Sherwood News

The total value of virtual currency bitcoin is now a very real $1.6 trillion

Bitcoin’s price just hit $82,000.

11/11/24 11:32AM

In the world of crypto, the Trump Pump is real and showing few signs of slowing down.

During his campaign, the president-elect put out a video on X announcing his plans to ensure that the US would become the “crypto capital of the planet.” Since his victory on Wednesday, investors have basked in that optimism, sending all sorts of digital assets soaring over the last seven days or so.

Bitcoin, the original and biggest cryptocurrency, reached an all-time high on election night itself, and has been pushing the record further in the days since, exceeding a price of $82,000 per bitcoin for the first time ever. It’s never just the biggest boat lifted by the rising tide, however: ethereum is up ~30% since the election, dogecoin has almost doubled over the last week, and shares in crypto-exchange giant Coinbase, which hailed the incoming Congress as the “most pro-crypto Congress in history,” have jumped by over 50% in the last five days (and are soaring again this morning). In fact, almost every bitcoin-linked stock is making gains.

The move in bitcoin means that at current prices — which, as anyone who knows anything about crypto will likely remind you, can change very quickly — all the bitcoin in the world is now worth some $1.63 trillion. That’s roughly equivalent to the GDP of Spain, and it’s more than what Mark Zuckerberg’s Big Tech behemoth Meta is worth at the time of writing.

Luke Kawa2h

Hims & Hers sees surge turn sour in its biggest reversal since the 2025 stock market bottom

Hims & Hers erased gains of more than 5% in early trading to close down more than 7% on Thursday.

It’s the first time the telehealth company saw an intraday gain of 5% or more turn into a loss of 5% or more since April 8, 2025, which marked that year’s bottom for the S&P 500 amid the tariff-induced tumult.

Hims has been on an absolute tear this week after reaching a renewed partnership with Novo Nordisk to sell its weight-loss drugs, a pact that resolves the massive legal overhang that had been plaguing the stock. The momentum continued as Wall Street scrambled to boost its outlook on the shares following this arrangement.

There’s not much in the way of company-specific news to point to: Hims, like many other firms, tanked after the market opened as oil climbed.

Perhaps this is just a consolidation period — the so-called pause that refreshes — or a potential sign that the stock has squeezed all the juice it could out of one catalyst as the overall market wobbles under the weight of high oil prices brought about by the ongoing war in the Middle East.

Tasha Matsumoto

Stocks tumble as Brent crude closes above $100

Investors were plagued by inflation fears amid rising oil prices and ongoing private credit concerns.

Matt Phillips2h

Firefly Aerospace rockets higher as traders snap up calls

Firefly Aerospace shares soared after Wednesday’s successful liftoff of its Alpha rocket for the first time in almost a year was followed by a flurry of call buying in the options market.

Shortly before 3 p.m. ET on Thursday, roughly 36,000 call options on Firefly had changed hands, more than twice the average over the previous 20 days.

The Cedar Park, Texas-based designer and manufacturer of space launch vehicles has lost some serious altitude since its August 2025 IPO. It’s down about 60% since then, even after Thursday’s surge.

Vandenberg rocket launch visible across West Coast. Here's a recap

Luke Kawa

Woe de toilette

Spiking oil prices have investors turning up their noses at fragrance stocks

Estée Lauder and International Flavors & Fragrances are among the worst-performing stocks since the kinetic conflict in the Middle East started.

Saleah Blancaflor3h

Gas jumps $0.60 in under two weeks, hitting $3.60 as the market braces for possible $4 a gallon

Spring is just around the corner and gas prices just keep getting higher.

The national average for a gallon of regular gas is currently at $3.598, according to the American Automobile Association, jumping nearly $0.35 since last week.

The most recent prices are similar to the spring of 2024, while this is the first time it has gone above the $3.50 threshold since July 29, 2024.

While gas prices tend to increase during the warmer months, crude oil prices have played a major part in what consumers have been paying, at times exceeding $100 per barrel in the past few days.

To offset the rising energy costs due to the conflict in the Middle East, the US Department of Energy announced it would release 172 million barrels of oil from strategic reserves over the next four months as part of the larger effort to release 400 million oil barrels.

Prediction markets are pricing in an implied 62% chance that the price of gas exceeds $4.00 by the end of the month. Things may get even more expensive, though; markets are pricing in roughly even chances that gas finishes above $4.10, and even a 22% chance gasoline averages $4.50 per gallon by March 31.

(Event contracts are offered through Robinhood Derivatives, LLC — probabilities referenced or sourced from KalshiEx LLC or ForecastEx LLC.)

US gas prices jump to nearly $3.60 per gallon