NEW YORK – Even by Bitcoin’s standards, Wednesday was pretty wild.
The price of the famously volatile digital currency fell nearly 30% at one pointafter the China Banking Association warned member banks of the risks associated with digital currencies. The decline narrowed to below 10% in the afternoon, but Bitcoin had still lost about $70 billion in market value in 24 hours.
Bitcoin has lost about 38% of its value since April 13 when it hit a high of more than $64,800, according to Coindesk. The China warning was just the latest headwind: Before Wednesday, Tesla’s decision to not accept the digital currency as payment for cars – after it said it would – and murmurings in Washington about tighter regulation of digital currencies had put pressure on Bitcoin. The price is still up about 31% in 2021 and nearly fourfold from a year ago.
Target store sales surge 18%
Target’s sales and profits surged in the first quarter as its customers, emerging from the pandemic, returned in big numbers for dresses, cosmetics and luggage. Sales at stores opened at least a year jumped 18% in the three-month period that ended May 1. That follows a 6.9% increase in the previous quarter.
Shares of Minneapolis-based Target Corp. jumped nearly 5%, or $9.65, to $216.07, an all-time high.
First-quarter net income increased more than sixfold, to $2.1 billion, or $4.17 per share.
Removing one-time costs and benefits, per share earnings were $3.69, easily surpassing Wall Street…