Crypto Markets Surge, Institutional Investors Keep Moving In

The crypto markets rallied big time this week. Bitcoin (BITCOMP) broke past $5,000 for the first time in months. And altcoins performed even better. Litecoin (LTC-X) jumped from $60 on Monday to $96 on Wednesday, gaining 60%. And ethereum (ETH-X) rose from $141 to $178 in the same time frame.

It’s not clear exactly what caused the surge. Some theorize that bitcoin was simply due for a price spike and that the coin’s fundamentals have nothing to do with it. Early Investing Co-Founder Andy Gordon disagrees. He argues that there’s plenty of progress being made behind the scenes that’s impacting market behavior.

Whatever your theory, the market spike was a welcome change. And there’s probably more where that came from. As Early Investing Co-Founder Adam Sharp wrote for First Stage Investor this week, the crypto markets may be turning a corner. And with altcoins performing so well, it’s a great time to snap some up for your portfolio.

On to the News Fix…

Cannabis

Georgia is on the verge of legalizing medical marijuana (CNN). The state assembly passed HB 324, which would allow for the possession, production, manufacturing and dispensing of low-THC cannabis oil in Georgia. It would also set up a state commission to oversee the industry, and allow the state to license pharmacies and private companies that would sell low-THC cannabis oil to medical marijuana patients.

The bill closes loopholes from 2015 legislation that legalized low-THC cannabis oil for certain medical conditions but didn’t allow growing, selling or possessing.

California has had legal recreational weed for more than a year. But its legal market is still facing competition from the black market. So Gov. Gavin Newsom is leading the charge to eliminate illegal marijuana farms with help from the National Guard (CNBC).

In February, he said he would “boost the National Guard’s statewide Counterdrug Task Force by redeploying up north to go after illegal cannabis farms, many of which are run by cartels.”

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