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Bitcoin Blasts Above $9,000; Cyber Monday On Tap: S&P 500 Futures | Stock News & Stock Market Analysis

Futures for the S&P 500 index were little changed Sunday evening while Bitcoin didn’t take the Thanksgiving weekend off, soaring above $9,000 for the first time. Holiday online shopping should peak on Cyber Monday, with Amazon (AMZN) expected to shine once again.

XAutoplay: On | Off S&P 500 index futures were about even vs. fair value. Nasdaq 100 and Dow futures rose a fraction.

Bitcoin

Bitcoin was trading at $9,354 Sunday, according to CoinMarketcap.com, rising as high as $9,500 earlier. Nearly four million Bitcoin out of the 21 million that will ever be “mined” are permanently lost, according to a Chainalysis study, suggesting even greater scarcity.

The cryptocurrency is gaining more acceptance among financial leaders as well as more and more attention from general investors. CME (CME) will begin trading Bitcoin futures by year end, with CBOE (CBOE) also looking to do so as well. JPMorgan Chase (JPM) reportedly is mulling whether to trade Bitcoin futures on behalf of clients, weeks after JPMorgan Chase CEO Jamie Dimon called the cryptocurrency a “fraud.” Cryptocurrency-related plays include Bitcoin Investment Trust (GBTC) and the recently renamed Riot Blockchain (RIOT).

Cyber Monday

Cyber Monday is expected to be the largest U.S. online shopping day ever. Adobe Analytics sees $6.6 billion in sales, a 16.5% gain from last year. Amazon is expected to account for half the growth in holiday online sales, bolstering its already-hefty e-commerce share. With an estimated 90 million Amazon Prime households, the incentives to use the Amazon ecosystem are stronger than ever.

Amazon shares jumped 2.6% on Black Friday to 1,186, a record high. Shares are extended from a 1,083.41 entry.

Some $5.03 billion was spent online on Black Friday, up 16.9%, Adobe Analytics estimated. Smartphones accounted for 44.6% of visits and 26% of revenue.

The Nintendo (NTDOY) Switch, Roku (ROKU) streaming devices and Alphabet (GOOGL)-owned Google Chromecast were among the top electronics products on Black Friday.

So far from Nov. 1-Nov. 24, online shopping has leapt 17.8% to $38.3 billion.

Keep in mind that it’s hard to judge holiday winners and losers in the midst of the shopping season. You don’t know the extent of discounts or inventories.

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