Valerietanzx
2021-02-24
Is the Bitcoin momentum really slowing or is this just a small contraction for bigger highs?
The Bitcoin Bubble Could Be Popping. It’s a Headwind for Some High-Flying Stocks.<blockquote>比特币泡沫可能会破裂。对于一些高速发展的股票来说，这是一个阻力。</blockquote>
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It’s a Headwind for Some High-Flying Stocks.<blockquote>比特币泡沫可能会破裂。对于一些高速发展的股票来说，这是一个阻力。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1155806524","media":"Barrons","summary":"A bear market in Bitcoin may be forming, potentially contributing to the selloff in some highflying ","content":"<p>A bear market in Bitcoin may be forming, potentially contributing to the selloff in some highflying stocks—if not the broader market.</p><p><blockquote>比特币的熊市可能正在形成，可能会导致一些飙升的股票（如果不是大盘的话）遭到抛售。</blockquote></p><p> Tesla(ticker:Tesla),PayPal Holdings(PYPL), and Square(Square), to name just a few, are trading in tighter correlation to the digital currency. Tesla recentlypurchased$1.5 billion of the digital currency, and said it plans to accept it as payment, fueling a surge in its stock.</p><p><blockquote>特斯拉（股票代码：特斯拉）、PayPal控股（PYPL）和Square（Square）等公司的交易与数字货币的相关性更紧密。特斯拉最近购买了15亿美元的数字货币，并表示计划接受其作为支付方式，推动其股价飙升。</blockquote></p><p> High-growth stocks are under pressure due to fears of rising interest rates and bond yields, which reduce the present value of future cash flows. Tesla and the online payment stocks are also crowded trades, making them vulnerable to a selloff.</p><p><blockquote>由于担心利率和债券收益率上升，降低了未来现金流的现值，高增长股票面临压力。特斯拉和在线支付股票的交易也很拥挤，很容易遭到抛售。</blockquote></p><p> PayPal Holdingsand Square are becoming digital-currency brokers, enabling consumers to buy and store Bitcoin on their apps, aiming to eventually allow people to use it to make purchases.</p><p><blockquote>PayPal控股和Square正在成为数字货币经纪商，使消费者能够在其应用程序上购买和存储比特币，旨在最终允许人们使用它进行购买。</blockquote></p><p> The stocks have been sliding as Bitcoin has been in free fall. The digital currency was recently trading around $47,300, down 10% in the past 24 hours and off 18% from highs around $58,000 on Feb. 21, according to CoinDesk.</p><p><blockquote>随着比特币直线下跌，股市一直在下滑。根据CoinDesk的数据，该数字货币最近的交易价格约为47,300美元，在过去24小时内下跌了10%，较2月21日58,000美元左右的高点下跌了18%。</blockquote></p><p> Falling prices of Bitcoin may be helping to drag down the broaderNasdaq CompositeIndex, which fell 2.5% Monday and was down 2.2% on Tuesday.</p><p><blockquote>比特币价格下跌可能会拖累纳斯达克综合指数，该指数周一下跌2.5%，周二下跌2.2%。</blockquote></p><p> The selloff in Bitcoin may have been overdue after its surge over the past few months, and it may have gotten a nudge from Treasury Secretary Janet Yellen. She labeled Bitcoin an “inefficient” currency and warned that it could be a sign of speculative excesses, in aninterviewpublished by the New York Times on Tuesday.</p><p><blockquote>在过去几个月的飙升之后，比特币的抛售可能已经姗姗来迟，而且可能得到了财政部长耶伦的推动。在《纽约时报》周二发表的采访中，她将比特币称为“低效”货币，并警告称这可能是过度投机的迹象。</blockquote></p><p> Traders appear to be taking Yellen’s comments as a sign that regulators in the Biden administration may erect more regulatory hurdles to crypto, making it tougher for banks and brokerages to offer commercial services in digital currencies.</p><p><blockquote>交易员似乎将耶伦的言论视为拜登政府监管机构可能会对加密货币设置更多监管障碍的迹象，使银行和券商更难以数字货币提供商业服务。</blockquote></p><p> TheNasdaq Compositeand other larger-cap indexes may be more closely tied to Bitcoin as the roster of companies involved in crpyto technology or services expands. It now includes the chip manufacturer Nvidia(NVDA), the internet retailer Overstock.com(OSTK), and banks such as Signature Bank(SBNY). Exchanges and brokerages such as CME Group(CME),Cboe Global Markets(CBOE), and Interactive Brokers (IBKR) are also turning into crypto bets as they expand trading in options and futures contracts related to digital currencies.</p><p><blockquote>随着涉及加密技术或服务的公司名单不断扩大，纳斯达克综合指数和其他大盘指数可能与比特币的联系更加紧密。它现在包括芯片制造商英伟达(NVDA)、互联网零售商Overstock.com(OSTK)以及Signature Bank(SBNY)等银行。芝商所(CME)、芝加哥期权交易所全球市场(CBOE)和盈透证券(IBKR)等交易所和券商也在转向加密货币押注，因为它们扩大了与数字货币相关的期权和期货合约的交易。</blockquote></p><p> Tesla’s push into Bitcoin was a vote of confidence in crypto, but it may also have turned Tesla into a proxy for the currency, fueling an exodus from the stock from investors who wanted a car maker, not a crypto play.</p><p><blockquote>特斯拉进军比特币是对加密货币投下的信任票，但它也可能将特斯拉变成了该货币的代表，促使那些想要汽车制造商而不是加密货币的投资者逃离该股。</blockquote></p><p> “By Musk and Tesla aggressively embracing Bitcoin (from a transactional perspective as well), investors are starting to tie Bitcoin and Tesla at the hip,” wrote Wedbush Securities analyst Dan Ives in a note on Tuesday, referring to Tesla CEO Elon Musk.</p><p><blockquote>Wedbush Securities分析师Dan Ives在周二的一份报告中写道：“通过马斯克和特斯拉积极拥抱比特币（也从交易角度来看），投资者开始将比特币和特斯拉绑在一起。”</blockquote></p><p> Bitcoin’s surge has also done wonders for stocks that were left for dead. Overstock, for instance, surged 850% from $2.50 to $85 over the past year, including a 77% gain this year. The company has built a portfolio of blockchain and crypto-companies under its Medici Ventures division. It now plans to convert that unit into a limited partnership called Pelion Venture Partners Fund.</p><p><blockquote>比特币的飙升也为那些奄奄一息的股票创造了奇迹。例如，Overstock在过去一年中从2.50美元飙升至85美元，飙升了850%，其中今年上涨了77%。该公司在其Medici Ventures部门下建立了区块链和加密公司的投资组合。它现在计划将该部门转变为一家名为Pelion Venture Partners Fund的有限合伙企业。</blockquote></p><p> Overstock was down 10% Tuesday, continuing a slide in the last few days as Bitcoin prices slumped.</p><p><blockquote>周二，Overstock下跌10%，随着比特币价格暴跌，延续了过去几天的下滑趋势。</blockquote></p><p> Bitcoin’s impact is being felt heavily in PayPal and Square. The companies earn transaction fees on cryptocurrencies, and they appear to be increasing customer engagement and revenue per user, compared with customers who aren’t involved in crypto.</p><p><blockquote>PayPal和广场都感受到了比特币的影响。这些公司通过加密货币赚取交易费，与不参与加密货币的客户相比，它们似乎正在增加客户参与度和每用户收入。</blockquote></p><p> Neither firm makes much profit off Bitcoin so far, and transactions involving the currency make minimal contributions to revenue. Wolfe analyst Darrin Peller estimates that Bitcoin contributes less than 1% to PayPal’s revenue, and slightly more to Square’s.</p><p><blockquote>到目前为止，两家公司都没有从比特币中获得太多利润，涉及该货币的交易对收入的贡献也很小。Wolfe分析师Darrin Peller估计，比特币对PayPal收入的贡献不到1%，对Square的贡献略高。</blockquote></p><p> “It’s not a major driver of revenue, but it’s a helpful tool to get customers more engaged,” he says. “As more people are engaged with the apps, they use their digital wallets more frequently, and more money goes into the ecosystem.”</p><p><blockquote>“它不是收入的主要驱动力，但它是让客户更多参与的有用工具，”他说。“随着越来越多的人使用这些应用程序，他们会更频繁地使用数字钱包，更多的钱进入生态系统。”</blockquote></p><p> Indeed, the apps could be conduits for Bitcoin to go mainstream. That, in turn, has fueled excitement about the stocks.</p><p><blockquote>事实上，这些应用程序可能是比特币成为主流的渠道。这反过来又加剧了人们对股票的兴奋。</blockquote></p><p> But they are now falling in tandem with Bitcoin. PayPal stock was down 6% Tuesday to $258 and is off 15% in the past five sessions from record highs around $305.</p><p><blockquote>但他们现在正与比特币并驾齐驱。PayPal股价周二下跌6%，至258美元，过去五个交易日较305美元左右的历史高点下跌15%。</blockquote></p><p> Square, which reports earnings after the close Tuesday, was down 7% to $248, off 9% from its record closing high of $272.75 on Feb. 12.</p><p><blockquote>Square周二收盘后公布财报，股价下跌7%，至248美元，较2月12日创纪录的收盘高点272.75美元下跌9%。</blockquote></p><p> The total value of Bitcoin remains formidable at nearly $1 trillion. The blockchain technology behind it is being embraced at banks and other financial firms.JPMorgan Chase(JPM)Citigroup(C), andWells Fargo(WFC) have all invested in blockchain. The custody bankBank of New York Mellonrecently announced that it would hold, transfer, and issue crypto for asset-management clients.</p><p><blockquote>比特币的总价值仍然高达近1万亿美元。其背后的区块链技术正在被银行和其他金融公司所接受。摩根大通(JPM)、花旗集团(C)和富国银行(WFC)都投资了区块链。托管银行纽约梅隆银行最近宣布将为资产管理客户持有、转让和发行加密货币。</blockquote></p><p></p><p> More banks are eager to offer crypto services, notedBank of Americain a report on Tuesday, but they are waiting for guidance from Washington. It may be a while before investors see any impact on their income statements, however, especially if the Bitcoin bubble is now bursting.</p><p><blockquote>美国银行在周二的一份报告中指出，越来越多的银行渴望提供加密货币服务，但他们正在等待华盛顿的指导。然而，投资者可能需要一段时间才能看到对其损益表的任何影响，特别是如果比特币泡沫现在正在破裂的话。</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Bitcoin Bubble Could Be Popping. It’s a Headwind for Some High-Flying Stocks.<blockquote>比特币泡沫可能会破裂。对于一些高速发展的股票来说，这是一个阻力。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Bitcoin Bubble Could Be Popping. It’s a Headwind for Some High-Flying Stocks.<blockquote>比特币泡沫可能会破裂。对于一些高速发展的股票来说，这是一个阻力。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-02-24 10:51</span>\n</p>\n</h4>\n</header>\n<article>\n<p>A bear market in Bitcoin may be forming, potentially contributing to the selloff in some highflying stocks—if not the broader market.</p><p><blockquote>比特币的熊市可能正在形成，可能会导致一些飙升的股票（如果不是大盘的话）遭到抛售。</blockquote></p><p> Tesla(ticker:Tesla),PayPal Holdings(PYPL), and Square(Square), to name just a few, are trading in tighter correlation to the digital currency. Tesla recentlypurchased$1.5 billion of the digital currency, and said it plans to accept it as payment, fueling a surge in its stock.</p><p><blockquote>特斯拉（股票代码：特斯拉）、PayPal控股（PYPL）和Square（Square）等公司的交易与数字货币的相关性更紧密。特斯拉最近购买了15亿美元的数字货币，并表示计划接受其作为支付方式，推动其股价飙升。</blockquote></p><p> High-growth stocks are under pressure due to fears of rising interest rates and bond yields, which reduce the present value of future cash flows. Tesla and the online payment stocks are also crowded trades, making them vulnerable to a selloff.</p><p><blockquote>由于担心利率和债券收益率上升，降低了未来现金流的现值，高增长股票面临压力。特斯拉和在线支付股票的交易也很拥挤，很容易遭到抛售。</blockquote></p><p> PayPal Holdingsand Square are becoming digital-currency brokers, enabling consumers to buy and store Bitcoin on their apps, aiming to eventually allow people to use it to make purchases.</p><p><blockquote>PayPal控股和Square正在成为数字货币经纪商，使消费者能够在其应用程序上购买和存储比特币，旨在最终允许人们使用它进行购买。</blockquote></p><p> The stocks have been sliding as Bitcoin has been in free fall. The digital currency was recently trading around $47,300, down 10% in the past 24 hours and off 18% from highs around $58,000 on Feb. 21, according to CoinDesk.</p><p><blockquote>随着比特币直线下跌，股市一直在下滑。根据CoinDesk的数据，该数字货币最近的交易价格约为47,300美元，在过去24小时内下跌了10%，较2月21日58,000美元左右的高点下跌了18%。</blockquote></p><p> Falling prices of Bitcoin may be helping to drag down the broaderNasdaq CompositeIndex, which fell 2.5% Monday and was down 2.2% on Tuesday.</p><p><blockquote>比特币价格下跌可能会拖累纳斯达克综合指数，该指数周一下跌2.5%，周二下跌2.2%。</blockquote></p><p> The selloff in Bitcoin may have been overdue after its surge over the past few months, and it may have gotten a nudge from Treasury Secretary Janet Yellen. She labeled Bitcoin an “inefficient” currency and warned that it could be a sign of speculative excesses, in aninterviewpublished by the New York Times on Tuesday.</p><p><blockquote>在过去几个月的飙升之后，比特币的抛售可能已经姗姗来迟，而且可能得到了财政部长耶伦的推动。在《纽约时报》周二发表的采访中，她将比特币称为“低效”货币，并警告称这可能是过度投机的迹象。</blockquote></p><p> Traders appear to be taking Yellen’s comments as a sign that regulators in the Biden administration may erect more regulatory hurdles to crypto, making it tougher for banks and brokerages to offer commercial services in digital currencies.</p><p><blockquote>交易员似乎将耶伦的言论视为拜登政府监管机构可能会对加密货币设置更多监管障碍的迹象，使银行和券商更难以数字货币提供商业服务。</blockquote></p><p> TheNasdaq Compositeand other larger-cap indexes may be more closely tied to Bitcoin as the roster of companies involved in crpyto technology or services expands. It now includes the chip manufacturer Nvidia(NVDA), the internet retailer Overstock.com(OSTK), and banks such as Signature Bank(SBNY). Exchanges and brokerages such as CME Group(CME),Cboe Global Markets(CBOE), and Interactive Brokers (IBKR) are also turning into crypto bets as they expand trading in options and futures contracts related to digital currencies.</p><p><blockquote>随着涉及加密技术或服务的公司名单不断扩大，纳斯达克综合指数和其他大盘指数可能与比特币的联系更加紧密。它现在包括芯片制造商英伟达(NVDA)、互联网零售商Overstock.com(OSTK)以及Signature Bank(SBNY)等银行。芝商所(CME)、芝加哥期权交易所全球市场(CBOE)和盈透证券(IBKR)等交易所和券商也在转向加密货币押注，因为它们扩大了与数字货币相关的期权和期货合约的交易。</blockquote></p><p> Tesla’s push into Bitcoin was a vote of confidence in crypto, but it may also have turned Tesla into a proxy for the currency, fueling an exodus from the stock from investors who wanted a car maker, not a crypto play.</p><p><blockquote>特斯拉进军比特币是对加密货币投下的信任票，但它也可能将特斯拉变成了该货币的代表，促使那些想要汽车制造商而不是加密货币的投资者逃离该股。</blockquote></p><p> “By Musk and Tesla aggressively embracing Bitcoin (from a transactional perspective as well), investors are starting to tie Bitcoin and Tesla at the hip,” wrote Wedbush Securities analyst Dan Ives in a note on Tuesday, referring to Tesla CEO Elon Musk.</p><p><blockquote>Wedbush Securities分析师Dan Ives在周二的一份报告中写道：“通过马斯克和特斯拉积极拥抱比特币（也从交易角度来看），投资者开始将比特币和特斯拉绑在一起。”</blockquote></p><p> Bitcoin’s surge has also done wonders for stocks that were left for dead. Overstock, for instance, surged 850% from $2.50 to $85 over the past year, including a 77% gain this year. The company has built a portfolio of blockchain and crypto-companies under its Medici Ventures division. It now plans to convert that unit into a limited partnership called Pelion Venture Partners Fund.</p><p><blockquote>比特币的飙升也为那些奄奄一息的股票创造了奇迹。例如，Overstock在过去一年中从2.50美元飙升至85美元，飙升了850%，其中今年上涨了77%。该公司在其Medici Ventures部门下建立了区块链和加密公司的投资组合。它现在计划将该部门转变为一家名为Pelion Venture Partners Fund的有限合伙企业。</blockquote></p><p> Overstock was down 10% Tuesday, continuing a slide in the last few days as Bitcoin prices slumped.</p><p><blockquote>周二，Overstock下跌10%，随着比特币价格暴跌，延续了过去几天的下滑趋势。</blockquote></p><p> Bitcoin’s impact is being felt heavily in PayPal and Square. The companies earn transaction fees on cryptocurrencies, and they appear to be increasing customer engagement and revenue per user, compared with customers who aren’t involved in crypto.</p><p><blockquote>PayPal和广场都感受到了比特币的影响。这些公司通过加密货币赚取交易费，与不参与加密货币的客户相比，它们似乎正在增加客户参与度和每用户收入。</blockquote></p><p> Neither firm makes much profit off Bitcoin so far, and transactions involving the currency make minimal contributions to revenue. Wolfe analyst Darrin Peller estimates that Bitcoin contributes less than 1% to PayPal’s revenue, and slightly more to Square’s.</p><p><blockquote>到目前为止，两家公司都没有从比特币中获得太多利润，涉及该货币的交易对收入的贡献也很小。Wolfe分析师Darrin Peller估计，比特币对PayPal收入的贡献不到1%，对Square的贡献略高。</blockquote></p><p> “It’s not a major driver of revenue, but it’s a helpful tool to get customers more engaged,” he says. “As more people are engaged with the apps, they use their digital wallets more frequently, and more money goes into the ecosystem.”</p><p><blockquote>“它不是收入的主要驱动力，但它是让客户更多参与的有用工具，”他说。“随着越来越多的人使用这些应用程序，他们会更频繁地使用数字钱包，更多的钱进入生态系统。”</blockquote></p><p> Indeed, the apps could be conduits for Bitcoin to go mainstream. That, in turn, has fueled excitement about the stocks.</p><p><blockquote>事实上，这些应用程序可能是比特币成为主流的渠道。这反过来又加剧了人们对股票的兴奋。</blockquote></p><p> But they are now falling in tandem with Bitcoin. PayPal stock was down 6% Tuesday to $258 and is off 15% in the past five sessions from record highs around $305.</p><p><blockquote>但他们现在正与比特币并驾齐驱。PayPal股价周二下跌6%，至258美元，过去五个交易日较305美元左右的历史高点下跌15%。</blockquote></p><p> Square, which reports earnings after the close Tuesday, was down 7% to $248, off 9% from its record closing high of $272.75 on Feb. 12.</p><p><blockquote>Square周二收盘后公布财报，股价下跌7%，至248美元，较2月12日创纪录的收盘高点272.75美元下跌9%。</blockquote></p><p> The total value of Bitcoin remains formidable at nearly $1 trillion. The blockchain technology behind it is being embraced at banks and other financial firms.JPMorgan Chase(JPM)Citigroup(C), andWells Fargo(WFC) have all invested in blockchain. The custody bankBank of New York Mellonrecently announced that it would hold, transfer, and issue crypto for asset-management clients.</p><p><blockquote>比特币的总价值仍然高达近1万亿美元。其背后的区块链技术正在被银行和其他金融公司所接受。摩根大通(JPM)、花旗集团(C)和富国银行(WFC)都投资了区块链。托管银行纽约梅隆银行最近宣布将为资产管理客户持有、转让和发行加密货币。</blockquote></p><p></p><p> More banks are eager to offer crypto services, notedBank of Americain a report on Tuesday, but they are waiting for guidance from Washington. It may be a while before investors see any impact on their income statements, however, especially if the Bitcoin bubble is now bursting.</p><p><blockquote>美国银行在周二的一份报告中指出，越来越多的银行渴望提供加密货币服务，但他们正在等待华盛顿的指导。然而，投资者可能需要一段时间才能看到对其损益表的任何影响，特别是如果比特币泡沫现在正在破裂的话。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/the-bitcoin-bubble-could-be-popping-its-a-headwind-for-some-high-flying-stocks-51614105457?mod=hp_LEAD_3\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NVDA":"英伟达","PYPL":"PayPal","GBTC":"比特币ETF-Grayscale","TSLA":"特斯拉","CBOE":"芝加哥期权交易所","IBKR":"盈透证券","CME":"芝加哥商品交易所","SBNY":"签字银行"},"source_url":"https://www.barrons.com/articles/the-bitcoin-bubble-could-be-popping-its-a-headwind-for-some-high-flying-stocks-51614105457?mod=hp_LEAD_3","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1155806524","content_text":"A bear market in Bitcoin may be forming, potentially contributing to the selloff in some highflying stocks—if not the broader market.\nTesla(ticker:Tesla),PayPal Holdings(PYPL), and Square(Square), to name just a few, are trading in tighter correlation to the digital currency. Tesla recentlypurchased$1.5 billion of the digital currency, and said it plans to accept it as payment, fueling a surge in its stock.\nHigh-growth stocks are under pressure due to fears of rising interest rates and bond yields, which reduce the present value of future cash flows. Tesla and the online payment stocks are also crowded trades, making them vulnerable to a selloff.\nPayPal Holdingsand Square are becoming digital-currency brokers, enabling consumers to buy and store Bitcoin on their apps, aiming to eventually allow people to use it to make purchases.\nThe stocks have been sliding as Bitcoin has been in free fall. The digital currency was recently trading around $47,300, down 10% in the past 24 hours and off 18% from highs around $58,000 on Feb. 21, according to CoinDesk.\nFalling prices of Bitcoin may be helping to drag down the broaderNasdaq CompositeIndex, which fell 2.5% Monday and was down 2.2% on Tuesday.\nThe selloff in Bitcoin may have been overdue after its surge over the past few months, and it may have gotten a nudge from Treasury Secretary Janet Yellen. She labeled Bitcoin an “inefficient” currency and warned that it could be a sign of speculative excesses, in aninterviewpublished by the New York Times on Tuesday.\nTraders appear to be taking Yellen’s comments as a sign that regulators in the Biden administration may erect more regulatory hurdles to crypto, making it tougher for banks and brokerages to offer commercial services in digital currencies.\nTheNasdaq Compositeand other larger-cap indexes may be more closely tied to Bitcoin as the roster of companies involved in crpyto technology or services expands. It now includes the chip manufacturer Nvidia(NVDA), the internet retailer Overstock.com(OSTK), and banks such as Signature Bank(SBNY). Exchanges and brokerages such as CME Group(CME),Cboe Global Markets(CBOE), and Interactive Brokers (IBKR) are also turning into crypto bets as they expand trading in options and futures contracts related to digital currencies.\nTesla’s push into Bitcoin was a vote of confidence in crypto, but it may also have turned Tesla into a proxy for the currency, fueling an exodus from the stock from investors who wanted a car maker, not a crypto play.\n“By Musk and Tesla aggressively embracing Bitcoin (from a transactional perspective as well), investors are starting to tie Bitcoin and Tesla at the hip,” wrote Wedbush Securities analyst Dan Ives in a note on Tuesday, referring to Tesla CEO Elon Musk.\nBitcoin’s surge has also done wonders for stocks that were left for dead. Overstock, for instance, surged 850% from $2.50 to $85 over the past year, including a 77% gain this year. The company has built a portfolio of blockchain and crypto-companies under its Medici Ventures division. It now plans to convert that unit into a limited partnership called Pelion Venture Partners Fund.\nOverstock was down 10% Tuesday, continuing a slide in the last few days as Bitcoin prices slumped.\nBitcoin’s impact is being felt heavily in PayPal and Square. The companies earn transaction fees on cryptocurrencies, and they appear to be increasing customer engagement and revenue per user, compared with customers who aren’t involved in crypto.\nNeither firm makes much profit off Bitcoin so far, and transactions involving the currency make minimal contributions to revenue. Wolfe analyst Darrin Peller estimates that Bitcoin contributes less than 1% to PayPal’s revenue, and slightly more to Square’s.\n“It’s not a major driver of revenue, but it’s a helpful tool to get customers more engaged,” he says. “As more people are engaged with the apps, they use their digital wallets more frequently, and more money goes into the ecosystem.”\nIndeed, the apps could be conduits for Bitcoin to go mainstream. That, in turn, has fueled excitement about the stocks.\nBut they are now falling in tandem with Bitcoin. PayPal stock was down 6% Tuesday to $258 and is off 15% in the past five sessions from record highs around $305.\nSquare, which reports earnings after the close Tuesday, was down 7% to $248, off 9% from its record closing high of $272.75 on Feb. 12.\nThe total value of Bitcoin remains formidable at nearly $1 trillion. The blockchain technology behind it is being embraced at banks and other financial firms.JPMorgan Chase(JPM)Citigroup(C), andWells Fargo(WFC) have all invested in blockchain. The custody bankBank of New York Mellonrecently announced that it would hold, transfer, and issue crypto for asset-management clients.\nMore banks are eager to offer crypto services, notedBank of Americain a report on Tuesday, but they are waiting for guidance from Washington. It may be a while before investors see any impact on their income statements, however, especially if the Bitcoin bubble is now bursting.","news_type":1,"symbols_score_info":{"TSLA":0.9,"OSTK":0.9,"NVDA":0.9,"BTCmain":0.9,"PYPL":0.9,"SBNY":0.9,"GBTC":0.9,"SQ":0.9,"CME":0.9,"CBOE":0.9,"IBKR":0.9,"XBTmain":0.9}},"isVote":1,"tweetType":1,"viewCount":1493,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":77,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/361023106"}
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