Monday's Scoop: Float☀️

Hey friend - hope you had a great weekend. Catch up with our Weekly Scoop!

Here’s what you need to know today to inform your work, spending, and investments…

1. Crypto prices are soaring.

2. Congress has agreed to a budget to prevent half the government from shutting down.

3. Regulators are cracking down on big corporations with too much power.

Unemployment Rate: 3.7%
^{Still near the lowest rate in 50+ years}

Congress has agreed to a budget to prevent half the government from shutting down. Last week, they passed a one-week procrastination bill to give themselves more time to figure out the annual budget due last October 1. Over the weekend, Congressional leaders announced an agreement for half of the budget, putting them on track to avoid a partial government shutdown this Friday. There weren’t many major cuts or increases for the Departments of Agriculture, Commerce, Energy, Housing and Urban Development, Interior, Justice, Transportation, or Veterans Affairs. Congress has until March 22 to figure out the other half, including the Homeland Security Department, where there are still disagreements about border policies.

The Market: ⬇️ -0.1%
S&P 500: 5,130.95
1Mo: +4% | 1Yr: +27% | 5Yr: +87%

The market kicked off the week without any major shift in the broader storyline. Investors are starting to wonder how long the rally can continue. Weakening economic data has people hopeful for a shift in monetary policy.

Bitcoin keeps climbing. The price of Bitcoin has achieved a new all time high across most major currencies and nears a new record against the dollar, passing $68,000 today. The initial momentum came from the anticipation and then regulatory approval of Bitcoin-linked Exchange-Traded Funds (ETF) in January, allowing mainstream investors to trade crypto like a stock. This has led to massive new inflows of Bitcoin demand in the past several weeks, pushing the price higher. Also, traders are anticipating a scheduled change to Bitcoin’s code in April called a halving that reduces the amount of new supply. These two events have kicked off a new wave of enthusiasm fueling the price momentum.