Mainstream cryptocurrencies continued to rise this week as capital flooded the market, with Bitcoin up more than 5% in the past 24 hours.
This rise is believed to be due to market confidence following the approval of a spot Bitcoin ETF in the US earlier this year and the upcoming halving event.
Halving allows miners to optimize energy consumption and increase hashing power. This is intended for long-term network optimization.
Bitcoin is heading towards all-time highs seen during the 202 bull market, trading at around $65,100 (£51,348).
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In addition to this rally, meme coins such as Shiba Inu (SHIB-USD) and Dogecoin (DOGE-USD) are also rising, according to data from Coinglass, and short bets have increased on their rise.
Data from CoinMarketCap shows that the crypto sector total has increased by about 4% in the past 24 hours.
Macy's (M)
Macy's was trading up about 15.5% on Monday as a takeover battle for department store chains intensifies.
In the latest development, Arkhouse Management and Brigade Capital Management have increased their offer, with the potential deal now valued at $6.6 billion.
On Sunday, the companies announced they had submitted an all-cash offer of $24 per remaining share. This is an increase from a previous bid of $21 per share, which the retail conglomerate rejected. A previous attempt, rejected in January, would have been worth $5.7 billion.
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Arkhouse and Brigade said Sunday that they “remain dissatisfied with the delay strategy” by Macy's board of directors, but remain committed to completing the transaction.
Apple shares were trending lower in premarket Monday after falling on Friday after Goldman Sachs called the company an “underperformer” and removed it from its list of “best stocks to buy.”
The company is lagging behind many of its peers in the so-called Magnificent Seven, raising concerns about weak demand for its key products.
Goldman is focused on weak iPhone sales and continued economic troubles in China, a key driver of the company's growth.
Shares were expected to open 0.8% lower on Monday.
Ocado Group shares fell 5.3% in pre-lunch trading on Monday as investors digested the latest results.
The decline comes as the online grocer reported a narrower net loss of £314m, down 31% on the full year in 2022.
Sales were reported to have reached £2.8 billion, an increase of 12% compared to the full year of 2022.
Video: Bidder raises Macy's offer to $6.6 billion
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