Shares of Palantir (PLTR) surged as high as 7% as the markets opened, the reason for this surge is because the company has reported positive earnings in addition to accepting Bitcoin (BTC) as a payment option and that it may add BTC and possibly other cryptocurrencies to it’s balance sheet.
Peter Thiel recently described Bitcoin as a “financial weapon” for China and that the United States should be concerned, therefore he has opened a bitcoin mining facility in Texas.
Palantir stock is currently down 22% in 2021, and investors are expecting the price to rise back and above $23.
Shares of PLTR was also hit with a major tech selloff during the market opening of today. The reason why tech stocks are selling off is because the recent indication of high inflation and potential monetary policy tightening by the Federal Reserve, the Fed calls this “transitory factors.” This has caused stocks to move into lower price ranges.