptocurrencies continued to be volatile. Ethereum surged downward again. Two blockchain bills passed in the US House, and head to the Senate’s sage tech savvy leaders. HaHa. The bills seek more integrity and security. This is good for crypto as long as the regulation is not too restraining.
With 75% of Bitcoin mining in China where the government is putting the iron fist, there will certainly be an impact. However, technology is improving and bitcoin miners are setting shop in the U.S. and other place. It will be interesting to see if buyers come in after the sell off or whether crypto will continue to decline. Seems likely to continue down for a while, but who knows. I remain bullish. Banking and finance startups are going to revolutionize how money is moved, sent, received, loaned, insured, etc.