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Weekly Recap: $FIGS, $AMC and $BTC-USD

The Good:

FIGS

FIGS, a fashionable medical scrubs maker disrupting a conventional industry worth $79 billion, saw a jolt of adrenaline today as the stock jumped nearly 17%. The stock closed the day above $42 a share, up from $22 when the stock went public in May. With a younger user base, FIGS is already demonstrably profitable with strong growth potential, according to analysts. These same analysts are rewarding the good health of the company with increased valuations. One analyst likened the brand to Crocs, Jordan and Lululemon for its brand dominance, with the company’s name becoming synonymous with the product itself.


The Bad:

AMC

After a blockbuster set of few weeks, shares of AMC fell nearly 6% today as meme stock hysteria showed potential signs of fatigue. AMC’s dramatic, and well-reported, rise saw the recently-ailing movie theater chain hit a value of close to $20 billion as cinemas reopened across the country. The most recent retail investor obsession, AMC fell alongside Gamestop and other Reddit and Twitter favorites. AMC recently announced plans to sell millions and millions of shares over the next year as it looks to offset debts it amassed before and during the pandemic. Despite the day in the red, the stock is up 350% compared to last month.


The Ugly:

Bitcoin

The two biggest cryptocurrencies, Bitcoin and Ethereum, were both rocked today as China continued its efforts to crackdown on the currencies and their relationship with the Chinese banking sector. Bitcoin dropped nearly $2,000 in the middle of the night, losing about 6% of its value in thirty minutes before regaining 1%. Ethereum fell 7% on the day. The People’s Bank of China told domestic banks and the Alipay section of Ant Group not to offer services with links to cryptocurrency trading. The central bank claimed speculative activities were disrupting the Chinese financial system, creating a potential for illegal capital outflows. Major banks immediately announced moves to ban cryptocurrency trading. China currently accounts for 2/3 of Bitcoin’s mining activity.

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