U.S. fast-food chain Steak 'n Shake announced on its official X account that it has purchased an additional $5 million in Bitcoin. The company previously stated that it accepts BTC for payments and ho...

U.S. fast-food chain Steak 'n Shake announced on its official X account that it has purchased an additional $5 million in Bitcoin. The company previously stated that it accepts BTC for payments and holds all the cryptocurrency it receives from customers.

Steak 'n Shake purchases an additional $5M in BTC

Original Author: He Hao, Wall Street Insights

On Thursday, US stocks plunged, with the Nasdaq falling over 2%. Some traders sold precious metals to offset losses in the stock market, causing gold, silver, copper, platinum, and palladium to decline sharply. The US dollar index rose slightly.

Amid renewed concerns about whether massive investments in artificial intelligence can truly be implemented on a large scale, US tech stocks declined. Metal prices suddenly fell due to suspected algorithmic trading selling, forcing some investors to exit commodity positions, including metals, to obtain liquidity, while some funds turned to US Treasury bonds for safety.

Spot gold fell as much as 4.1%, and silver plummeted 11...

Gold fell more than 4% at one point, and silver plummeted 11%, as a sharp drop in US stocks triggered a sell-off in algorithmically traded precious metals.

Written by: Mahe, Foresight News
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