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Bitcoin tops $50,000, hits new record as big firms jump in

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Bitcoin tops $50,000, hits new record as big firms jump in

Bitcoin surged above $50,000 early Tuesday as a growing number of major companies warmed up to the world’s largest cryptocurrency.

The bitcoin price hit an all-time high of $50,584.85 around 7:30 a.m., continuing a rally that’s seen the digital coin’s value climb more than 66 percent this year, according to CoinDesk data.

The currency pared the gains to trade 4.5 percent higher than a day earlier at $48,936.02 as of 7:42 a.m., giving it a market value of more than $911 billion.

The latest spike followed a string of signals that Wall Street and corporate America are embracing bitcoin as an investment asset.

The cryptocurrency’s newest fans reportedly include megabanks such as Morgan Stanley, whose Counterpoint Global investing unit is weighing whether to add bitcoin to its list of potential investments, according to Bloomberg News.

JPMorgan Chase co-president Daniel Pinto recently told CNBC that the Wall Street titan will “have to be involved” in bitcoin if enough clients express interest in it. And BNY Mellon, the nation’s oldest bank, announced last week that it would start providing banking services for cryptocurrencies and other digital assets.

Those revelations followed Tesla’s blockbuster announcement that it had purchased $1.5 billion worth of bitcoin, which pushed the market’s oldest cryptocurrency last week. The Elon Musk-led electric-car maker also said it planned to start accepting payments in bitcoin.

The developments added more fuel to a rally that’s seen bitcoin’s price nearly triple over the past three months, CoinDesk data show. The 12-year-old asset has been boosted by its perceived resistance to inflation and hopes that it will become a more widely used payment method.

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Alexandra Ford English becomes 1st female board member at Ford

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Alexandra Ford English becomes 1st female board member at Ford

Henry Ford’s great-great-granddaughter has become the first woman in history to take a seat on the company’s board of directors.

Alexandra Ford English, 33, who has an MBA from Harvard and an undergraduate degree from Stanford, will begin her tenure on the 14-member board immediately, which will also include her cousin, Henry Ford III, the founder’s great-great-grandson, according to a report.

English, the daughter of the company’s executive chairman Bill Ford, joined the 118-year-old company in 2017 and works as director of corporate strategy.

Both Ford and English were elected to the board in March.

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AMC cashes in on Reddit-trading frenzy with $428 million share sale

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AMC cashes in on Reddit-trading frenzy with $428 million share sale

Cinema operator AMC Entertainment Holdings has raised about $428 million from a share sale, capitalizing on the retail-trading driven surge in its stock earlier this year.

The world’s largest cinema chain operator’s shares have gained more than five-folds in 2021 thanks to interest from amateur traders on Reddit that were piling into heavily shorted stocks such as GameStop and AMC to punish hedge funds that bet against them.

AMC said in a statement Thursday it had sold 43 million shares at an average price of $9.94 apiece in the at-the-market offering, sending its stock nearly 16 percent higher.

The company has raised funds in the past few months to ride out a downturn in its business wrought by pandemic-driven theater closures, delays in the launch of big movies and the growth of video streaming platforms.

It said in January it had raised $917 million since mid-December through equity and debt issues. It raised an additional $304.8 million in the same month through a share sale.

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Amazon Fresh grocery store to replace Fairway in Paramus

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Amazon Fresh grocery store to replace Fairway in Paramus

The Paramus Fairway’s getting a fresh start.

An Amazon Fresh supermarket is set to replace the shuttered Fairway Market in Paramus, N.J.

The Jeff Bezos-owned e-commerce giant bought the former Fairway location out of bankruptcy auction along with another former Fairway store in Woodland Park for a total of $1.5 million last March, The Post previously reported. 

Amazon’s plans for the two locations were listed as confidential at the time, but came as the Seattle-based company, which also owns Whole Foods, was beginning to expand in the groceries space. 

But Amazon confirmed in November the former Woodland Park Fairway would be converted into an Amazon Fresh. And now, the Paramus location will go the same route, an Amazon spokesperson confirmed to NorthJersey.com. 

It’s not clear when opening day will be, and the company did not return The Post’s request for comment. 

Amazon opened its first Fresh store in Los Angeles’ Woodland Hills neighborhood in September. It’s since opened 11 other locations elsewhere in California and in Illinois, according to the tech giant’s website. 

Amazon Fresh is the company’s attempt to offer a mix of in-store and online grocery shopping while attracting a distinct demographic from Whole Foods by offering lower prices. Fresh stores also tend to feature more national staple brands like Coca-Cola and Kellogg’s than Whole Foods, which emphasizes organic food. 

As The Post previously reported, Amazon may be looking to scoop up some more Fairway locations to expand Amazon Fresh’s footprint in the Northeast. Only seven of Fairway’s 14 stores were sold at last year’s bankruptcy auction, including the two that went to Amazon. Village Supermarket, which operates Shoprite stores, acquired at least four of those locations as well as rights to the Fairway brand. 

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