The Daily Leo #394 | Bitcoin hits $42k | Spotify to axe 17% staff | Virgin Galactic shares plunge | |

Welcome to The Daily Leo! We pull the best articles in Finances, Crypto news and Hive/Leo into one condensed information-packed space.

Be sure to follow @thedailyleo so you never miss the Daily LEO. You can also subscribe to the newsletter.

Spotify to cut 17% of its staff

Spotify music-streaming company has announced today that is will lay off around 1,500 employees.

This will be the third third round of job cuts this year which is aimed at reducing costs accoding to CEO Daniel Ek said.

“We still have a ways to go before we are both productive and efficient… we have to become relentlessly resourceful,” Ek said.

“This is not a step back; it’s a strategic reorientation"
How many times have we heard that from companies in the past?

In his letter he announced a “significant” strategy shift for the music-streaming company.

“To be blunt, many smart, talented and hard-working people will be departing us.”

---

Virgin Galactic shares plunge as Branson rules out further funding

British billionaire Richard Branson has set alarms ringing with investors by stating that the space tourism company Virgin Galactic has enough cash to operate ‘on its own’

We all want our investments to moon and so do Virgin Galactic, however recent developments have had the reverse affect.

Shares in the space tourism group Virgin Galactic tumbled on Monday after its founder, Sir Richard Branson, ruled out further funding.

This comes after job cuts and ceasing of international flights were recently annnounced

Bitcoin Hype Machine Kicks Into Overdrive While Cryptocurrency Surges Past $42,000

“It’s getting crazy again,” said Matt Maley, chief market strategist at Miller Tabak & Co.

With Bitcoin topping $42,000 on Monday is this just the start of a fresh crypto supercycle that will push the world’s biggest token above $500,000?

Bitcoin is coming off its third month of gains, adding another 11% so far in December to trade at its highest since the market began to implode in April 2022.

All of the excitement about the surge is bringing out hyped-up predictions about further gains — most of them based on little else than intuition or obscure technical analyses, or to put it bluntly a gut feeling!

The jubilation has prompted Coinbase CEO Brian Armstrong to post that “Bitcoin may be the key to extending western civilization.” Meanwhile toss a bitcoin as the pundits reckon it go from $50,000 in the immediate term, to above $530,000.

Bound to see a turbulent end of year don't you think!

---

Why is the crypto market up today?

The crypto market is up today as Bitcoin’s rally to a new 2023 high has triggered a knock on effect and breakout in altcoins and DeFi tokens.

This positive growth was all led by Bitcoin, which topped $40,000 for the first time in 19 months on Dec. 3.

This has also coincided with gold hitting an all-time high, then today Bitcoin price then topped $42,000 on Dec. 4 setting a 20-month high.

The feelgood factor is everywhere and most altcoins were not slow to join in the fun..

---

El Salvador’s Bitcoin portfolio swings to profit

In a post on X (formerly Twitter) today December 4th by Salvadoran President Nayib Bukele, the country’s cumulative Bitcoin investments currently amount to $131 million with a net profit of $3.6 million, for a total gain of 2.84%.

After being derided for buying Bitcoin it is a good feeling seeing the El Salvador Bitocin portfolio turn the corner and swing into profit!

“Of course, we have no intention of selling; that has never been our objective,” said Bukele. “We are fully aware that the price will continue to fluctuate in the future; this doesn’t affect our long-term strategy.”

---

The AI War and Profitable Bitcoin

Nvidia is back in the big time.

The most recent rally is now being fueled by what many are calling the AI war in which Nvidia is providing the tools and resources to fuel it.

Explore with @bitcoinflood as he gives his take on why AI has become the next big thing and totally usurped Quantum computing which many believed to be the next big thing.

The AI War and Profitable Bitcoin

---

INLEO is a blockchain-based social media platform for Crypto & Finance content creators. Our tokenized app allows users and creators to engage and share content on the blockchain while earning cryptocurrency rewards.

Subscribe to The Daily Leo and start being up to date with the crypto & finance world! Note images sources 1,2,3,4,5

Posted Using InLeo Alpha