5 from 5i: The case against Bitcoin

Barkha Rani May 21, 2021
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Market View

Inflation remained the top investor worry this month leading to a rotation out of overvalued and volatile securities including Bitcoin and other cryptocurrencies. Oil prices rose as vaccination rollout in the US and parts of Europe tampered fears. Gold steadied while the US dollar slid slightly. The Canadian dollar was 83.02. U.S. S&P500 ended the week down -0.4%, while the TSX ended the week up 1.0%.

It was a mixed bag this week with more greens than reds. Technology and healthcare gained 5.0%, each, while utilities added 1.8%. Consumer staples rose 1.3% and consumer discretionary, materials, telecommunications, and financials ended the week flat. Energy slid 2.0%, and REITs gave up 1.0%. The most heavily traded shares by volume were Manulife Financial, NuVista Energy, and Sun Life Financial. BTCC, the Purpose Bitcoin ETF, was the heaviest traded ETF this week.

5 from 5i

Here are five reads we found interesting last week:

Happy Reading & Stay Safe!

 

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Disclosure: Please note that the author does not hold a financial or other interest in stocks or funds mentioned.

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