The Argentine Certificates of Deposit (Cedears) They have been operating with volatility for months and it is not due to their original actions since Wall Street continues to accumulate records in its main indices but it is because its price is tied to the CCL dollar and for weeks it has remained very calm.
However, there is one company that stood out in March: Microstrategy rose 158.72%. It is a technology firm that offers business intelligence software and related services that made headlines for buying bitcoins and increasing its holdings of this popular asset. This company’s Cedear accumulated an advance of 227% in the first quarter of the year.
Another company that rose strongly in March was Coinbase with a 63.1%. It is a cryptocurrency trading platform based in San Francisco, California that offers exchange services between cryptocurrencies and fiat currencies in around 32 countries.
In fact, in its latest balance sheet, The company reported an earnings per share of about US$1.04, a figure that positively surprised analysts’ estimates., who expected about US$0.04. In relation to his income, he reported about US$953M, being higher than the consensus forecasts, which expected about US$827M.
What drove these Cedears higher?
In tune with what happened during 2023, Wall Street seems to continue its good streak as the outlook became increasingly encouraging for the Fed to announce the end of its restrictive monetary policy.
“Among the highlights so far in 2024, the truth is that Wall Street continues to be driven by the artificial intelligence boom, but the rage for the crypto industry has also returned,” he explained. Maximiliano Donzelli, Research Manager at IOLinvestonline.
Regarding its quarterly performance, the Nasdaq 100 technology index registered a strong appreciation of 9.31%. On the other hand, in the case of the other two relevant selective of the New York Stock Exchange, the S&P 500 and the industrial Dow Jones, the first closed with an increase of 9.68%, while the Dow Jones ended with a solid increase of 4.54%.
“The most interesting data that the quarter left us in relation to the Wall Street indices has to do with the fact that the three selective have managed to establish new historical highssomething that, in the case of the S&P500 and the Nasdaq, had not happened for more than two years for both indices,” Dozelli added.
Source: Ambito
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