Week in a Glance: Cannabis, Cryptocurrencies, Pound and Oil

The cannabis market was the hottest topic of the past week. According to some information, it became the target of a new attack from the Reddit users. Perhaps, it’s just an attempt to buy shares of companies in a potentially very promising market. Judging by the dynamics of Tilray shares this is still the first option. Its value doubled in less than a week, and then lost 50% in a day. The situation is too similar to the situation with GameStop.

By the way, does anyone else remember GameStop? The company lost 90% of its value (relative to the highs) and returned to its usual oblivion. The same fate will be repeated by Tilray shares, hypothetically.

Some interesting events took place in the cryptocurrency market. The prophet of innovative things, Elon Musk, issued another revelation: Bitcoin is the future of money, which means that you urgently need to invest in it. But he did not invest his money, deciding to invest the money of Tesla shareholders. We’re talking about the amount of 1.5 billion. Well, you can understand it, you can buy it with your hard-earned asset, which can lose ten percent in a day, and in a month and half of its value, somehow it is not out of hand. Tesla shareholders are clearly risk-takers if they’re willing to pay $1,500 per dollar of the company’s virtual profit. So, everything seems to be logical.

Last week, Musk was also supported by such respected companies as Mastercard and BNY Mellon, planning to come to grips with cryptocurrencies. True, they’re not going to invest their money, it is only about satisfying the clients’ needs.

Among other weekly news, it’s worth noting some relatively good data on UK GDP. The pound’s been growing all week, but this cannot last forever. It’s no joke. According to unofficial information, Britain’s exports to the EU fell by almost 70% in January.

The oil market was dominated by optimism related to the expectations of an imminent end of the pandemic, lockdowns and a quick economic recovery. Accordingly, the news that Germany is extending the lockdown until March, and OPEC and IEA are again lowering their own forecasts for the growth rate of oil demand, are of little interest.