News You Can Use

Bitcoin briefly tops $40,000 after Elon Musk tweet: Here's how the headlines can affect your money

Bitcoin has swung between $60,000 and $30,000 since April.

Share
SpaceX owner and Tesla CEO Elon Musk (R) gestures as he arrives on the red carpet for the Axel Springer Awards ceremony, in Berlin, on December 1, 2020.
Britta Pedersen | AFP | Getty Images

The S&P 500 hits another record close, bitcoin jumps, and half of millennials and Gen Zers are willing to take on debt to treat themselves. Here's how the headlines could affect your money.

S&P 500 hits another record close

All three major indexes rose Friday. The S&P 500 closed at a record high for the second day in a row and gained 0.4% for the week. The Nasdaq rose 1.9% last week; the Dow fell 0.8%.

The major indexes were mixed as of Monday afternoon.

VIDEO1:4401:44
Why boring investments are actually better

Video by Courtney Stith

Bitcoin jumps after Musk tweet

Bitcoin's price briefly surpassed $40,000 Monday morning — a more than 12% jump in 24 hours, according to Coinbase — after Elon Musk tweeted Sunday that Tesla may accept bitcoin again.

"When there's confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions," Musk tweeted.

Bitcoin's value dropped below the $40,000 mark by Monday afternoon, reaffirming just how volatile the online currency has been this year: Its value has surged over 30% in 2021 but has also experienced wild swings. It hit an all-time high of almost $64,000 in April before falling to a low near $30,000 in May.

Millennials, Gen Zers willing to go into debt to treat themselves

As more people get vaccinated and states drop pandemic restrictions, Americans are ready to treat themselves — even if it means going into debt. Two-thirds of Americans say they plan to spend more money in at least one discretionary category during the second half of 2021, including over half of millennials and Gen Zers, according to CreditCards.com.

"Everybody's entitled to splurge a little bit," says Ted Rossman, senior analyst at CreditCards.com. "But my hope would be that people could do so more with the money they've saved, or within the constructs of a budget."

VIDEO4:3804:38
The Budgetnista: Smart money moves to make in 2021

Video by Mariam Abdallah

Words you've heard: monero 

Monero is a cryptocurrency that prioritizes privacy and anonymity. Unlike bitcoin's blockchain, which stores the coin's transaction history for all to see, monero's ledger hides many of those details. So monero is becoming increasingly popular among ransomware criminals: Some even give victims discounts if they use it to pay ransoms.

Although the daily news can have an impact on your wallet, remember to take a long-term outlook when it comes to decisions on spending, saving, and investing.

More from Grow: