Bitcoin bubblin': Bitcoin's surge is bringing the rest of crypto with it

3/5/24 7:00PM

Bitcoin bubblin’

‍Having endured the "crypto winter", Bitcoin has once again climbed over the $69,000 threshold, trading at a new record high on Tuesday — a milestone mirroring a number of major stock indices in the US, Europe, and Japan, all of which have reached new peaks in 2024.

Part of the recent surge is attributed to the approvals of Bitcoin exchange-traded funds, greenlit by US regulators in January, which have widened access to the world’s largest cryptocurrency, with the 10 US Bitcoin funds currently available ballooning in size to nearly $50 billion since then. Another potential factor is the upcoming “halving” — a predetermined schedule that cuts the reward for mining the cryptocurrency in half approximately every 4 years, limiting the growth of new supply of Bitcoin.

‍Rising tide lifts all coins

‍Whether it’s the ETFs, the halving event, or just a renewed enthusiasm for digital currency, Bitcoin continues to drive the wider crypto economy. Indeed, the 15-year-old coin remains by some distance the largest in the crypto universe, with its market capitalization exceeding the value of the 99 next most valuable cryptocurrencies combined, most of which have also gained in value during the latest surge.

The argument for Bitcoin playing the role of “digital gold” as a store of value gains credence with every year that the asset remains relevant. But, as though a reminder of how volatile it can be, Bitcoin suffered a mini crash after reaching its new peak, slipping more than 10% in the space of a few hours.

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Paramount reportedly receives $24 billion from Gulf funds to back its Warner Bros. takeover

Three Middle East sovereign wealth funds have agreed to back Paramount’s takeover of Warner Bros. Discovery to the tune of roughly $24 billion, according to Wall Street Journal reporting.

The company’s triumph over Netflix in the bidding war came thanks in part to financial backing from Oracle cofounder Larry Ellison, billionaire father of Paramount CEO David Ellison.

Saudi Arabia’s PIF, which last year led the $55 billion deal to take Electronic Arts private, will provide about $10 billion in the deal. The Qatar Investment Authority and Abu Dhabi’s L’imad Holding Co. is also involved.

According to the WSJ, the funds will not receive voting rights in the combined Paramount-Warner company. Those working on the deal don’t expect the Gulf funds’ involvement to spark any additional regulatory reviews.

Exclusive | Gulf Funds Agree to Back Paramount’s $81 Billion Takeover of Warner

The company’s triumph over Netflix in the bidding war came thanks in part to financial backing from Oracle cofounder Larry Ellison, billionaire father of Paramount CEO David Ellison.

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That’s less than 1% of its peak market cap about four years ago.

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JetBlue is raising its bag fees as fuel costs squeeze airlines

JetBlue will reportedly hike its bag fees, as the cost of jet fuel continues to climb amid the war in Iran. It’s the latest example of carriers finding ways to push rising costs onto travelers.

Last week, United Airlines CEO Scott Kirby said that if fuel prices remain elevated, fares would need to rise another 20% for his airline to break even this year.

As CNBC reported, when one airline raises fees, others tend to follow.

Earlier this month, JetBlue hiked its first-quarter outlook for operating revenue per seat mile to between 5% and 7%, saying that strong Q1 demand helped “partially offset additional expenses realized from operational disruptions and rising fuel costs.” Now, the carrier appears to be making moves to further boost revenue to offset those costs.

Earlier on Monday, JetBlue rival Alaska Air lowered its Q1 profit forecast. The refining margins for the carrier’s cheapest fuel option — sourced from Singapore and representing about 20% of Alaska’s overall supply — have spiked 400% since February.

JetBlue did not immediately respond to a request for comment.