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1,706,035,183 | 2024-01-23 18:39:43+00:00 | {"Bitcoin": [198]} | {} | Stock market today: US futures hold steady, but bitcoin falls under $40,000 | https://finance.yahoo.com/news/stock-market-today-us-futures-183943114.html | Business Insider | https://www.businessinsider.com/ | US stock futures were stable Tuesday as investors assessed market prospects following recent gains. Chinese stocks gained amid reports Beijing is considering special measures to support the market. Bitcoin extended declines below the $40,000 mark, taking the month-to-date losses to 8%. US stock futures were steady in Tuesday's early trading as investors awaited fresh cues on market sentiment after the S&P 500 index hit a fresh record high on Monday. Airline stocks led premarket gains among S&P 500 names, while Veralto, Invesco, and Philip Morris were among notable decliners. Chinese and Hong Kong shares rebounded, paring some of recent declines, following media reports that Beijing is looking at special measures to support the local market. In crypto, bitcoin extended declines below the $40,000 level. Crude oil prices slipped, while the dollar was little changed. Market overview Futures on the S&P 500 index were unchanged at 4,881 points as of 5:10 a.m. ET, while similar contracts on the Nasdaq 100 were at 17,459. European stocks were in defensive mode, with the Euro Stoxx 50 slipping 0.3%. Germany's DAX 40 index was little changed and France's CAC 40 retreated 0.2%. In Asia, Hong Kong's Hang Seng rallied 2.6% and the Shanghai Composite rose 0.5%. Japan's Nikkei 225 was almost flat at 36,517 and India's Nifty 50 dropped 1.5%. In the crypto market, bitcoin slid 1.7% to $38,870, taking losses in January to more than 8%. Ether slid almost 4% to $2,221. The Dollar Index, which tracks the greenback against a basket of currencies, moved in tight ranges. Ten-year Treasury yields were little changed at 4.13%. US crude oil declined 0.6% to $74.28 a barrel. Read the original article on Business Insider |
1,706,037,345 | 2024-01-23 19:15:45+00:00 | {"Bitcoin": [4406]} | {} | Netflix Must Show That Growth Is Here to Stay After 40% Rally | https://finance.yahoo.com/news/netflix-must-show-growth-stay-191545525.html | Bloomberg | https://www.bloomberg.com/ | (Bloomberg) -- There’s a lot riding on Netflix Inc. to demonstrate that it’s back in growth mode after a pandemic hangover, when the streaming giant reports earnings after market on Tuesday. Most Read from Bloomberg Putin Sends US Signal on Ukraine Talks, Seeing War Advantage Giuliani Lists Yankees Loot, Trump Claim as Assets in Bankruptcy Trump Ordered to Pay $83.3 Million for Defaming Carroll MacKenzie Scott Pares Her Amazon Stake by $10 Billion One of World’s Richest Doctors Sees Fortune Surge to $12 Billion The stock has gained more than 40% since Netflix’s last report in October, which showed subscriber additions that blew past expectations. Wall Street sees this trend continuing, with revenue rising 11% in the fourth quarter. That would be its fastest expansion in two years, when the company got a boost from the stay-at-home economy. The risk is that Netflix shares may have already priced in much of the anticipated good news — potentially putting them in a perilous position if results disappoint. “Expectations for 2024 and 2025 are pretty high, so there are a few risks here that could cause it to underperform,” said Hanna Howard, portfolio manager at Gabelli Funds, citing aggressive revenue projections and higher content costs. Netflix shares were up 0.8% Tuesday afternoon in New York. Earlier in the day, the company said it bought the rights to Raw and other programming from World Wrestling Entertainment, its first big live event move. Read More: Netflix Pays $5 Billion for ‘Raw’ in Bet on Live Events Much of Netflix’s 65% stock advance in 2023 was tied to its efforts to boost sales. The streamer launched a new advertising-supported subscription tier, raised prices and cracked down on password sharing, which contributed to a blowout third quarter and sparked a rally that helped push the stock to its best annual performance since 2020. “The sell side is expecting all sorts of good things to happen and the buy side is actually on some of the key metrics even ahead of the sell side, so the setup doesn’t strike me as particularly favorable,” Citi analyst Jason Bazinet said in a Bloomberg TV interview on Monday. Citi recently downgraded Netflix to neutral from buy. Story continues Amy Reinhard, Netflix’s president of advertising, stoked expectations earlier this month when she said the ad-tier had reached 23 million global monthly active users, up from about 15 million in November. Netflix is projected to add 8.9 million subscribers in the quarter, according to the average of analyst estimates compiled by Bloomberg. Some are more cautious given the valuation and risks ahead. Gabelli’s Howard said that potential headwinds “cause us to be a little bit more on the sidelines at current levels rather than buying.” Still, for Wedbush analyst Alicia Reese, one of the key issues for Netflix shares is whether the company can keep content spending in check in coming years and maintain an advantage over rival streaming services such as Walt Disney Co.’s Disney+ and Max at Warner Bros Discovery Inc. “It’s the only streamer that’s currently profitable and we think that they’re just going to widen the gap by keeping their content costs more efficient than their competitors,” said Reese, who has an outperform rating and a $525 price target on Netflix. Tech Chart of the Day Nvidia Corp. is inching closer to Amazon.com Inc.’s market capitalization, threatening to overtake the e-commerce giant’s value for the first time since 2001. The rally in artificial intelligence-related firms has made the chip company the fifth-most valuable US stock after Apple Inc., Microsoft Corp., Alphabet Inc. and Amazon. Top Tech News RagaAI has secured funding to develop a tool that aims to diagnose and fix flaws with artificial intelligence systems, responding to an increasing emphasis on safety and reliability during the AI boom. Alphabet Inc.’s lab for pioneering technology is laying off dozens of employees as it turns to outside investors to help fund its ventures. Samsung Electronics Co. is exploring the development of noninvasive glucose monitoring and continuous blood pressure checking, setting its sights on ambitious health-care goals in a race with Apple Inc. and other tech giants. No political deepfake has alarmed the world’s disinformation experts more than the doctored audio message of US President Joe Biden that began circulating over the weekend. Bitcoin has fallen almost 20% since the Jan. 11 launch of the first exchange-traded funds investing directly in the token as speculators become more cautious about the potential impact of the products. Zee Entertainment Enterprises Ltd. plunged by a record after the cancellation of a planned $10 billion merger with Sony Group Corp. sparked a flurry of downgrades, with analysts predicting a sharp contraction in the Indian company’s valuation. Earnings Due Tuesday Premarket Verizon Communications Inc. Postmarket Netflix Inc. Texas Instruments Inc. --With assistance from Subrat Patnaik. (Updates stock move and adds context in fifth paragraph.) Most Read from Bloomberg Businessweek How a Lucky Break Fueled Eli Lilly’s $600 Billion Weight-Loss Empire How the West’s Favorite Autocrat Engineered Africa’s Most Dramatic Turnaround AI Needs So Much Power That Old Coal Plants Are Sticking Around Why Did Car Insurance Get So Expensive? American Workers Come Out Winners in a Clash Between Economists Over a Curve ©2024 Bloomberg L.P. |
1,706,037,345 | 2024-01-23 19:15:45+00:00 | {"Bitcoin": [4427]} | {} | Netflix Must Show That Growth Is Here to Stay After 40% Rally | https://finance.yahoo.com/news/netflix-must-show-growth-stay-145111796.html | Bloomberg | https://www.bloomberg.com/ | (Bloomberg) -- There’s a lot riding on Netflix Inc. to demonstrate that it’s back in growth mode after a pandemic hangover, when the streaming giant reports earnings after market on Tuesday. Most Read from Bloomberg Apple Dials Back Car’s Self-Driving Features and Delays Launch to 2028 China Weighs Stock Market Rescue Package Backed by $278 Billion Turkey Approves Sweden NATO Bid, Leaving Hungary as Holdout An Isolated Israel Doubles Down on War in Gaza — At All Costs China’s Bold Stock-Market Rescue Plan Leaves Investors Skeptical The stock has gained more than 40% since Netflix’s last report in October, which showed subscriber additions that blew past expectations. Wall Street sees this trend continuing, with revenue rising 11% in the fourth quarter. That would be its fastest expansion in two years, when the company got a boost from the stay-at-home economy. The risk is that Netflix shares may have already priced in much of the anticipated good news — potentially putting them in a perilous position if results disappoint. “Expectations for 2024 and 2025 are pretty high, so there are a few risks here that could cause it to underperform,” said Hanna Howard, portfolio manager at Gabelli Funds, citing aggressive revenue projections and higher content costs. Netflix shares were up 0.8% Tuesday afternoon in New York. Earlier in the day, the company said it bought the rights to Raw and other programming from World Wrestling Entertainment, its first big live event move. Read More: Netflix Pays $5 Billion for ‘Raw’ in Bet on Live Events Much of Netflix’s 65% stock advance in 2023 was tied to its efforts to boost sales. The streamer launched a new advertising-supported subscription tier, raised prices and cracked down on password sharing, which contributed to a blowout third quarter and sparked a rally that helped push the stock to its best annual performance since 2020. “The sell side is expecting all sorts of good things to happen and the buy side is actually on some of the key metrics even ahead of the sell side, so the setup doesn’t strike me as particularly favorable,” Citi analyst Jason Bazinet said in a Bloomberg TV interview on Monday. Citi recently downgraded Netflix to neutral from buy. Story continues Amy Reinhard, Netflix’s president of advertising, stoked expectations earlier this month when she said the ad-tier had reached 23 million global monthly active users, up from about 15 million in November. Netflix is projected to add 8.9 million subscribers in the quarter, according to the average of analyst estimates compiled by Bloomberg. Some are more cautious given the valuation and risks ahead. Gabelli’s Howard said that potential headwinds “cause us to be a little bit more on the sidelines at current levels rather than buying.” Still, for Wedbush analyst Alicia Reese, one of the key issues for Netflix shares is whether the company can keep content spending in check in coming years and maintain an advantage over rival streaming services such as Walt Disney Co.’s Disney+ and Max at Warner Bros Discovery Inc. “It’s the only streamer that’s currently profitable and we think that they’re just going to widen the gap by keeping their content costs more efficient than their competitors,” said Reese, who has an outperform rating and a $525 price target on Netflix. Tech Chart of the Day Nvidia Corp. is inching closer to Amazon.com Inc.’s market capitalization, threatening to overtake the e-commerce giant’s value for the first time since 2001. The rally in artificial intelligence-related firms has made the chip company the fifth-most valuable US stock after Apple Inc., Microsoft Corp., Alphabet Inc. and Amazon. Top Tech News RagaAI has secured funding to develop a tool that aims to diagnose and fix flaws with artificial intelligence systems, responding to an increasing emphasis on safety and reliability during the AI boom. Alphabet Inc.’s lab for pioneering technology is laying off dozens of employees as it turns to outside investors to help fund its ventures. Samsung Electronics Co. is exploring the development of noninvasive glucose monitoring and continuous blood pressure checking, setting its sights on ambitious health-care goals in a race with Apple Inc. and other tech giants. No political deepfake has alarmed the world’s disinformation experts more than the doctored audio message of US President Joe Biden that began circulating over the weekend. Bitcoin has fallen almost 20% since the Jan. 11 launch of the first exchange-traded funds investing directly in the token as speculators become more cautious about the potential impact of the products. Zee Entertainment Enterprises Ltd. plunged by a record after the cancellation of a planned $10 billion merger with Sony Group Corp. sparked a flurry of downgrades, with analysts predicting a sharp contraction in the Indian company’s valuation. Earnings Due Tuesday Premarket Verizon Communications Inc. Postmarket Netflix Inc. Texas Instruments Inc. --With assistance from Subrat Patnaik. (Updates stock move and adds context in fifth paragraph.) Most Read from Bloomberg Businessweek Hong Kong’s High Rents Create a New Type of Cross-Border Commuter It’s the Tesla Earnings Call—Time for Elon Musk Bingo How Sweden Quit Smoking Without Quitting Nicotine The Downfall of Diddy Inc. Should I Tell My Colleagues (or My Boss) About My Bipolar Diagnosis? ©2024 Bloomberg L.P. |
1,706,038,211 | 2024-01-23 19:30:11+00:00 | {"Bitcoin": [1773], "BTC": [2375]} | {} | Donald Trump Sold $2.4 Million Ethereum: Smart Move Or Big Mistake? | https://finance.yahoo.com/news/donald-trump-sold-2-4-193011066.html | Benzinga | http://www.benzinga.com/ | Former President Donald Trump has sold more than 1,000 Ether (ETH) in the past several weeks, according to blockchain analytics company Arkham Intelligence, which has been tracking his ETH holdings for the past several months. It obtained the data through Trump's financial filings and disclosures. Most of the ETH comes from royalties for non-fungible token (NFT) projects that Trump created. In December 2022, Trump released a set of 45,000 NFTs, each priced at $99. The project has amassed trading volumes of over $35 million or 15,000 ETH. The NFTs are largely trading above their original price of $99. As of Jan. 19, the cheapest NFT is listed for over $600 and the highest sale was for 37 ETH. Don't Miss: Don't buy the top this time around. Reboot your crypto portfolio today . The last-standing top crypto exchange without a major security breach offers what now? In early 2024, Trump announced another trading card NFT project that has some unique rewards for owners. Some of the potential perks could be dinner with the former president, or even a small piece of fabric from the suit he wore in his Georgia mugshot. However, Trump and his companies are not directly associated with these NFT projects. NFT International created and distributed the NFTs and uses Trump's "name, likeness and image under paid license from CIC Digital LLC, which license may be terminated or revoked according to its terms." Trump sold 1,075 ETH for over $2.4 million through Coinbase.. At its peak, it was worth more than $4 million. The sale comes after a strong month for Ethereum. The price was up more than 17% in the month leading up to the sale, 30% in the six months before and 60% over the past year. Even though Trump said during his presidency that he was "not a fan" of Bitcoin and that crypto is a "disaster waiting to happen," it is hard to pass on several million dollars. Though Trump is largely unaffiliated with the project, he is still earning royalties. While his stance on crypto is still up in the air, the recent sale is an interesting development in Trump's relationship with crypto. As the presidential race heats up, it will be important to watch for news relating to presidential candidates' stances on crypto, as this could have large implications for prices, future adoption and use cases going forward. Read Next: Did you know $2.5 BILLION was earned by BTC miners in the 4th quarter of 2023 ? Copy and paste Mark Cuban’s startup investment strategy according to his colorful portfolio. "ACTIVE INVESTORS' SECRET WEAPON" Supercharge Your Stock Market Game with the #1 "news & everything else" trading tool: Benzinga Pro - Click here to start Your 14-Day Trial Now! Story continues Get the latest stock analysis from Benzinga? APPLE (AAPL): Free Stock Analysis Report TESLA (TSLA): Free Stock Analysis Report This article Donald Trump Sold $2.4 Million Ethereum: Smart Move Or Big Mistake? originally appeared on Benzinga.com © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. View comments |
1,706,041,245 | 2024-01-23 20:20:45+00:00 | {"Bitcoin": [203, 443, 713]} | {} | JPMorgan downgrades Coinbase to underweight | https://finance.yahoo.com/news/jpmorgan-downgrades-coinbase-underweight-202045366.html | Forkast News | https://forkast.news/ | Coinbase Global Inc., the largest U.S.-based cryptocurrency exchange, has been downgraded by JPMorgan Chase & Co. from neutral to underweight. The investment bank’s analysts suggest that the anticipated Bitcoin exchange-traded fund (ETF) may not meet market expectations, impacting Coinbase’s revenue. This downgrade comes as the crypto industry faces a period of heightened scrutiny and volatility. The analysts pointed to the launch of spot Bitcoin ETFs in the U.S. as a catalyst that might disappoint investors, as it could draw trading volume away from platforms like Coinbase. The introduction of such a fund is expected to provide a more accessible route for institutional and retail investors to invest in Bitcoin, potentially reducing the need for services offered by exchanges. Coinbase is currently in a court battle against the U.S. Securities and Exchange Commission. In June 2023, the SEC sued Coinbase for operating as an unregistered securities exchange, broker and clearing agency. Coinbase shares on the Nasdaq dropped 2.64% today, as of 3:20 p.m. ET. |
1,706,043,611 | 2024-01-23 21:00:11+00:00 | {"Bitcoin": [2091], "BTC": [974]} | {} | Step Aside Dogecoin, WIF Gains Over 100% In 30 Days | https://finance.yahoo.com/news/step-aside-dogecoin-wif-gains-210011702.html | Benzinga | http://www.benzinga.com/ | In 2020 and 2021, Dogecoin (DOGE) became an internet sensation. Elon Musk became a strong proponent of the token, and billionaires were made overnight. Since then, many have been searching for the next major meme coin that will propel them to new financial heights. With Solana's recovery after issues with FTX Trading Ltd. in 2022 and 2023, many are looking at its chain as the place to find the next big meme tokens. Bonk (BONK) recently made waves as one of the first meme coins on Solana. The token is up tens of thousands of percent since its inception. At one point, Bonk was one of the largest cryptocurrencies, with a market cap of over $1.5 billion. As the hype for Bonk appears to be slowing, some are looking for the next big meme to go all in on. Some believe that the next big meme coin is dogwifhat (WIF). This token is entirely based on the dogwifhat meme (dog with hat) — a picture of a dog wearing a hat. Don't Miss: Did you know $2.5 BILLION was earned by BTC miners in the 4th quarter of 2023 ? Copy and paste Mark Cuban’s startup investment strategy according to his colorful portfolio. The token exploded in early 2024 after its launch in late 2023. After starting publicly trading for less than $0.10, the price reached an all-time high of nearly $0.50 on Jan. 18, 2024. This coincided with a market capitalization of nearly $500 million. This market cap makes the token one of the largest in the space, nearing the top 100 by market capitalization. As of Jan. 19, Ethereum Name Service (ENS) is the 100th largest token, with a market cap of $570 million. However, WIF is the 12th largest project on the Solana chain, beating out recently airdropped Jito and automated market maker (AMM) Raydium. Many see Binance's listing as a reason for the price appreciation. On Jan. 18, Binance announced that it would begin offering perpetual contracts for the token. Essentially, this allows users to speculate on the price of WIF without having to buy the tokens themselves. Users must provide collateral for this exposure, which can be done with cash or other assets, such as Bitcoin. Story continues By allowing users to trade with futures, it brought in a new set of investors and may have pushed the price higher. While there is no guarantee, seeing this effect on other exchanges could be possible if they also list WIF. One wallet sold $1 million of SOL to buy $1 million of WIF just before Binance began offering the token. While this investment has lost some since the wallet bought the WIF tokens, the timing is intriguing. Read Next: Don't buy the top this time around. Reboot your crypto portfolio today . The last-standing top crypto exchange without a major security breach offers what now? "ACTIVE INVESTORS' SECRET WEAPON" Supercharge Your Stock Market Game with the #1 "news & everything else" trading tool: Benzinga Pro - Click here to start Your 14-Day Trial Now! Get the latest stock analysis from Benzinga? APPLE (AAPL): Free Stock Analysis Report TESLA (TSLA): Free Stock Analysis Report This article Step Aside Dogecoin, WIF Gains Over 100% In 30 Days originally appeared on Benzinga.com © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. |
1,706,044,298 | 2024-01-23 21:11:38+00:00 | {"Bitcoin": [86, 530, 989, 1104, 1288, 1367]} | {"Bitcoin": [7]} | Waning Bitcoin ETF Hype to Drag on Coinbase, JPMorgan Says | https://finance.yahoo.com/news/waning-bitcoin-etf-hype-set-130720599.html | Bloomberg | https://www.bloomberg.com/ | (Bloomberg) -- The biggest US cryptocurrency exchange could fall victim to a slump in Bitcoin and waning enthusiasm for exchange-traded funds that invest directly in the digital token, according to JPMorgan Chase & Co. Most Read from Bloomberg Apple Dials Back Car’s Self-Driving Features and Delays Launch to 2028 China Weighs Stock Market Rescue Package Backed by $278 Billion Turkey Approves Sweden NATO Bid, Leaving Hungary as Holdout China’s Bold Stock-Market Rescue Plan Leaves Investors Skeptical “We think the catalyst in Bitcoin ETFs that has pushed the ecosystem out of its winter will disappoint market participants,” analysts led by Kenneth Worthington wrote in a note on Monday, downgrading Coinbase Global Inc. to underweight from neutral. Coinbase’s shares dropped 3.1% on Tuesday following the downgrade, which marks JPMorgan’s first sell-equivalent rating on the stock since initiating coverage in May 2021. Coinbase shares ended 2023 with a gain of nearly 400%, tracking Bitcoin’s surge into the end of the year. However, following the US financial regulator’s recent approval for spot Bitcoin ETFs, market watchers have been left wondering whether crypto-related stocks will be able to continue their stellar gains. Coinbase shares are down 29% so far this year, while Bitcoin has declined about 6.8% and was last trading below $40,000. Read more: Bitcoin Selloff Hits 20% Since Landmark Spot ETF Listings “We see greater potential for cryptocurrency ETF enthusiasm to further deflate, driving with it lower token prices, lower trading volume, and lower ancillary revenue opportunities for firms like Coinbase,” JPMorgan’s Worthington added. The analyst maintained his price target of $80 on the stock, which predicted a 38% drop in the shares over the next 12 months from Monday’s close. Bearish sentiment is rising on Coinbase, which has 12 sell ratings, eight buys and eight holds, according to data compiled by Bloomberg. CFRA cut its recommendation to sell last week due to worries over competition. Story continues --With assistance from Henry Ren and Bre Bradham. (Updates stock moves throughout for market close.) Most Read from Bloomberg Businessweek Hong Kong’s High Rents Create a New Type of Cross-Border Commuter It’s the Tesla Earnings Call—Time for Elon Musk Bingo How Sweden Quit Smoking Without Quitting Nicotine The Downfall of Diddy Inc. Goldman, Lazard Look to Ex-Spies to Gain an Edge in Volatile World ©2024 Bloomberg L.P. |
1,706,044,901 | 2024-01-23 21:21:41+00:00 | {"Bitcoin": [3601, 5632]} | {} | US Stocks Buck Concerns the ‘Pivot Party’ Is Over: Markets Wrap | https://finance.yahoo.com/news/asia-stocks-look-mixed-wall-223503704.html | Bloomberg | https://www.bloomberg.com/ | (Bloomberg) -- US stocks eked out a gain Tuesday, setting fresh closing highs ahead of an onslaught of company reports that promise insight into the state of the global economy. Most Read from Bloomberg Apple Dials Back Car’s Self-Driving Features and Delays Launch to 2028 China Weighs Stock Market Rescue Package Backed by $278 Billion Turkey Approves Sweden NATO Bid, Leaving Hungary as Holdout Ackman Buys Into Israel Bourse in First Major Deal Since War The S&P 500 and Nasdaq 100 both closed at all-time highs for the second day this week, while the cyclically-oriented Dow Jones Industrial Average slid 0.3%. United Airlines Holdings Inc., Procter & Gamble Co., Verizon Communications Inc. all advanced on upbeat earnings reports while 3M Co. and Johnson & Johnson fell following disappointing guidance. In postmarket trading, Netflix Inc. jumped more than 7% after reporting subscriber growth that topped estimates. Texas Instruments Inc. tumbled roughly 4% after a disappointing revenue forecast, its chipmaking rivals also slid. Investors are awaiting the results from the Republican presidential primary after voters in New Hampshire hit the polls Tuesday. Equities have largely been immune to the Federal Reserve’s warnings that interest-rate cuts are a ways off. Instead investors have cheered the economy’s resilience even after the most aggressive policy-tightening cycle in decades. But some corners of Wall Street are starting to question if the rally will endure as swaps traders in the US rein in bets of a March rate cut. “The excitement is kind of gone at this point and everybody’s sobering up a little bit after the pivot party,” Emily Roland, the co-chief investment strategist of John Hancock Investment Management, said by phone. “Multiple expansions are starting to get a little tapped out here.” “Recent weeks have seen an increasingly optimistic narrative in markets,” said Henry Allen, a strategist at Deutsche Bank. “But can this be sustained? When financial conditions get as accommodative as they are right now, it doesn’t tend to last long.” Story continues “The data has been impressively resilient,” he added. “But we know that investors will eventually adjust for repeated upside surprises.” Goldman Sachs warns that fast-twitch traders may be forced to sell over the next few sessions after building $129 billion in long positions. Read more: Goldman Says Momentum Traders to Sell Stocks in ‘Every Scenario’ Treasury yields mostly edged higher Tuesday with the benchmark 10-year at 4.14%. The rate on policy-sensitive two-year fell 1 basis point to 4.38%. “The bounce in 2-year yields off the YTD lows achieved last week should embolden dip buyers,” BMO Capital Markets’ Vail Hartman wrote. US-listed Chinese shares gained after Bloomberg News reported Beijing is considering a package of measures to stabilize the falling stock market. Central banks are in focus this week. While the Bank of Japan held rates steady, Governor Kazuo Ueda said the certainty of achieving its projections has continued to gradually increase. That language supports the prevailing view among economists that the BOJ will raise rates at some point in the first part of this year. Read more: BOJ Watchers See Rising Case for April Rate Hike on Wage Talks On Thursday, investor attention will shift to the European Central Bank’s meeting and whether officials there may indicate a start to policy easing. The US will also get some of final pieces of data ahead of next week’s FOMC meeting with a fourth-quarter GDP readout Thursday and the Fed’s preferred gauge of inflation on Friday. Bitcoin slumped for a second day — retail investors have been growing more bearish on the world’s largest cryptocurrency, according to a Deutsche Bank report. Meanwhile, West Texas Intermediate crude dipped below $75 a barrel after the US advised caution for vessels transiting the Red Sea, but didn’t advise pausing shipping traffic. Corporate Highlights Apple Inc., reaching a make-or-break point in its decade-old effort to build a car, has pivoted to a less ambitious design with the intent of finally bringing an electric vehicle to market. Alibaba Group Holding Ltd. shares jumped after the New York Times reported that founder Jack Ma has been buying up shares in the company. Johnson & Johnson shares slid after the company said drug sales will be lower in the second half of the year than the first. Verizon gave guidance for 2024 adjusted earnings per share that topped the average analyst estimates. Homebuilder D.R. Horton Inc. sank after reporting weaker-than-expected quarterly orders. Coinbase Global Inc. fell after JPMorgan cut its recommendation on the cryptocurrency platform operator’s stock to underweight. Key events this week: New Hampshire holds first-in-the-nation presidential primary, Tuesday Canada rate decision, Wednesday Eurozone S&P Global Services & Manufacturing PMI, Wednesday US S&P Global Services & Manufacturing PMI, Wednesday Eurozone ECB rate decision, Thursday Germany IFO business climate, Thursday US GDP, initial jobless claims, durable goods, wholesale inventories, new home sales, Thursday Japan Tokyo CPI, Friday US personal income & spending, Friday Bank of Japan issues minutes of policy meeting, Friday Some of the main moves in markets: Stocks The S&P 500 rose 0.3% as of 4 p.m. New York time The Nasdaq 100 rose 0.4% The Dow Jones Industrial Average fell 0.3% The MSCI World index rose 0.1% Currencies The Bloomberg Dollar Spot Index rose 0.2% The euro fell 0.3% to $1.0850 The British pound fell 0.2% to $1.2686 The Japanese yen fell 0.2% to 148.36 per dollar Cryptocurrencies Bitcoin fell 1.7% to $39,120.72 Ether fell 5.5% to $2,196.33 Bonds The yield on 10-year Treasuries advanced three basis points to 4.13% Germany’s 10-year yield advanced six basis points to 2.35% Britain’s 10-year yield advanced eight basis points to 3.99% Commodities West Texas Intermediate crude fell 0.3% to $74.53 a barrel Spot gold rose 0.3% to $2,028.72 an ounce This story was produced with the assistance of Bloomberg Automation. --With assistance from Isabelle Lee, Sujata Rao, Jason Scott, Divya Patil and Winnie Hsu. Most Read from Bloomberg Businessweek Hong Kong’s High Rents Create a New Type of Cross-Border Commuter It’s the Tesla Earnings Call—Time for Elon Musk Bingo Goldman, Lazard Look to Ex-Spies to Gain an Edge in Volatile World How Sweden Quit Smoking Without Quitting Nicotine Should I Tell My Colleagues (or My Boss) About My Bipolar Diagnosis? ©2024 Bloomberg L.P. |
1,706,046,050 | 2024-01-23 21:40:50+00:00 | {"Bitcoin": [5143]} | {} | Trump Fuels Meme-Like Rallies in Stocks Tied to 2024 Bid | https://finance.yahoo.com/news/trump-fuels-meme-rallies-stocks-173457553.html | Bloomberg | https://www.bloomberg.com/ | (Bloomberg) Donald Trumps charge toward the Republican presidential nomination is fueling a speculative frenzy in a corner of the US equity market, setting off rallies in obscure stocks seen as tied to his candidacy. Most Read from Bloomberg China Weighs Stock Market Rescue Package Backed by $278 Billion Apple Dials Back Cars Self-Driving Features and Delays Launch to 2028 Netflix Pays $5 Billion for Raw in Bet on Live Events An Isolated Israel Doubles Down on War in Gaza At All Costs India Tops Hong Kong as Worlds Fourth-Largest Stock Market The gains have echoes of the pandemics meme-stock mania, when legions of day traders piled into a handful of money-losing companies, seeking to pocket quick gains when their share prices surged. PSQ Holdings Inc., an online marketplace that says it caters to freedom-loving Americans and had just $3 million in revenue over the first nine months of last year, jumped 25% Monday before pausing the advance Tuesday. The company is worth just $154 million. Shares of Fannie Mae and Freddie Mac the mortgage-finance giants that have been in the federal governments hands since the Great Financial Crisis climbed to hit two-and-a-half year highs. And Phunware Inc., a money-losing software company that designed the app for Trumps 2020 campaign, has climbed over 400% this year to around 43 cents a share. Then theres Digital World Acquisition Corp., the special-purpose vehicle whose planned merger with Trump Media & Technology Group has been held up for more than two years by regulatory issues. It surged 88% Monday and extended the jump Tuesday, leaving up 190% this year at more than $50. There remains a significant risk that the acquisition wont close, which would hit shareholders with deep losses. But as Matthew Tuttle, the chief executive officer of Tuttle Capital Management, put it: Right now that doesnt matter. Trump makes this the memeist of all meme stocks and it is trading like one, so valuation is out the window. Story continues Republican presidential candidate former President Donald Trump speaks with members of the media during a campaign stop in Londonderry, N.H., Tuesday, Jan. 23, 2024. (AP Photo/Matt Rourke) (ASSOCIATED PRESS) Speculative Boomlet The speculative boomlet stands in contrast to the broader stock market, which so far is treating the election as little more than background noise, with the focus squarely on the trajectory of the economy and whether the Federal Reserve will cut interest rates this year. Analysts in general have been hesitant to make stock picks based on the outcome of the November vote, given the significant uncertainty of the outcome. There have been previous rallies in companies seen as linked to Trumps return to the White House, including in 2021. But the magnitude of the recent gains have drawn attention since hes long been seen as the Republican frontrunner. Fannie and Freddie Join Rally The rises have also extended beyond the usual suspects to companies like Fannie Mae and Freddie Mac, whose stocks are traded over-the-counter, amid speculation that a second Trump administration would move to privatize the companies. During his presidential term, Trump backed an attempt to return the mortgage companies to private control which couldve brought big returns to investors, though it was never enacted. While Digital Worlds stock has long been tethered to Trump, the recent rally hasnt been accompanied by any shift in the likelihood of the merger closing. Jay Ritter, a University of Florida finance professor who studies initial public offerings and SPAC, said the companys recent trading price suggests that Trump Media whose main asset is the Truth Social site is worth more than $8 billion. He said that seems very, very rich given it brought in less than $5 million in revenue in the first nine months of last year and is losing money. Investors would only get just over $10 a share if the deal collapses. Others Gain Steam Video platform Rumble Inc., which has a pact with Trump Media, added $502 million to its valuation after striking a deal with controversial media firm Barstool Sports. The gains were kickstarted last week after Trumps large victory in the Iowa caucuses, with returns over the past six sessions topping 90%. West Palm Beach, Florida-based PSQ Holdings, whose website Public Square sells politically-themed merchandise aimed at Trumps base, was a later entrant to the Trump rally. It gained Monday after struggling to gain traction since it went public via blank-check merger, though it was little changed Tuesday as he faced off against Nikki Haley in the New Hampshire primary. At some point they have to pull back but New Hampshire is somewhat up in the air as far as how much he is going to win by, Tuttle said of Digital World. Positive developments for Trump could move it higher. With assistance from Felice Maranz. (Updates share movement throughout.) Most Read from Bloomberg Businessweek How Sweden Quit Smoking Without Quitting Nicotine The Downfall of Diddy Inc. Should I Tell My Colleagues (or My Boss) About My Bipolar Diagnosis? The Bitcoin Hype Is Back and About Just as Hollow as Before ©2024 Bloomberg L.P. |
1,706,047,620 | 2024-01-23 22:07:00+00:00 | {"Bitcoin": [408, 1123, 2166, 2357, 2404, 3520, 4696]} | {"Bitcoin": [28]} | Why OKB, Axie Infinity, and Bitcoin Cash Flash-Crashed Today | https://finance.yahoo.com/news/why-okb-axie-infinity-bitcoin-220700882.html | Motley Fool | http://www.fool.com/ | It's been a wild and wacky day in the world of crypto once again. The overall crypto market has headed lower, with the aggregate market capitalization of all digital assets sinking more than 4% over the past 24 hours. However, certain notable tokens are piquing investor interest amid this decline. Among the top cryptos leading the market lower today are OKB (CRYPTO:OKB), Axie Infinity (CRYPTO: AXS) , and Bitcoin Cash (CRYPTO: BCH) . As of 3 p.m. ET, these three tokens saw declines of 11.3%, 7.1%, and 4.6%, respectively, over the past 24 hours. Let's dive into what's driving today's outsized move in these three popular cryptocurrencies . Flash crash driving some negative sentiment in the crypto sector OKB saw the most dramatic drop, actually giving up 50% of its value in a flash crash earlier this morning. While many investors may be taking solace in the fact that this token has recovered a significant portion of these losses, and the team behind the OKX crypto exchange is investigating this crash, it's certainly a development that's worth paying attention to. It should be noted that both Axie Infinity and Bitcoin Cash saw a swift decline right around the time of this OKB flash crash. Word spreads fast in the crypto sector. However, it's intriguing to see such correlated moves across these three rather disparate projects. Big swings are often seen during Asian trading hours, so this isn't necessarily out of the ordinary, but it's quite something for North American traders to wake up to. Axie Infinity's decline today is notable in light of recent developments around the launch of Axie Infinity: Origins Season 7 , which is a sneak peek of the project's upcoming Axie Infinity: Homeland gaming features and other new developments. Sentiment around blockchain-based gaming has been fickle, and today's decline in Axie Infinity isn't isolated, with other top gaming-related cryptos seeing similar declines during today's session. Investors appear to be focusing on the fundamentals when it comes to such projects, which haven't progressed as quickly as many may have initially anticipated a couple of years ago. Story continues Today's move in Bitcoin Cash is also intriguing, as this is a project that's actually been on quite the roll lately. I recently discussed some of the impressive metrics in terms of transaction volume on the Bitcoin Cash network. However, news today that Bitcoin Cash repayments could begin as part of the Mt. Gox debacle years ago appears to be driving near-term concern around selling pressure for this token. Where to go from here? Flash crashes certainly aren't conducive to positive investor sentiment, so it makes sense that many alt coins saw marked declines following what we saw take place on the OKX exchange earlier this morning. There are undoubtedly a number of fundamental structural concerns many conservative investors have about crypto. The thought of someone pressing the wrong button or writing the wrong line of code, and everyone loses everything is a real risk. Thus, the more such events happen (flash crashes, exchange issues, rug pulls), the less enthusiasm mainstream investors may have for the world of digital assets. The recovery OKB and other tokens have seen since this early morning move is something crypto bulls can hang their hat on. And with many top alt coins continuing to consolidate and trade sideways this afternoon, it appears the market is settling down, at least for the time being. For those bullish on OKB, Axie Infinity, or Bitcoin Cash, these tokens are still trading at a discount. While I think investors should probably wait for the dust to settle before jumping in, there's a reason why these tokens saw immediate buying interest earlier today. These are three tokens I'll keep on my watch list for now. Should you invest $1,000 in Axie Infinity right now? Before you buy stock in Axie Infinity, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now... and Axie Infinity wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Stock Advisor provides investors with an easy-to-follow blueprint for success, including guidance on building a portfolio, regular updates from analysts, and two new stock picks each month. The Stock Advisor service has more than tripled the return of S&P 500 since 2002*. See the 10 stocks *Stock Advisor returns as of January 22, 2024 Chris MacDonald has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy . Why OKB, Axie Infinity, and Bitcoin Cash Flash-Crashed Today was originally published by The Motley Fool |
1,706,047,698 | 2024-01-23 22:08:18+00:00 | {"BTC": [2462]} | {} | 13 Most Buzzing Stocks To Buy Now | https://finance.yahoo.com/news/13-most-buzzing-stocks-buy-220818778.html | Insider Monkey | http://www.insidermonkey.com | In this article, we will take a detailed look at the 13 Most Buzzing Stocks To Buy Now . For a quick overview of such stocks, read our article 5 Most Buzzing Stocks To Buy Now . Investors are still deeply divided over what the future might look like for the stock market in the weeks and months to come. While the bulls believe a soft landing is in sight, doubts remain over the Federal Reserve's possible plan of action regarding rate cuts as inflation remains sticky. A latest Wall Street Journal report cited CME FedWatch tool data which says there is now a 50% chance the central bank keeps interest rates unchanged during its March meeting. When 2024 was about to start this figure stood at just 3.85%. The optimism seen in the last quarter of 2023 was overwhelming and proved to be fickle. The WSJ report also said, citing swap contracts tied to the consumer-price index, that traders now see inflation at 2.4% over the next five years, the highest level since November. This shows we might be in for a long period of elevated inflation and high interest rates. In this environment, would mega-cap tech stocks like Amazon.com Inc (NASDAQ:AMZN), NVIDIA Corp (NASDAQ:NVDA) and Apple Inc (NASDAQ:AAPL) which posted euphoric gains in 2023 be able to keep going higher? Only time would tell. For now let's take a look at the stocks that are trending these days. Most Buzzing Stocks To Buy Now Luis Louro / shutterstock.com Methodology Amid earnings, the beginning of the election buzz and upcoming economic data, it's interesting to see which stocks are currently trending in terms of high volume. For this article we used Yahoo Finance' stock screener which looks for mid-, small- and large-cap stocks with high trading volume and movement. From these stock we selected stocks with the highest number of hedge fund investors. Hedge funds’ top 10 consensus stock picks outperformed the S&P 500 Index by more than 140 percentage points over the last 10 years ( see the details here ). That’s why we pay very close attention to this often-ignored indicator. 13. Marathon Digital Holdings Inc (NASDAQ: MARA ) Number of Hedge Fund Investors: 13 Crypto mining and digital assets company Marathon Digital Holdings Inc (NASDAQ:MARA) has gained about 80% in value over the past one year amid a rebound in bitcoin. In December, Marathon Digital Holdings Inc (NASDAQ:MARA) achieved record bitcoin production as Marathon Digital Holdings Inc (NASDAQ:MARA) produced 1,853 BTC in the month, which was up 56% from November 2023. It was also a 290% YoY increase. Story continues Out of the 910 funds tracked by Insider Monkey, 13 hedge funds tracked by Insider Monkey had stakes in Marathon Digital Holdings Inc (NASDAQ:MARA). 12. Lucid Group Inc (NASDAQ: LCID ) Number of Hedge Fund Investors: 18 Lucid Group Inc (NASDAQ:LCID) is one of the most shorted stocks in the EV space amid fears regarding production and uncertainty in 2024 due to upcoming elections. Earlier this month, the stock fell to an all-time low after Lucid Group Inc (NASDAQ:LCID) said it produced 2,391 vehicles during the last quarter of 2023 and delivered 1,734 vehicles, better than the analyst estimates for 1,696 vehicles delivered. 11. Nio Inc - ADR (NYSE: NIO ) Number of Hedge Fund Investors: 18 As US presidential elections 2024 inch closer, investors are starting to closely watch EV companies as a new government in the US could make or break EV stocks amid new policies. Analysts believe if Republicans come into power and make policies unfriendly to US EV companies, it would bode well for Chinese EV companies like Nio Inc - ADR (NYSE:NIO) which would also plan faster expansion in other markets. As of the end of the third quarter of 2023, 18 hedge funds out of the 910 funds tracked by Insider Monkey had stakes in Nio Inc - ADR (NYSE:NIO). The biggest hedge fund stakeholder of Nio Inc - ADR (NYSE:NIO) during this period was Jos Shaver's Electron Capital Partners which owns a $38 million stake in Nio Inc - ADR (NYSE:NIO). 10. Vale SA (NYSE: VALE ) Number of Hedge Fund Investors: 34 Brazilian mining giant Vale SA (NYSE:VALE) ranks 10th in our list of the top buzzing stocks to buy now. The stock is moving after Bloomberg reported that Brazilian President Luiz Inacio Lula da Silva wants his former finance minister to be the next CEO of Vale SA (NYSE:VALE). In December, Vale SA (NYSE:VALE) disclosed that its iron ore production of 310M-320M metric tons in 2024 will be flat when compared to 2023. A total of 34 hedge funds out of the 910 funds tracked by Insider Monkey had stakes in Vale SA (NYSE:VALE). The biggest stakeholder of Vale SA (NYSE:VALE) during this period was Ken Fisher's Fisher Asset Management which owns a $243 million stake in Vale SA (NYSE:VALE). Miller Value Partners Income Strategy made the following comment about Vale S.A. (NYSE:VALE) in its second quarter 2023 investor letter : “Vale S.A. (NYSE:VALE) fell during the quarter with iron ore prices. The company reported 1Q23 revenue of $8.44B, -22.7% Y/Y, below consensus of $8.79B, and Adjusted EBITDA of $3.69B, compared to 1Q22 EBITDA of $6.55B, below consensus of $4.49B. The Brazilian miner produced 66.8 million tons (Mt) of iron ore in 1Q23, +5.8% Y/Y, below consensus of 67.7 Mt, 67.0 thousand tons (kt) of copper, +18.4% Y/Y, and 41.0 kt of nickel, -10.5% Y/Y. Although management reaffirmed its FY23 production guidance, analysts seemed to be concerned by the negatively offsetting impacts of weaker iron ore prices as China, the world’s largest iron ore buyer, has threatened to curb any “unreasonable” price gains for the metal in an effort to prevent this year’s steel output from exceeding 2022 levels. Vale generated 1Q23 free cash flow (FCF) of $2.28B, bringing trailing-twelve month (TTM) FCF to $6.73B, or a FCF yield of 11.3%. The company repurchased $763MM worth of shares in the quarter and paid $1.80B in dividends, bringing total capital returned to shareholders in the quarter to $2.56B, or 4.3% of the company’s market cap.” 9. Ford Motor Co (NYSE: F ) Number of Hedge Fund Investors: 43 Ford Motor Co (NYSE:F) ranks ninth in our list of the most buzzing stocks to buy now. Earlier this month Ford Motor Co (NYSE:F) posted domestic Q4 sales volumes, with record electric vehicle (EV) numbers. Ford Motor Co (NYSE:F) sold 25,937 EVs in the period, a growth of 24% on a YoY basis. 8. AT&T Inc (NYSE: T ) Number of Hedge Fund Investors: 52 AT&T Inc (NYSE:T) is buzzing as investors get ready to see the company's fourth quarter earnings report. Earlier in the month Oppenheimer upgraded the stock to Outperform with a $21 price target. Oppenheimer's analysts see several tailwinds for the stock, including AT&T Inc's (NYSE:T) 120MHz C-Band portfolio which now covers over 200M point of presence, or POPs. Oppenheimer said that about 60% of AT&T Inc's (NYSE:T) subscribers are now fiber, which means healthier margins and pricing leverage. In addition to AT&T, other stocks trending right now include Amazon.com Inc (NASDAQ:AMZN), NVIDIA Corp (NASDAQ:NVDA) and Apple Inc (NASDAQ:AAPL). AT&T is one of the most buzzing stocks to buy right now popular among hedge funds. Miller Value Income Strategy made the following comment about AT&T Inc. (NYSE:T) in its Q3 2023 investor letter : “Our third-largest holding at quarter end was AT&T Inc. (NYSE:T), a leading provider of communications and connectivity services in the US. At $15/share, the stock trades at the same price it did almost thirty years ago. The share price is much less interesting to us in relation to where it has traded in the past than in relation to how much cash the company generates and what management is doing with it. At just over 6x earnings, the stock trades near its lowest price-to-earnings (P/E) multiple ever, also representing close to its largest-ever P/E discount to the stock market. The business converts most of its earnings to free cash flow, implying a forward free cash flow yield north of 15%. Just under half of free cash flow is going toward the dividend (7.5% yield), while much of the balance is going to debt paydown. In other words, if the stock does not fall below its lowest-ever valuation, investors clip a rock-solid 7.5% in cash, while owning a growing portion of a very steady business as management reduces debt outstanding. A discounted cash flow model will suggest that intrinsic value for shares begins with a “2,” suggesting the stock is undervalued on an absolute basis. The lack of volatility in the underlying fundamentals also makes it unique when compared to many other things we own, which reduces the probability of permanent capital impairment and argues for a significant weight in the portfolio. AT&T looks particularly attractive when compared to some of the larger names dominating the S&P 500. Compare the stock to Apple, for instance, whose revenues and profits are likely to shrink this year, even as it trades at 29x this year’s earnings estimate. The ongoing return to rationality and capital accountability, along with extreme valuations in the megacap tech stocks, have us more excited about our portfolio’s prospects than we can remember for quite some time. As always, we remain the largest investors and welcome any questions or comments.” 7. Intel Corp (NASDAQ: INTC ) Number of Hedge Fund Investors: 70 Intel Corp (NASDAQ:INTC) is creating a buzz as investors get ready to receive Intel Corp's (NASDAQ:INTC) earnings report slated to be released on January 25. Recently, a Gartner report said Intel Corp (NASDAQ:INTC) ranked first in the list of top semiconductor companies in 2023, with a total semiconductor revenue of $48.7 billion. As of the end of the third quarter of 2023, 70 hedge funds out of the 910 funds tracked by Insider Monkey had stakes in Intel Corp (NASDAQ:INTC). The most significant stake in Intel Corp (NASDAQ:INTC) is owned by William B. Gray's Orbis Investment Management which owns a $468 million stake in Intel Corp (NASDAQ:INTC). Intel ranks fifth in our list of the most buzzing stocks to buy now. Upslope Capital Management stated the following regarding Intel Corporation (NASDAQ:INTC) in its fourth quarter 2023 investor letter : “Intel Corporation (NASDAQ:INTC) – New Long: This is not a traditional long for Upslope in any sense. Intel is outside of the box in terms of typical sector and market cap focus, and the position is really a portfolio hedge (and structured as such). The thesis is very simple: Intel is uniquely positioned to benefit in two important scenarios, both of which require “protection” for Upslope’s portfolio: a continued melt-up in technology stocks and/or rising tensions over Taiwan. Combined with expectations and sentiment around Intel that were incredibly low, this nudged me to add exposure via long-dated INTC call options. While still material in terms of delta-adjusted exposure, the position has been reduced repeatedly and is much more modest today.” 6. Tesla Inc (NASDAQ: TSLA ) Number of Hedge Fund Investors: 81 Tesla Inc (NASDAQ:TSLA) shares are creating a buzz on the Wall Street as investors await Tesla Inc's (NASDAQ:TSLA) earnings that are set to be announced on January 24. The stock also came in the limelight after Elon Musk expressed his desire to have about 25% voting control over Tesla Inc (NASDAQ:TSLA) in order to make Tesla Inc (NASDAQ:TSLA) a leader in AI and robotics. Tesla ranks sixth in our list of the most buzzing stocks to buy now. Like Tesla, Amazon.com Inc (NASDAQ:AMZN), NVIDIA Corp (NASDAQ:NVDA) and Apple Inc (NASDAQ:AAPL) are also trending. Tesla Inc (NASDAQ:TSLA) shares have gained about 47% over the past one year. Some analysts expect Tesla Inc's (NASDAQ:TSLA) earnings to come in weaker than expected amid pricing wars in the EV sector. As of the end of the third quarter of 2023, 81 hedge funds out of the 910 funds tracked by Insider Monkey had stakes in Tesla Inc (NASDAQ:TSLA). Tsai Capital Corporation stated the following regarding Tesla, Inc. (NASDAQ:TSLA) in its fourth quarter 2023 investor letter : “ Tesla, Inc. (NASDAQ:TSLA) ($248.48 – up 101.7% for the year. Recent high $299.29): Tesla has significant and underappreciated competitive advantages across multiple verticals including electric vehicles, software and energy storage. Misunderstood by much of Wall Street – and consequently a favorite of short sellers – Tesla continues to grow rapidly and increase its lead over the competition while delighting consumers in the process. Despite his unconventional (and sometimes off-putting) personality, Elon Musk is a visionary who has created enormous shareholder value. Musk is also a long-term thinker who has embraced the scale-economies-shared business model favored by Henry Ford and Jeff Bezos, intentionally reducing prices, increasing the customer value proposition and expanding the total addressable market. Tesla’s massive scale and cost advantages are now challenging the viability of legacy auto, which has hundreds of billions of dollars of outdated property, plant and equipment in a world that is rapidly transitioning to electric vehicles (EVs). While we expect competition for EVs to intensify and for Tesla to lose market share over time, we also believe the company will increase production and deliveries from approximately 1.8 million vehicles today to approximately 15 million vehicles in 2030 and further its lead in autonomous driving capability. In fact, we expect Tesla will eventually license its autonomous driving software, creating high-margin (70-80%), recurring licensing revenue. Tesla is also one of only two companies that dominate the energy storage market, which has the potential to grow to several hundred billion in revenue as power plants around the world increase their focus on renewable energy. Our investment in Tesla is aligned with our preference for companies that have strong balance sheets and the managerial skill to reinvest capital at high rates of return into large addressable markets.” Click to continue reading and see 5 Most Buzzing Stocks To Buy Now . Suggested Articles: Analysts on Wall Street Lower Ratings for These 10 Stocks 17 High Growth Non-Tech Stocks That Are Profitable 11 Stocks Insiders and Billionaires Are Crazy About Disclosure: None. 13 Most Buzzing Stocks To Buy Now is originally published on Insider Monkey. View comments |
1,706,050,063 | 2024-01-23 22:47:43+00:00 | {"Bitcoin": [1612]} | {} | US stocks trade mixed amid rush of quarterly earnings reports | https://finance.yahoo.com/news/us-stocks-trade-mixed-amid-224743845.html | Business Insider | https://www.businessinsider.com/ | History suggests that bond yields aren't actually that high, compared to prior decades. Michael M. Santiago / Getty US stocks traded mixed on Tuesday following a record-breaking session on Monday. That came amid a rush of fourth-quarter earnings reports. Shares of United Airlines and Verizon jumped on better-than-expected results. US stocks were mixed Tuesday amid a flood of earnings reports after indexes set fresh record highs in the prior session. United Airlines and Verizon jumped after outpacing their earnings estimates, while 3M and GE fell after their reports. Tesla and Netflix are also due to report fourth-quarter earnings later this week. Investors are also looking to the release of more inflation data and fourth-quarter GDP data this week, helping inform the Federal Reserve's next monetary policy decision. Here's where US indexes stood at the 9:30 a.m. opening bell on Tuesday: S&P 500 : 4,856.69, up 0.13% Dow Jones Industrial Average : 37,910.56, down 0.24% (91.25 points) Nasdaq Composite : 15,390.43, up 0.20% Here's what else happened today: "Bond king" Bill Gross warned that a major recession is on the table if the Fed doesn't lower rates this year. China may intervene in its stock market to arrest the $6 trillion meltdown . Despite the S&P's record high, it has more room to run , UBS said. In commodities, bonds, and crypto: West Texas Intermediate crude oil dropped 1.4% to $73.65 a barrel. Brent crude , the international benchmark, fell 1.35% to $78.96 a barrel. Gold stayed essentially flat at $2,024.05 per ounce. The 10-year Treasury yield rose 3.4 basis points to 4.128%. Bitcoin slid 2.2% to $38.744. Read the original article on Business Insider |
1,706,050,625 | 2024-01-23 22:57:05+00:00 | {"Bitcoin": [49, 1646]} | {"Bitcoin": [49]} | Direxion Joins Rivals Seeking to Offer Leveraged Bitcoin ETFs | https://finance.yahoo.com/news/direxion-joins-rivals-seeking-offer-225705969.html | etf.com | https://www.etf.com/ | Direxion Joins Rivals Seeking to Offer Leveraged Bitcoin ETFs On the heels of the rollout of the first spot bitcoin ETFs, issuers are seeking to offer specialized varieties of fundsleveraged and inversein an effort to cater to investors hoping to capitalize on the cryptocurrencys price swings. Direxion , the asset manager that has $35 billion in 80 ETFs, filed Jan. 18 with the Securities and Exchange Commission to launch five leveraged and inverse leveraged spot bitcoin funds. The ETFs filed include a 2x spot bitcoin ETF, an inverse 2x, a 1.5x fund, an inverse 1.5x, and an inverse 1x fund. ETF issuer ProShares , in addition to a partnership between Rex Shares and Tuttle Capital Management (T-Rex), have also filed for similar funds with the SEC. T-Rex first filed for the leveraged funds on Jan. 3, while ProShares shared unveiled their suite of leveraged and inverse bitcoin ETFs on Jan. 16. Spot bitcoin ETFs, which provide exposure to price swings in bitcoin rather than to bitcoin futures, began trading Jan. 11 and have proven popular with investors by quickly pulling in more than $3 billion in flows. Firms in the notoriously competitive field, already slashing management fees to gain customers, are betting on creating new products to gain market share, such as those that give investors double exposure, or inverse exposure, on the controversial commodity. The proposed exchange-traded funds arent the first leveraged products from New York-based Direxion. The firm has launched a slew of leveraged funds, the largest being the Direxion Daily Semiconductor Bull 3X Shares (SOXL), which has about $8 billion in assets. Spot Bitcoin ETF Race While leveraged funds may speak to investors with a higher risk appetite, the recently rolled out spot bitcoin ETFs have garnered billions in assets in their first week of trading, surprising some cryptocurrency skeptics. Despite investor enthusiasm for the long-awaited spot bitcoin ETFs, the price of bitcoin has pared gains that came in the runup to the products launch. Its currently around $39,000, down more than 13% since January 9 when it reached its high of the year at nearly $47,000. Story continues Contact Lucy Brewster at lucy.brewster@etf.com . Permalink | © Copyright 2024 etf.com. All rights reserved |
1,706,057,336 | 2024-01-24 00:48:56+00:00 | {"Bitcoin": [529, 637, 838]} | {} | IEF AUM Jumps 2.5%: ETF Flows as of Jan. 23 | https://finance.yahoo.com/news/ief-aum-jumps-2-5-004856937.html | etf.com | https://www.etf.com/ | etf.com Top 10 Creations (All ETFs) Ticker Name Net Flows ($, mm) AUM ($, mm) AUM % Change QQQ Invesco QQQ Trust 1,790.42 240,674.98 0.74% IEF iShares 7-10 Year Treasury Bond ETF 702.20 28,211.30 2.49% XLF Financial Select Sector SPDR Fund 595.53 35,412.78 1.68% SLV iShares Silver Trust 369.40 10,228.39 3.61% LQD iShares iBoxx USD Investment Grade Corporate Bond ETF 294.11 35,892.67 0.82% VTI Vanguard Total Stock Market ETF 269.83 353,129.01 0.08% SPY SPDR S&P 500 ETF Trust 265.32 477,713.89 0.06% FBTC Fidelity Wise Origin Bitcoin Fund 222.34 1,262.70 17.61% BND Vanguard Total Bond Market ETF 203.31 104,668.99 0.19% IBIT iShares Bitcoin Trust 201.47 1,400.75 14.38% Top 10 Redemptions (All ETFs) Ticker Name Net Flows ($, mm) AUM ($, mm) AUM % Change TLT iShares 20+ Year Treasury Bond ETF -959.26 47,671.61 -2.01% GBTC Grayscale Bitcoin Trust ETF -590.42 22,945.49 -2.57% IWM iShares Russell 2000 ETF -491.22 61,845.33 -0.79% XLP Consumer Staples Select Sector SPDR Fund -378.30 14,989.26 -2.52% USHY iShares Broad USD High Yield Corporate Bond ETF -361.57 11,846.68 -3.05% SUSA iShares MSCI USA ESG Select ETF -309.43 3,545.77 -8.73% TQQQ ProShares UltraPro QQQ -226.57 20,773.13 -1.09% RSP Invesco S&P 500 Equal Weight ETF -224.42 49,139.92 -0.46% VFH Vanguard Financials ETF -207.95 8,866.92 -2.35% DIA SPDR Dow Jones Industrial Average ETF Trust -189.30 32,386.85 -0.58% ETF Daily Flows By Asset Class Net Flows ($, mm) AUM ($, mm) % of AUM Alternatives 1.65 6,705.65 0.02% Asset Allocation -16.13 16,307.59 -0.10% Commodities 406.46 126,153.41 0.32% Currency -88.88 30,646.54 -0.29% International Equity 260.11 1,340,543.68 0.02% International Fixed Income 159.48 169,720.52 0.09% Inverse -525.55 14,601.29 -3.60% Leveraged -171.27 82,861.94 -0.21% U.S. Equity 1,837.71 4,991,911.34 0.04% U.S. Fixed Income 219.39 1,355,906.89 0.02% Total: 2,082.98 8,135,358.84 0.03% Disclaimer: All data as of 6 a.m. Eastern time the date the article is published. Data is believed to be accurate; however, transient market data is often subject to subsequent revision and correction by the exchanges. Permalink | © Copyright 2024 etf.com. All rights reserved |
1,706,059,703 | 2024-01-24 01:28:23+00:00 | {"Bitcoin": [3588]} | {} | FOREX-Dollar hovers near 6-week high on Fed view; yen edges up after BOJ | https://finance.yahoo.com/news/forex-dollar-hovers-near-6-012823115.html | Reuters | http://www.reuters.com/ | By Kevin Buckland TOKYO, Jan 24 (Reuters) - The dollar hovered near a six-week high against major peers on Wednesday as investors cemented expectations that the Federal Reserve would be in no rush to cut interest rates in the face of a resilient U.S. economy. The Japanese yen, though, ticked higher as expectations rose for a stimulus exit as soon as March, following hawkish comments from the Bank of Japan on Tuesday. The U.S. dollar index - which tracks the currency against six rivals, including the euro and yen - was flat at 103.48 after rising to the highest since Dec. 13 at 103.82 in the previous session. The U.S. rate futures market on Tuesday priced in a roughly 47% chance of a March rate cut, up from late on Monday, but down from as much 80% about two weeks ago, according to LSEG's rate probability app. For 2024, futures traders are betting on five quarter-point rate cuts. Two weeks ago they expected six. In the last comments before Fed officials entered a blackout period ahead of their Jan. 31 policy decision, San Francisco Fed President Mary Daly said Friday she believes monetary policy is in a "good place" and it is premature to think rate cuts are imminent. Earlier that week, Fed Governor Christopher Waller said policymakers would move "carefully and slowly", which traders took as pushing back at pricing for a speedy fall in rates. "Markets have been correcting from the narrative that rate cuts were incoming and incoming quickly," leading to dollar strength, said James Kniveton, senior corporate FX dealer at Convera. "This follows a general pattern of resistance to inflation reduction the closer central banks get to their final target, and has caused a rethinking of how fast monetary policy would return to lower levels," he added. "We have seen ECB (European Central Bank) officials push back on rate cut expectations as well, in line with the Federal Reserve." The ECB decides policy on Thursday. No change in interest rates is expected, but investors will watch the tone of the statement and central bank chief Christine Lagarde's press conference for clues on where rates are headed. Story continues The euro was flat at $1.08565, after slipping as low as $1.0822 on Tuesday for the first time since Dec. 13. Sterling was slightly higher at $1.2694, making up some ground following an overnight dip of 0.2%. The Bank of England announces its policy decision on Feb. 1. The Japanese yen gained some ground on Wednesday, following a volatile session a day earlier, after the BOJ opted to keep stimulus settings unchanged, as expected, but central bank head Kazuo Ueda hinted at a possible end to negative rates in April or even March. The dollar declined 0.17% to 148.085 yen, after swinging from as low as 146.99 and as high as 148.70 on Tuesday. The Bank of Canada meets on policy on Wednesday, and is expected to leave its key overnight rate unchanged at a 22-year high of 5%. The greenback was flat at C$1.3462, after slipping 0.15% on Tuesday. China's yuan was steady in offshore trading at 7.1660 per dollar, keeping close to a nearly two week high of 7.1635 from Tuesday, when Bloomberg reported that Chinese policymakers are seeking to mobilise about 2 trillion yuan ($278.86 billion) as part of a stabilisation fund to support the ailing stock market. Elsewhere, cryptocurrency bitcoin steadied at just above $40,000 after sliding as low as $38,505 on Tuesday for the first time since Dec. 1. Traders have unwound bullish positions built up in anticipation of U.S. approval of the country's first spot bitcoin exchange traded fund (ETF). Bitcoin had surged to a record $49,048 on Jan. 11, a day after the approval, but tumbled as low as $41,509 in the subsequent session as traders dumped the token in a textbook sell-the-fact move. ($1 = 7.1720 Chinese yuan renminbi) (Reporting by Kevin Buckland; Editing by Christopher Cushing) |
1,706,064,364 | 2024-01-24 02:46:04+00:00 | {"Bitcoin": [237, 407, 534, 583, 609, 875, 915, 1212, 1773, 2097, 2672, 3762, 3969, 4049, 4092, 4248, 4808, 4876], "BTC": [254, 549]} | {"Bitcoin": [4]} | Why Bitcoin, Dogecoin, and Etherium Fell Today | https://finance.yahoo.com/news/why-bitcoin-dogecoin-etherium-fell-024604280.html | Motley Fool | http://www.fool.com/ | Several major cryptocurrencies slumped on Tuesday as investors grappled with the implications over capital inflows to the crypto market following the U.S. Securities and Exchange Commission's (SEC's) landmark approvals of the first spot Bitcoin (CRYPTO: BTC) exchange-traded funds (ETFs) almost two weeks ago on Jan. 10, 2024. When all was said and done during today's regular trading session, the price of Bitcoin had fallen 2.2%, Ethereum (CRYPTO: ETH) was down 6.4%, and Dogecoin (CRYPTO: DOGE) had declined 5.9%. Company card for Bitcoin CRYPTO:BTC Excitement is waning for spot Bitcoin ETFs The price of Bitcoin, in particular, has declined around 20% from its post-ETF approval highs of around $49,000 as the excitement surrounding the approvals has seemed to wane. That marked a three-year high on Jan. 11, the day after the SEC's formal approval of 11 competing spot Bitcoin ETFs hit the wires. To be fair, Bitcoin is also still up more than 70% over the past year. The bulk of that gain came in a multi-month rally that began in Oct. 2023 after the SEC declined to appeal a federal court's ruling in August that prevented crypto-asset manager Grayscale Investments from converting its popular Grayscale Bitcoin Trust into an ETF. Many investors considered this a huge deal for the cryptocurrency market in general. ETFs are a much more accessible medium for investors putting their capital to work in cryptocurrency assets, after all, compared to setting up separate crypto accounts or wallets with a crypto-specific broker. ETF shares can be bought and sold throughout the normal trading day through virtually any broker, similar to how retail investors can easily buy and sell publicly traded stocks. Crypto-industry watchers also mused that once the first spot Bitcoin ETFs were finally approved, it would not only serve as validation for crypto assets as a mainstream investment medium but could also present an enormous windfall for ETF providers as capital surged into crypto assets. According to research from data analytics firm CryptoQuant, the capital influx stemming from spot Bitcoin ETFs has the potential to increase the overall cryptocurrency market capitalization by a total of more than $1 trillion over the long term. Story continues This is more than a simple "sell the news" event While some investors are undoubtedly taking their quick crypto profits off the table given the massive rally, I think this situation is more than a simple "sell the news" event. According to a report from digital asset manager CoinShares this morning, for example, crypto funds saw inflows of "only" $1.25 billion in the first week after the launch of the first Bitcoin ETFs. That influx turned to an out flow of $21 million last week, however, as some large institutional investors took advantage of the rally to pare their own positions. But even that surprising news requires more perspective. As Bloomberg Intelligence's senior ETF analyst Eric Balchunas pointed out on X this week, the outflows have been primarily fueled by more than $2.2 billion in withdrawals from Grayscale's spot bitcoin ETF alone. Among those large sellers was the estate of former cryptocurrency exchange FTX, which liquidated around $1 billion of its holdings as part of its bankruptcy proceedings. That could signal a light at the end of this tunnel for crypto bulls, however. There's certainly plenty of work to be done for the cryptocurrency market to gain true acceptance as a mainstream investment option. But it's also not exactly common to see a bankrupt cryptocurrency exchange liquidating its massive positions on the heels of what otherwise should have represented a watershed moment for the crypto asset class. Once the dust settles surrounding the recent spot Bitcoin ETF approvals, I won't be the least bit surprised if the crypto market's outflows turn back to inflows as more investors begin dipping their toes into the crypto pool. If that happens, this pause in Bitcoin's rally might just prove to be short-lived. Should you invest $1,000 in Bitcoin right now? Before you buy stock in Bitcoin, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now... and Bitcoin wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Stock Advisor provides investors with an easy-to-follow blueprint for success, including guidance on building a portfolio, regular updates from analysts, and two new stock picks each month. The Stock Advisor service has more than tripled the return of S&P 500 since 2002*. See the 10 stocks *Stock Advisor returns as of January 22, 2024 Steve Symington has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Bitcoin and Ethereum. The Motley Fool has a disclosure policy . Why Bitcoin, Dogecoin, and Etherium Fell Today was originally published by The Motley Fool |
1,706,072,828 | 2024-01-24 05:07:08+00:00 | {"Bitcoin": [2383]} | {} | US stocks trade mixed after key earnings reports miss the mark | https://finance.yahoo.com/news/us-stocks-trade-mixed-key-050708318.html | Business Insider | https://www.businessinsider.com/ | (Photo by Mario Tama/Getty Images) US stocks were mixed on Tuesday as some earnings reports underperformed expectations. GE, 3M, and Lockheed Martin beat fourth-quarter views but gave disappointing forecasts. Netflix is set to release its earnings after Tuesday's closing bell. US stocks finished mixed on Tuesday, with the Dow Jones Industrial Average pulling back after a record-setting session on Monday. General Electric, 3M, and Lockheed Martin beat fourth-quarter views but gave disappointing guidance. Meanwhile, Verizon and United Airlines both jumped on strong earnings, though the airline operator warned that first-quarter results could be hit by the recent grounding of its Boeing 757 Max 9 planes . Investors will be watching for Netflix , which reports after Tuesday's closing bell, and for Tesla, which is due late Wednesday. GDP data from the fourth quarter is also set for Thursday and a key inflation report is due Friday, helping inform the Federal Reserve's next monetary policy decision. While strong market hopes for an imminent interest rate pivot has fueled the stock rally, traders are growing less certain about how soon rate cuts could happen. Where markets once indicated strong expectations for a cut as soon as March, most investors now see one happening in May, the CME FedWatch Tool shows. Here's where US indexes stood at the 4:00 p.m. closing bell on Tuesday: S&P 500 : 4,864.60, up 0.29% Dow Jones Industrial Average : 37,905.45, down 0.25% (96.36 points) Nasdaq Composite : 15,425.94, up 0.43% Here's what else happened today: Commercial property will face a debt reckoning in 2024 , Capital Economics warned. A retail trading frenzy has sent Spirit Airlines soaring 131% . Maybe bitcoin ETFs were a "sell the news" event after all. Billionaire CEO Howard Lutnick will launch a platform for interest-rate futures trading . Fed rate hikes made dollar-based lending expensive — it's another reason fueling de-dollarization. "Bond king" Bill Gross warned that a major recession is on the table if the Fed doesn't lower rates this year. Story continues In commodities, bonds, and crypto: Oil prices fell. West Texas Intermediate crude oil dipped 0.33% to $74.47 a barrel. Brent crude , the international benchmark, slid 0.45% to $79.65 a barrel. Gold climbed 0.38% to $2,028.33 per ounce. The 10-year Treasury yield gained 4.2 basis points to 4.136%. Bitcoin slumped 0.7% to $39,248. Read the original article on Business Insider |
1,706,074,917 | 2024-01-24 05:41:57+00:00 | {"Bitcoin": [438, 1341]} | {} | SEC Commissioner Hester Peirce: No Lawsuit Needed for Spot Ethereum ETF Approvals | https://finance.yahoo.com/news/sec-commissioner-hester-peirce-no-054157250.html | CoinMarketCap | https://coinmarketcap.com/ | SEC Commissioner Hester Peirce: No Lawsuit Needed for Spot Ethereum ETF Approvals Hester Peirce, a commissioner at the United States Securities and Exchange Commission (SEC), has stated that the SEC should not require a lawsuit to approve spot Ethereum (ETH) exchange-traded fund (ETF) applications. Speaking to Coinage Media, Peirce emphasized that the SEC should learn from the Grayscale court ruling that preceded the approval of spot Bitcoin ETFs in the United States. She believes that the SEC should not need a court to tell it that its approach is "arbitrary and capricious" in order to make the right decisions. Peirce acknowledged that the facts and circumstances vary with each ETF application, but she expects the SEC to apply the same precedent that came from the Grayscale case. She stressed the importance of ensuring that the disclosures align with how the product actually works. Several companies, including BlackRock, VanEck, ARK 21Shares, Fidelity, Invesco Galaxy, Grayscale, and Hashdex, have submitted spot Ether ETF applications to the SEC for approval. Bloomberg ETF analyst Eric Balchunas estimates a 70% chance of a spot Ether ETF approval by May. The SEC has specific deadlines to decide on each application, ranging from May 23 to August 7. SEC Chair Gary Gensler has previously stated that the approval of a spot Bitcoin ETF does not signal the Commission's willingness to approve listing standards for other cryptocurrency ETF applications. He emphasized that most crypto assets are investment contracts subject to federal securities laws. View comments |
1,706,078,284 | 2024-01-24 06:38:04+00:00 | {"Bitcoin": [4124]} | {} | FOREX-Yen strengthens as traders brace for BOJ stimulus exit; dollar resilient | https://finance.yahoo.com/news/forex-yen-strengthens-traders-brace-063804097.html | Reuters | http://www.reuters.com/ | (Updates market pricing as of 0624 GMT) By Kevin Buckland TOKYO, Jan 24 (Reuters) - The yen strengthened on Wednesday as investors firmed up bets that the Bank of Japan will exit stimulus in coming months, while the dollar broadly held its ground against major rivals amid expectations that the Federal Reserve won't rush to cut interest rates. The Japanese currency gained as much as 0.41% to 147.76 per dollar during Tokyo trading hours as Japanese government bond yields leapt to six-week highs after central bank chief Kazuo Ueda said on Tuesday that the prospects of achieving the BOJ's inflation target were gradually increasing. The yen got an additional tailwind from a pullback in long-term U.S. Treasury yields in Wednesday trading, which the dollar-yen pair tends to track, as traders fine-tuned Fed easing wagers. The dollar was down 0.3% at 147.90 yen as of 0624 GMT, although its gain for the year is still almost 5% amid lessening expectations of early Fed cuts and, until Tuesday's hawkish tilt, a pushing back of bets for a BOJ stimulus exit. "Ueda's comments have given the market a little more confidence that April is definitely a live date for a potential exit from the current policy," said Ray Attrill, head of FX research at National Australia Bank. At the same time, "near term, I'd say a test of 150 is much more likely than a move down to the 145 area" for dollar-yen, because the currency pair is susceptible to a move upwards in Treasury yields after a too-aggressive pricing out of near-term Fed rate cut risks, Attrill said. "Our view is March is still very much a live meeting." The U.S. rate futures market on Tuesday priced in a roughly 47% chance of a March rate cut, up from late on Monday, but down from as much 80% about two weeks ago, according to LSEG's rate probability app. For 2024, futures traders are betting on five quarter-point rate cuts. Two weeks ago they expected six. Story continues The U.S. dollar index - which tracks the currency against six rivals, including the yen and euro - ticked down 0.07% to 103.43, but didn't stray far from the highest level since Dec. 13 at 103.82, reached in the previous session. In the last comments before Fed officials entered a blackout period ahead of their Jan. 31 policy decision, San Francisco Fed President Mary Daly said Friday she believes monetary policy is in a "good place" and it is premature to think rate cuts are imminent. Earlier that week, Fed Governor Christopher Waller said policymakers would move "carefully and slowly", which traders took as pushing back at pricing for a speedy fall in rates. "Markets have been correcting from the narrative that rate cuts were incoming, and incoming quickly," leading to dollar strength, said James Kniveton, senior corporate FX dealer at Convera. "This follows a general pattern of resistance to inflation reduction the closer central banks get to their final target, and has caused a rethinking of how fast monetary policy would return to lower levels," he added. "We have seen ECB (European Central Bank) officials push back on rate cut expectations as well, in line with the Federal Reserve." The ECB decides policy on Thursday. No change in interest rates is expected, but investors will watch the tone of the statement and central bank chief Christine Lagarde's press conference for clues on where rates are headed. The euro added 0.11% to $1.0864, after slipping as low as $1.0822 on Tuesday for the first time since Dec. 13. Sterling was 0.13% higher at $1.2703, making up some ground following an overnight dip of 0.2%. The Bank of England announces its policy decision on Feb. 1. The Bank of Canada meets on policy on Wednesday, and is expected to leave its key overnight rate unchanged at a 22-year high of 5%. The greenback rose slightly to C$1.34695, after slipping 0.15% on Tuesday. Elsewhere, cryptocurrency bitcoin steadied around $39,700, after sliding as low as $38,505 on Tuesday for the first time since Dec. 1. Traders have unwound bullish positions built up in anticipation of U.S. approval of the country's first spot bitcoin exchange traded fund (ETF). Bitcoin had surged to a record $49,048 on Jan. 11, a day after the approval, but tumbled as low as $41,509 in the subsequent session as traders dumped the token in a textbook sell-the-fact move. (Reporting by Kevin Buckland; Editing by Christopher Cushing and Kim Coghill) |
1,706,088,180 | 2024-01-24 09:23:00+00:00 | {"Bitcoin": [52, 327, 352, 459, 650, 679, 785, 830, 982, 1151, 1190, 1256, 1308, 1342, 1522, 1750, 2175, 2245, 2377, 2419, 2460, 2601, 2659, 2869, 3249, 3653, 3754, 3996, 4133, 4196, 4274, 4321, 4439, 4472, 4590, 4634, 4744, 5536, 5593, 5670], "BTC": [69, 1393, 1641]} | {"Bitcoin": [26]} | Should You Buy the Dip on Bitcoin Mining Stocks? | https://finance.yahoo.com/news/buy-dip-bitcoin-mining-stocks-092300714.html | Motley Fool | http://www.fool.com/ | After posting stellar triple-digit returns in 2023, Bitcoin (CRYPTO: BTC) mining stocks are down across the board in early 2024. For example, Marathon Digital Holdings (NASDAQ: MARA) is down 32%, and Riot Platforms (NASDAQ: RIOT) is down 35%. Those sharply negative returns are all the more striking, given all the hype around Bitcoin and the new spot Bitcoin exchange-traded funds (ETFs). On one hand, this could be a fantastic opportunity to buy the dip in Bitcoin mining stocks. On the other hand, there is likely a fundamental change in market outlook that's causing this sharp correction to the downside. Let's take a closer look. Impact of the Bitcoin halving Now that the Bitcoin ETF approval drama is over, the market is starting to wake up to the potential impact of the next Bitcoin halving, scheduled for April 2024. A Bitcoin halving occurs only once every four years and, as a result, is highly anticipated by the market. In three previous halving cycles, the price of Bitcoin has skyrocketed, and many investors are expecting the same pattern this time around. Image source: Getty Images. While the investment thesis is fairly clear for Bitcoin itself, it's a bit murkier for Bitcoin miners. The halving reduces the mining reward paid out to Bitcoin miners by one-half. Right now, every time a Bitcoin miner adds a block to the Bitcoin blockchain, they are paid a reward of 6.25 BTC, which is worth roughly $250,000 at today's prices. That might sound like a lot, but much of it goes to owning and operating Bitcoin mining rigs, which consume vast amounts of energy. In April 2024, the "mining reward" will be slashed to 3.125 BTC. That might not seem like a big deal until you consider how it impacts both the top and bottom lines for Bitcoin miners. Think about it for a second. What would happen if your boss told you your "paycheck reward" would be slashed by one-half starting in April? Oh, and you're also expected to work the same number of hours and put in the same amount of work. If you're like most people, you'd probably start looking for new opportunities as soon as possible. Story continues And that's why I think there will be a shakeout in the Bitcoin mining industry this year. All other things staying the same, Bitcoin miners will have a much harder time breaking even in 2024. The growing consensus is that the new break-even point will be a Bitcoin price of $40,000. If the price of Bitcoin falls below that level, a lot of Bitcoin miners could go out of business. The difficulty of picking winners In 2023, all that really mattered was the number of mining rigs a Bitcoin miner could bring online. The more rigs, the more Bitcoin they could mine and the more money they could make. Very easy to understand. You just bought the biggest miners. But all that changes in April. The competitive playing field will be stacked in favor of Bitcoin mining companies with the lowest costs, the greatest liquidity, and the least debt. While the absolute number of mining rigs will obviously still matter, the emphasis will be on getting production costs below that magic $40,000 mark. If you're running an entire fleet of highly inefficient machines gobbling up a lot of electricity, you lose. That makes buying the dip on Bitcoin miners so risky right now. You really don't know who the new winners will be. There are a lot of factors to take into account. The current consensus is that Riot Platforms, due to its low cost base, will be among the winners. Is there an alternative to buying specific mining stocks? Instead of trying to pick winners, it might be easier just to invest in a diversified ETF, such as the Valkyrie Bitcoin Miners ETF (NASDAQ: WGMI) . This fund holds approximately 20 different stocks related to the Bitcoin mining industry. There's no need to pick winners because, theoretically, you're letting a much smarter fund manager figure out the right portfolio blend for you. No, you might not get the same type of upside as if you picked a single Bitcoin mining stock, but you also diversify away some of your risk. In theory, this ETF should have the highest allocations to the best Bitcoin miners. If you're expecting a lot of turbulence in the Bitcoin mining industry this year, as I am, this might be a safer way to play Bitcoin mining stocks. That said, the Valkyrie Bitcoin Miners ETF is down 30% to start the year, so it's certainly not without risk. The investment narrative around Bitcoin continues to shift. Yes, Bitcoin mining stocks were a slam-dunk investment last year. But if you really dig into the economics of the upcoming Bitcoin halving event, it's easy to see how Bitcoin mining stocks come with much more downside risk this year. As for me, I'm avoiding direct exposure to Bitcoin mining stocks until after the next big miner shakeout. Should you invest $1,000 in Riot Platforms right now? Before you buy stock in Riot Platforms, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now... and Riot Platforms wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Stock Advisor provides investors with an easy-to-follow blueprint for success, including guidance on building a portfolio, regular updates from analysts, and two new stock picks each month. The Stock Advisor service has more than tripled the return of S&P 500 since 2002*. See the 10 stocks *Stock Advisor returns as of January 16, 2024 Dominic Basulto has positions in Bitcoin. The Motley Fool has positions in and recommends Bitcoin. The Motley Fool has a disclosure policy . Should You Buy the Dip on Bitcoin Mining Stocks? was originally published by The Motley Fool |
1,706,089,269 | 2024-01-24 09:41:09+00:00 | {"Bitcoin": [1108, 1516, 1698, 1901, 2202, 2347, 2425]} | {} | FTSE 100 Live 23 January: London top flight closes down two points after borrowing comes in below expectations | https://finance.yahoo.com/news/ftse-100-live-23-january-063100916.html | Evening Standard | http://www.standard.co.uk/ | FTSE 100 Live (Evening Standard) The seasonal performances of Primark and Mr Kipling are in todays spotlight after Associated British Foods and Premier Foods published updates. Crest Nicholsons annual results, a debt crisis at Southend airport and the latest UK public borrowing figures are among todays other developments. Meanwhile, stock markets are on the front foot after Wall Street set new records last night and Asia shares benefited from speculation of China stimulus measures. Key points December public sector borrowing lowest since 2019 Primark on the up thanks to Rita Ora Debt crisis at Southend airport FTSE 100 closes down 1.9 points Tuesday 23 January 2024 16:37 , Daniel O'Boyle The FTSE 100 has closed at 7,485.73 today, slightly down for the day. London's top flight started strong, hitting 7516, but faded fast and remained close to where it opened for most of the day. Standard Chartered and Endeavour Mining were among the big risers amid reports of Chinese economic stimulus. Admiral And Rolls-Royce led the fallers. City Voices: It's a question of time before the UK gets its own Bitcoin ETFs Tuesday 23 January 2024 16:24 , Daniel O'Boyle Just as London played host to successful fintech pioneers such as Starling and Monzo, so equivalent success for digital assets firms can now happen, Eva Gustavsson writes All too often, as Shakespeare wrote, sound and fury signifies nothing. But the frenzied reaction to the US Securities & Exchange Commissions (SEC) approval of the sale of spot Bitcoin exchange-traded funds (ETFs) last week matched the significance of the occasion. After a decade-long wait, US investors are now able to gain exposure to the digital currency Bitcoin through ETFs (investment funds that track the performance of underlying assets) without having to directly buy it on a cryptocurrency exchange. That the 11 firms granted SEC approval to offer 11 Bitcoin ETFs included US asset management heavyweights BlackRock, Fidelity Investments and Franklin Templeton demonstrated how the gap between traditional and digital asset markets will be significantly diminished by this development. Story continues Standard Chartered Bank estimates the issuance of Bitcoin ETFs will attract inflows of $50-$100 billion in 2024 and theres been no shortage of debate over the effect of the news on the price of Bitcoin. Yet the transformative impact of US regulatory authorisation of spot Bitcoin ETFs transcends short-term financial gains. Read more here City Comment: Tax cuts are tempting, but Hunt must act for the long term Tuesday 23 January 2024 15:32 , Jonathan Prynn There have not been too many occasions in recent years when the ONS number crunchers have delivered economic data markedly better than City forecasts. So lets allow Jeremy Hunt to enjoy the moment today. The £7.8 billion borrowed by the government in December was the lowest for the month since 2019, admittedly a pretty low bar to set given what has come since then. But it was well below the £11.4 billion pencilled in by City scribblers. More importantly borrowing is now on course to undershoot the OBRs projections by £5 billion in the current financial year, and much more next year. In the time honoured phrase, that gives the Chancellor wiggle room to deliver crowd pleasing tax cuts of up to £20 billion when he rises to his feet in the Commons on March 6, according to the commentators. But let us not get too carried away. Read why here US market snapshot Tuesday 23 January 2024 15:09 , Daniel O'Boyle Take a look at the latest US market snapshot with the S&P 500 still hovering around record highs Wall Street stocks to climb slightly further Tuesday 23 January 2024 13:59 , Daniel O'Boyle US stocks are set to climb even higher, according to futures markets. S&P 500 futures are up 0.2% to 4,890.00, which would be another record high. Nasdaq futures are up 0.3% to 17,510.00, the highest since 2021. Dow Jones futures are down slightly, at 38,173.00. Big premarket risers include Alibaba's US stocks amid reports of major stimulus in China, and telecoms giant Verizon. Early afternoon market snapshot Tuesday 23 January 2024 13:40 , Daniel O'Boyle Take a look at today's market snapshot, with the FTSE 100 close to flat. Santander becomes first 'big six' lender to raise mortgage rates this year Tuesday 23 January 2024 12:29 , Daniel O'Boyle Santander has become the first big six lender to raise mortgage interest rates this year, following last weeks shock rise in inflation. However, brokers said the change was unlikely to be the first step in a wave of big price increases. Lenders started the year with a wave of price cuts, in the hope that the Bank of England would soon cut its own base rate. Read more here FTSE 100 falls into red Tuesday 23 January 2024 11:31 , Daniel O'Boyle The FTSE 100 is in negative territory, despite starting the day ahead. Take a look at our latest market snapshot. Ryanair agrees first deal with online travel agent Tuesday 23 January 2024 11:23 , Daniel O'Boyle Ryanair has launched its first partnership with an online travel agent (OTA) despite repeatedly branding the companies pirates. The Dublin-based airline said it has agreed a deal with loveholidays to offer its flights as part of package trips. Ryanair has previously strongly complained about OTAs selling its flights without permission. Read more here Miners support FTSE 100 but hotel chains struggle, Royal Mail owner up 6% Tuesday 23 January 2024 10:23 , Graeme Evans Shares in the UKs largest pawnbroker H&T today fell sharply after it reported that record profits for 2023 will be 10% short of City hopes. While the pawnbroking arm increased lending by 19% to £260 million in the year, the trend towards lower priced jewellery and watches in the run-up to Christmas meant retail sales dropped 3% in the fourth quarter. AIM-listed H&T fell 14% or 54.8p to 343.2p, the lowest level in over a year. Elsewhere on the London market, the biggest upward moves were by mining and Asia-focused stocks after China pledged action to stabilise market confidence. The potential boost to the demand outlook meant Anglo American led the FTSE 100 index with a gain of 3% or 51.2p to 1802.4p while Prudential lifted 14.6p to 811p. In contrast to a 2.6% rebound for Hong Kongs Hang Seng index and last nights Wall Street highs, Londons top flight stood 6.15 points lower at 7481.56. On the fallers board, hotel chains Whitbread and IHG were 1% lower while caterer Compass dropped 38p to 2127p after HSBC removed its buy stance. The FTSE 250 index consolidated yesterdays 1% rise with a fall of 3.76 points to 19,701.88. Royal Mail owner International Distributions Services rose 6% or 14p to 268.3p as investors awaited Ofcoms view on reform of the postal service. Premier Foods edged up 0.4p to 140.6p after the Mr Kipling and Bisto maker reiterated profit guidance on the back of a 14% rise in Christmas quarter sales. Public borrowing a 'scant reward' for Tory electoral hopes Tuesday 23 January 2024 09:41 , Daniel O'Boyle Charles Hepworth, investment director at GAM Investments, said better public borrowing figures are unlikely to make a big difference for the Conservative Party electorally: "An improvement in the UKs public finances at the end of last year will be a scant reward for the Tory bruising expected at the upcoming general election, whenever it is announced. More tax receipts, and lower inflation related interest rate payments, helped in bringing down overall borrowing in December to £7.8bn against forecasts expected to be almost £4bn higher. "While the Office for Budget Responsibility (OBR) expected this fiscal year borrowing to be at £124bn upto this point, the government has undershot this by £5bn so far. This will cheer Tory MPs clamouring for what they think will be vote-saving tax cuts. At this point though, given the current polling, hope is a fools errand." Lower interest payments may be offset by lower tax receipts Tuesday 23 January 2024 08:31 , Daniel O'Boyle Cara Pacitti, Senior Economist at the Resolution Foundation, says: Lower-than-expected inflation late last year has reduced debt interest costs and given the Chancellor a timely fiscal boost ahead of his Budget in March. However lower inflation is also likely to mean lower tax receipts. How these factors offset each other will be important in deciding how much fiscal headroom the Chancellor has. Market snapshot: FTSE 100 higher Tuesday 23 January 2024 08:24 , Daniel O'Boyle The FTSE 100 is back over the 7500 mark in early trading this morning Take a look at our full market snapshot: Boohoo finance boss out Tuesday 23 January 2024 08:13 , Daniel O'Boyle Boohoo chief financial officer Shaun McCabe quit with immediate effect this morning, "by mutual arrangement". McCabe will be replaced by Stephen Morana, who was previously CFO of Zoopla, Betfair and Cazoo. Mahmud Kamani, group executive chairman, said: "Stephen is a highly regarded finance director who is well known to boohoo, having previously served on our Board in a Non-Executive capacity for four years. He supported us through the IPO process and in our early years as a PLC. While the business has grown significantly since then, Stephen has a wealth of experience with global digital businesses and is therefore very well placed to support the strategy in pursuit of our growth ambitions." The online fashion retailer has struggled in the post-pandemic era. It said today that trading is still in line with expectations. Mr Kipling maker Premier Foods sells 4 million more mince pies as sweet treats fly off the shelves Tuesday 23 January 2024 07:57 , Michael Hunter It was an exceedingly good Christmas for Premier Foods, the maker of Mr Kipling cakes. Sales of sweet treats at the FTSE 250 company rose by over a fifth, helping power an overall rise in revenue of over 14%. The icing on the cake was its Cadbury Mini Rolls brand of confections, which helped sweeten sales by over 17%.. It also sold 4 million more mince pies this year. That helped the St Albans based firm stand by its profit forecasts for the year, Everyman profits grow despite strikes Tuesday 23 January 2024 07:53 , Daniel O'Boyle Profits at high-end cinema chain Everyman grew last year, despite the impact of Hollywood strikes on the film release calendar. Underlying profits rose to £16.2 million, as revenue increased to £90.9 million. The Group's performance in H2 2023 was marginally affected by the well-documented WGA and SAG-AFTRA strikes, which led to certain key titles moving to 2024, Everyman said. The Board is pleased however to re-confirm market expectations for 2024 and has confidence in the prospects of the business moving forward. It said films next year including Wicked, Despicable Me 4, Paddington in Peru, Joker: Folie à Deux, Inside Out 2, Mufasa: The Lion King, Dune: Part II and an untitled Gladiator sequel should boost sales. Dune Part II could boost Everyman (Warner Bros) Crest Nicholson confirms profit warning as Farnham's Brightwell Yard development takes further toll in 'weak' housing market Tuesday 23 January 2024 07:47 , Michael Hunter Housebuilder Crest Nicholson has confirmed the impact of cost over-runs at a major brownfield development on its annual results, following a profit warning last week. The FTSE 250's Brightwells Yard development in Farnham in London's commuter belt generated further costs of £11 million in the year. It will cost a further £2.5 million to complete and a review of other sites has identified other costs of £5.5 million in total. Full-year revenue dropped by almost 30% to at £657.5 million and profit crashed to £41.4 million from £137.8 million in what it "reflecting the weakness in the housing market". There was an exceptional charge of £13 million, "in respect of a legal claim recently received relating to 2021 fire damage of a low-rise bespoke apartment scheme". Peter Truscott, CEO, called the results "disappointing". He said: "We have proactively streamlined the business to align with the challenging trading environment and have taken decisive measures to address operational challenges associated with Farnham and other legacy sites, implementing strategies to control costs and ensure a more precise and feasible path towards projects completion." Tuesday 23 January 2024 07:36 , Simon Hunt Southend Airport has been plunged into a debt crisis after its owner Esken faced demands to urgently repay a near £200-million loan, the firm warned today. Lender Carlyle Global Infrastructure said the £194 million convertible loan, which had been set to mature in August 2028, must now be repaid by 16 February -- a deadline of a little over three weeks -- after it accused Esken of breaching the terms of the debt deal. Esken warned that forcing through the repayment would have "significant adverse implications" for the airport and would be "value destructive for all stakeholders." The company said it has a 'robust position in relation to the claim' and was 'investigating the validity of alleged breaches' of the loan terms. Esken has been seeking a buyer for Southend Airport since June last year, after it warned on the stability of its finances. In 2022 the firm arranged a £50 million borrowing facility to keep its finances afloat. If unpaid, the convertible loan will turn into equity and could allow CGI to mount a takeover of the airport. Read more here Chancellor's "wiggle room" may not be so large Tuesday 23 January 2024 07:34 , Daniel O'Boyle Michal Stelmach, senior economist at KPMG UK, warned that the Chancellor's "wiggle room" for tax cuts or spending may not be as large as it first appears. He said: The wiggle room could easily be squashed if some of the downside risks materialise. The governments implicit commitment to freeze fuel duty rates lowers revenue by £6 billion a year relative to current plans, while the assumption that real spending on unprotected departments would have to fall by over 2% a year is largely unrealistic in the absence of significant productivity improvements. "Thats before considering the longer-term pressures from an ageing population, energy transition, and slowing workforce growth. Hipgnosis accuses founder of "cherry picking" songs for $465m sale Tuesday 23 January 2024 07:31 , Daniel O'Boyle Music rights fund Hipgnosis says its board is investigating claims its founder and investment adviser Merck Mercuriadis cherry picked the funds best songs in a controversial sale last year to another fund he partially controls. The Hipgnosis fund aimed to sell $465 million worth of songs by artists such as Nelly, Rick James and Shakira to an unlisted fund run by Mercuriadis' Hipgnosis Songs Management and owned by Blackstone last year. At the time, the fund said its market value did not reflect the true worth of its assets. However, now the fund says two independent research reports claim the songs in question were growing at materially higher rates to the overall portfolio and were therefore cherry picked. The newly constituted board is investigating whether this is the case, and if so, whether this was properly and fully disclosed to the previous Board in the investment papers, which included the recommendation provided by Hipgnosis Song Management, and therefore whether the previous Board were provided with the relevant information to enable them to make a decision in the best interests of shareholder, the funds board said. Primark on the up thanks to Rita Ora Tuesday 23 January 2024 07:27 , Simon English Primark enjoyed a good Christmas partly thanks to leisure and tailored clothing in the Rita Ora collection, the singer who has a deal with the budget fashion chain. In the 16 weeks to January 6 retail sales were up 7.9% to £3.37 billion, a sign that Primark's popularity is undimmed. It was also able to raise margins at the clothes business. The company did admit that Christmas sales had a a slow start due to "unseasonal warm weather". Primark is part of the giant Associated British Foods group which owns Twinings tea and Silver Spoon sugar. Overall sales for the company rose 5.4% to £6.88 billion. Ovaltine did well in Europe but was weaker in Asia. The statement to the stock market said: "The Group continues to trade well. We continue to look forward to a year of meaningful progress in both profitability and cash generation, with the profitability improvement being driven by a recovery in Primark margin."ABF, a FTSE 100 company, is likely to see shares rise today. £20bn of headroom for tax cuts? Tuesday 23 January 2024 07:24 , Daniel O'Boyle Ruth Gregory, deputy chief UK economist at Capital Economics, says: "Decembers better-than-expected public finances figures brought some cheer for the Chancellor after the recent run of poor outturns and will give him a bit more wiggle room for a big pre-election splash in the Spring Budget on 6th March." "After nine months of the 2023/24 fiscal year, borrowing is on track to undershoot the OBRs full-year borrowing forecast of £123.9bn by £5.0bn. Whats more, with market interest rate expectations and long-dated gilt yields having fallen since November, we suspect the OBR will revise down its borrowing forecast significantly from 2025/26. That may provide the Chancellor with 'headroom' against his fiscal mandate of about £20bn in the Budget." Asia markets higher on China support hopes, Wall Street sets new records Tuesday 23 January 2024 07:16 , Graeme Evans Asia shares today rallied on speculation that China is preparing a package of measures worth 2 trillion yuan (£220 billion) to stabilise its stock markets. Hong Kongs Hang Seng index, which has fallen more than 10% so far this year, jumped 3% and the Shanghai Composite improved 0.5%. In Tokyo, the Nikkei 225 closed slightly lower after the Bank of Japan continued its ultra-dovish policy by leaving its short-term interest rate at -0.1%. Lower-than-expected oil prices meant the central bank revised its inflation forecast for the next financial year to 2.4% from 2.8% projected in October. The FTSE 100 index finished yesterdays session 25.78 points higher at 7487.71 and is forecast by CMC Markets to add another 15 points at the opening bell. The improvement comes after US markets picked up where they left off on Friday by setting fresh highs, with the Dow Jones Industrial Average and S&P 500 index up 0.4% and 0.2% respectively at the closing bell. Public borrowing lowest for December since 2019 Tuesday 23 January 2024 07:04 , Daniel O'Boyle The UK Government borrowed £7.8 billion in December, the lowest for the final month of the year since before the Covid-19 pandemic. The total was less than half the amount borrowed a year earlier. A major reason for the decline was a sharp decline in interest paid on RPI-linked gilts as inflation came down. The lower borrowing figures may provide Jeremy Hunt with some room for tax cuts at the last Budget before the election, though economists have warned that the scope for giveaways likely still remains limited. Recap: Yesterday's top stories Tuesday 23 January 2024 06:44 , Simon Hunt Good morning from the Standard City desk. Jeremy Hunt is hoping to recreate the Eighties Lawson boom with tax cuts in the March Budget, according to one particularly lurid splash headline in the Sunday papers. Be careful what you wish for. The Chancellor is old enough and I assume well versed enough in recent British economic history to know that it did not end well, either for the UK, or for the reputation of his Tory predecessor. Hunt has many difficult tasks ahead of him as he plans for the March Budget. But doing a Lawson is surely not a solution for any of them. In his 1987 and 1988 Budgets, Nigel Lawson slashed the standard rate of income tax from 29p to 25p, in two steps, and the top rate from 60% to 40%. Within months of the 1988 budget, interest rates had doubled and the path was set for a nasty recession in the early Nineties that brought back the scourge of mass unemployment. The downturn also shattered the housing dreams of millions of homeowners when collapsing prices left them with deep negative equity that condemned tens of thousands to repossession. Hunt has many difficult tasks ahead of him as he plans for the March Budget. But doing a Lawson is surely not a solution for any of them. Here's a summary of our other top stories from yesterday: The number of UK companies in critical financial distress jumps to 47,000 - of which 14,000 are in London - says alarming report from insolvency specialists Begbies Traynor AI firm 11Labs founded by 29 year old hits $1 billion valuation after fresh funding round Fortnum & Mason profits rise to £7.5 million but boss warns of challenging trading conditions S4 Capital boss Sir Martin Sorrell warns of tough year ahead Compass buys Royal Opera House caterer CH&Co in £475 million deal And... why the government's 99% mortgage plan would be a disaster for the housing market |
1,706,091,902 | 2024-01-24 10:25:02+00:00 | {"Bitcoin": [1228, 2155, 2883]} | {} | Someone Just Put Legendary '90s Video Game Doom on Dogecoin | https://finance.yahoo.com/news/someone-just-put-90s-darling-102502440.html | CoinDesk | https://www.coindesk.com | Doom , the popular and influential first-person shooter video game first released in 1993, is now available on the Dogecoin network, thanks to a relatively new protocol that lets developers stash large amounts of data on a blockchain. "Ð is for Doginals! Ð is for DOOM on Dogecoin," developer @minidogeart, who put the game on Dogecoin, posted at launch . "Now inscribed on Dogecoin blockchain forever!" That means the game's deployment on Doginals fetches all of its gaming data entirely from the data stored on the Dogecoin network. It does not rely on any other sources outside of the network. Doom was among the first computer games that went viral in the 1990s. It was deployed on Doginals on its 30th anniversary, as per @minidogeart. The version is so-called shareware, which contains nine levels of the game that can be published without the possibility of legal issues. Since May, developers have been able to put art collections and games on Dogecoin, helping its ecosystem extend beyond a dog-themed meme token using inscription technology. Inscriptions are digital entries that store images, videos, audio and text files that store data on the blockchain. Inscriptions are dubbed "Doginals" on Dogecoin similar to Bitcoin Ordinals and are a relatively new feature of the blockchain ecosystem. Transactional activity bumps Such features can open up flourishing ecosystems on a blockchain, adding to a token's fundamentals and contributing to an increase in prices on heightened demand. In May, hype for Dogecoin inscriptions bumped transactional volumes on the network to lifetime peaks, leading to a 10% gain in the cryptocurrency's price. Transaction activity has cooled in the past month but is seemingly ramping up again. Data shows activity has risen to 420,000 transactions as of Wednesday from 90,000 earlier this month. Developers such as @minidogeart see inscription and Ordinals usage to eventually bump interest in the broader Dogecoin ecosystem, which expands beyond DOGE to collections, games and tokens issued on the Dogecoin blockchain. Story continues "The advent of Doginals on the Dogecoin blockchain, akin to Ordinals on Bitcoin, has the potential to revolutionize the way we view blockchain transactions," @minidogeart said in an X message to CoinDesk. "Embedding digital assets directly into the proof of ownership, Doginals add significant intrinsic value to each transaction. This transformation elevates each exchange from a mere financial transaction to a permanent and secure record of digital asset ownership." "The inscription of DOOM on the Dogecoin blockchain demonstrates that even a compact game can be permanently preserved on the blockchain, highlighting the capability for a broad spectrum of digital content to be securely managed and stored," they added. Jan. 25 (08:56 UTC): Adds clarification in the DEK that Ordinals started on Bitcoin. |
1,706,095,680 | 2024-01-24 11:28:00+00:00 | {"Bitcoin": [726, 899, 1031, 1691, 2226, 2434, 2553, 2831, 2930, 3108, 3344, 3539, 3669, 3747, 3920, 3998, 4043, 4324, 4505, 4864, 5087, 5203, 5394, 5437, 5593, 6164], "BTC": [743]} | {} | 1 Unstoppable Cryptocurrency to Buy Before It Soars 1,120%, According to This Wall Street Analyst | https://finance.yahoo.com/news/1-unstoppable-cryptocurrency-buy-soars-112800453.html | Motley Fool | http://www.fool.com/ | Wall Street analysts don't always get things right, but some have such a strong track record of success that it's worth paying attention when they make a prediction. Tom Lee is the co-founder and head of research at Fundstrat, a Wall Street advisory firm focusing on stocks and financial assets. In 2013, Lee predicted the Dow Jones Industrial Average would hit 20,000 within four years. Lo and behold, it crossed that level in early 2017. Lee also had the most bullish S&P 500 target on Wall Street in 2023, despite many analysts fearing a recession and falling stock prices. He estimated the index would end the year at 4,750, and it closed at 4,769. Lee has maintained a bullish view on the world's largest cryptocurrency, Bitcoin (CRYPTO: BTC) , for years. But he just came out with a fresh prediction: that the token could soar by 1,120% within the next five years. Image source: Getty Images. Bitcoin is still recovering from a steep loss in 2022 The cryptocurrency industry is still recovering from a brutal crash that sent Bitcoin from an all-time high of $69,000 in 2021 to just $16,256 near the end of 2022. The industry fell into turmoil during 2022 thanks to a string of high-profile collapses. Centralized crypto exchange FTX was shut down when its founder, Sam Bankman-Fried, was caught committing fraud, leaving clients and investors $8 billion out of pocket. Shortly before that, stablecoin TerraUSD lost its peg, which wiped out $60 billion worth of value. Investors were quickly losing confidence in cryptocurrencies, especially because they had gained almost no traction as a payment mechanism in the real world. Even today, a mere 9,393 merchants around the world accept Bitcoin in exchange for goods and services. Centralized exchanges continued to face legal trouble in 2023, with the head of crypto exchange Binance forced to step down for his role in breaching anti-money laundering rules. He is currently awaiting trial. Ironically, those high-profile takedowns have given investors more confidence in the cryptocurrency industry. Aggressive regulatory actions are deterring bad actors, as well as legitimizing the industry. Combined with a risk-on sentiment for financial assets like stocks in 2023, Bitcoin has recovered a good deal of lost ground. Story continues The token jumped more than 150% in 2023, and it currently trades at about $39,000, though that's still far from its all-time high of $69,000. Bitcoin exchange-traded funds are a new source of demand The U.S. Securities and Exchange Commission (SEC) approved 11 Bitcoin exchange-traded funds (ETFs) in earlier this month, which adds a new way for investors to buy the token -- and it's a big reason Tom Lee is so bullish. An ETF is managed by professionals, and it's designed to hold underlying assets (like stocks, bonds, or in this case, Bitcoin) and package them into one security for investors to buy or sell. Before the approval of a Bitcoin ETF, it was difficult for financial advisors and institutions to own the token because of its risk profile. Volatility aside, the purchaser had to carefully secure their Bitcoin in a digital wallet or in cold storage (like a USB, locked in a safe). There was no insurance or bailout if the tokens were stolen. Now, a financial advisor can simply buy an ETF for their clients without worrying about storing Bitcoin. That responsibility falls upon the manager of the fund; BlackRock , Ark Investment Management, and Fidelity are just some of the high-profile Wall Street asset managers with an approved Bitcoin ETF. Of course, it comes with a cost. An ETF will incur an annual fee ranging from 0.2% to 1.5% of the total value of the Bitcoin it owns, which can crimp the returns over the long term. However, for Bitcoin, the ETF could spark anywhere from $50 billion to $100 billion in fresh demand within the first year, according to Standard Chartered . That could push the price of Bitcoin higher as asset managers buy up tokens for their ETFs. Tom Lee thinks Bitcoin could soar to $500,000 in five years Bitcoin is a finite resource, much like gold. Its source code limits its maximum supply to 21 million tokens, the last of which is expected to be mined in the year 2140. Theoretically, so long as demand exists, its price should gradually rise. Tom Lee thinks ETF demand could push Bitcoin to $150,000 per token this year. But he predicts it could soar to $500,000 per token within five years, which would represent a gain of more than 1,120%. Is that realistic? Bitcoin has a total market capitalization of $770 billion right now, so a gain of 1,120% would drive that number to almost $9 trillion. For context, Apple is the largest company in the world, with a value of just $3 trillion. It sells tangible goods and services that produce substantial revenue and earnings, and those form the basis of the company's value. Bitcoin, on the other hand, produces nothing tangible, which makes it very hard to truly value. The total value of all gold reserves is estimated at $13.6 trillion, and that might be a better comparison to the potential of Bitcoin. Still, gold can be physically owned, which is a useful trait in the event of an economic or social crisis. Bitcoin could very well hit Lee's $500,000 target by 2029, but investors should always tread with caution when it comes to speculative assets like cryptocurrency. Should you invest $1,000 in Bitcoin right now? Before you buy stock in Bitcoin, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now... and Bitcoin wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Stock Advisor provides investors with an easy-to-follow blueprint for success, including guidance on building a portfolio, regular updates from analysts, and two new stock picks each month. The Stock Advisor service has more than tripled the return of S&P 500 since 2002*. See the 10 stocks *Stock Advisor returns as of January 16, 2024 Anthony Di Pizio has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Apple and Bitcoin. The Motley Fool recommends Standard Chartered Plc. The Motley Fool has a disclosure policy . 1 Unstoppable Cryptocurrency to Buy Before It Soars 1,120%, According to This Wall Street Analyst was originally published by The Motley Fool |
1,706,095,800 | 2024-01-24 11:30:00+00:00 | {"Bitcoin": [2025]} | {} | Got $1,000? Buy This Hot Growth Stock Before It Takes Off | https://finance.yahoo.com/news/got-1-000-buy-hot-113000452.html | Motley Fool | http://www.fool.com/ | It isn't often that a stock is up more than 120% in the past year and still considered to have plenty of room to run. But not every company is like Coinbase Global (NASDAQ: COIN) . Rising to become one of the crypto industry's most prominent leaders, crypto exchange Coinbase is rising from the ashes of the most recent bear market and has its sights set on returning to its glory days. As crypto gears up for a new bull market, investors would be wise not to overlook this lucrative opportunity. Image source: Getty Images. A new company takes shape A year ago, the prospects of Coinbase surviving a brutal bear market and making it to the next bull market looked slim. As the crypto winter set in and activity on its platform dried up, Coinbase posted a $1 billion net loss. But since then, much has changed. A company that once depended on one source of revenue now boasts a suite of products that can produce income in any market. Previously accounting for more than 90% of total revenue, transaction fees now make up less than half today. Comprised of staking rewards, monthly subscription packages, custodial services, and more, Coinbase's Subscriptions and Services segment has proved an invaluable investment and picked up much of the slack. Adding to its transformation, Coinbase developed innovative technologies and products to further diversify its revenue streams. For example, Base, the company's own blockchain , launched in August and has already brought in $5.7 million in revenue. That number likely will increase as the ecosystem matures and crypto activity picks up. Furthermore, Coinbase is slowly becoming the preferred intermediary for onboarding deep-pocketed institutional investors looking to explore the power of blockchains and cryptocurrencies. Since Q4 2018, Coinbase has seen a 1,200% increase in transaction volume from its institutional clients. More recently, Coinbase reached a landmark agreement with some of Wall Street's biggest names, offering custodial services to eight of the 11 new Bitcoin ETF providers. With billions of dollars flowing through these new assets, the company may have found yet another lucrative source of income. Story continues Coinbase is going global Perhaps the most intriguing development during the past year is Coinbase's global expansion. Although the company commands about 75% of the U.S. crypto market, it recognized its international presence was lacking. But that is quickly changing. As it currently stands, Binance is the clear leader on an international scale. But recent legal battles it faces in the U.S. and increasing scrutiny abroad are giving Coinbase a chance to enter new markets. Capitalizing on this window of opportunity, Coinbase initiated its "Go Broad, Go Deep" expansion strategy at the beginning of 2023. Today, Coinbase operates in more than 100 countries, provides its Coinbase One subscription plan in 38 countries, launched an international derivative exchange, and offers stablecoin and staking products in more than 110 countries. It also recently established a European headquarters in Ireland and plans to take advantage of the European Union's favorable crypto policies to solidify its presence in one of the largest economies in the world. Building out its global reach might prove to be the most significant catalyst for Coinbase to continue growing. An analysis by the investment firm VanEck suggests that by the end of the year, Coinbase could see a 500% jump in volume on its derivative exchange should it gain approval, as expected, in the EU and other international markets. Plenty of untapped potential As crypto finally shook off a brutal crypto winter, Coinbase followed suit and rebounded more than 400% in 2023. Yet, despite this monumental surge, it remains more than 50% below its all-time high today. Should a bull market return -- which, given crypto's cyclical nature and recent resurgence, seems more like a matter of "when" than "if" -- Coinbase has what it takes to surpass its peak valuation. At the time of the last bull market, Coinbase was but a mere fraction of the company it is today and, yet, was worth nearly $90 billion, three times more than its current valuation. With its revamped business model and international expansion, don't be surprised if it soars to new highs sooner than later. As crypto continues its historic journey, no other company is in a better position to capitalize on the burgeoning asset class than Coinbase. Should you invest $1,000 in Coinbase Global right now? Before you buy stock in Coinbase Global, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now... and Coinbase Global wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Stock Advisor provides investors with an easy-to-follow blueprint for success, including guidance on building a portfolio, regular updates from analysts, and two new stock picks each month. The Stock Advisor service has more than tripled the return of S&P 500 since 2002*. See the 10 stocks *Stock Advisor returns as of January 22, 2024 RJ Fulton has positions in Coinbase Global. The Motley Fool has positions in and recommends Coinbase Global. The Motley Fool has a disclosure policy . Got $1,000? Buy This Hot Growth Stock Before It Takes Off was originally published by The Motley Fool |
1,706,097,600 | 2024-01-24 12:00:00+00:00 | {"Bitcoin": [159, 1671, 1827, 1953]} | {} | Bitfarms Purchases Land in Yguazu, Paraguay in Support of Transformative Fleet Upgrade & 2024 Target of 21 EH/s | https://finance.yahoo.com/news/bitfarms-purchases-land-yguazu-paraguay-120000943.html | GlobeNewswire | https://www.globenewswire.com/ | Bitfarms Ltd. TORONTO, Ontario and BROSSARD, Québec, Jan. 24, 2024 (GLOBE NEWSWIRE) -- Bitfarms Ltd. (NASDAQ: BITF//TSX: BITF), a global vertically integrated Bitcoin mining company, announces that it has completed the purchase of land for its new 100 MW production facility in Yguazu, Paraguay. This transaction, an important step in our recently announced transformative fleet upgrade, expands our LATAM portfolio with low-cost renewable hydropower, said Geoff Morphy, President and CEO of Bitfarms. The newly acquired land is located in the heart of Paraguay near the Itaipú Dam, the third largest hydropower dam in the world with 14 gigawatts of installed capacity. Positioned to benefit from the region's abundant renewable energy resources, this new facility should be sustainable both economically and environmentally. Once Yguazu comes online, over 85% of our portfolio will be powered by low-cost green energy that promotes environmentally sustainable bitcoin mining. We look forward to starting construction on the Yguazu farm and anticipate completing the facility's build-out in the second half of 2024. In conjunction with our miner redeployment strategy, the Yguazu project will be designed to help provide sufficient infrastructure to achieve a corporate hashrate of 21 EH/s by year end 2024 should we exercise our recently announced miner purchase order option for additional Bitmain T21 miners. Bitfarms is dedicated to managing costs and driving returns for shareholders. This upgrade should deliver meaningful improvements in hashrate, energy efficiency and cost per bitcoin, positioning us well for the Halving and to capture upside from rising Bitcoin prices and mining economics, Geoff Morphy concluded. About Bitfarms Ltd. Founded in 2017, Bitfarms is a global, publicly traded (NASDAQ/TSX: BITF) Bitcoin mining company that contributes its computational power to one or more mining pools from which it receives payment in Bitcoin. Bitfarms develops, owns, and operates vertically integrated mining farms with in-house management and company-owned electrical engineering, installation service, and multiple onsite technical repair centers. The Companys proprietary data analytics system delivers best-in-class operational performance and uptime. Bitfarms currently has 11 farms in production, one in expansion, one under construction, and one in development, in four countries: Canada, the United States, Paraguay, and Argentina. Powered by predominantly environmentally friendly hydro-electric and long-term power contracts, Bitfarms is committed to using sustainable, locally based, and often underutilized energy infrastructure. Story continues To learn more about Bitfarms events, developments, and online communities: Website: www.bitfarms.com https://www.facebook.com/bitfarms/ https://twitter.com/Bitfarms_io https://www.instagram.com/bitfarms/ https://www.linkedin.com/company/bitfarms/ Glossary of Terms EH or EH/s = Exahash or exahash per second MW or MWh = Megawatts or megawatt hour Cautionary Statement Trading in the securities of the Company should be considered highly speculative. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. None of the Toronto Stock Exchange, Nasdaq, or any other securities exchange or regulatory authority accepts responsibility for the adequacy or accuracy of this release. Forward-Looking Statements This news release contains certain forward-looking information and forward-looking statements (collectively, forward-looking information) that are based on expectations, estimates and projections as at the date of this news release and are covered by safe harbors under Canadian and United States securities laws. The statements and information in this release regarding the expectations for the Companys planned new facility in Yguazu, Paraguay, including its expected construction timeline, are forward-looking information. Any statements that involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as expects, or does not expect, is expected, anticipates or does not anticipate, plans, budget, scheduled, forecasts, estimates, prospects, believes or intends or variations of such words and phrases or stating that certain actions, events or results may or could, would, might or will be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. This forward-looking information is based on assumptions and estimates of management of the Company at the time they were made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, risks relating to: the construction and operation of the facility may not occur as currently planned, or at all; expansion may not materialize as currently anticipated, or at all; the digital currency market; the ability to successfully mine digital currency; revenue may not increase as currently anticipated, or at all; it may not be possible to profitably liquidate the current digital currency inventory, or at all; a decline in digital currency prices may have a significant negative impact on operations; an increase in network difficulty may have a significant negative impact on operations; the volatility of digital currency prices; the anticipated growth and sustainability of hydroelectricity for the purposes of cryptocurrency mining in the applicable jurisdictions; the inability to maintain reliable and economical sources of power for the Company to operate cryptocurrency mining assets; the risks of an increase in the Companys electricity costs, cost of natural gas, changes in currency exchange rates, energy curtailment or regulatory changes in the energy regimes in the jurisdictions in which the Company operates and the adverse impact on the Companys profitability; the ability to complete current and future financings, any regulations or laws that will prevent Bitfarms from operating its business; historical prices of digital currencies and the ability to mine digital currencies that will be consistent with historical prices; and, the adoption or expansion of any regulation or law that will prevent Bitfarms from operating its business, or make it more costly to do so. For further information concerning these and other risks and uncertainties, refer to the Companys filings on www.SEDAR.com (which are also available on the website of the U.S. Securities and Exchange Commission at www.sec.gov), including the annual information form for the year-ended December 31, 2022, filed on March 21, 2023. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those expressed in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on any forward-looking information. The Company undertakes no obligation to revise or update any forward-looking information other than as required by law . Contacts: Investor Relations Tracy Krumme (Bitfarms) +1 786-671-5638 tkrumme@bitfarms.com David Barnard (LHA) +1 415-433-3777 Investors@bitfarms.com Actual Agency Khushboo Chaudhary +1 646-373-9946 mediarelations@bitfarms.com Québec Media: Tact Louis-Martin Leclerc +1 418-693-2425 lmleclerc@tactconseil.ca View comments |
1,706,099,220 | 2024-01-24 12:27:00+00:00 | {"Bitcoin": [747, 1420, 1568, 3363, 3642, 3669, 3946, 3978, 4125, 4413, 4512, 4588, 4763, 4811, 4978, 5094, 5261, 5447, 5490, 5644, 6123, 6180, 6270], "BTC": [764]} | {"Bitcoin": [39]} | Saylor's Sales: A Prediction of Future Bitcoin Prices? | https://finance.yahoo.com/news/saylors-sales-prediction-future-bitcoin-122700293.html | Motley Fool | http://www.fool.com/ | MicroStrategy (NASDAQ: MSTR) founder and chairman Michael Saylor started selling stock in his own company in early January, culled from his portfolio of stock options. Astute investors may have noticed that the sales have been very consistent and are still going on today. Even keener observers, of course, saw this process coming from a mile away -- actually, from early November 2023. They also know how long Saylor's sales will go on, and why he is doing it. In case you missed the early hints, here's why Michael Saylor is converting a massive lot of stock options into MicroStrategy shares, only to sell them immediately on the open market. Spoiler alert: Saylor has not lost faith in his data analytics business. He simply wants to buy some Bitcoin (CRYPTO: BTC) for himself. Why Saylor is selling his converted stock options This is not a guess. Saylor stated his plan to execute some of his stock options in 2024 and then sell the resulting shares on the grand stage of MicroStrategy's third-quarter earnings call in November : I was granted a stock option in 2014 with respect to 400,000 shares, which is going to expire next April if I don't exercise it by then. For almost a decade now at my request, the company has only paid me a $1 salary, and I've chosen not to be eligible for any cash bonuses. Exercising this option will allow me to address some financial obligations, as well as to acquire additional Bitcoin for my personal account. Those options were about to expire at the end of April anyway, so why not convert them into some cash and a lot of Bitcoin? After all, that's exactly what Saylor has been doing to most of MicroStrategy's cash in recent years. Saylor went on to explain his trading plan in some detail. As stated on that call and in the regulatory filings that followed, Saylor is converting 5,000 stock options into MicroStrategy shares on every day between Jan. 2 and April 25. This slow and steady approach minimizes Saylor's impact on MicroStrategy's daily trading patterns and volumes. It's a patient and responsible way to take advantage of the only significant compensation MicroStrategy has issued to Saylor in the last decade. Story continues The story behind Saylor's stock option play It should be said that Michael Saylor has a history of controversial business practices. The block of 400,000 stock options was set up to placate activist investor group Apex Capital in 2014. The firm argued that Saylor -- CEO at the time -- was spending too much time on his yachts and golf courses, paying insufficient attention to MicroStrategy's management. With a strictly symbolic annual paycheck, no bonuses for the next decade, and a huge block of stock options to his name, Michael Saylor's objectives were strictly aligned with those of common shareholders. The only way to make money under this structure was to increase MicroStrategy's stock value over time. This options-based structure wasn't looking good in 2020. By midsummer that year, MicroStrategy's stock price was down 5% from the start of 2014. Saylor's 400,000 stock options were worth a grand total of $47 million that summer. It's hardly a beggar's ransom, but also far from the stellar returns expected by the CEO of a successful software business over nearly seven years. Later that summer, Michael Saylor invested $250 million of MicroStrategy's cash in Bitcoin, calling the cryptocurrency "a dependable store of value and an attractive investment asset with more long-term appreciation potential than holding cash." MicroStrategy's stock price more than tripled between July 1 and New Year's Eve, right alongside a similar surge in Bitcoin prices. ^SPX Chart Bitcoin has been good to Michael Saylor over the years. At today's share prices, those 400,000 options are worth approximately $159 million. That should be more than enough to settle Saylor's golf club premiums, put a fresh coat of paint on every yacht, and boost his personal Bitcoin exposure significantly. Bitcoin transformed Saylor's fortunes -- should you follow suit? Michael Saylor's stock-option settlement worked out in his favor thanks to a bold Bitcoin bet. The man looks like a genius when the largest cryptocurrency is on the rise, but not so much during crypto winters and other market downturns. If those options had expired one year earlier, forcing him to execute the conversion plan in the spring of 2023, MicroStrategy's and Bitcoin's average prices were about half of what they are today. My takeaway from Michael Saylor's Bitcoin adventures is not that my entire net worth should be converted into Bitcoin today. Rather, I see the upsides of a successful crypto strategy next to the downsides of more challenging periods. If anything, I'm inspired to take my hands off the Bitcoin wheel for a while (apart from moving my Bitcoin ETF holdings into a different vehicle, as I disclosed last week ) and wait for the next crypto winter before increasing my crypto bets. I respect the longtime Bitcoin advocate's deep devotion to the cause, but he isn't my favorite role model by a long shot. Saylor rides the Bitcoin roller coaster with gusto, but for those of us watching from the ground, it's a clear signal to diversify our tickets and enjoy a steadier ride. That's why my Bitcoin investments are a small portion of my total nest egg, and why master investor Warren Buffett wouldn't touch the digital currency with a 10-foot pole. Should you invest $1,000 in Bitcoin right now? Before you buy stock in Bitcoin, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Bitcoin wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Stock Advisor provides investors with an easy-to-follow blueprint for success, including guidance on building a portfolio, regular updates from analysts, and two new stock picks each month. The Stock Advisor service has more than tripled the return of S&P 500 since 2002*. See the 10 stocks *Stock Advisor returns as of January 22, 2024 Anders Bylund has positions in Bitcoin. The Motley Fool has positions in and recommends Bitcoin. The Motley Fool has a disclosure policy . Saylor's Sales: A Prediction of Future Bitcoin Prices? was originally published by The Motley Fool |
1,706,103,900 | 2024-01-24 13:45:00+00:00 | {"Bitcoin": [49, 207, 681, 810, 861, 913, 1035, 1060, 1250, 1414, 1462, 1556, 1730, 1808, 1864, 2011, 2040, 2190, 2262, 2318, 2392, 2434, 2700, 2843, 3102, 3188, 3243, 3424, 3522, 3850, 3941, 4038, 4074, 4113, 4197, 4295, 4338, 4494, 4975, 5032, 5111], "BTC": [66]} | {"Bitcoin": [8]} | The New Bitcoin ETFs Are a No-Brainer Way to Build Wealth, but Only If You Plan to Buy and Hold for the Long Term | https://finance.yahoo.com/news/bitcoin-etfs-no-brainer-way-134500711.html | Motley Fool | http://www.fool.com/ | It's been less than two weeks since the new spot Bitcoin (CRYPTO: BTC) exchange-traded funds (ETFs) started trading, but they already appear to be a resounding success. In fact, at least two of the new spot Bitcoin ETFs have attracted more than $1 billion in new investor money, and assets under management of these new ETFs are growing at a rapid rate. The big question, though, is whether investors fully intend to make these new ETFs part of a long-term buy-and-hold strategy. Initial data appears to indicate higher-than-expected trading volume in these ETFs, and that could be a signal that investors are moving rapidly in and out of them in response to the changing price of Bitcoin . To avoid falling into the trading trap, here are three things to keep in mind. Image source: Getty Images. 1. Focus on Bitcoin's long-term performance While the new spot Bitcoin ETFs are often described as a way of buying Bitcoin, a more precise way of thinking about them is that they are a way of gaining exposure to the price performance of Bitcoin. If the price of Bitcoin goes up by 150% (as it did last year), then your ETF should also go up by 150%. That's what makes the new ETFs so attractive to many investors -- they make it easy to gain access to Bitcoin's potentially jaw-dropping returns without any previous knowledge or experience with crypto. If you review the historical evidence, it's easy to understand Bitcoin's allure. In the decade from 2011-2021, Bitcoin was the best-performing asset in the world. And the same story was true in 2023, when Bitcoin outperformed every other asset class. Thus, while past performance is no guarantee of future performance, there's reason to think that the total return from your new Bitcoin ETF will be quite impressive a decade from now. 2. Don't overreact to Bitcoin's volatility But there's just one problem here: Bitcoin has not delivered reliable gains, year in and year out. In fact, there have been several years (including 2018 and 2022) when the price of Bitcoin absolutely cratered. Bitcoin remains a highly volatile asset, with wide price swings almost daily. So you really can't expect a nice, orderly upward march in the value of Bitcoin. Story continues And that's what has me concerned about the new Bitcoin ETFs. How will investors react to any plunge in Bitcoin's price, such as we're seeing now? In just the week after the new Bitcoin ETFs were available, the price of Bitcoin was down 12%. So what happens if the price goes down (or stays down) for a prolonged period of time? Even longtime buy-and-hold investors might start feeling a sense of buyer's remorse. If that leads to them to sell their ETFs, they could easily miss out on Bitcoin's long-term performance. Study after study has shown how hard it is to time the market consistently. Missing out on even a few days of Bitcoin's peak gains could doom your portfolio's returns to mediocrity. If you are selling every time there's a rough patch in the market, you will always be buying high and selling low, instead of buying low and selling high. 3. Minimize your cost of owning Bitcoin The new ETFs are designed to be the lowest-cost, most-efficient way of buying Bitcoin today. It's now cheaper to buy and hold a spot Bitcoin ETF for a year than it is to make a single trade on, say, Coinbase Global (NASDAQ: COIN) , the world's second-largest cryptocurrency exchange. The expense ratios of the new Bitcoin ETFs are minimal -- as low as 0.20% of the assets in the fund. So if you are trading your Bitcoin ETF, you are doing it all wrong. From a total cost of ownership perspective, all of those trading commissions and losses on bid-ask spreads are going to add up, and you will potentially be turning your low-cost asset into a high-cost asset. In the process, you will be losing out on the cost-efficient nature of the new Bitcoin ETFs. Buy and hold for the long haul Just keep in mind: The whole point of the new Bitcoin ETFs is to do all the hard work for you. For a minimal cost, you can now get exposure to Bitcoin. If you then hold onto that Bitcoin, you should be able to capture Bitcoin's long-term returns nearly 1:1. So if you are thinking about buying the new Bitcoin ETFs to build wealth, plan to buy and hold for the long haul. Should you invest $1,000 in Bitcoin right now? Before you buy stock in Bitcoin, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now... and Bitcoin wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Stock Advisor provides investors with an easy-to-follow blueprint for success, including guidance on building a portfolio, regular updates from analysts, and two new stock picks each month. The Stock Advisor service has more than tripled the return of S&P 500 since 2002*. See the 10 stocks *Stock Advisor returns as of January 22, 2024 Dominic Basulto has positions in Bitcoin. The Motley Fool has positions in and recommends Bitcoin and Coinbase Global. The Motley Fool has a disclosure policy . The New Bitcoin ETFs Are a No-Brainer Way to Build Wealth, but Only If You Plan to Buy and Hold for the Long Term was originally published by The Motley Fool |
1,706,104,482 | 2024-01-24 13:54:42+00:00 | {"Bitcoin": [91, 546, 603, 809, 1071, 1770, 1907, 2057, 2413, 2524, 2933, 3099]} | {"Bitcoin": [42]} | Fidelity and BlackRock Are Dominating the Bitcoin-ETF Flow Race | https://finance.yahoo.com/news/fidelity-blackrock-dominating-bitcoin-etf-135442345.html | Bloomberg | https://www.bloomberg.com/ | (Bloomberg) -- Less than two weeks after US regulators fired the starting gun for ten spot Bitcoin exchange-traded funds, it’s increasingly looking like a two-horse race for new assets. Most Read from Bloomberg Russia Says Ukraine Downed Plane Carrying Prisoners for Swap Trump Races Toward 2024 Biden Rematch After New Hampshire Win Apple Dials Back Car’s Self-Driving Features and Delays Launch to 2028 Billionaire Joe Lewis Pleads Guilty in Insider Trading Case Ackman Ramps Up Israel Support With Stake in Tel Aviv Bourse BlackRock’s iShares Bitcoin Trust (ticker IBIT) and the Fidelity Wise Origin Bitcoin Fund (FBTC) are leading the field with about $1.9 billion and $1.6 billion of inflows, respectively, according the latest available data compiled by Bloomberg. That’s roughly a combined 70% of spot Bitcoin ETF inflows so far. The early dominance speaks to the might of the two asset management giants’ marketing and distribution channels, which has likely helped to land the products in both institutional and retail portfolios. That bid has persisted even as Bitcoin plunged post-launch, dragging both IBIT and FBTC to double-digit losses. Their distribution muscle, combined with name recognition that smaller issuers might not enjoy, have given the pair a massive lead on the rest of the field. “BlackRock and Fidelity have both the liquidity and the brand recognition that some of the other issuers don’t have — especially when it comes to retail investors who are hesitant about investing in an emerging asset class,” said Roxanna Islam, at ETF data and analytics firm VettaFi. “It’s still early in the race, but I think the gap between BlackRock and Fidelity and the other issuers will only widen the more their volume and assets increase.” The Bitwise Bitcoin ETF (BITB) is a distant third with a $518 million haul, followed closely by a $509 million influx for Cathie Wood’s ARK 21Shares Bitcoin ETF (ARKB). While it’s a crowded field, the strong showing from the middle of the pack suggests there’s room for multiple issuers in the spot Bitcoin ETF arena, in the eyes of the ETF Store’s Nate Geraci. Story continues “It’s no small feat for an ETF in any asset class to hit $500 million, let alone a billion in assets under management,” said Geraci, president of the advisory firm. “To achieve this in a novel asset class less than two weeks after launch is highly impressive.” All of the spot Bitcoin ETFs that began trading this month have posted net inflows so far, with the exception of the Grayscale Bitcoin Trust (GBTC). While GBTC is by far the world’s largest cryptocurrency fund with $22 billion in assets, it has shed roughly $4 billion since it converted into an ETF. GBTC carries an industry-high fee of 1.5% — lower than its 2% cost prior to conversion, but still magnitudes greater than its closest competitors. Franklin Templeton’s fund has a post-waiver 0.19% expense ratio — the lowest among spot-Bitcoin ETFs — while BlackRock and Fidelity are close behind, with eventual fees of 0.25% after a waiver period. Read more: Grayscale CEO Says Track Record Justifies Bitcoin ETF Fees Over the longer-term, odds are that the likes of BlackRock and Fidelity will remain atop the leaderboard, according to Anthony Scaramucci of SkyBridge Capital. “BlackRock and Fidelity will be the two dominant names. They have the largest sales forces,” Scaramucci, founder of SkyBridge, said on Bloomberg Television this month. “The gravity of financial services are assets, and those are two of the largest players in the ETF space. So I suspect those will be the two winners.” Most Read from Bloomberg Businessweek Goldman, Lazard Look to Ex-Spies to Gain an Edge in Volatile World Stuck in a Downturn, Startups Ghost Investors It’s the Tesla Earnings Call—Time for Elon Musk Bingo Hong Kong’s High Rents Create a New Type of Cross-Border Commuter Can America’s New Union Hero Take on Elon Musk’s Tesla? ©2024 Bloomberg L.P. |
1,706,104,800 | 2024-01-24 14:00:00+00:00 | {"Bitcoin": [0, 264, 462, 483, 523, 552, 586, 614, 641, 673, 933, 1073, 1122, 1165, 1208, 1540, 1548, 1707, 2014]} | {"Bitcoin": [23]} | GBTC: The Biggest Spot Bitcoin ETF Arrives | https://finance.yahoo.com/news/most-liquid-spot-bitcoin-etf-140000229.html | etf.com | https://www.etf.com/ | Bitcoin The U.S. Securities and Exchange Commission approved ETFs that invest directly in bitcoin after the market closed on Jan. 10. And like that, the market wasted no time rolling out eight new products on Jan. 11. At $37.07 per share on Jan. 19, the Grayscale Bitcoin Trust (GBTC) had about $24 billion in assets under management. GBTC trades an average of more than 37 million shares daily and charges a 1.50% management fee. The other seven ETFs that hold Bitcoin are: Bitwise Bitcoin ETF (BITB) Fidelity Wise Origin Bitcoin Fund (FBTC) Franklin Bitcoin ETF (EZBC) Invesco Galaxy Bitcoin ETF (BTCO) Valkyrie Bitcoin Fund (BRRR) VanEck Bitcoin Trust (HODL) WisdomTree Bitcoin Fund (BTCW) While the ETFs have different expense ratios, GBTC ranks as the most liquid product. Liquidity is critical for investors and traders as it provides the tightest bid-offer spreads and the most correlation to volatile bitcoin prices. GBTC vs Bitcoin Since Jan. 11 The day-to-day percentage gains or losses for bitcoin and GBTC from Jan. 12 through Jan. 18 were as follows: Jan. 12: Bitcoin fell 0.1% lower, GBTC fell 0.7% Jan. 16: Bitcoin fell 0.9%, GBTC rose 1.0% Jan. 17: Bitcoin fell 0.1%, GBTC rose 0.6% Jan. 18: Bitcoin fell 3.5%, GBTC fell 2.9% We should never expect the same daily results from bitcoin compared to GBTC as bitcoin trades around the clock, while ETFs are only available during stock market trading hours. Over the early days of the leading spot bitcoin ETF, GBTC has done an decent job tracking the cryptocurrency. Bullish on Bitcoin Bitcoin remains in a bullish trend despite the recent pullback. After the cryptocurrency's explosive move to its late 2021 high, an implosive plunge followed. Bitcoin found a bottom in November 2022 and has made higher lows and highs throughout 2023 and into early 2024. While the trend remains bullish, the leading cryptocurrency reacted to the SEC’s approval of spot bitcoin ETFs with “buy the rumor and sell the fact” price action. Story continues Qualified Spot Bitcoin Approval SEC Chairman Gary Gensler did not throw his whole-hearted support behind bitcoin when approving the spot ETFs. The Chairman’s comments speak for itself: “While we approved the listing and trading of certain spot bitcoin [Exchange Traded Product] ETP shares today, we did not approve or endorse bitcoin. Investors should remain cautious about the myriad risks associated with bitcoin and products whose value is tied to crypto. Though we’re merit neutral, I’d note that the underlying assets in the metals ETPs have consumer and industrial uses, while in contrast, bitcoin is primarily a speculative, volatile asset that’s also used for illicit activity including ransomware, money laundering… sanction evasion and terrorist financing.” The approval was far short of any endorsement. Is GLD a Model? Many investors and traders believe bitcoin is the new gold, and the highly successful SPDR Gold Trust (GLD) is a model for GBTC and other spot bitcoin products. GLD made gold investing more accessible for a vast swath of the addressable market. Since GLD’s introduction in November 2004, gold prices have made higher lows and highs in a rally that continues in 2024. Meanwhile, the SEC’s approval comes with an element of validation. The regulation will make more market participants comfortable owning bitcoin-related assets in standard equity accounts. Heeding Chairman Gensler’s cautionary message is critical. The potential for significant rewards in bitcoin and all cryptocurrencies comes with substantial risks. The explosive and implosive price history is why investors and traders should only invest capital they’re willing to lose. While a compelling case exists for global currencies that governments do not influence, remember that the most powerful aspect of governing is the control of purse strings. Governments and central banks worldwide often control the money supply and will refrain from surrendering it to cryptocurrencies any time soon. If the market cap of the cryptocurrency asset class in jumps significantly, expect legislative bodies and leaders to increase regulation and in some cases restrict or even ban the use of cryptos. While the trend is always your best friend and remains bullish, the future remains uncertain, with as many detractors as supporters of this highly volatile asset class. Permalink | © Copyright 2024 etf.com. All rights reserved |
1,706,106,994 | 2024-01-24 14:36:34+00:00 | {"Bitcoin": [83, 915, 1139, 1761, 2740, 3778, 3848]} | {"Bitcoin": [20]} | ‘Alameda Gap’ Keeps Bitcoin Volatile Even as ETFs Boost Trading Volume | https://finance.yahoo.com/news/alameda-gap-keeps-bitcoin-volatile-143634433.html | Bloomberg | https://www.bloomberg.com/ | (Bloomberg) -- A dearth of liquidity in the digital-asset market continues to roil Bitcoin, even with the first US exchange-traded funds to hold the cryptocurrency logging billions of dollars in trading volume since their debut. Most Read from Bloomberg Russia Says Ukraine Downed Plane Carrying Prisoners for Swap Trump Races Toward 2024 Biden Rematch After New Hampshire Win Apple Dials Back Car’s Self-Driving Features and Delays Launch to 2028 Billionaire Joe Lewis Pleads Guilty in Insider Trading Case Ackman Ramps Up Israel Support With Stake in Tel Aviv Bourse The ability to easily or quickly buy and sell the digital currency hasn’t improved since the 10 funds began trading Jan. 11, traders say. Liquidity is especially important in a relatively new market such as crypto, where a single large trade can have an outsized impact on an asset price, raising the risk of manipulation. “The emergence of spot Bitcoin ETFs, while very positive for overall market sentiment, do not have any noticeable impact on overall market liquidity,” said Jordi Alexander, the Singapore-based founder of digital-asset trading firm Selini Capital. Bitcoin has whipsawed investors since the ETF launch, fluctuating as much as 12% in the first 24 hours or so around the initial trading of the funds. One reason behind the wild swings may be that liquidity is still being hampered by the market blowups of 2022. The void left from the demise of Sam Bankman-Fried’s crypto exchange FTX and its sister firm Alameda Research, which was one of the sector’s biggest market makers, still hasn’t been filled. Crypto data firm Kaiko measures liquidity by using a metric called market depth, which it calculates the quantity of bids and asks that are within 1% of the mid-price for Bitcoin’s trading pairs on exchanges. The higher the measure is, the more liquid the market, and vice versa. Without deep liquidity, the crypto market will likely continue to face more volatility, Kaiko analysts say. Story continues “The weaker a market’s depth, the easier it is for large market orders to move the price, which negatively impacts traders,” wrote Clara Medalie, head of growth at Kaiko, in a note. Kaiko dubbed the decline in liquidity the “Alameda Gap” in 2022. In addition to Alameda, other top market-making firms such as Jane Street Group and Jump Crypto have pulled back from trading crypto, as Bloomberg reported last year. “While liquidity has been better in the last three months, we don’t expect a return to the deep books of last cycle in altcoins, as that was primarily driven by loss-making desks at Alameda and other centralized exchange trading desks trying to boost attention and volumes,” Alexander said. Despite the billions of dollars worth of Bitcoin that was purchased and sold for the ETFs, Alexander said that most of that activity was happening through large over-the-counter desks, which doesn’t help bolster overall liquidity or market depth. ‘With large market makers having left the space over 2022-2023, a number of smaller shops have stepped in to take their place,” said Darius Tabatabai, co-founder of decentralized exchange Vertex Protocol. “That has meant that liquidity during low volatility regimes has once again improved, the absence of those with larger balance sheets is still felt when volatility hits and can lead to large, often violent liquidations as few market makers are happy to take large risk onto their books.” The ETFs have seen more than $20 billion in trading volume since they were launched, making them among the most successful introductions of exchange-traded products, according to data compiled by Bloomberg Intelligence. Still, the trading volume is in the equity shares and not all the transactions result in the creation or redemption of Bitcoin. To complicate the situation, the conversion of the Grayscale Bitcoin Trust to an ETF has led to around $4 billion in redemptions from the former trust. GBTC shares often traded at a discount to the value of the underlying assets. “People probably got a little overzealous front running the ETF flows and there was some portion of GBTC holders that were not hedged, that were waiting for the discount to go away to sell it,” Spencer Hallarn, global head of over-the-counter trading at crypto investment firm GSR. Most Read from Bloomberg Businessweek Goldman, Lazard Look to Ex-Spies to Gain an Edge in Volatile World Stuck in a Downturn, Startups Ghost Investors It’s the Tesla Earnings Call—Time for Elon Musk Bingo Hong Kong’s High Rents Create a New Type of Cross-Border Commuter Can America’s New Union Hero Take on Elon Musk’s Tesla? ©2024 Bloomberg L.P. |
1,706,127,060 | 2024-01-24 20:11:00+00:00 | {"Bitcoin": [164, 1842, 2494, 2627, 2775, 3240, 3272, 3430, 3577, 4004, 5526, 5575, 5925, 6500, 6519, 7312]} | {} | Are cryptocurrency rewards credit cards a good idea? | https://finance.yahoo.com/news/cryptocurrency-rewards-credit-cards-good-110041071.html | Bankrate | https://www.bankrate.com | Key takeaways Crypto rewards cards offer a newer addition to the rewards currencies that include points, miles and cash back: rewards that automatically convert to Bitcoin, Ethereum and other cryptocurrencies. Unlike the rewards of a traditional credit card, the value of your crypto rewards has the potential to rise in value as coin values increase… or decrease, if the trend of plummeting coin values since the heyday of crypto continues. Though these cards are a low-risk way to build crypto coins, you could be better off with a traditional card that earns you more lucrative cash back — and then invest that cash into crypto, if you like. Credit card rewards historically fall under three types of rewards currencies — points, miles or cash back . But cryptocurrency is now a rewards currency, too, thanks to the launch of several rewards credit cards since 2021’s crypto heyday. The rewards process for these cards is fairly simple and works similarly to a traditional cash back program. With most crypto cards, you earn a percentage of your purchases back in U.S. dollars, which you can then use to buy or add to your crypto stash, usually automatically. The initial appeal of crypto credit cards was the “high risk, high rewards” aspect of crypto investing. For example, cardholders in the midst of the crypto frenzy believed they could earn cash back with a crypto credit card, move their rewards into an active digital currency, and then grow their rewards haul exponentially as the value of their crypto exploded. But crypto winters since have resulted in the plummeting value of many cryptocurrencies, with prices for even the most popular coins down considerably from all-time highs. The price of a single bitcoin, for example, surged to $64,400 in November 2021 and stands at less than $40,000 as of January 2024. Same for the Bitcoin competitor Ethereum, which reached a high of $4,811.70 in November 2021 and now holds less than half that value today. Story continues The case for crypto rewards cards Of course, that’s not what people who opt for crypto credit cards hope for. The benefit of crypto credit cards is that, unlike other types of rewards currencies, the value of crypto has the potential to increase. Not only that, but people who are interested in investing in crypto but don’t have the cash to do so can begin building their digital assets by using their card for regular spending and bills. While the card is no longer available to new applicants, the Upgrade Bitcoin Rewards Visa® Credit Card was an early crypto rewards card that earned cardholders 1.5 percent cash back, which converted to Bitcoin as they paid off their purchases. It meant you could use the card for $1,000 in spending and bills, pay off your balance off and get $15 in Bitcoin deposited into your card’s rewards account. This card didn’t charge an annual fee either, and interest charges didn’t apply because you never carried a balance from one month to the next. Imagine you got this card and used it for $2,000 a month in regular spending and bills over the course of a year. If you paid off the entire $24,000 in balances with each billing statement and never carried debt from one month to the next, you might have earned $30 in Bitcoin each month — or $360 in Bitcoin over the 12 months. With a regular rewards card , that $360 in cash back wouldn’t have had the potential to grow in value. But let’s say the value of Bitcoin increased 20 percent over the year you had the Upgrade card. In that case, your $360 rewards haul could be worth $432. And if the value of Bitcoin increased 50 percent, your rewards value could be $540. That’s the appeal of crypto rewards cards. The other side of the crypto coin Of course, with all that’s happened in the crypto world over the last few years, among the downsides of crypto credit cards is the value of your cryptocurrency could also decrease dramatically, causing your rewards value to drop right along with it. If you were able to earn rewards in Bitcoin at the time but didn’t spend them, for example, your rewards could be worth less than half of their original value. Of course, the idea of investing credit card rewards to help them grow isn’t new — cards that automatically invest your cash back in the stock market have existed for years. Fidelity, for example, launched a credit card in 2016 that offers unlimited 2 percent cash back when deposited into an eligible Fidelity account, like a brokerage account or an IRA. — Ted Rossman, Bankrate Senior Credit Card Industry Analyst There’s also a reason to be leery of platform-specific cryptocurrency credit cards, since they don’t really do anything for you that you can’t do yourself. For example, you could instead opt for a cash back credit card with the highest possible rate, then redeem your rewards for cash back and use the funds to buy cryptocurrency yourself. In that case, you could use any platform you wanted to buy your crypto, or you could even store it using a cold wallet that keeps your information and private crypto keys off the web. And either way, you just can’t beat the versatility of a traditional cash back card. For some, the ability to spend cash back on anything — whether that’s crypto, a grocery store trip or a splurge purchase — is better than being locked into crypto, even if that means manually investing your earnings and paying the typical USD-to-cryptocurrency conversion fees. How much can you earn with a crypto rewards card? We mentioned how the now-unavailable Upgrade Bitcoin Rewards Visa offered 1.5 percent back in Bitcoin as you paid your purchases off with no annual fee. However, there are other crypto credit cards to consider. For example, the Gemini Credit Card® lets you earn 3 percent back on dining, 2 percent back on groceries and 1 percent back on all other purchases. There’s no annual fee for the Gemini Credit Card, and you can opt to earn rewards in Bitcoin, Ethereum or any other cryptocurrencies currently available on the Gemini platform. Then there’s the Venmo Credit Card , which offers 3 percent back in your top eligible spending category, 2 percent back in the next top spending category and 1 percent back on other purchases. The eight flexible spending categories that qualify for bonus rewards include bills and utilities, dining and nightlife, entertainment, gas, grocery purchases, health and beauty, transportation and travel. The Venmo Credit Card doesn’t have an annual fee, and rewards can be converted into Bitcoin, Ethereum, Bitcoin Cash or Litecoin. The bottom line Only you can decide if a crypto credit card is a good idea, but you should compare the top crypto cards to regular cash back credit cards before you make a decision. Instead of getting a crypto-specific card, you could always sign up for a cash back card that earns a flat 2 percent back with no annual fee, then invest your rewards into any cryptocurrency you want with a platform of your choosing. Also, know that the jury is out on whether crypto is on the rise or doomed to fail in the long run. Whether you should invest in crypto is a larger conversation, but if you are optimistic about crypto’s future — or even just crypto curious — these rewards cards offer a fairly low-risk way to get some skin in the game. *Information about the Upgrade Bitcoin Rewards Visa® Credit Card, Gemini Credit Card® and Venmo Credit Card has been collected independently by Bankrate. Card details have not been reviewed or approved by the card issuer. |
1,706,132,838 | 2024-01-24 21:47:18+00:00 | {"Bitcoin": [3386]} | {} | Nasdaq 100 Gains for Fifth Day; Treasuries Decline: Markets Wrap | https://finance.yahoo.com/news/china-rescue-buoy-asia-stocks-225502945.html | Bloomberg | https://www.bloomberg.com/ | (Bloomberg) -- US stock indexes ended Wednesday off session highs, after earnings-related optimism fueled by Netflix Inc. moderated and traders tempered their expectations for Tesla Inc.s quarterly figures. The electric-vehicle maker reported disappointing results after the market closed, sending its shares lower in after-hours trading. Most Read from Bloomberg Musk Fails to Convince Tesla Investors to Overlook Slowdown Boeing Growth Plans Set Back as Regulator Blocks Higher Output Russia Says Ukraine Downed Plane Carrying Prisoners for Swap How Yemens Houthi Attacks Are Hurting the Global Supply Chain The S&P 500 finished the day little changed while the tech-heavy Nasdaq 100 jumped 0.5%. US Treasury yields rose, with the 30-year rate climbing to its highest level so far this year. The Bloomberg Dollar Spot Index trimmed earlier declines. Among corporate results reported after the closing bell, Tesla expects slower growth this year and International Business Machines Corp. anticipates strong free cash flow in 2024. Investors are now bracing for a slew of US economic data including gross domestic product set to release on Thursday. Theyre continuing to mull when the Federal Reserve will cut interest rates. Frankly, everything depends on the incoming data now and there are a lot of potentially significant releases over the next few weeks that could swing the odds of a March rate cut in either direction, Paul Ashworth, chief North America economist at Capital Economics, wrote. We still think the Fed will lower rates by 25 basis points at that upcoming meeting. US data that released earlier on Wednesday showing business activity expanded in January by the most in seven months bodes well for stocks, according to Renaissance Macros Neil Dutta. Growth is up and inflation is down. The former puts a ceiling on how many cuts the Federal Reserve will do while the latter means the Fed still ends up cutting, he said. Very good scenario for equity markets. Story continues Read: Hedge Fund Stars Who Got China Wrong Are Paying a Big Price Earlier, Bank of Canada held its key interest rate at 5%, as expected, and signaled its done hiking. Also on the roster this week is European Central Banks policy meeting on Thursday. Euro-area bond yields slipped earlier after data showed business activity contracted in January for the eighth month. Elsewhere, industrial metals prices received a boost after China signaled plans to stimulate its economy by cutting the reserve requirement ratio for banks. The move should allow Chinese banks to step up lending and their purchases of government bonds. The news also supported Brent crude around $80 a barrel. Key events this week: Eurozone ECB rate decision, Thursday Germany IFO business climate, Thursday US GDP, initial jobless claims, durable goods, wholesale inventories, new home sales, Thursday Japan Tokyo CPI, Friday US personal income & spending, Friday Bank of Japan issues minutes of policy meeting, Friday Some of the main moves in markets: Stocks The S&P 500 was little changed as of 4 p.m. New York time The Nasdaq 100 rose 0.5% The Dow Jones Industrial Average fell 0.3% The MSCI World index rose 0.1% Currencies The Bloomberg Dollar Spot Index fell 0.2% The euro rose 0.2% to $1.0880 The British pound rose 0.2% to $1.2717 The Japanese yen rose 0.5% to 147.62 per dollar Cryptocurrencies Bitcoin rose 0.7% to $39,485.13 Ether fell 0.1% to $2,199.39 Bonds The yield on 10-year Treasuries advanced five basis points to 4.17% Germanys 10-year yield declined one basis point to 2.34% Britains 10-year yield advanced two basis points to 4.01% Commodities West Texas Intermediate crude rose 1.3% to $75.35 a barrel Spot gold fell 0.8% to $2,012.42 an ounce This story was produced with the assistance of Bloomberg Automation. --With assistance from John Viljoen, Cristin Flanagan, Julien Ponthus, Sujata Rao, Felice Maranz and Isabelle Lee. Most Read from Bloomberg Businessweek Goldman, Lazard Look to Ex-Spies to Gain an Edge in Volatile World How the Wests Favorite Autocrat Engineered Africas Most Dramatic Turnaround Stuck in a Downturn, Startups Ghost Investors Its the Tesla Earnings CallTime for Elon Musk Bingo Can Americas New Union Hero Take on Elon Musks Tesla? ©2024 Bloomberg L.P. |
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