Datasets:

EdaZ

/

bitcoin_news

like 3

2024-01-12 12:06:00+00:00

{"Bitcoin": [636, 747, 1171, 1273, 1794, 2100, 2116, 2571, 2726, 3039, 3186, 3676, 3818, 4677]}

{}

3 Crypto Investments That Dwarfed Shiba Inu in 2023

https://finance.yahoo.com/news/3-crypto-investments-dwarfed-shiba-120600114.html

Motley Fool

http://www.fool.com/

Shiba Inu (CRYPTO: SHIB) is a popular meme coin for crypto investors. And it had a good year in 2023, with its value rising by just under 38%. But that pales in comparison to some of the returns crypto stocks generated for investors last year. Coinbase Global (NASDAQ: COIN) , Bitfarms (NASDAQ: BITF) , and Marathon Digital (NASDAQ: MARA) all more than quadrupled in value in 2023. Here's why investing in these stocks may be a better option for crypto investors than betting on Shiba Inu. 1. Coinbase Global Coinbase Global runs a top cryptocurrency platform that makes it easy for people to buy and trade digital currencies. And with Bitcoin surging in value in recent months and interest high thanks to excitement relating to the approval of a Bitcoin spot exchange-traded fund, there could be an uptick in trading this year. In its most recent quarter (ended Sept. 30, 2023), Coinbase reported revenue of $674 million, which rose by 14% year over year. And the company's net loss for the period also shrank to just under $2.3 million from nearly $545 million in the prior-year period. Last year, shares of Coinbase jumped by 335%, thanks in large part to the rise of Bitcoin during the latter part of 2023. The company could do well not only from the continued rise of Bitcoin but as it expands its operations. Recently, Coinbase announced plans to acquire a company that would give it a presence in the crypto derivative market in the E.U., which may drive even more growth for the business. Coinbase is unprofitable but it's getting close to breakeven. And with more growth on the horizon, it's a much safer investment option than Shiba Inu. For crypto investors willing to take on some risk, Coinbase could be a good buy. 2. Bitfarms A crypto stock with even greater gains last year was Bitcoin mining company Bitfarms. Its shares rose by an incredible 518%. The Canadian-based company has been investing into improving its production capacity and its exahash rate (EH) has increased 44% year over year, to 6.5 EH/s. A higher EH/s rate means a higher likelihood that it will successfully mine Bitcoin. With a Bitcoin halving event likely taking place this year, which will cut the mining rewards in half, it becomes much more imperative for mining companies to improve on their efficiency. Bitfarms is aiming to get its EH/s rate up to 12 by the second quarter of 2024, and potentially as high as 17 before the end of the year. Over the past four quarters, Bitfarms has incurred a net loss of $64 million. While the stock has the potential to do well this year if Bitcoin continues rising in value, investors should be careful with the crypto stock . It could be a volatile investment, as it will depend heavily on how Bitcoin performs. Story continues If you don't have a high risk tolerance, you may want to keep Bitfarms on your watch list rather than in your portfolio. 3. Marathon Digital Marathon Digital's stock was up a whopping 605% last year, proving to be one of the hottest crypto stocks on the markets in 2023. Another Bitcoin mining company, Marathon is in much better shape than Bitfarms. Marathon Digital recently entered into an agreement to acquire a couple of Bitcoin mining sites for $179 million, which will increase its mining capacity by 56%. Over the next two years, it believes it can get to a rate of 50 EH/s. The deal will also increase its baseline revenue for 2024 by 50%. What's also impressive is that Marathon won't require any debt or need to issue stock to help fund the acquisition, either. Like the other stocks on this list, Marathon isn't profitable -- its net loss over the past four quarters totals $269 million. If the price of Bitcoin soars this year, Marathon Digital's stock could be a big winner. While it's another risky investment, it could be the most attractive Bitcoin mining stock given its growth potential. 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 8, 2024 David Jagielski has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Bitcoin and Coinbase Global. The Motley Fool has a disclosure policy . 3 Crypto Investments That Dwarfed Shiba Inu in 2023 was originally published by The Motley Fool View comments

2024-01-12 12:30:00+00:00

{"Bitcoin": [505, 1700, 2161, 2201, 2323, 2590, 2796, 2908, 3411, 3700, 3773, 3816, 3972, 4464, 4521], "BTC": [522]}

{}

Forget Shiba Inu, This Cryptocurrency Is Poised for an Incredible Run

https://finance.yahoo.com/news/forget-shiba-inu-cryptocurrency-poised-123000963.html

Motley Fool

http://www.fool.com/

Perhaps no cryptocurrency has rewarded investors more in the past few years than Shiba Inu (CRYPTO: SHIB) . Although this dog-inspired token currently sits 89% below its all-time high price from October 2021, it has still skyrocketed nearly 12,000,000% since its introduction in August 2020. Perhaps some investors are ready to buy the dip in hopes of monster gains. But I believe this would be a costly mistake. In fact, Shiba Inu is a cryptocurrency that is best avoided. Instead, take a closer look at Bitcoin (CRYPTO: BTC) . The world's top digital asset is poised for an incredible run. Shiba Inu is extremely speculative Shiba Inu is a blockchain network that's built on top of Ethereum , making it compatible with a wide range of decentralized applications and cryptocurrency wallets. The issue, though, is that Shiba Inu lacks any sort of competitive edge against the tens of thousands of tokens out there. It doesn't even crack the top 100 cryptos in terms of the number of developers working on it, which doesn't bode well for its future to boost utility and adoption. To its credit, Shiba Inu has attracted a fervent community of supporters, which helps explain why its market cap is $6 billion, making it the 16th most valuable crypto in the world. Having strong supporters is important and adds value, but it's not something investors should be parking their hard-earned savings behind. What happens if the hype surrounding Shiba Inu starts to dissipate? There's no way of predicting this ahead of time. And it adds lots of risk to the equation. Things could already be heading in the wrong direction. In 2023, Shiba Inu's token rose about 30% in value. This significantly lagged behind Bitcoin's gain of more than 150% or Ethereum's rise of more than 90%. And it was a worse performance than even the Nasdaq Composite index . In what was a raging bull market for risky assets, the fact that Shiba Inu trailed in returns might indicate that investor enthusiasm might be down for good. Those who want to add Shiba Inu to their portfolios should understand that this endeavor is more akin to gambling than true investing. And this should be avoided. Bitcoin has unreal potential Even after Bitcoin's huge gain last year, it's poised for another run not only in 2024, but over the long term. The approval of spot Bitcoin exchange-traded funds will help to make this a legitimate financial asset and open up the floodgates of fresh institutional capital to the mix. Higher demand supports a higher price. The next halving, scheduled to take place in April, will reduce the rate of Bitcoin's supply growth by 50%. Historically, this has been an extremely bullish development. Several months after a halving, the crypto has typically reached new all-time highs. Story continues What makes Bitcoin truly special, however, is that it's a decentralized asset that no single entity controls. Furthermore, Bitcoin will be absolutely finite because there will only ever be 21 million coins in circulation. Some view this as a huge improvement compared to the current financial system. Central banks around the world have devalued fiat currencies throughout history, printing money and adjusting interest rates with no end in sight, causing uncertainty when it comes to inflation and economic activity. The public debt burden of $34 trillion in the U.S., which will only keep expanding, demonstrates the issue. Bitcoin is the steady, indifferent solution to this. In other words, it can be viewed as a hedge against financial catastrophe. Investors looking for a safer cryptocurrency to buy, one that solves a serious problem in the world and that has huge upside over the long term, should consider Bitcoin over the more speculative Shiba Inu. 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 8, 2024 Neil Patel and his clients have positions in Bitcoin. The Motley Fool has positions in and recommends Bitcoin and Ethereum. The Motley Fool has a disclosure policy . Forget Shiba Inu, This Cryptocurrency Is Poised for an Incredible Run was originally published by The Motley Fool View comments

2024-01-12 12:32:00+00:00

{"Bitcoin": [140, 2476]}

{}

Ethereum Price Predictions for 2024: Comprehensive Insights with MEXC Research

https://finance.yahoo.com/news/ethereum-price-predictions-2024-comprehensive-123200028.html

GlobeNewswire

https://www.globenewswire.com/

MEXC Singapore , Jan. 12, 2024 (GLOBE NEWSWIRE) -- The cryptocurrency market is buzzing with excitement, especially after the approval of a Bitcoin ETF. This development has significantly sparked interest in Ethereum-based tokens, leading to a notable surge in their value. Ethereum's price, in particular, has reached its highest point since May 2022. Investors are optimistic about the possibility of an Ethereum (ETH) ETF receiving SEC approval, contributing to this upward trend. Adding to enthusiasm, Vitalik Buterin's recent proposal to increase Ethereum's gas limit further fueled the surge, with Ethereum's price surpassing the $2,600 mark for the first time since May 2022. This has set a promising stage for Ethereum price climbing towards the $3,000 milestone. Technical analysis using Bollinger Bands on the daily timeframe supports this bullish perspective. Ethereum is currently trading at $2,655, having moved above the upper Bollinger Band at $2,539, indicating a shift to bullish market momentum. To reinforce the prediction of Ethereum reaching $3,000, a significant challenge must be overcome: breaking through the psychological resistance around $2,800. Successfully navigating past this point could pave the way for Ethereum to hit the anticipated $3,000 mark. MEXC Research's collection of market insights reveals substantial growth in Ethereum markets, driven by strong buying interest. This trend suggests a possible broader upward trajectory in the cryptocurrency market, with Ethereum poised to benefit significantly from this momentum. Renowned experts have weighed in with their predictions for Ethereum's price in 2024: • Anthony Sano's Optimistic Forecast: Predicting Ethereum to reach an impressive $10,000 by 2024, Sano emphasizes Ethereum's unique staking feature and the likelihood of an Ethereum ETF introduction, which he believes will attract institutional investors. • Rekt Capital's Analysis: Suggesting a 22% increase, Rekt Capital believes Ethereum could surpass $2,600 if it maintains firm support at $2,274. • FieryTrading's Bullish Trend Prediction: Ethereum has maintained a bullish trend for over 1.5 years, according to FieryTrading, with the potential to reach $5,000 by late 2024 or early 2025. • Nikolaos Panigirtzoglou's Long-term View: The JPMorgan Managing Director highlights Ethereum's potential, especially with the "Protodanksharding" upgrade, projecting a price towards $8,000 by 2026 and possible outperformance over Bitcoin in 2024. • Michaël van de Poppe's Forecast: Anticipating a correction to around $1,900, followed by a rise to $3,400-$3,800 in early 2024. • Credible Crypto's Ambitious Predictions: Predicting ETH could reach a minimum of $10,000 and possibly soar to $20,000 in 2024, representing a substantial increase from its current value. Story continues Supporting these optimistic forecasts, data from Santiment Information indicates a significant increase in Ethereum accumulation by top holders. The top 150 self-custody wallets now hold a record-breaking 56.25 million ETH, demonstrating considerable confidence in Ethereum's future. In conclusion, Ethereum's price predictions for 2024, as compiled by MEXC Research, range from a conservative estimate of $6,000 to a striking $10,000, heavily influenced by market sentiment and the anticipated introduction of an Ethereum ETF. Disclaimer: The information provided in this press release is not a solicitation for investment, or intended as investment advice, financial advice, or trading advice. It is strongly recommended that you practice due diligence (including consultation with a professional financial advisor) before investing in or trading securities and cryptocurrency. CONTACT: Isabella Kensington MEXC marketing at mexc.com

2024-01-12 13:00:00+00:00

{"Bitcoin": [419, 615, 680, 728, 818, 1071, 1136, 1353, 1450, 1607, 1668, 1704, 1743, 1800, 2475, 2631, 3089, 3400, 3614, 3827, 3870, 3969, 4008, 4023, 4091, 4225, 4297, 4334, 4377, 4533, 5013, 5070], "BTC": [436]}

{}

1 Cryptocurrency To Buy Before It Soars, According to This Billionaire

https://finance.yahoo.com/news/1-cryptocurrency-buy-soars-according-130000018.html

Motley Fool

http://www.fool.com/

One of the smartest minds in the crypto industry is billionaire Mike Novogratz, the CEO of cryptocurrency investment firm Galaxy Digital Holdings (TSX: GLXY) . As a former hedge fund manager and partner at Goldman Sachs Group (NYSE: GS) , Novogratz is particularly talented at bringing insights from Wall Street and traditional finance to the Wild West world of crypto. And right now, Novogratz is extremely bullish on Bitcoin (CRYPTO: BTC) , which he thinks could soar in the years ahead. That's based on two fundamental insights into how the traditional financial markets work. Let's take a closer look. The spot Bitcoin ETF According to Novogratz, the SEC's approval of a spot Bitcoin ETF investment product will be huge for Bitcoin's future prospects. In fact, at the end of December, he told CNBC that he thought Bitcoin could eventually go parabolic. Image source: Getty Images. If institutional investors and wealth managers decide to allocate just a small percentage (even as low as 1%) of their assets under management to crypto, that could push up the price of Bitcoin significantly. It's really just basic supply and demand. Bitcoin has a lifetime supply that is capped at 21 million coins, so an influx of new demand from Wall Street will likely have a huge impact. In fact, says Novogratz, there could be a "supply crunch," and that's when Bitcoin could truly go parabolic. Of course, it remains to be seen if the impact of the new spot Bitcoin ETFs is going to be as great as some people think. For example, some investors think that there will simply be a reshuffling of money out of current Bitcoin-related financial instruments (such as futures-based Bitcoin ETFs) and into the new spot Bitcoin ETFs. If that's the case, then Bitcoin's future upside potential might be more limited. Bitcoin vs. the U.S. economy And then there's the matter of the U.S. economy, which is saddled with an enormous debt load and annual budget deficits that seem to get wider with every passing year. Over the winter holidays, one of the big economic stories was the U.S. national debt ballooning to an all-time high of $34 trillion. On top of that, there's the risk that the Federal Reserve can't engineer a "soft landing" for the U.S. economy. If that's the case, then slow growth and high inflation could become a fact of life for the foreseeable future. That's terrible news for the U.S. economy, of course, but it could be bullish for crypto, says Novogratz. That's because Bitcoin and other cryptocurrencies were originally created as an alternative to the fiat currency system. In fact, written into the very first block of the Bitcoin blockchain is a cryptic message about trusting too much in the traditional financial system: "The Times 03/Jan/2009 Chancellor on brink of second bailout for banks." (The message referenced a newspaper article about the British government's failure to stimulate the economy during the 2007-08 financial crisis.) Story continues From this perspective, the current state of the U.S. economy is, in many ways, a vindication of the ideas of the original Bitcoin pioneers. Thus, while it might sound counterintuitive at first, what's bad for the U.S. economy might actually be good for crypto. Taking a big-picture view, that narrative could lead to investors moving their money out of fiat and into crypto. They will trust less in the U.S. dollar and trust more in Bitcoin. That's essentially the message that Novogratz told CNBC listeners in December, so this is a narrative that is obviously gaining a lot more mainstream traction than you might think. Before you go all-in on Bitcoin Just keep in mind that billionaire Mike Novogratz runs a cryptocurrency investment firm and that a substantial part of his net worth is tied up in crypto. So he's obviously going to have a bullish take on Bitcoin. Before you decide to go all-in on Bitcoin, you should decide for yourself whether his arguments make sense. As for me, he had me at "Bitcoin ETF." I'm long-term bullish on Bitcoin. While Bitcoin might not go parabolic, it seems very likely right now that Bitcoin could soon test its all-time high of nearly $68,000 in November 2021. For me, the question is not whether or not to invest in Bitcoin but, rather, just how much of my portfolio I should allocate to Bitcoin. 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 8, 2024 Dominic Basulto has positions in Bitcoin. The Motley Fool has positions in and recommends Bitcoin and Goldman Sachs Group. The Motley Fool has a disclosure policy . 1 Cryptocurrency To Buy Before It Soars, According to This Billionaire was originally published by The Motley Fool View comments

2024-01-12 13:00:00+00:00

{"Bitcoin": [396, 436, 471, 499, 534, 565, 593, 624, 665, 696, 728, 1101, 1894, 1916, 2095, 2256, 2374, 2698, 3471, 3580, 3662, 3928, 4022, 4203]}

{"Bitcoin": [10]}

SEC Okays Bitcoin ETFs: Rally Already Priced-In Or More in Cards?

https://finance.yahoo.com/news/sec-okays-bitcoin-etfs-rally-130000876.html

Zacks

http://www.zacks.com/

The U.S. Securities and Exchange Commission (SEC) recently approved 11 applications for spot bitcoin ETFs (Exchange-Traded Funds), a landmark decision that could significantly impact the cryptocurrency industry. This move marks a significant shift in the SEC's approach towards cryptocurrencies, particularly bitcoin. The approved ETFs are products from major financial players such as Grayscale Bitcoin Trust GBTC, BlackRock’s iShares Bitcoin Trust (IBIT), ARK 21Shares Bitcoin ETF (ARKB), Bitwise Bitcoin ETF (BITB), Invesco Galaxy Bitcoin ETF (BTCO), WisdomTree Bitcoin Fund (BTCW), VanEck Bitcoin Trust (HODL), Franklin Bitcoin ETF (EZBC), Fidelity Wise Origin Bitcoin Trust (FBTC), Valkyrie Bitcoin Fund (BRRR) and Hashdex Bitcoin ETF (DEFI). These began trading on Thursday, leading to fierce competition for market share. These approvals come after a long history of rejections by the SEC due to concerns about market manipulation and the speculative nature of cryptocurrencies. In fact, over the years, the SEC had denied more than 30 similar applications. Jan 11, 2024 was a historic day for Bitcoin as the cryptocurrency at one point on Thursday surged past $49,000 to levels last seen in 2021 before falling back to $46,075 as of 9:30 p.m. in New York. Did BlackRock’s Filing Paint the Rosy Picture? A major turning point occurred last year when the largest money manager, BlackRock, filed for a spot bitcoin ETF. This event, along with a legal victory by Grayscale Investments over the SEC, led the SEC to change its stance. What Lies Ahead? The approval of these ETFs is seen as a potential pivotal moment for the crypto industry, possibly opening doors for increased institutional investment, adoption and consumer participation in bitcoin. It's expected that these ETFs will make it easier for investors to gain exposure to bitcoin without directly owning the asset. How Far Can Bitcoin Go from Here? Bitcoin has surged massively in the past year. But can it surge from here or the potential price gain from a SEC approval is already baked in? Story continues The predictions for Bitcoin's price in 2024 vary widely among experts and analytical models. Elliott Wave Charting Prediction : According to BitQuant, as reported by Cointelegraph, Bitcoin's price could potentially reach $250,000, following a pattern of previous cycles and post-having in 2024. The Bitcoin halving event is scheduled for April 2024. This event, which happens approximately every four years, reduces the reward that miners receive for verifying transactions and adding new blocks to the blockchain. Standard Chartered & Nexo’s Forecast : Reuters mentioned that in Jul 2023 Standard Chartered has raised its Bitcoin forecast for 2024 to $120,000, marking a significant bullish stance. Antoni Trenchev, a noted bitcoin bull and co-founder of Nexo, a cryptocurrency exchange, believes bitcoin could hit $100,000 in 2024. BitMiing Projections : Youwei Yang, chief economist of crypto mining firm Bit Mining, believes that bitcoin could reach a high of $75,000 by 2024, as quoted on CNBC. CoinShares Projections : James Butterfill, head of research at CoinShares, said the investing environment  for digital assets is set for “significant change” in 2024, thanks to a SECapproval, as quoted on CNBC. CoinShares’ target is $80,000. Predictions by Financial Analysts : In Aug 2023, Financial experts like Robert Kiyosaki and Blockstream CEO Adam Back, as mentioned by Coinpedia, predict Bitcoin to reach $120,000 and over $100,000 respectively in 2024. Bottom Line If you think those targets for Bitcoin or cryptocurrencies are lofty enough, you can consider this simple logic: Bitcoin and cryptocurrencies are often viewed as risky assets. With the Federal Reserve potentially halting its rate hike campaign or cutting rates this year, risk-on sentiments could gain momentum. Most analysts believe that there is a positive correlation between Bitcoin and other financial markets, like the Euro and Nasdaq, suggesting a bullish trend for Bitcoin in 2024. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Grayscale Bitcoin Trust (GBTC): ETF Research Reports To read this article on Zacks.com click here. Zacks Investment Research

2024-01-12 13:05:33+00:00

{"Bitcoin": [391, 710], "BTC": [145]}

{}

BlackRock CEO Larry Fink Backs Ether ETF

https://finance.yahoo.com/news/blackrock-ceo-larry-fink-backs-130533613.html

CoinDesk

https://www.coindesk.com

Larry Fink, the CEO of BlackRock (BLK), backed the notion of an ether [ETH] exchange-traded fund (ETF) a day after the much-anticipated bitcoin [BTC] ETF went live. "I see value in having an Ethereum ETF,” Fink said in an interview with CNBC on Friday . "These are just stepping stones towards tokenization and I really do believe this is where we're going to be going." BlackRock’s iShares Bitcoin Trust (IBIT) was one of the several such products to make its trading debut in the U.S. on Thursday after the Securities and Exchange Commission's (SEC) approved the funds on Wednesday. IBIT accounted for roughly $1 billion of the total $4.6 billion of trading volume that the ETFs collectively saw. Read more: Bitcoin ETF Debut Serves as a Lesson for Ether ETF Speculators The asset management giant may now be looking to list an equivalent product for the native token of the Ethereum blockchain as part of its ongoing journey toward tokenization. Tokenization is the term for representing assets (real word or digital) in the form of a token on the blockchain. Fink believes tokenization can eliminate matters related to money laundering and other corruption. Fink also said he did not see cryptocurrency as a currency but as an asset class, referring specifically to bitcoin as “an asset class that protects you” against fears of geopolitical risk. "It’s no different than what gold represented over thousands of years,” he said. "Unlike gold, we’re almost at the ceiling of the amount of bitcoin that can be created.” View comments

2024-01-12 14:46:04+00:00

{"Bitcoin": [5269]}

{}

Magnificent Seven Stocks to Give Way to Magnificent Many in 2024

https://finance.yahoo.com/news/magnificent-seven-stocks-way-magnificent-114310501.html

Bloomberg

https://www.bloomberg.com/

(Bloomberg) -- If 2023 was all about the Magnificent Seven on Wall Street, this year is poised to usher in a broader array of winners. Most Read from Bloomberg Citi to Cut 20,000 Roles in Fraser’s Bid to Boost Returns Large Backers of Private Equity Are Asking For Their Money Back Iran Wins With US Airstrikes on Houthis in Yemen BlackRock Buys Infrastructure Firm GIP for $12.5 Billion in Major Alternatives Push Google Lays Off Hundreds in Hardware, Assistant, Engineering That’s the consensus among investors, with smaller and more diverse companies seen to offer twice the return potential of the broader Nasdaq 100 index, according to data compiled by Bloomberg. With traders betting on a soft landing and Federal Reserve interest rate cuts, riskier small-cap and unprofitable firms are seen as more attractive. That’s after a year in which Apple Inc., Microsoft Corp., Amazon.com Inc., Alphabet Inc., Nvidia Corp, Meta Platforms Inc., and Tesla Inc. were a go-to trade: regardless of market conditions, they offered both offensive and defensive characteristics. Last year, “if you didn’t own the top seven or eight stocks, you weren’t able to participate in most of the returns. Investors should be cautious about assuming that’s the way it will be in 2024 as well,” said James Demmert, founder and chief investment officer at Main Street Research. The megacap effect on last year’s returns is difficult to overstate. The Bloomberg Magnificent 7 Price Return Index more than doubled in 2023, contributing to a gain of 54% for the Nasdaq 100 Index. An equal-weighted version of that index, however, gained less than 33%, while an index of small-cap tech rose less than 21%. The Nasdaq 100 Index rose 0.2% on Friday, while the Magnificent 7 index fell 0.4%. The small-cap tech index gained 1.1%. Friday’s action is the latest sign of how this trade is reversing. Both small- and mid-cap tech sector indexes have kept pace since the end of October, and measured as a ratio against its equal-weighted counterpart, the Nasdaq 100 peaked in November and has subsequently dropped. Improvement in equal-weighted indexes is seen as a bullish signal. Story continues Based on the average analyst price target, Wall Street sees a return potential of about 13% for small-cap tech, according to data compiled by Bloomberg. For the overall Nasdaq 100, it is less than 7%. In a measure of how short-term market breadth has been improving, roughly 80% of Nasdaq 100 components are above their 50-day moving averages, compared with an October low below 13%, while 80% are above their 200-day averages, double a recent low. The shift largely coincides with changing views over Fed policy and more favorable bond market conditions. The yield on the 10-Year Treasury is down from its October peak to below 4%. Higher rates raise the cost of financing and hurt the present value of earnings expected in the future, and tend to act as an outsized headwind on smaller and higher-valuation stocks. “Such stocks are more dependent on the economic cycle than the Magnificent Seven, so a soft landing is more beneficial to them overall, especially as they play catch-up after last year,” said Damian McIntyre, portfolio manager and senior quantitative analyst at Federated Hermes. “At the same time, AI was a key driver for the seven, but as more companies are able to enter into and benefit from that space, it should help the rally broaden out.” The potential easing of the rates headwind comes at a time when tech beyond the megacaps already looks like a relative bargain. The index of small-cap tech trades at 16.6 times estimated earnings, a discount to its average over the past decade. The Magnificent 7 index, meanwhile, has a multiple of 28. Still, investors are broadly positive on megacap tech, given its durable growth prospects and proximity to the AI growth story, especially as the latest inflation data underlines how the path to lower rates may not be as smooth or rapid as some bulls expect. “Tech should continue to be in a very vibrant bull market in 2024, but it is one that will broaden out across the sector, and not just be confined to the top names,” said Demmert. Still, he added, “the Magnificent Seven have to be a staple of your portfolio.” Tech Chart of the Day Microsoft briefly dethroned Apple as the world’s most valuable company on Thursday, with the software giant overtaking the iPhone maker for the first time since November 2021 as worries over smartphone demand weighed on the stock of the latter. The company ended Thursday’s session with a market capitalization of $2.859 trillion, just behind Apple at $2.870 trillion. Top Tech Stories Microsoft Corp.’s “real relationship” with OpenAI is of high interest to European Union antitrust regulators, the bloc’s competition chief told Bloomberg TV. Tesla Inc. shares dropped in early trading after the carmaker cut prices again in China and said its lone European factory will be disrupted by unrest in the Red Sea. In one of Apple Inc.’s biggest board shake-ups in years, longtime directors Al Gore and James Bell will be retiring from the company, with former Aerospace Corp. Chief Executive Officer Wanda Austin coming aboard. Wall Street may be divided over crypto’s investment credentials but for Bitcoin brethren Thursday delivered validation: The first US exchange-traded funds investing directly in the largest digital currency finally went live. Tata Consultancy Services Ltd. and Infosys Ltd. shares climbed, after India’s two biggest IT firms signaled a long-awaited recovery in global tech spending may finally get underway in 2024. Earnings Due Friday No major earnings expected (Updates to market open.) Most Read from Bloomberg Businessweek How AI Replaced the Metaverse as Zuckerberg’s Top Priority Trumponomics 2.0: What to Expect If Trump Wins the 2024 Election Kim Kardashian’s Skims Isn’t the Only Celebrity Brand to Watch Five ETFs to Watch in 2024 US Is Weaponizing New Economic Tools to Slow China’s War Machine ©2024 Bloomberg L.P.

2024-01-12 14:47:39+00:00

{"Bitcoin": [2663, 5312, 6052], "BTC": [1120]}

{}

How everyday investors and retirement savers should approach spot bitcoin ETFs

https://finance.yahoo.com/news/how-everyday-investors-and-retirement-savers-should-approach-spot-bitcoin-etfs-144739594.html

Yahoo Finance

http://finance.yahoo.com/

Shortly before the US Securities and Exchange Commission approved spot bitcoin exchange-traded funds (ETFs) on Wednesday night, it reissued a "no FOMO" warning to investors. The warning not to invest over “fear of missing out” emphasized the volatility of digital assets, noting how trendy cryptocurrency investments go through extreme highs and lows, representing billions of dollars in gains — and losses. #SECInvestingResolution 5: Say “NO GO to FOMO” (fear of missing out). Just because others might buy a particular investment, doesn’t mean it’s the right opportunity for you. Learn more about finding out what’s right for you and your investing goals: https://t.co/fixDWoNFrF pic.twitter.com/SGf1z6xmhL — SEC Investor Ed (@SEC_Investor_Ed) January 6, 2024 Even after Wednesday’s announcement, SEC chair Gary Gensler said in a statement that despite the approval of the ETF listing, "we did not approve or endorse bitcoin." The SEC’s blessing brings industry standardization and regulation to digital asset investing. But financial experts urge caution, warning mainstream investors to tread carefully as bitcoin ( BTC-USD ) is still considered a speculative asset. "From a very conservative financial perspective, you have to be very careful," Kiran Garimella, assistant professor at the University of South Florida Muma College of Business, told Yahoo Finance. "If the financial instrument that's being traded doesn't actually represent anything of specific value underlying it, then you'd have to sit back and question that." But first, what exactly is a spot bitcoin ETF? Spot bitcoin ETFs are investment vehicles that track the performance of bitcoin. Investors purchase shares of the fund, which is managed by asset managers who hold the actual bitcoin and its immediate value (“spot”) as the underlying asset. Those managers make money on management fees and on the slim margin between the actual price of bitcoins (which fluctuates) and the price at which they sell the shares. While the value of the ETFs will move in tandem with bitcoin, the funds may be more stable as fund managers can utilize different financial instruments within the fund to soften the volatility. “An ETF not only makes it much easier to buy and sell and trade these bitcoins, it could also cover some of the strategic risk for you,” Garimella said. Story continues The world’s first bitcoin originated in 2008 and is credited to a still-unknown person who used the pseudonym Satoshi Nakamoto. It was formed based on a free market, decentralized ideology where digital currencies are created, distributed, traded, and stored in a peer-to-peer ledger known as the blockchain. Bitcoin's price has recently hovered around $46,500, surging to $49,000 at one point last week as reactions to the SEC approval played out. The value of a coin peaked at an all-time high in 2021 when the price surpassed $65,000. But it crashed to around $16,000 just 12 months later, as investors slowly lost confidence in the sector . Should bitcoin ETFs be part of your portfolio? The highly anticipated SEC approval means that everyday investors can now own bitcoin in their investment or retirement accounts without having to buy digital tokens directly from a crypto exchange. The crypto world is still opaque and out of reach to many Americans, but the 11 new spot funds are listed across the NYSE, CBOE, and Nasdaq — the same platforms where stocks, ETFs, and other traditional securities are bought and sold. Garimella said the new funds dramatically reduce the administrative risks of investing in bitcoin. Before, interested investors had to open up a "wallet" and use "private keys" just to own the tokens. Crypto exchanges themselves also carried risks, including hacking and fraud. "Oh, boy, you'd have to go through hoops just to acquire a fraction of a bitcoin or any other cryptocurrency for that matter," Garimella said. "Most people had no clue what a wallet or private key is." Even now, only the funds are standardized; a strategic risk is still associated with investing in a bitcoin fund. "It's great if you can pull it off by investing in it at $5, sell it for $500, and make a lot of money,” Garimella said. "But can you be consistent and systematic, and can you come up with a strategy to capitalize on the value generated by that?" Broad skepticism remains about crypto in general and its speculative nature. With such instruments, there is no intrinsic value backing the digital asset, only investors’ belief that its price will go up. "Cryptocurrency seems like speculation that central banking will be replaced — that maybe the US dollar is going to be replaced as the dominant reserve currency," Mark Higgins, CFA, CFP, and author of "Investing in US Financial History," told Yahoo Finance. "I am skeptical." The Vanguard Group, the second-largest provider of ETFs, announced it has no plans to launch a spot bitcoin ETF or offer any crypto-related products. "Our perspective is that these products do not align with our offer focused on asset classes such as equities, bonds, and cash, which Vanguard views as the building blocks of a well-balanced, long-term investment portfolio," the company said. On the other side, Fidelity Investment, one of the world’s largest asset managers, launched its Fidelity Wise Origin Bitcoin Fund ( FBTC ) on Thursday, calling the product an efficient way for investors to gain exposure to bitcoin. “We’ve long believed a spot-priced exchange-traded product would be an efficient way for investors to gain exposure to bitcoin,” Cynthia Lo Bessette, head of digital asset management at Fidelity, said in a statement. Yet, in a sign of how uncharted this territory is, Fidelity is requiring investors to execute its Designated Investment Agreement (DIA) when placing an order for the FBTC fund. The DIA certifies that the investors are experienced , have high risk tolerance, and can afford to lose some or all of their investment in the digital product. Eleven of the largest financial asset managers in the world launched a Bitcoin ETF. (Chesnot/Getty Images) (Chesnot via Getty Images) Still, these ETFs could be a safer way to own bitcoins because asset managers can reduce the funds' risk through sophisticated tactics such as opening up futures contracts, hedging, putting in call options, and improving laddering strategy. "When you have an ETF that does all of that stuff, it introduces a certain level of stability or risk management to that underlying instrument," Garimella said. "In a crypto market, you're exposing yourself to a certain level of risk, which could be minimized with the right ETF." The biggest appeal of bitcoin, the world’s best-known cryptocurrency, is perhaps blockchains' future potential . The technology could transform monetary transactions, its backers believe . Personally, Garimella said he owns bitcoin from an educational perspective and may put more money into an ETF because the digital coin could link to a tangible asset class in the future, given the innovation in the space. "But would I advise my grandmother to invest in it? Probably not," Garimella said. Where to purchase ETFs and what fees to expect Investors interested in diversifying their portfolio with digital assets can purchase shares in spot bitcoin ETFs through their brokerage accounts. The funds will be listed similarly to other funds and can be traded throughout the day for liquidity. The approved ETFs are fund products from big financial players such as Fidelity, Invesco, and BlackRock. SEC chair Gary Gensler said in a statement that despite the approval of the ETF listing, "we did not approve or endorse bitcoin." (Kevin Dietsch/Getty Images) (Kevin Dietsch via Getty Images) Many firms have announced their fees for managing the ETFs. Blackrock ( BLK ), the world's largest asset manager with nearly $10 trillion in managed assets, is charging investors 0.25%, a decline from the 0.30% it previously set . Grayscale is charging 1.5%, while Franklin said it would waive management fees through August, a sign of how competitive this new market is. Today, bitcoin remains the world's largest cryptocurrency by market capitalization — $913 billion as of Jan. 11. Rebecca Chen is a reporter for Yahoo Finance and previously worked as an investment tax certified public accountant (CPA). Click here for the latest personal finance news to help you with investing, paying off debt, buying a home, retirement, and more Read the latest financial and business news from Yahoo Finance View comments

2024-01-12 14:47:39+00:00

{"Bitcoin": [2663, 5312, 6052], "BTC": [1120]}

{}

How everyday investors and retirement savers should approach spot bitcoin ETFs

https://finance.yahoo.com/news/how-everyday-investors-and-retirement-savers-should-approach-bitcoin-etfs-144739935.html

Yahoo Finance

http://finance.yahoo.com/

Shortly before the US Securities and Exchange Commission approved spot bitcoin exchange-traded funds (ETFs) on Wednesday night, it reissued a "no FOMO" warning to investors. The warning not to invest over “fear of missing out” emphasized the volatility of digital assets, noting how trendy cryptocurrency investments go through extreme highs and lows, representing billions of dollars in gains — and losses. #SECInvestingResolution 5: Say “NO GO to FOMO” (fear of missing out). Just because others might buy a particular investment, doesn’t mean it’s the right opportunity for you. Learn more about finding out what’s right for you and your investing goals: https://t.co/fixDWoNFrF pic.twitter.com/SGf1z6xmhL — SEC Investor Ed (@SEC_Investor_Ed) January 6, 2024 Even after Wednesday’s announcement, SEC chair Gary Gensler said in a statement that despite the approval of the ETF listing, "we did not approve or endorse bitcoin." The SEC’s blessing brings industry standardization and regulation to digital asset investing. But financial experts urge caution, warning mainstream investors to tread carefully as bitcoin ( BTC-USD ) is still considered a speculative asset. "From a very conservative financial perspective, you have to be very careful," Kiran Garimella, assistant professor at the University of South Florida Muma College of Business, told Yahoo Finance. "If the financial instrument that's being traded doesn't actually represent anything of specific value underlying it, then you'd have to sit back and question that." But first, what exactly is a spot bitcoin ETF? Spot bitcoin ETFs are investment vehicles that track the performance of bitcoin. Investors purchase shares of the fund, which is managed by asset managers who hold the actual bitcoin and its immediate value (“spot”) as the underlying asset. Those managers make money on management fees and on the slim margin between the actual price of bitcoins (which fluctuates) and the price at which they sell the shares. Story continues While the value of the ETFs will move in tandem with bitcoin, the funds may be more stable as fund managers can utilize different financial instruments within the fund to soften the volatility. “An ETF not only makes it much easier to buy and sell and trade these bitcoins, it could also cover some of the strategic risk for you,” Garimella said. The world’s first bitcoin originated in 2008 and is credited to a still-unknown person who used the pseudonym Satoshi Nakamoto. It was formed based on a free market, decentralized ideology where digital currencies are created, distributed, traded, and stored in a peer-to-peer ledger known as the blockchain. Bitcoin's price has recently hovered around $46,500, surging to $49,000 at one point last week as reactions to the SEC approval played out. The value of a coin peaked at an all-time high in 2021 when the price surpassed $65,000. But it crashed to around $16,000 just 12 months later, as investors slowly lost confidence in the sector . Should bitcoin ETFs be part of your portfolio? The highly anticipated SEC approval means that everyday investors can now own bitcoin in their investment or retirement accounts without having to buy digital tokens directly from a crypto exchange. The crypto world is still opaque and out of reach to many Americans, but the 11 new spot funds are listed across the NYSE, CBOE, and Nasdaq — the same platforms where stocks, ETFs, and other traditional securities are bought and sold. Garimella said the new funds dramatically reduce the administrative risks of investing in bitcoin. Before, interested investors had to open up a "wallet" and use "private keys" just to own the tokens. Crypto exchanges themselves also carried risks, including hacking and fraud. "Oh, boy, you'd have to go through hoops just to acquire a fraction of a bitcoin or any other cryptocurrency for that matter," Garimella said. "Most people had no clue what a wallet or private key is." Even now, only the funds are standardized; a strategic risk is still associated with investing in a bitcoin fund. "It's great if you can pull it off by investing in it at $5, sell it for $500, and make a lot of money,” Garimella said. "But can you be consistent and systematic, and can you come up with a strategy to capitalize on the value generated by that?" Broad skepticism remains about crypto in general and its speculative nature. With such instruments, there is no intrinsic value backing the digital asset, only investors’ belief that its price will go up. "Cryptocurrency seems like speculation that central banking will be replaced — that maybe the US dollar is going to be replaced as the dominant reserve currency," Mark Higgins, CFA, CFP, and author of "Investing in US Financial History," told Yahoo Finance. "I am skeptical." The Vanguard Group, the second-largest provider of ETFs, announced it has no plans to launch a spot bitcoin ETF or offer any crypto-related products. "Our perspective is that these products do not align with our offer focused on asset classes such as equities, bonds, and cash, which Vanguard views as the building blocks of a well-balanced, long-term investment portfolio," the company said. On the other side, Fidelity Investment, one of the world’s largest asset managers, launched its Fidelity Wise Origin Bitcoin Fund ( FBTC ) on Thursday, calling the product an efficient way for investors to gain exposure to bitcoin. “We’ve long believed a spot-priced exchange-traded product would be an efficient way for investors to gain exposure to bitcoin,” Cynthia Lo Bessette, head of digital asset management at Fidelity, said in a statement. Yet, in a sign of how uncharted this territory is, Fidelity is requiring investors to execute its Designated Investment Agreement (DIA) when placing an order for the FBTC fund. The DIA certifies that the investors are experienced , have high risk tolerance, and can afford to lose some or all of their investment in the digital product. Eleven of the largest financial asset managers in the world launched a Bitcoin ETF. (Chesnot/Getty Images) (Chesnot via Getty Images) Still, these ETFs could be a safer way to own bitcoins because asset managers can reduce the funds' risk through sophisticated tactics such as opening up futures contracts, hedging, putting in call options, and improving laddering strategy. "When you have an ETF that does all of that stuff, it introduces a certain level of stability or risk management to that underlying instrument," Garimella said. "In a crypto market, you're exposing yourself to a certain level of risk, which could be minimized with the right ETF." The biggest appeal of bitcoin, the world’s best-known cryptocurrency, is perhaps blockchains' future potential . The technology could transform monetary transactions, its backers believe . Personally, Garimella said he owns bitcoin from an educational perspective and may put more money into an ETF because the digital coin could link to a tangible asset class in the future, given the innovation in the space. "But would I advise my grandmother to invest in it? Probably not," Garimella said. Where to purchase ETFs and what fees to expect Investors interested in diversifying their portfolio with digital assets can purchase shares in spot bitcoin ETFs through their brokerage accounts. The funds will be listed similarly to other funds and can be traded throughout the day for liquidity. The approved ETFs are fund products from big financial players such as Fidelity, Invesco, and BlackRock. SEC chair Gary Gensler said in a statement that despite the approval of the ETF listing, "we did not approve or endorse bitcoin." (Kevin Dietsch/Getty Images) (Kevin Dietsch via Getty Images) Many firms have announced their fees for managing the ETFs. Blackrock ( BLK ), the world's largest asset manager with nearly $10 trillion in managed assets, is charging investors 0.25%, a decline from the 0.30% it previously set . Grayscale is charging 1.5%, while Franklin said it would waive management fees through August, a sign of how competitive this new market is. Today, bitcoin remains the world's largest cryptocurrency by market capitalization — $913 billion as of Jan. 11. Rebecca Chen is a reporter for Yahoo Finance and previously worked as an investment tax certified public accountant (CPA). Click here for the latest personal finance news to help you with investing, paying off debt, buying a home, retirement, and more Read the latest financial and business news from Yahoo Finance

2024-01-12 14:56:01+00:00

{"Bitcoin": [28, 1808]}

{"Bitcoin": [0]}

Bitcoin is for people who want to pretend they're in Vegas, and ETFs don't make the coin a legit investment, Goldman Sachs Wealth Management strategy chief says

https://finance.yahoo.com/news/bitcoin-people-want-pretend-theyre-145601783.html

Business Insider

https://www.businessinsider.com/

AP Photo/Richard Drew, File Bitcoin isn't a good investment, except for people who want to bet like they're in Vegas, a Goldman Sachs exec said. The SEC approved spot bitcoin ETFs this week, which will broaden access to the coin for investors. Goldman Sachs has warned before to stay away from cryptocurrency in their portfolios. Regulators approving a spot bitcoin ETF doesn't make the cryptocurrency a good investment, a Goldman Sachs Wealth Management executive said. "If you want to go to Las Vegas, great," Goldman Sachs Wealth Management's CIO Sharmin Mossavar-Rahmani said, per a report from The Wall Street Journal . "People can use it if they want for total speculation, but it is not an investment, and people should not be investing in cryptocurrencies, in bitcoin, in the ETF, as part of an investment portfolio." "When you think about it, where is there any value to something like bitcoin?" Mossavar-Rahmani added at a webinar on Thursday, per Reuters . "We don't think it is an asset class to invest in." Her comments come just a day after the Securities and Exchange Commission approved a handful of applications to offer a bitcoin ETF , something that's expected to make the cryptocurrency more accessible to everyday investors. Already, 11 bitcoin exchange-traded funds have begun trading in the US, including those from Fidelity, BlackRock, and Grayscale, among other firms. Goldman Sachs was reportedly looking become an "authorized participant" in BlackRock and Grayscale's bitcoin ETFs at the beginning of the year, but the bank has advised its clients for years to skip adding cryptocurrencies into their investment portfolios. In client call materials , the bank has said cryptocurrencies aren't an asset class, citing their lack of cash flow, earnings, and their extreme volatility. Bitcoin saw a strong rally leading up to this week's SEC move, but has since seen more muted gains. The price of the cryptocurrency briefly topped $48,000 after the approval of the ETFs, though that momentum has since cooled off, with bitcoin trading around $45,749 Friday morning. Read the original article on Business Insider

2024-01-12 15:50:04+00:00

{"Bitcoin": [60, 246, 373, 520, 568, 643, 832, 912, 1376]}

{"Bitcoin": [17]}

Taproot Wizards, Bitcoin Ordinals Project That Raised $7.5M, to Sell 'Quantum Cats' Collection

https://finance.yahoo.com/news/taproot-wizards-bitcoin-ordinals-project-155004821.html

CoinDesk

https://www.coindesk.com

Taproot Wizards, which capitalized on last year's frenzy in Bitcoin Ordinals inscriptions to raise $7.5 million , is now moving forward with its first sale of a collection, Quantum Cats. The series includes 3,333 of the cats, designed to honor a Bitcoin improvement proposal known as OP_CAT, according to a press release. Ordinals inscriptions, sometimes known as "NFTs on Bitcoin," became so popular after their invention by Casey Rodarmor that transactional activity related to their minting created congestion on the Bitcoin blockchain, driving up fees. Read more: Bitcoin NFTs: What Are Ordinal NFTs and How Do You Mint One? Some longtime Bitcoin contributors have proposed various measures to block them , arguing that the network should be preserved for payments, though other voices have likened these efforts to censorship. Bitcoin miners have reaped a windfall from the fee bonanza. Three images of a " BitcoinShrooms " collection recently sold at the venerable auction house Sotheby's for about $450,000. Taproot Wizards was started by Udi Wertheimer and Eric Wall, who each have at least 100,000 followers on X (formerly Twitter). Dan Held, fractional CMO for Taproot Wizards, told CoinDesk in an email that this is the first sale of a collection by the company. The first collection minted was Taproot Wizards , but those have not been put up for sale. Read more: Bitcoin ETF Chaos Memorialized on Blockchain, With Nod to 'Chancellor on the Brink' Reference

2024-01-12 15:54:32+00:00

{"Bitcoin": [1680], "BTC": [1489, 2361]}

{"Bitcoin": [30]}

Bitwise, Fidelity See Biggest Bitcoin ETF Inflow, Grayscale Loses Only $95M in Early Tally

https://finance.yahoo.com/news/bitwise-fidelity-see-biggest-bitcoin-155432508.html

CoinDesk

https://www.coindesk.com

Initial data shows Bitwise's bitcoin ETF (BITB) saw the biggest inflow of cash among the newly issued products that began trading Thursday, followed by Fidelity's fund (FBTC), according to a BitMex Research X post citing Bloomberg data. Most issuers shared only preliminary data about inflows until Friday's market opening and there might be further delays until Friday evening, Eric Balchunas, ETF analyst at Bloomberg Intelligence, noted in an X post . James Butterfill, head of research at digital asset manager CoinShares, said in an email that the full picture might not materialize until early next week. ETF Day 1 Flow - UPDATE Finally the GBTC number is out. GBTC has $95m of outflow Total net flow for the day into the new ETFs was $625.8m Bitwise was the victor for day 1 pic.twitter.com/HFsqhjtvEt — BitMEX Research (@BitMEXResearch) January 12, 2024 For full coverage of bitcoin ETFs, click here . Bitwise's BITB hauled in $238 million in net assets on the first day. Fidelity's FBTC received $227 million. Grayscale's GBTC, which operated as a closed-end fund without allowing redemptions until Thursday, saw $95 million in outflows, less than some observers anticipated. BlackRock's IBIT, widely expected to be a – if not the – top contender among the newly issued ETFs given the asset manager's clout and size, attracted $110 million of inflows. On Thursday, it had the second-highest first-day trading volume among bitcoin ETFs. However, IBIT held $120 million in bitcoin [BTC] with an additional $112 million in cash as of Thursday, according to the fund's website . Balchunas noted that part of Thursday's inflow might appear in Friday's data. Assets of iShares Bitcoin Trust (IBIT) as of Thursday, Jan. 11. (BlackRock) Spot bitcoin ETFs concluded a massive first day in trading volume, recording $4.6 billion daily volume combined with Grayscale's GBTC and BlackRock's IBIT leading, according to data posted on X by Bloomberg Intelligence analyst James Seyffart. Story continues "Easily the biggest Day One splash in ETF history," Eric Balchunas, ETF analyst at Bloomberg Intelligence, commented in an X post. In comparison, ProShares' futures-based bitcoin ETF (BITO) hauled in $570 million inflows with $1 billion trading volume on its first day in October 2021, launched near the crypto bull market top. BITO experienced outflows of 3,000 BTC worth roughly $140 million on Thursday as investors likely moved some funds to more user-friendly spot-based ETFs, but the fund's assets were still up through this week, K33 Research data shared with CoinDesk. BITO fund flows from Jan 8 to Jan 11. (K33 Research) Thursday's debut of spot bitcoin ETFs was widely seen as a significant milestone for the digital asset industry as they offer exposure to the largest and oldest cryptocurrency in a format more easily accessed through conventional financial channels, making it easier for mainstream investors to invest in bitcoin. Industry watchers were expecting billions of dollars of new money finding a way to bitcoin through these products over time. Standard Chartered analysts forecasted that spot ETFs may see $50 billion to $100 billion inflows this year. UPDATE (Jan. 12, 2024, 17:45 UTC): Adds data about Grayscale's GBTC outflows.

2024-01-12 16:00:38+00:00

{"Bitcoin": [2479, 2545]}

{}

SEC Had a Fraught Cyber Record Before X Account Was Hacked

https://finance.yahoo.com/news/sec-had-fraught-cyber-record-192553586.html

Bloomberg

https://www.bloomberg.com/

(Bloomberg) -- The hack of the U.S. Securities and Exchange Commission’s X account earlier this week is shining a light on an uncomfortable truth: Cybersecurity measures at Wall Street’s chief regulator have repeatedly been found to be lacking. Most Read from Bloomberg Blinken Stranded After Boeing 737 Breaks Down on Davos Trip Stocks Drop as Solid Data Fuel Fed-Pivot Repricing: Markets Wrap China Population Extends Record Drop on Covid Deaths, Low Births JPMorgan Says Hacker Attempts Have Increased This Year Trump Back in White House? Lagarde Says ‘Let Me Have Some Coffee’ The agency wasn’t fully adhering to federal cybersecurity standards, including a requirement that public-facing systems support multifactor authentication, as of a review by its internal watchdog last year. A separate, independent evaluation performed a year earlier identified weaknesses in security measures at the commission, such as protocols for preventing unauthorized access to networks. The SEC is by no means the only federal agency that has come under fire in recent years for lax cybersecurity defenses, but its high-profile role in regulating companies and markets across the US has made it a particularly attractive target for hackers. In 2016, the agency suffered a cyberattack that compromised its corporate filings database and allowed hackers to profit from non-public information, according to US prosecutors. “We just witnessed the latest in Washington’s technological vulnerabilities yesterday, and a real low point for the SEC,” Rep. French Hill, an Arkansas Republican, said during a meeting of the US House of Representatives’ digital asset panel on Wednesday. Congressional Republicans were in the process of sending a letter to SEC Chair Gary Gensler demanding an investigation into the hack, he said. On Thursday, Senators Ron Wyden, a Democrat from Oregon, and Cynthia Lummis, a Republican from Wyoming, also called for an inquiry into the hack. In a letter to the SEC’s Inspector General, the lawmakers asked for a probe of the “SEC’s apparent failure to follow cybersecurity best practices,” including multifactor authentication. Story continues The SEC declined to comment on its cybersecurity policies. The Federal Bureau of Investigation was looking into the incident on Tuesday in which a hacker took control of the SEC’s handle on X, formerly known as Twitter. The hacker then published a fake post that inaccurately said the regulator had approved plans for spot Bitcoin exchange-traded funds, leading to a spike in the price of Bitcoin. (The agency approved ETF plans a day later.) X said in a statement that an unidentified person had compromised the SEC’s X account by acquiring an associated phone number. It also noted that the SEC hadn’t activated two-factor authentication — a extra layer of security that has become standard for organizations as cyberattacks have increased. It remains unclear why the SEC hadn’t set up additional authentication. Sign up for the Cyber Bulletin newsletter for exclusive coverage inside the shadow world of hackers and cyber-espionage ‒ and how businesses are playing defense. The takeover of the agency’s X account came at an inopportune time for the SEC, which recently imposed new regulations on public companies that require them to disclose cyber incidents within four business days as part of a broader effort to bring more transparency to corporate cyber defenses. In October, the SEC also sued SolarWinds Corp. — which was breached by Russian hackers in a 2020 hack that compromised both corporations and government agencies alike — for allegedly defrauding investors by downplaying security risks. SolarWinds has disputed the allegations and accused the SEC of “twisting the facts.” In a statement Thursday, Serrin Turner, an attorney for Latham & Watkins representing SolarWinds, said the SEC hack on Tuesday “underscores how no organization’s security controls can ever be assumed to be perfectly implemented, and why regulators should approach cybersecurity with great care and humility.” Gensler has meanwhile been outspoken about the need for companies to beef up digital security. In October, he posted a reminder on X “to secure your financial accounts as well as protect against identity theft and fraud.” One measure he recommended was multifactor authentication. Read More: Companies Struggle to Sort How to Comply With SEC Cyber Rules In 2022, the White House released a cybersecurity strategy directing agencies to take wide-ranging actions to better secure their networks. The strategy emphasized the need for multifactor authentication, describing it as “a critical part of the federal government’s security baseline.” The SEC had made some progress on implementing the actions, its inspector general reported in a September letter. But it remained behind on some tasks, the report showed. Specifically, the SEC had yet to configure all of its public-facing systems to support multifactor authentication as of the audit last year, the inspector general said. The SEC had instead argued that it was “generally” in compliance with the standard because all but one of its system had been migrated over to use Login.gov, a broader federal government access website that requires two-factor authentication, the inspector general’s report shows. While the SEC deemed the remaining system a limited risk, the inspector general insisted that phishing-resistant authentication was still necessary to keep hackers from gaining access to the SEC’s network. Read More: SEC Hack Has Hallmarks of Lax Security Measures: Cyber Bulletin A separate evaluation of the SEC’s data security controls by the firm Kearney & Co. found that the agency didn’t consistently implement procedures to limit access to its systems. The review, performed in 2022, noted that some deficiencies dated as far back as five years. The specific weaknesses were redacted, but the study found that the vulnerabilities were caused in part by Covid-related, work-from-home policies. Kearney ultimately concluded that the SEC’s information security program didn’t meet a federal definition of being “effective.” Last year, lax data security measures forced the SEC to dismiss 42 enforcement cases in front of its in-house courts. The agency found that some of its enforcement staff could see memos they weren’t supposed to see. The SEC said at the time that it regretted the lapse, which was blamed on a lack of proper safeguards. In 2016, a group of eastern European hackers breached the regulator’s database of corporate filings. The hackers stole non-public corporate earnings reports and traded on them, making more than $4.1 million, according to court filings. This past September, the regulator proposed adding multifactor authentication to the very same database. (Updates with senators calling for an investigation in the fifth paragraph.) Most Read from Bloomberg Businessweek Japan’s Market Roars Back to Life—With Old-Timers Leading the Way Elon Moves Further Right; Hertz Ditches Tesla There’s a Toxic Employee—and the CEO Is Ignoring the Issue Chinese Tycoon on the Rebound After $10 Billion Debt Deal Patti LaBelle Moves From Stage to Stove With a Recipe for Success ©2024 Bloomberg L.P.

2024-01-12 16:33:32+00:00

{"Bitcoin": [593]}

{}

US lawmakers urge SEC to fix cybersecurity after X account hack

https://finance.yahoo.com/news/us-lawmakers-urge-sec-fix-163332801.html

Reuters

http://www.reuters.com/

Jan 12 (Reuters) - U.S. lawmakers have urged the Securities and Exchange Commission (SEC) to review its cyber security preparedness after the financial regulator's X account posted market material information earlier in the week due to a hack. Someone briefly accessed its X, formerly called Twitter, account on Tuesday, the agency had confirmed, and posted a fake message saying it had approved exchange traded funds (ETF) for bitcoin. The SEC eventually approved the first U.S.-listed ETFs to track bitcoin on Wednesday, but the unauthorized post a day earlier led to a rise in the price of Bitcoin to around $48,000 before falling to below $45,000 minutes later. In a letter to the agency on Thursday, Ron Wyden, a Democratic senator from Oregon, and Cynthia Lummis, a Republican senator from Wyoming, sought an investigation into the incident, which they deemed as "SEC's apparent failure to follow cybersecurity best practices". X, which is owned by billionaire and Tesla boss Elon Musk, confirmed that hack. It said that an "unidentified individual" obtained control over a phone number associated with the agency's account and that the SEC did not have two-factor authentication enabled at the time. Two-factor authentication (MFA) is a two-pronged privacy tool which allows access to an Internet account only after the user has keyed in the password and a security key sent over on email or on the phone. "We urge you to investigate the agency's practices related to the use of MFA, and in particular, phishing-resistant MFA, to identify any remaining security gaps that must be addressed," Wyden and Lumis said in their letter. The SEC had earlier said it was working with law enforcement to investigate the hack. (Reporting by Yuvraj Malik in Bengaluru; Editing by Krishna Chandra Eluri)

2024-01-12 16:36:50+00:00

{"Bitcoin": [586]}

{}

US lawmakers urge SEC to fix cybersecurity after X account hack

https://finance.yahoo.com/news/us-lawmakers-urge-sec-fix-163650195.html

Reuters

http://www.reuters.com/

(Reuters) - U.S. lawmakers have urged the Securities and Exchange Commission (SEC) to review its cyber security preparedness after the financial regulator's X account posted market material information earlier in the week due to a hack. Someone briefly accessed its X, formerly called Twitter, account on Tuesday, the agency had confirmed, and posted a fake message saying it had approved exchange traded funds (ETF) for bitcoin. The SEC eventually approved the first U.S.-listed ETFs to track bitcoin on Wednesday, but the unauthorized post a day earlier led to a rise in the price of Bitcoin to around $48,000 before falling to below $45,000 minutes later. In a letter to the agency on Thursday, Ron Wyden, a Democratic senator from Oregon, and Cynthia Lummis, a Republican senator from Wyoming, sought an investigation into the incident, which they deemed as "SEC's apparent failure to follow cybersecurity best practices".X, which is owned by billionaire and Tesla boss Elon Musk, confirmed that hack. It said that an "unidentified individual" obtained control over a phone number associated with the agency's account and that the SEC did not have two-factor authentication enabled at the time. Two-factor authentication (MFA) is a two-pronged privacy tool which allows access to an Internet account only after the user has keyed in the password and a security key sent over on email or on the phone. "We urge you to investigate the agency's practices related to the use of MFA, and in particular, phishing-resistant MFA, to identify any remaining security gaps that must be addressed," Wyden and Lumis said in their letter. The SEC had earlier said it was working with law enforcement to investigate the hack. (Reporting by Yuvraj Malik in Bengaluru; Editing by Krishna Chandra Eluri)

2024-01-12 16:47:03+00:00

{"Bitcoin": [649, 683, 728, 790, 1025]}

{}

Ethereum ETFs gain support from BlackRock’s CEO

https://finance.yahoo.com/news/ethereum-etfs-gain-support-blackrock-164703715.html

Forkast News

https://forkast.news/

BlackRock Chief Executive Officer Larry Fink publicly expressed his recognition of the potential of Ethereum-based exchange-traded funds (ETFs). In an interview with CNBC, Fink stated that he sees the value in having an Ethereum ETF. BlackRock, the world’s largest asset manager with US$10 trillion in assets under management, recognizes the significance of Ethereum ETFs. These funds would allow investors to trade shares representing Ethereum on traditional stock exchanges, acting as a bridge between conventional finance and the burgeoning world of cryptocurrencies. This week, the U.S. Securities and Exchange Commission (SEC) approved 11 spot Bitcoin ETF applications. Several Bitcoin funds, including BlackRock’s iShares Bitcoin ETF, were launched yesterday , marking the first spot Bitcoin ETFs trade on U.S. stock exchanges. Some market watchers speculate that Ethereum ETFs could be the next financial products to list in U.S. markets, as BlackRock filed its official application last November. With its successful Bitcoin ETF application, BlackRock has a near-perfect record with the SEC in ETF applications, failing only once.

2024-01-12 16:48:32+00:00

{"Bitcoin": [33, 266, 426, 1233, 1738, 1869, 2086, 2162, 2357, 2617]}

{"Bitcoin": [0]}

Bitcoin’s $4.6 billion ETF debut was a success

https://finance.yahoo.com/news/bitcoin-4-6-billion-etf-164832103.html

Fortune

http://fortune.com/

It took a decade of waiting, but Bitcoin finally got its ETF moment. On Thursday, shares from BlackRock and nine other ETF issuers began trading and so far it looks like the new product is a hit. The Wall Street Journal described the moment as a "monster start" for Bitcoin ETFs while Bloomberg wrote that the new shares "took Wall Street by storm." As proof of success, market watchers pointed out that $4.6 billion worth of Bitcoin ETF shares changed hands, suggesting demand for the product was both broad and deep. BlackRock's fund alone saw over $1 billion of trading volume, which came close to being the biggest ETF debut in history, not far behind the $1.16 billion in volume that the firm's "carbon transition" ETF notched on its first day in 2021. The volume numbers are impressive, but there are also some caveats. One is that a good chunk of Thursday's volume likely came as a result of outflows from Grayscale—which "uplisted" its off-brand trust shares into an ETF but is maintaining an outsize fee—and from the fact that BlackRock and others had pre-arranged "seed capital" for their new funds to goose initial demand. It will take a few weeks until we get a clear idea of whether the first-day enthusiasm for the new Bitcoin ETFs translates into long-term demand, including from retail investors. But, for now, it's safe to say that the new products are not a bust. Meanwhile, a few other storylines emerged. These included asset management giant Vanguard electing not to offer the ETFs on its platform because the company believes they are too risky. The decision carries a whiff of paternalism and, some may suspect, of sour grapes too since Vanguard—unlike BlackRock, Fidelity, and Franklin Templeton—did not spin up a Bitcoin ETF of its own. But as Vanguard has made similar decisions in the past over what it perceives as high-risk assets, its "no Bitcoin" policy is likely rooted in genuine, if misguided, concern for its customers. Story continues Another emerging story is that, in the face-off between traditional finance firms and pure crypto players to offer Bitcoin ETFs, the former appear to have won out. As it turns out, claims of Bitcoin authenticity or whatever lost out to the huge liquidity and familiar brand name offered by BlackRock and others. Finally, the launch of the ETFs has proved an occasion to reflect on what Bitcoin even stands for anymore. Some have noted it is ironic that a project that began as a rebellion to big banks and the government has gone mainstream in the form of Wall Street packaging. I think that's beside the point though. If people want to exchange Bitcoin outside of the financial system, they absolutely can do it—and it's cheaper to boot. Thanks for reading, and please note Fortune Crypto will return to your inboxes on Tuesday after the MLK Day holiday. Jeff John Roberts [email protected] @jeffjohnroberts This story was originally featured on Fortune.com

2024-01-12 16:52:03+00:00

{"Bitcoin": [58, 197]}

{}

FTSE 100 Live: Blue-chips finish higher, Jamie Dimon warns on 'stickier' inflation than markets expect as JPMorgan posts record profits

https://finance.yahoo.com/news/ftse-100-live-12-january-063000041.html

Evening Standard

http://www.standard.co.uk/

FTSE 100 Live (Evening Standard) FTSE closes higher while Bitcoin sinks 16:51 , Simon Hunt The FTSE 100 is up around 0.5% at the end of the day's trading session in London. Meanwhile, the price of Bitcoin has fallen more than 5% amid a wobbly start to the launch of crypto ETFs in the US. Here's a last look at your key market data: Flutter and 888 set to report results amid US listing and takeover rumours 15:48 , Simon Hunt Two of the UK’s biggest gambling companies will present a set of results next week as they both potentially go through periods of big change. FTSE 100 listed Flutter, which owns Paddy Power and Betfair, will put forward its last trading update on Thursday before its shares start trading in New York, something it hopes can help the company tap into funding from the US market. Meanwhile, its London rival 888 is reportedly batting away approaches from potential suitors and will update markets on Wednesday with its full-year results. Analysts are expecting 888 to report revenue of £1.71 billion and adjusted pre-tax profit of £26 million during the year. Read more here City Spy: Now's your chance to invest in the world's deepest underground boozer 15:29 , Simon Hunt Some claim that City drinking culture is dead and buried — in reality it’s just gone underground. London’s deepest licensed bar -- and quite possibly the deepest in any city in the world -- is on its way to Holborn, as part of the reopening of the tunnels known as the Kingsway Exchange . Built as air raid shelters in 1940, the tunnels were later used by MI6 and the Public Records Office to store secret papers, and for the Cold War era telephone exchange. The bar promises to be one of the swankiest in the capital. CEO of the project Angus Murray, a former president of Macquarie, is sure to be well-acquainted with the tumbler-shaped exigencies of City grandees. On a site visit, Spy was shown the old 1970s bar, above, that staff once used. Helpfully, a life-size cut-out of James Bond with a martini was installed to give it an air of sophistication. And why not add a side order of shares to your tipple? London Tunnels today announced its plans for a London IPO -- confirming a scoop the Standard ran last month. The firm is seeking to raise £30 million on the London Stock Exchange in a public offering that would value the company at £123 million. US banks rise amid JPMorgan profits and Citi cutbacks 14:54 , Simon Hunt Stocks made gains in the opening minutes of trading in New York as investors upped their bets on Fed rate cuts following a faster-than-expected fall in producer prices. Story continues Banks led the pack, with JPMorgan rising on record profits while investors bet Citi's job cuts would boost margins. Meanwhile, United Airlines shares have sunk more than 5% amid reports it and rivals have cancelled more than 1600 flights in the US amid concerns over winter storms. Here's a look at how the markets are moving: Just Eat forks out $3.5m fine 14:41 , Simon Hunt Just Eat's US subsidiary Grubhub is to pay a $3.5 million fine after it was accused of overcharging restaurants during Covid. The Office of the Attorney General of Massachusettes said the firm failed to comply with a fee cap brought in during the pandemic that prevented Grubhub and other third-party delivery service platforms from charging fees to restaurants exceeding 15% of an order’s restaurant menu price. Stephen Clark, President and CEO of the Massachusetts Restaurant Association, said: "While the dark days of the pandemic are behind us, the impacts are still being felt across the restaurant industry. "Delivery, especially third-party delivery, is not going away. Restaurants and third-party delivery companies will need to continue to work collaboratively to survive and grow. We thank the Attorney General for her efforts in bringing this to a resolution.” Banking giant Citi could cut hundreds of London jobs as it aims to reduce headcount by 20,000 14:13 , Daniel O'Boyle US banking giant Citi is set to cut 20,000 jobs - including potentially hundreds in London - in a massive cost-cutting program after racking up huge losses last year. The banking giant said it would reduce its headcount by about 20,000 - from its current 200,000 to around 180,000 - over the “medium term”. It will spend as much as $1 billion this year paying severance to ex-employees, after severance costs of $1.5 billion last year. The bank did not provide a geographical breakdown of the job cuts, but it employs around 9,000 people in London. Its London staff are based out of the 200-metre-tall Citigroup Centre skyscraper in Canary Wharf. If the cuts are proportional across Citi’s offices, it is likely that around 900 staff in London would lose their jobs. Read more here Wall Street stocks to fall 13:34 , Daniel O'Boyle US stock futures are lower, despite strong results from giants JPMorgan Chase and Blackstone, today, as Wall Street reacts to the air strikes in Yemen. Dow Jones futures are down 0.5% to 37734, while S&P 500futures are down 0.3% to 4799. Nasdaq futures are down 0.4% to 16897. Premarket fallers include Tesla and Riot Platforms, while a number of phramaceutical firms are among the risers. Lunchtime snapshot: Burberry sinks as JD pares back losses 13:04 , Simon Hunt Burberry shares have sunk more than 7% after a profit warning while JD Sports shares have rallied to recover some of the huge falls the stock made last week. Here's a look at your key market data. JPMorgan posts record annual profits 12:35 , Simon Hunt Profits at JPMorgan hit a record $50 billion in 2023 as the US bank was bolstered by rising interest rates. The firm forecast net interest income of as much as $90 billion in 2024. That helped push shares up as much as 2% in pre-market trading in New York. CEO Jamie Dimon said: "Our record results in 2023 reflect over-earning on both NII and credit, but we remain confident in our ability to deliver very healthy returns even after they normalize." Dimon said the US economy continues to be resilient, but warned: "It is important to note that the economy is being fueled by large amounts of government deficit spending and past stimulus...this may lead inflation to be stickier and rates to be higher than markets expect." Red Sea: Why is it important to trade and could crisis increase prices? 12:21 , Simon Hunt The UK and US have launched “targeted strikes” against Houthi rebels in Yemen after weeks of attacks on international shipping in the Red Sea. Prime Minister Rishi Sunak said the UK will “always stand up for freedom of navigation and the free flow of trade” after conducting the strikes overnight. The Suez Canal is crucial for transporting energy, commodities and consumer goods. About 30% of all global container shipping passes through the gateway between the East and the West, with it being particularly used to transport goods from Asia and east Africa to Europe. About half of ships travelling through the canal via the Bab-el-Mandeb strait are containerised goods, while it is also used heavily by oil tankers from the Persian Gulf.Shipping firms having to reroute means sending vessels around Africa’s Cape of Good Hope, which is more than 6,000 kilometres longer and can add between 10 and 14 days to journey times. Read more here Container ships have been forced to reroute because of the attacks in the Red Sea (Andrew Matthews/PA) (PA Archive) City Comment: 'Dismal' growth? Maybe, but at least it means your mortgage is getting cheaper 11:32 , Simon English The TUC today lambasts “dismal” economic growth that is hurting living standards. The union group is right in a way. GDP has been going nowhere especially useful for ages, down a bit here, up a bit there. General Secretary Paul Nowak said: “This year begins with another set of dismal growth figures.” There’s not a great deal to argue with there, although the Tories have had to deal with some fairly severe headwinds of which Covid is only the most obvious. Here’s the thing though, with inflation now falling, those dismal economic growth figures give the Bank of England room to cut interest rates. Read more here London jobs market weakens at fastest pace since 2020 11:24 , Daniel O'Boyle London's job market weakened at the fastest pace since 2020, according to new figures that the capital's business leaders said are a ‘clear message to the Chancellor’. The KPMG and REC London labour market pulse check, supported by BusinessLDN, showed vacancies falling for the tenth consecutive month. But the decline accelerated in December, with a pulse reading of 47.0, which is weaker than the rest of the UK. Any reading below 50 represents decline while any figure above 50 represents growth. The number of candidates available for work also increased for the 12th month in a row. Permanent placements were down, but not as sharply as in December. Read more here Could AI kill us? Inside Google DeepMind 11:04 Everyone laughed politely when I asked whether AI might, in the end, kill us all — everyone apart from one researcher from a US-based thinktank who told me that, as a pessimist, he believes there is about a “20 per cent chance that AI poses an existential threat to life.” “That’s a smaller percentage than you used to say,” an eminent professor from Stanford University quipped, “outlooks have improved?” “Well, just as long as people are afraid, fear is healthy." The night before November’s AI Safety Summit was due to take place at Bletchley Park, Alexandra Jones was invited to a drinks event hosted by Google DeepMind, one of the world’s largest and most influential AI companies. Read more here FTSE 100 up as European markets rally, NatWest and Rightmove higher 09:53 , Graeme Evans Builders, banks and retailers powered the FTSE 100 index today as much-needed economic optimism swept through European markets. Traders welcomed the UK’s GDP surprise and remarks of European Central Bank president Christine Lagarde that the 'hardest and worst bit' on inflation was likely over. Europe’s leading benchmarks put on 1% and the FTSE 100 lifted 0.8% or 59.98 points to 7636.57, recouping losses seen after yesterday’s hot US inflation reading. The rally came despite the deteriorating Middle East situation, with Brent Crude up 2% to $79.05 a barrel after last night’s US-led attacks on Houthi targets. London’s big risers included NatWest after a jump of 3p to 214.7p, discounter B&M up 9.6p to 564.4p and property portal Rightmove, ahead 10.4p to 560.2p. House builders fared well after affordable homes specialist Vistry upped 2023 profits guidance. Its shares added 22p to 989.5p as the FTSE 250 surged 172.81 points to 19,280.74. The biggest FTSE 100 faller was Burberry, down 7% or 100p to 1260.5p after it cut profit guidance due to slower luxury demand. UK 'teetering on the edge' of recession... but will it fall in? 09:41 , Daniel O'Boyle Rob Morgan, chief investment analyst at Charles Stanley, says: “Provided December’s figure is positive, which is a realistic expectation, the UK will have teetered on the edge of recession without falling in. “However, much will depend on activity around the festive period, and it may be that Black Friday discounting brought forward more Christmas spending than usual.” Shell tops ranking of most expensive fuel station brands 09:28 , Daniel O'Boyle Shell fuel stations are typically the most expensive in the UK, new figures show. The British oil and gas company’s branded UK forecourts charged an average of 142.6p per litre for petrol and 151.2p per litre for diesel on Thursday, according to analysis by motoring research charity the RAC Foundation. That is more than all other major retailers. Read more here Housebuilders lead FTSE 100 rally, Trustpilot up 4% 08:58 , Graeme Evans The FTSE 100 index has put back most of yesterday’s losses, with housebuilders Taylor Wimpey and Barratt Developments and retailer JD Sports Fashion among several stocks up 2%. Today’s blue-chip rise of 0.7% or 53.15 points 7629.74 followed the UK’s strong GDP reading for November and a relaxed response to yesterday’s 3.4% US inflation figure. Other stocks on the risers board included NatWest, which cheered 3.3p to 215p, and Primark owner Associated British Foods with a gain of 35p to 2289p. The FTSE 250 index improved 0.9% or 168.72 points to 19,276.65, with the technology-focused pair of Future and Trustpilot up 4%. Housebuilder Vistry lifted 3% or 25.5p to 993.05p after it reported that 2023 adjusted profits would be ahead of guidance given in October, at a level similar to the previous year’s £418.4 million. Bank 'will be comfortable holding rates' 08:51 , Daniel O'Boyle Sophie Lund-Yates, lead equity analyst, Hargreaves Lansdown, says: “The UK’s economy squeezed out a small drop of economic juice in November, with month-on-month GDP rising to 0.3%, from minus 0.3% in October. This could be a sign that people were getting ready for Christmas early, and all eyes will now be on how December itself shaped up, once consumers had potentially emptied their wallets on Black Friday deals. "A sluggish metabolism has become the new norm for the UK as higher interest rates and deep-rooted productivity problems continue to bite. The lack of meaningful movement, in theory, adds weight to hopes that the Bank of England will be comfortable holding interest rates where they are, but there are unfortunately some more hoops to jump through before that becomes a certainty. Inflation’s moving in the right direction but still isn’t where it needs to be, and that’s a major blocker to looser monetary policy being allowed through." Market snapshot: Oil rises 08:25 , Daniel O'Boyle Take a look at today's market snapshot, with Brent Crude rising back towards $80 after the latest developments in Yemen. Burberry shares slide after profit warning, FTSE 100 rallies 08:22 , Graeme Evans A profit warning by luxury goods group Burberry today sent its shares down by 9% or 117p to a fresh multi-year low of 1243.5p. The company reported a 7% decline in revenues to £706 million for the 13 weeks to 30 December, meaning that operating profits for the year to 30 March will now be in the range of £410 million to £460 million. The “further deceleration in our key December trading period” follows Burberry's warning in the autumn that it would miss targets if trading conditions did not improve. Chief executive Jonathan Akeroyd said today: “We remain confident in our strategy to realise Burberry's potential and we are committed to achieving our £4 billion revenue ambition." Burberry’s latest slide in valuation came as the FTSE 100 index posted a stronger-than-expected performance, up 0.8% or 63.43 points to 7640.02. 'Economic hokey cokey' goes on as GDP rises 07:52 , Daniel O'Boyle Nicholas Hyett, investment analyst at Wealth Club, said: “The UK continues its economic hokey cokey in November, with 0.3% growth in GDP following a 0.3% fall in October. "With weakness in travel and hospitality, there is evidence that the cost of living crisis continues to squeeze consumers. But, high tech service industries seem to be picking up the slack, and even manufacturing is showing some signs of life, with its first positive growth since June 2023. It's an economic muddle, albeit with some promising signs." Vistry beats expectations in sign housebuilding gloom may be ending 07:50 , Daniel O'Boyle Developer Vistry beat expectations in 2023, in a boost to the housebuilding sector that was battered by rate hikes last year. Vistry, which announced this year it would focus only on affordable housing, said profit should be roughly level with last year’s £418.4m, defying expectations of a decline. Total completions slipped to 16,124, but Vistry said this meant it was “significantly outperforming” rivals. CEO Greg Fitzgerald said: “"The Group had a strong run into the year end and I'm pleased to report that adjusted profit before tax for FY23 is anticipated to be ahead of guidance.  Our FY23 performance has demonstrated the resilience of Vistry's unique Partnerships model. “Looking ahead, working with our highly valued partners we are committed to increasing the delivery of much needed homes across the country, and in the fourth quarter have continued to secure exciting new developments that reflect our high return, asset-light partnerships model. Our forward sales of £4.5 billion is up 12.4% on prior year and positions us well to deliver a step-up in total completions in FY24 and make progress towards our medium-term targets and the return of £1bn of capital to shareholders." Fitzgerald is set to also take on the role of chair. London Tunnels firm confirms intention to float 07:40 , Simon Hunt The firm behind the opening of the secret WW2 tunnels in central London has today laid out its plans for an IPO on the London Stock Exchange, confirming previous reporting by the Standard. London Tunnels Plc plans to raise £30 million at a valuation of £123 million. The firm said it had already raised £10 million from investors privately. Angus Murray, Chief Executive Officer of The London Tunnels, commented: "The Admission of The London Tunnels to the London Stock Exchange offers both UK and International investors a chance to support, while owning part of, this unique irreplaceable heritage and cultural attraction located in Central London. "We envisage The London Tunnels achieving the same iconic status in London as the London Eye." (The London Tunnels / DBOX) 'Temporary factors' boost GDP 07:29 , Daniel O'Boyle Ruth Gregory, deputy chief UK Economist at Capital Economics, notes that November’s GDP was affected by a number of ‘temporary factors’. “Two temporary factors appear to have contributed to the rise. First, the 0.4% m/m rise in services output had a lot to do with a fewer number of strikes in the health, transport and TV/film production sectors,” She said. “Second, Black Friday discounting appears to have bolstered wholesale and retail activity by 0.5% m/m. “Consumer-facing services output rose by 0.6% m/m. Equally, though, some of the 0.2% m/m fall in construction activity in November was probably due to the unseasonably wet weather. And the return to growth in November was also driven by a 0.3% m/m increase in manufacturing output which resulted in a 0.3% m/m gain in industrial production.” FTSE 100 seen higher as Nikkei 225 extends run, Brent Crude rises 07:20 , Graeme Evans The price of Brent Crude today rose 2% to $79 a barrel as oil markets responded to the deteriorating situation in the Middle East. Despite last night’s US-led attacks on Houthi targets, Asia markets posted a steady performance while the FTSE 100 index is forecast to open 33 points higher at 7609. Japan’s Nikkei 225, meanwhile, added another 1.5% to set a new 34-year high. The mood was helped by a large drop in China producer prices and a bigger-than-expected rise in the country’s export growth figure for December. Traders have also taken a relaxed view of yesterday’s US inflation reading of 3.4%, which appears to have dashed hopes of a March interest rate cut. The leading US benchmarks closed broadly flat as attention turns to this afternoon’s release of weaker quarterly earnings figures from banking giants JPMorgan Chase, Bank of America, Citigroup and Wells Fargo. 'Awful lot of pressure' on next GDP reading 07:19 , Daniel O'Boyle With GDP rising by 0.3% in November, attention turns to December's figures. Richard Carter, head of fixed interest research at Quilter Cheviot, says: “The UK economy grew by a modestly positive 0.3% month-on-month in November, up from the unexpected 0.3% contraction seen in October. This uplift in November is just enough to bring the UK economy back to flat growth over these two months, but it leaves an awful lot of pressure on the December figures as even a slight downward turn would result in the UK entering a technical recession after Q3 GDP was revised down to a fall of 0.1% at the end of last year. “This morning’s figure shows just how precarious the situation is for the UK economy and piles yet more pressure onto the Bank of England to cut interest rates. The Bank has managed not to tip the UK into a recession to date, but it is looking increasingly likely that its luck may be coming to an end. UK heads away from recession as GDP rises in November 07:11 , Michael Hunter Official economic numbers just out show that the UK's faltering economy is at least heading away from recession, with growth in November. But the numbers continued to look stagnant as the struggle for robust rates of expansion continued. The gross domestic product for the month rose 0.3% month-on-month, turning round from a contraction of the same margin at the last reading. On a year-on-year basis it rose 0.2%, from a drop of 0.1% last time. The turnaround was led by a better showing in the dominant services sector. Its output was up 0.4%. Construction lagged, with a fall of 0.2%. It was a better showing than forecast. City experts had expected a year-on-year contraction of 0.1% and a month-on-month fall of 0.3%. That would have left the economy on course for recession when numbers for December were released, providing a wider reading for the fourth quarter. Today's data, from the Office for National Statistics mean the country is moving away from the technical definition of a recession – two consecutive quarters of economic contraction – after shrinking in the third quarter. Nonetheless, such low growth rates are seen by economists as little different to modest contractions. November's number fits with the established pattern, recently described by Simon French, chief economist at broker Panmure Gordon as "a “series of random numbers trending around zero.” Today, Joshua Mahony at Scope Markets called November's "reversal of the worrying decline" seen in October as "welcome", adding: "This 0.3% growth figure represents the best monthly performance in five months, easing fears of a interest rate driven contraction for the UK economy." Recap: Yesterday's stories 06:41 , Simon Hunt Good morning from the Standard City desk. The impossible almost happened yesterday. For years Apple has been by far the most valuable listed company in the world. But when markets opened on Wall Street, the Californian tech giant was surpassed by its Washington-based rival Microsoft. Apple shares sunk on fears of weaker iPhone demand, while Microsoft's shares have risen sharply over successive months amid hopes of its AI capabilities. By the time markets closed, Apple had edged ahead again. Microsoft's stock closed 0.5% higher, giving it a market value of $2.859 trillion, while Apple shares closed 0.3% lower, giving the company a market cap of $2.886 trillion. Either way, Apple's years of dominance look at risk of coming to an end. Here's a summary of our other top headlines from yesterday: More colleagues on the shop floor and a full Christmas dinner for just £2.09 each helped Tesco to a strong festive trading period according to chief executive Ken Murphy. Sales in the third quarter rose 7.3% while Christmas sales rose 6.4% --a bit lower than arch rival Sainsbury reported yesterday. But Tesco ups profit guidance to £2.75bn.n Concerns over Suez supply situation Cybersecurity firm Darktrace ups guidance after revenues jump by a quarter (an ES share tip)Trouble on the dealer floor: FCA says it is to "review historical motor finance commission arrangements and sales across several firms." Premier Inn owner Whitbread says it continues to outperform its budget hotel rivals , making an extra £6 per room in the UK after 11% growth in three months to 30 November Estate agent Savills saw "a significant reduction in profits for the year", but believes "peak uncertainty" has passed Consumer review site Trustpilot ups guidance and buys back £20m in shares after strong Christmas period.£1.9 billion deal to create the UK's fourth biggest real estate investment trust as London Metric buys LXi. View comments

2024-01-12 17:43:53+00:00

{"Bitcoin": [1486, 1685]}

{}

BlackRock chief Larry Fink sees crypto ETFs as 'stepping stones to tokenization'

https://finance.yahoo.com/news/blackrock-chief-larry-fink-sees-174353507.html

Business Insider

https://www.businessinsider.com/

Larry Fink sees value in a potential ether ETF. REUTERS/Ruben Sprich BlackRock CEO Larry Fink told CNBC on Friday that he sees value in an ether ETF. That came after the SEC approved 11 spot bitcoin ETFs on Wednesday. "These are just stepping stones towards tokenization and I really do believe this is where we're going to be going." BlackRock CEO Larry Fink said Friday that he sees value in an ether ETF and called such crypto funds steps toward tokenization. The comments came two days after the Securities and Exchange Commission approved a slate of spot bitcoin ETFs for trading in the US. "These are just stepping stones toward tokenization," Fink told CNBC. "I really do believe this is where we're going to be going. We have the technology to tokenize today." Tokenization refers to using blockchain technology or a digital token to represent real-world items. Fink said it could help resolve issues in money laundering, identity theft, and corruption. BlackRock was among the 11 bitcoin ETF issuers that received regulatory approval and had already laid the groundwork for an ether ETF. In November, the $8.5 trillion asset manager filed for a spot ether ETF with the Nasdaq exchange. Meanwhile, Fink also acknowledged that he was a "naysayer" in bitcoin until about two years ago, though now he's a believer in it. "I do believe it is an alternative source for wealth holding," he told CNBC. "I don't believe it's ever going to be a currency. I believe it's an asset class." Bitcoin is also an asset class that could protect investors in uncertain times, he maintained, and it represents something similar to what gold has been for "thousands of years." BlackRock's iShares Bitcoin Trust debuted on Thursday and accounted for about $1 billion of the total $4.6 billion in trading volume that the ETFs saw that day. Read the original article on Business Insider

2024-01-12 18:01:54+00:00

{"Bitcoin": [351, 376, 408, 1141, 2422]}

{}

Bitwise bitcoin ETF draws most inflows on first trading day, company says

https://finance.yahoo.com/news/bitwise-bitcoin-etf-draws-most-180154344.html

Reuters

http://www.reuters.com/

By Hannah Lang and Suzanne McGee Jan 12 (Reuters) - Crypto asset manager Bitwise said on Friday that $240 million flowed into its spot bitcoin exchange-traded fund (ETF), the most of the 10 such products that began trading on Thursday. The U.S. Securities and Exchange Commission approved 11 spot bitcoin ETFs this week, including BlackRock's iShares Bitcoin Trust, Grayscale Bitcoin Trust, and ARK 21Shares Bitcoin ETF, among others, after a decade-long tussle with the digital asset industry. The first day of trading saw $4.6 billion worth of shares trade hands across all the products, according to LSEG data from Thursday which tracks total trading activity, including inflows and outflows. Reuters could not immediately verify Bitwise's data. Grayscale, BlackRock and Fidelity dominated total trading on Thursday, the LSEG data showed. The products mark a watershed moment for the cryptocurrency industry that is set to test whether digital assets - still viewed by many professionals as risky - can gain broader acceptance as an investment. The market is closely watching inflows during their first few days of trading. The ProShares Bitcoin Strategy ETF, the first bitcoin futures ETF approved by the SEC in 2021, accumulated $1 billion in assets within its first days of trading. "Matching BITO's first-week performance would indeed signify a significant success, especially given the current state of the market cycle," said Anthony Rousseau, head of brokerage solutions at TradeStation. Grayscale was approved to convert its existing bitcoin trust into an ETF on Thursday, overnight creating the world's largest bitcoin ETF, with more than $28.6 billion in assets under management. Its product saw $95 million in outflows on Thursday, according to a source familiar with the matter. The SEC had previously rejected all spot bitcoin ETFs on investor protection concerns. SEC Chair Gary Gensler said in a statement on Wednesday that the approvals were not an endorsement of bitcoin, calling it a "speculative, volatile asset." Still, the regulatory nod sparked intense competition for market share among the issuers. Franklin Templeton on Friday slashed the fee for its bitcoin ETF to 0.19% - the lowest yet - and waived fees entirely on the product's first $10 billion in assets under management until August. After its ETF started trading on Thursday, Valkyrie cut its fees a second time to 0.25%. Its Valkyrie Bitcoin ETF saw $29.44 million flow in during its first day of trading, the company said. Reuters could not immediately verify that number. Valkyrie CEO Leah Wald, speaking to Reuters after the market close on Thursday, called it "a good successful trading day." (Reporting by Hannah Lang in Washington and Suzanne McGee; Editing by Michelle Price, Kirsten Donovan) View comments

2024-01-12 18:06:40+00:00

{"Bitcoin": [343, 368, 400, 1277, 2574]}

{}

Bitwise bitcoin ETF draws most inflows on first trading day, company says

https://finance.yahoo.com/news/bitwise-bitcoin-etf-draws-most-180640039.html

Reuters

http://www.reuters.com/

By Hannah Lang and Suzanne McGee (Reuters) -Crypto asset manager Bitwise said on Friday that $240 million flowed into its spot bitcoin exchange-traded fund (ETF), the most of the 10 such products that began trading on Thursday. The U.S. Securities and Exchange Commission approved 11 spot bitcoin ETFs this week, including BlackRock's iShares Bitcoin Trust, Grayscale Bitcoin Trust, and ARK 21Shares Bitcoin ETF, among others, after a decade-long tussle with the digital asset industry. On the first day of trading, $4.6 billion worth of shares changed hands across all the products, according to LSEG data from Thursday which tracks total trading activity, including inflows and outflows. Reuters could not immediately verify Bitwise's data. Grayscale, BlackRock and Fidelity dominated total trading on Thursday, the LSEG data showed. The products mark a watershed moment for the cryptocurrency industry that is set to test whether digital assets - still viewed by many professionals as risky - can gain broader acceptance as an investment. The market is closely watching inflows during their first few days of trading. "We think that this will become a market measured in the tens of billions of dollars," said Matt Hougan, chief investment officer at Bitwise. The ProShares Bitcoin Strategy ETF, the first bitcoin futures ETF approved by the SEC in 2021, accumulated $1 billion in assets within its first days of trading. "Matching BITO's first-week performance would indeed signify a significant success, especially given the current state of the market cycle," said Anthony Rousseau, head of brokerage solutions at TradeStation. Grayscale was approved to convert its existing bitcoin trust into an ETF on Thursday, overnight creating the world's largest bitcoin ETF, with more than $28.6 billion in assets under management. Its product had outflows of $95 million on Thursday, according to a source familiar with the matter. Story continues The SEC had previously rejected all spot bitcoin ETFs on investor protection concerns. SEC Chair Gary Gensler said in a statement on Wednesday that the approvals were not an endorsement of bitcoin, calling it a "speculative, volatile asset." Still, the regulatory nod sparked intense competition for market share among the issuers. Franklin Templeton on Friday slashed the fee for its bitcoin ETF to 0.19% - the lowest yet - and waived fees entirely on the product's first $10 billion in assets under management until August. After its ETF started trading on Thursday, Valkyrie cut its fees a second time to 0.25%. Its Valkyrie Bitcoin ETF saw $29.44 million flow in during its first day of trading, the company said. Reuters could not immediately verify that number. Valkyrie CEO Leah Wald, speaking to Reuters after the market close on Thursday, called it "a good successful trading day." The price of bitcoin, the world's largest cryptocurrency, was last down 5.32% at $43,696. (Reporting by Hannah Lang in Washington and Suzanne McGeeEditing by Michelle Price, Kirsten Donovan and Matthew Lewis)

2024-01-12 18:34:20+00:00

{"Bitcoin": [129, 604, 727, 1216, 2088]}

{}

Crypto Prices Surge — Could These 4 Meme Coins Make You a Pretty Penny?

https://finance.yahoo.com/news/crypto-prices-surge-could-4-183420969.html

GOBankingRates

https://www.gobankingrates.com/

Dennis Diatel Photography / Getty Images Following the Securities and Exchange Commission’s (SEC) long-awaited approvals of Spot Bitcoin exchange traded funds (ETFs) on Jan. 11, crypto prices have been surging . But whether this renewed enthusiasm for the space will be a tide that lifts all boats for meme coins remains to be seen. And while there seems to be a pickup in interest in these coins, it’s not clear the mania will be sustained. See: 13 Cheap Cryptocurrencies With the Highest Potential Upside for You Find: 3 Things You Must Do When Your Savings Reach $50,000 “Altcoin season often follows Bitcoin bull markets as individuals and groups launch new token projects to attract speculative investors who want to ride Bitcoin’s coattails for quick gains,” said David Waugh, lead analyst for Coinbits .  He added, however, that while some alternative cryptocurrencies have seen sudden and significant price increases, investors should keep in mind that only three altcoins — XRP, Dogecoin, and the BNB token — have ever reached new all-time highs a few years out from their initial peak. Despite the seemingly increased interest in the space, several experts say “not so fast.” One of the byproducts of more Bitcoin ETFs coming to the market might potentially mean an increase in regulation in the space, putting the days of meme coins behind us. “Flashy token mechanics and ‘being early’ often draws in eager investors looking for a quick ’10x,’ however the trend of U.S. enforcement and crackdowns will continue to increase as more ETFs are brought online as these are merely money printing schemes and are not to be commingled with public markets,” said Aaron Rafferty, co-founder of StandardDAO . Sponsored: Owe the IRS $10K or more? Schedule a FREE consultation to see if you qualify for tax relief. Meme Coins Are Highly Speculative And then, of course, it’s worth emphasizing that many experts liken investing in meme coins to gambling in a casino. Therefore, the practice should be approached with caution. Usually, you see meme coins doing really well after Ethereum and Bitcoin make big moves. That money from the majors tends to recycle further down the risk curve. Then, that cash gets channelled into meme coins such as DOGE, PEPE, BONK and WIF — among many, many others, said Brian D. Evans, CEO and founder of BDE Ventures. “Most of these meme coins tend to be very flash-in-the-pan, rising fast and then basically going to zero,” he said. “But some end up reaching escape velocity, obviously, and they can run really, really hard.” Against this backdrop, a few meme coins have seen price upswings recently. And, as CoinMarketCap reported, “As the broader digital asset market cap bounced nearly 4% on the news, meme coins saw an even stronger 6.8% pop to reach a $21.9 billion valuation.” Story continues Following are some of the aforementioned meme coins (data from Coingecko, as of Jan. 12): 1. Pepe Past 30 days: 0.6% increase. Past day: 0.4% increase. According to Coinpedia, “Pepe coin is currently among the top meme coins you could diversify with, signaling as a potential best crypto investment this year.” 2. Dogwifhat (WIF) Price: $0.22. Past 30 days: 5474.7% increase. Past day: 3.9% decrease. According to FinBold, citing CoinMarketCap data, over $165 million worth of WIF was traded on Jan. 11 — a 387% increase from the previous day. Per Austin Alexander, co-founder of LayerTwo Labs , the fact that WIF has gone way past a $200 million in market capitalization “is funny in itself.” “And this is a draw to people, investing $20 in a coin about a dog with a hat and laughing about it online. That’s the essence of it all,” he said. 3. Dogecoin Past 30 days: 10.4% decrease, Past day: 2.5% decrease, According to Coinpedia, Dogecoin price is currently on a bearish trail, yet is expected to fight for dominance this year amid the crypto price surge. Not everyone agrees with this premise, however. While everyone knows Dogecoin, especially since it was touted by Elon Musk, things might look different this year. “As we’re looking at 2024, what’s it doing besides getting Twitter likes? It’s all fun and games until you realize there’s no real payoff,” said Shawn Carpenter, chairman and CEO of StockAlarm . 4. BONK Past 30 days: 42.4% increase. Past day: 14.3% decrease. BONK is “the pioneer meme coin on the Solana blockchain,” and has “solidified its presence, boasting a substantial community and market capitalization,” according to Coinpedia. More From GOBankingRates 7 Ways Fraudsters Are Trying to Scam People in 2024 5 Ways to Earn at Least 5% APY on Your Money (Without Using the Stock Market) 3 Ways to Recession Proof Your Retirement 7 Things You Must Do When You Start Making 6 Figures This article originally appeared on GOBankingRates.com : Crypto Prices Surge — Could These 4 Meme Coins Make You a Pretty Penny? View comments

2024-01-12 18:52:55+00:00

{"Bitcoin": [153, 821, 853, 941]}

{}

CoinShares acquires Valkyrie expands ETF offerings

https://finance.yahoo.com/news/coinshares-acquires-valkyrie-expands-etf-185255610.html

Forkast News

https://forkast.news/

CoinShares, a leading digital asset investment firm, has exercised its option to acquire Valkyrie Funds. CoinShares will take control of Valkyrie’s BRRR Bitcoin ETF launched yesterday, among other products. This strategic acquisition is set to bolster CoinShares’ presence in the United States, where Valkyrie is based, and expand its ETF offerings to a broader market. CoinShares, headquartered in Europe, has been looking to deepen its footprint in the U.S. market, and the Valkyrie acquisition is a significant step in that direction. The deal not only diversifies CoinShares’ product offerings but also consolidates its position as a global leader in digital asset investments. Valkyrie, known for its innovative approach to digital asset funds, has been a notable player in the ETF space, particularly with its BRRR Bitcoin ETF, one of the 11 spot Bitcoin ETFs approved by the U.S. Securities and Exchange Commission earlier this week. Bitcoin ETFs provide exposure to the leading cryptocurrency without the need for investors to hold the actual digital coins. This reduces the risks associated with custody and security while still allowing participation in the potential gains of the crypto market. The financial terms of the deal have not been disclosed, but it is understood that CoinShares exercised an option to buy Valkyrie, which was part of a previous agreement between the two firms.

2024-01-12 19:39:19+00:00

{"Bitcoin": [1037, 2102]}

{}

Stock market today: Energy stocks gain as oil rallies, Tesla declines

https://finance.yahoo.com/news/stock-market-today-energy-stocks-193919776.html

Business Insider

https://www.businessinsider.com/

S&P 500 futures were little changed in early trades as investors looked to a new earnings season. Oil prices jumped on concern about fresh disruptions after the US and UK struck Houthi rebel targets. Energy stocks led gains in premarket trading, while Tesla was the biggest fal ler. US stock futures were little changed in early trading as investors looked forward to the earnings season that starts on Friday, with banks such as JPMorgan Chase, Bank of America, and Citigroup due to report their financial results for the fourth quarter. European equities advanced after the UK reported better than expected economic growth, while Asian markets saw mixed trends. Chinese stocks traded on the back foot after data showed a continuing deflationary trend in the nation's consumer prices, while the Japanese market extended a sizzling rally. Oil prices jumped on fears of supply disruptions after the US and UK launched air strikes against Houthi rebel bases in Yemen, while the dollar and 10-year Treasury bond yields were little changed. Bitcoin slipped for a second day amid a bout of profit-taking after the much-anticipated ETF approvals were announced this week by the Securities and Exchange Commission. Energy stocks led Thursday's premarket gainers following the rise in oil, with Diamondback Energy, Xcel Energy, WEC Energy, and Marathon Petroleum dominating the chart. Real-estate analytics firm CoStar rose the most among S&P 500 shares. Tesla, Veralto, and Juniper Networks led declines. Markets overview Futures on the S&P 500 were little changed at 4,813.50 as of 5:20 a.m. ET, while similar contracts on the Nasdaq 100 slipped 0.2% to 16,932.25. In Europe, the Euro Stoxx 50 climbed 0.8%. Germany's DAX 40 and France's CAC 40 rose 0.9% and 1.1%, respectively. In Asia, Japan's Nikkei 225 powered to a new intraday high of more than 35,800 before closing at 35,577.04. Hong Kong's Hang Seng index dropped 0.35% while the Shanghai Composite was 0.2% lower. India's Nifty 50 moved 1.1% higher. Brent crude prices rallied more than 2% to $79.90 a barrel, adding to a similar gain on Thursday. Bitcoin declined 0.9% to $45,927, adding to Thursday's 0.7% dip. Ten-year Treasury yields were flat at 3.98%, and the Dollar Index was little changed. Story continues Top movers Here are some of the top premarket movers among S&P 500 stocks. Commercial real-estate analytics firm CoStar led gains, advancing 3.6% to $85.05. Energy stocks were in the green: WEC Energy rose 2,3% to $83.98. Halliburton was up 2.1% and Occidental Petroleum advanced 2%. Tesla led the fallers, down 3.2% to $220. Veralto dropped 2% to $74.51, while Fortinet lost 1.9%. Read the original article on Business Insider

2024-01-12 20:00:07+00:00

{"Bitcoin": [1926, 2887, 3024, 3144, 3418, 3434, 3482, 3656, 3860, 3909, 4003, 4039, 4215, 4394, 4598, 4677, 4740, 4851, 5031]}

{}

8 Things To Consider Before Investing in Crypto in 2024, According to Financial Experts

https://finance.yahoo.com/news/8-things-consider-investing-crypto-200007333.html

GOBankingRates

https://www.gobankingrates.com/

recep-bg / Getty Images Cryptocurrency has been on quite a wild ride since it launched back in 2009. Today, it is quite a controversial topic among investing experts. This is largely because it’s volatile and only loosely regulated. Find: 5 Ways To Earn at Least 5% APY on Your Money (Without Using the Stock Market) Read: 3 Things You Must Do When Your Savings Reach $50,000 Though vexed and always under heated debate, the crypto market is still a formidable and popular investment sector. For example, by the end of 2021, it was estimated that close to 300 million people worldwide owned some type of cryptocurrency, according to crypto.com, as reported by Forbes. You may be wondering what the year may hold for this booming but contentious space. Let’s hear what financial experts think — and what you should take into consideration before investing, or building out investments, in crypto in 2024. Sponsored: Owe the IRS $10K or more? Schedule a FREE consultation to see if you qualify for tax relief. Project Legitimacy and Security Not all cryptocurrencies are the same, and some crypto projects are, well, sketchier than others. This is why it’s imperative to do your homework on each crypto project you’re thinking about making a move in. Ensure it’s legitimate and secure. “Look for a clear roadmap, a competent team and a transparent business model,” said Dmitry Mishunin, CEO of HashEx . You should also ensure the project has undergone a thorough security audit by a reputable firm. “This is crucial for smart contract-based projects to prevent vulnerabilities and hacks,” Mishunin said. Experts: Make These 7 Money Resolutions If You Want To Become Rich on an Average Salary Valuation Challenges Part of what makes crypto difficult to understand — for newcomers, in particular — is that it doesn’t align with traditional valuation models. “Prices are less driven by fundamentals and more by narratives, such as Bitcoin being perceived as digital gold,” said Daniel Krupka, head of research at Coin Bureau . Story continues Be wary of storytelling that veers wildly in favor of crypto. Focus on what your research renders instead. Information Quality Another thing to consider when approaching crypto is that quality information is hard to come by. This, Krupka said, is due to biases and technical complexities. “Successful investment often hinges on thorough, independent research and understanding the narratives driving crypto projects,” Krupka said. Bull Markets vs. Bear Markets You should also know how bull markets work in crypto, and how bear markets work — they’re not necessarily like the traditional stock market. “Bull markets in crypto often see gradual rallies with sharp corrections, while bear markets usually have gradual declines with sharp spikes,” Krupka said. “This behavior significantly impacts investment strategies.” Potential Developments Around Bitcoin ETFs When considering investing in cryptocurrency in 2024, it’s critical to stay in the know about potential developments around Bitcoin ETFs. “The United States Securities and Exchange Commission (SEC) is expected to make decisions on several spot Bitcoin ETF applications by January 2024,” said Liam Hunt, director and analyst at Sophisticated Investor . “This decision is highly anticipated as it could significantly influence future regulations and investment trends in the cryptocurrency space.” But what exactly is a Bitcoin ETF? “A Bitcoin ETF offers investors a way to invest in Bitcoin without the complexities of direct ownership, like managing crypto wallets or navigating crypto exchanges,” Hunt said. “They are designed to track the performance of Bitcoin, providing a more straightforward and regulated approach to investing in this cryptocurrency.” The perhaps good news for those thinking about investing in crypto is that the potential approval of Bitcoin ETFs could broaden the investor base for Bitcoin, “possibly leading to increased adoption and price stability,” Hunt said. Even With a Bitcoin ETF, There Is Risk Though a Bitcoin ETF could make the world of crypto a bit cleaner and clearer to navigate, such a development wouldn’t eliminate the inherent risk cryptocurrency carries. “Investing in Bitcoin ETFs also carries risks such as counterparty risk, liquidity risk and market volatility,” Hunt said. “The crypto market is known for its high volatility, and the price of Bitcoin can greatly swing upwards or downwards in a short time. Additionally, the regulatory landscape for cryptocurrencies in the U.S. is still evolving, which means some regulatory risk remains even if Bitcoin ETFs are approved.” Crypto Could Become More Accessible (If There Is a Bitcoin ETF) Another thing to consider is that, if approved, a Bitcoin ETF would make the cryptocurrency more accessible to more people, which could increase the adoption of Bitcoin in general. “This anticipated decision by the SEC will be critical for the cryptocurrency market as it might pave the way for increased mainstream acceptance and growth in Bitcoin’s adoption,” Hunt said. Community and Support Another thing to consider when approaching crypto is what the project’s community and support looks like. “A strong, active community and responsive support are indicators of a project’s health and potential longevity,” Mishunin said. More From GOBankingRates 7 Ways Fraudsters Are Trying to Scam People in 2024 5 Ways to Earn at Least 5% APY on Your Money (Without Using the Stock Market) 3 Ways to Recession Proof Your Retirement 7 Things You Must Do When You Start Making 6 Figures This article originally appeared on GOBankingRates.com : 8 Things To Consider Before Investing in Crypto in 2024, According to Financial Experts

2024-01-12 20:47:28+00:00

{"Bitcoin": [18, 202, 506, 832, 2934, 2977, 3133, 3797, 3874], "BTC": [35]}

{"Bitcoin": [0]}

Bitcoin Drops 6.3% and Drags Ethereum and Dogecoin Down With It

https://finance.yahoo.com/news/bitcoin-drops-6-3-drags-204728576.html

Motley Fool

http://www.fool.com/

The approval of a Bitcoin (CRYPTO: BTC) ETF was supposed to bring billions of dollars into the crypto industry, but in typical fashion, investors bought the rumor and sold the news. As of 2:30 p.m. ET, Bitcoin is down 6.3% in the last 24 hours, and the selling accelerated early this morning. Ethereum (CRYPTO: ETH) has rallied the last few days but dropped 3.7% between 10 a.m. ET and 2:30 p.m. ET. Dogecoin (CRYPTO: DOGE) plunged 3.9% in just the last few hours as well. Buy the rumor, sell the news The Bitcoin ETF approval was months in the making, and when these ETFs were announced on Wednesday, Jan. 10, the market started to sell off. A lot of traders had bought in anticipation of the ETFs (buying the rumor) and then began selling when there was no longer a catalyst to count on in the future (sell the news). To be fair, Bitcoin has been flat in the past week, Ethereum is up 10%, and Dogecoin is down just 0.4%. So there hasn't been a big move if you pull back a bit. I do think it's notable that Ethereum has gained as much as it has. The speculation trade has likely moved to the second-largest cryptocurrency , which could eventually be a popular ETF asset as well. Technology takes it on the chin Cryptocurrency doesn't trade in a vacuum, either. Over the last three years, cryptocurrency has traded with high-growth tech stocks, and they're having a terrible day. Layoffs at Cloudflare , Alphabet , Discord, and dozens of other companies are calling into question the growth we should expect for 2024. There's still a delayed realization in parts of the tech industry that growth is slowing and costs need to come under control if companies are going to be profitable. This doesn't necessarily impact cryptocurrencies directly, but if cryptocurrencies trade with growth tech stocks, it's not surprising to see a sell-off. What we don't know matters most The theory of the last few months in cryptocurrencies was that an ETF approval would bring new buyers into the crypto market, bringing billions of dollars with them. But will that be the case? It seems to me that buying cryptocurrencies is easy enough for anyone who wanted to buy some over the last few years. An ETF may make it easier in some ways, but it also comes with fees that are unnecessary for cryptocurrencies you can hold in self-custody. I wouldn't be surprised if cryptocurrencies continue to fall as the market realizes that new money isn't coming in as expected following ETF approvals. And there's no increased utilization of the blockchain for innovative purposes if assets are held in an ETF. Story continues This week has been more volatile than even a normal week in crypto. Don't be surprised if that's the theme for the next few weeks as the market figures out who is buying crypto to hold and who was just speculating on ETF approvals. There may be more speculation going on than investors would like to think. 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 8, 2024 Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool’s board of directors. Travis Hoium has positions in Alphabet, Cloudflare, and Ethereum. The Motley Fool has positions in and recommends Alphabet, Bitcoin, Cloudflare, and Ethereum. The Motley Fool has a disclosure policy . Bitcoin Drops 6.3% and Drags Ethereum and Dogecoin Down With It was originally published by The Motley Fool View comments

2024-01-12 20:55:00+00:00

{"Bitcoin": [339, 439, 497, 824, 1174, 1330, 1374, 1624, 1648, 1788, 1889, 2037, 2141, 2218, 2404, 2449, 2975, 3023, 3108, 3185, 3304, 3408, 4491], "BTC": [356]}

{}

Why Marathon Digital, Riot Platforms, and Microstrategy Plunged Today

https://finance.yahoo.com/news/why-marathon-digital-riot-platforms-205500619.html

Motley Fool

http://www.fool.com/

The impressive volatility we've seen in many top cryptocurrencies to kick off the year has been noted by many investors. However, results have been mixed for crypto-adjacent companies, with today's moves in Marathon Digital (NASDAQ: MARA) , Riot Platforms (NASDAQ: RIOT) , and Microstrategy (NASDAQ: MSTR) reflecting a 7% downside move in Bitcoin (CRYPTO: BTC) , which tends to drive the price action of these companies, given their large Bitcoin holdings. Notably, as of early afternoon trading, Bitcoin has plunged through the $44,000 level, generating significant long liquidations for traders and suggesting momentum is not on the side of investors right now. As of 3 p.m. ET, shares of Marathon Digital, Riot Platforms, and Microstrategy dropped 15.1%, 9.7%, and 9.9%, respectively, over the past 24 hours. While lower Bitcoin prices do directly affect the valuations of these companies, there's more at play with these stocks today. Let's dive into what's driving this big downside move in these crypto-adjacent companies today. The crypto-investing picture is changing Undoubtedly, the biggest news affecting the crypto sector this week has been the approval of spot Bitcoin ETFs. These exchange-traded funds began trading on Thursday, providing new publicly traded options for investors looking to gain direct exposure to Bitcoin. Presumably, much of the demand for Bitcoin mining stocks was generated from investors who preferred the liquidity and publicly traded nature of these companies. With the rise of these ETFs, it's likely many retail and institutional traders have repositioned their portfolios away from Bitcoin miners and into Bitcoin ETFs. Fund flows will be an important story to watch, to be sure. It's expected that around $100 billion of capital could flow into Bitcoin ETFs. That's a large sum that has to come from somewhere. Additionally, declining fees among Bitcoin ETF issuers has made these ETFs an attractive, low-cost option for those seeking exposure to the space. Instead of investing in higher-beta Bitcoin miners (their stock prices tend to move disproportionately to the upside and downside, based on Bitcoin swings), investors can gain direct exposure to what they're after -- Bitcoin. That's a more attractive proposition for many investors concerned about capital preservation in this current climate. Story continues What can change the narrative around these Bitcoin stocks? It's certainly the case that Bitcoin ETFs, as the new investment vehicle on the block, will continue to garner outsized interest from investors. To a certain extent, a sell-off among crypto-adjacent stocks may have already been anticipated by the market, considering the poor price performance of these companies prior to the approval of these ETFs on Wednesday. Accordingly, there's some strong near-term price pressures that may manifest for some time. Additionally, if it's the case that these ETF approvals turn out to be a "sell the news" event, and Bitcoin prices trend lower, that's not good for Bitcoin miners and companies like Microstrategy that really act as a vehicle to hold Bitcoin. With a halving event set to materialize in a few months, mining new Bitcoin will become more expensive. As a result, margin pressures and other factors are also at play. In a word, these Bitcoin-adjacent stocks present a much more messy and potentially higher-volatility picture than owning Bitcoin ETFs directly. I think that while this sell-off in crypto stocks may be overdone, it can also be true that this selling pressure lasts longer than many think is possible. Thus, I'm going to remain on the sidelines for now when it comes to these specific stocks. Should you invest $1,000 in Marathon Digital right now? Before you buy stock in Marathon Digital, 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 Marathon Digital 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 8, 2024 Chris MacDonald has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Bitcoin. The Motley Fool has a disclosure policy . Why Marathon Digital, Riot Platforms, and Microstrategy Plunged Today was originally published by The Motley Fool

2024-01-12 21:00:00+00:00

{"Bitcoin": [107, 328, 435, 618, 1140, 1458], "BTC": [633]}

{"Bitcoin": [44]}

Grayscale Files for First Covered Call Spot Bitcoin ETF

https://finance.yahoo.com/news/grayscale-files-first-covered-call-210000663.html

etf.com

https://www.etf.com/

Cryptocurrency Grayscale Investments, the cryptocurrency investment firm that just converted its Grayscale Bitcoin Trust into a spot bitcoin ETF Thursday, also filed on the same day for a novel bitcoin covered call ETF. The prospectus filed with the U.S. Securities and Exchange Commission on Jan. 11 detailed how the Grayscale Bitcoin Trust Covered Call ETF would offer actively managed exposure to spot bitcoin through the Grayscale Bitcoin Trust (GBTC), while also buying and selling call and put options. “The Fund seeks to achieve its investment objective primarily through actively-managed exposure to Grayscale Bitcoin Trust (BTC) (“GBTC”) and the purchase and sale of a combination of call and put option contracts that utilize GBTC as the reference asset,” the prospectus said. A decade after the first spot bitcoin ETFs were proposed to the SEC, the agency approved 11 ETF applications on Jan. 10. The funds saw a historic trading day Thursday, with $4.6 billion in volume, Reuters reported Friday . “This is just the beginning,” said Ophelia Snyder , co-founder of 21Shares, which along with Ark Invest launched the ARK 21Shares Bitcoin ETF (ARKB) on etf.com’s live spot bitcoin ETF webinar . Snyder noted: “The key difference between yesterday and today is that now there’s a very clear pathway in trading crypto – and these products really do simplify access in a critical way to allow advisors and investors to participate in this space.” Spot Bitcoin ETF Race Eager crypto investors are already looking towards the next fund to push the envelope into other currencies. Several firms, including ARK/21Shares and BlackRock, have already filed with the SEC for spot ether funds. Grayscale’s filing for a covered call ETF marks the next step in likely a flurry of filings for creative ways to approach cryptocurrency exposure. Contact Lucy Brewster at [email protected] . Permalink | © Copyright 2024 etf.com. All rights reserved

2024-01-12 21:05:16+00:00

{"Bitcoin": [97, 290, 363, 461, 833, 861, 900, 1353, 1448, 2209, 2253, 2480, 3082, 3124], "BTC": [951, 1009]}

{"Bitcoin": [17, 59]}

Cathie Wood Buys Bitcoin Futures ETF; SEC Approves 11 Spot Bitcoin ETFs

https://finance.yahoo.com/news/cathie-wood-buys-bitcoin-futures-210516198.html

Benzinga

http://www.benzinga.com/

Just before 2023 ended, ARK Invest CEO Cathie Wood sold all of the company's remaining Grayscale Bitcoin Trust (GBTC) holdings. The firm's Next Generation Internet Fund (ARKW) sold 2.25 million shares of GBTC and used some of those holdings to purchase 4.32 million shares of the ProShares Bitcoin Strategy ETF (BITO). While both GBTC and BITO track the price of Bitcoin with futures, GBTC is slightly different from BITO in terms of its relationship with spot Bitcoin exchange-traded funds (ETFs). In its filings with the Securities and Exchange Commission (SEC), Grayscale indicated that it would convert the futures-linked version of GBTC into a spot version of GBTC if its application is approved, which occurred on Jan. 10. This allows it to keep the same investment and ticker symbol while converting the underlying asset from Bitcoin futures into actual Bitcoins. Don't Miss: Analysts predict Bitcoin ETF approval by January 10th. Prepare your BTC stack today . Did you know $2.5 BILLION was earned by BTC miners in the 4th quarter of 2023 ? However, this move from ARK has caused investors to second-guess Grayscale's plans. Some believe that ARK is cautious about GBTC's ability to convert from a futures ETF into a spot ETF. If this is the case, GBTC could be approved for the switch after the release of other prominent applications for spot Bitcoin ETFs. In this event, many investors could pull capital from GBTC and put it into other Bitcoin ETFs. This could cause GBTC to lose value. Wood told Bloomberg Television that the trade was made "out of an abundance of caution." Wood and ARK are not 100% certain that GBTC will be approved for the conversion, so they are looking to remove some risk before the potential for approvals. Additional caution could be the result of a shakeup in the C suite for Grayscale's parent company Digital Currency Group (DCG). In late December, the founder and CEO of DCG resigned after a slew of ongoing legal issues. He was succeeded by DCG CFO Mark Shifke. Story continues Trending: The last-standing top crypto exchange without a major security breach offers what now? While ARK sold GBTC, it also bought BITO. This could be a result of its bullish stance on Bitcoin. If it wanted to retain exposure to Bitcoin before the approvals, BITO is the logical option. However, the move could also have been following ETF mandates, such as a certain amount of the fund has to be invested in crypto-related products. The SEC approved spot Bitcoin ETFs on Jan. 10, the final date for a decision on ARK and 21Shares ETF application after several delays. Read Next: Don't buy the top this time around. Reboot your crypto portfolio today . Whether you have $10 or $10,000, you can start trading crypto today . "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 Cathie Wood Buys Bitcoin Futures ETF; SEC Approves 11 Spot Bitcoin ETFs originally appeared on Benzinga.com © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

2024-01-12 21:10:10+00:00

{"Bitcoin": [0, 685, 825, 834, 1188, 1586, 1953, 2677, 2898, 3760, 4198, 4291, 4397, 4618, 4758, 4910, 5078, 5263, 5329, 5548, 5733, 5800, 6017, 6283, 6644, 6939, 7450, 7771, 8465, 8529, 8857, 8907, 9066, 9261, 9871, 11950, 12325, 12448, 12652]}

{"Bitcoin": [11]}

How to buy Bitcoin: 5 ways to add the popular cryptocurrency to your portfolio

https://finance.yahoo.com/news/buy-bitcoin-5-ways-add-200420495.html

Bankrate

https://www.bankrate.com

Bitcoin is a cryptocurrency that’s encountered some wild swings in its price since it was first introduced in 2009. It’s been a roller coaster ride, especially in the last few years, and many traders have plunged into bitcoins, with some having made millions, while others have suffered great losses. If you’re considering this decentralized version of digital cash, you have a few different ways to buy bitcoins . You can buy them directly or indirectly from a few traditional brokers, as well as some newer upstarts. In fact, it’s easier than ever to buy bitcoins, and you can likely do it at a lower commission than before too, since the Securities and Exchange Commission approved Bitcoin exchange-traded funds (ETFs) in early 2024. Here are five ways to buy bitcoins and some key factors that you need to watch. What is Bitcoin? Bitcoin is one kind of digital currency or cryptocurrency , a way to pay for things that exists only virtually. The currency debuted in 2009 and really broke into mainstream consciousness in 2017 with its rapid rise that year. Coins are created, or “mined,” when computers that organize the currency process and legitimize transactions in the currency . Bitcoin uses a decentralized network of computers to manage everything — a distributed ledger called a blockchain that tracks transactions in the currency. It’s like a huge public record of every transaction that has taken place in the currency. And the network monitors everything, ensuring the currency’s integrity and the ownership of bitcoins. 5 ways to buy bitcoins If you’re looking to trade Bitcoin, the good news is that you now have several options. You do not even need to open a separate and specialized account to do so, since major brokers offer a way to buy them via ETFs. ( Here are some of the top brokers for trading cryptocurrency. ) Plus, some unexpected players – PayPal and Cash App for example – now allow U.S. residents to buy, sell and hold Bitcoin, too. Story continues Each method below offers a different combination of cost, security and potential upside and downside. Financial apps Many financial apps such as PayPal and Venmo now allow you to trade cryptocurrency. PayPal makes it tremendously easy to directly buy or sell bitcoins using the same app that you’ve come to trust with your online payments. You’ll pay $0.49 for trades involving less than $5, and the fees rise from there. Trades involving $200.01 – $1,000 cost 1.8 percent, while those above $1,000 come in at 1.5 percent. There’s a spread markup on trades, but you won’t pay a fee for holding cryptocurrency in your account, and you can trade as little as $1 at a time. Ethereum, Litecoin and Bitcoin Cash are also tradable here, as is a newly created PayPal stablecoin. Venmo charges the same fees, since it’s owned by PayPal. Crypto exchanges Crypto exchanges are another popular option for those looking to buy Bitcoin. Exchanges offer a few key advantages to traders. First, the best crypto exchanges offer among the lowest possible all-in costs for trading cryptocurrency. So they’re a good bet if cost is your key objective. Second, many exchanges don’t charge spread mark-ups, which are hidden fees built into the trading prices. Third, many exchanges offer wallets , allowing you to securely store your cryptocurrency. The fees at various crypto exchanges can differ markedly, so it’s worthwhile looking around to find which offers the best combination of price, crypto choice and service. Popular options include Binance , Crypto.com and Kraken . Trading apps You can pick up a few bitcoins with no direct commission by using a trading app such as Webull or Robinhood, though you’ll end up making up for it with a spread markup. These apps also allow you to purchase Bitcoin ETFs. Robinhood takes its best trick – no commissions – and applies it to cryptocurrency, but it does charge a spread markup, the exact cost of which it does not reveal. You’ll be able to buy bitcoins directly, and will have access to other digital currencies, too, a feature that other brokers listed here don’t offer. Of course, you’ll be able to buy stocks, ETFs and options while you’re on the easy-to-use platform, including Bitcoin ETFs. Read more on Robinhood . Webull lets you trade a handful of cryptos, including Bitcoin. You’ll pay a spread markup of 1 percent on each transaction, however. You can also trade stocks, Bitcoin ETFs and options. Read more on Webull . Traditional brokers Some traditional brokers have also ventured into the cryptocurrency arena, including Interactive Brokers and TradeStation . And with the introduction of Bitcoin ETFs, major brokers offer funds that let you buy the crypto, too. At Interactive Brokers you’ll be able to buy futures contracts on Bitcoin as well as trade the coin directly. The broker charges $5 per futures contract, which gives you exposure to five bitcoins. If you want to trade Bitcoin directly, you’ll pay a competitive commission of 0.12-0.18 percent of your trade value, depending on your monthly volume. You’ll also have access to Ethereum , Bitcoin Cash and Litecoin. Interactive Brokers provides a whole range of other tradable securities, giving you access to securities across the world. Read more on Interactive Brokers . Bitcoin ATMs Another option is to buy bitcoins directly through a Bitcoin ATM , though you’re likely to pay much more in commissions than you would elsewhere. You’ll be able to buy bitcoins and some ATMs will allow you to sell them, too, using cash or a debit card. But you may need a Bitcoin wallet to make the transaction. Commissions can be pricey, with some ATMs charging around 7 percent per transaction, while the fees at others may stretch into the teens. Buying Bitcoin: Here’s what to watch for As you’re considering how to buy Bitcoin, you’ll want to evaluate the following factors, since they should influence your choice of where to buy it or whether to ultimately avoid it altogether. Ownership. What do you want to own exactly? You can own Bitcoin directly (say, through an ETF) or a derivative such as a futures contract, which offers a return on the currency’s movement. Upside/downside. Your potential gain is related directly to whether you own the currency directly or via futures contract. By owning Bitcoin directly, your profit increases by a dollar with every dollar increase in the currency. In contrast, with futures you can gain much more quickly without having to front as much capital. However, your downside is more limited by owning directly, while you can lose more money with futures. Cost. Commissions can vary widely depending on how you purchase Bitcoin. Futures contracts get you a big piece of the action relatively cheaply, while some brokers may charge you several percent to buy directly. A few percent might not sound like a lot, but if you’re trading in and out of the market, it will quickly eat away at your profits. In contrast, a Bitcoin ETF gets you in the game quickly with no direct commission and a low annual expense ratio , and it’s simpler to trade that way, too. Security. One of the biggest concerns with any investment is making sure that it’s secure. Some newer cryptocurrency players have had serious problems with security. For example, hackers stole about $570 million worth of Binance’s BNB coin in 2022. More traditional brokers may offer better security because they’ve been dealing with the issue for much longer. And with Bitcoin ETFs, the fund company manages security, making it an easy way to own the cryptocurrency. You may also receive bitcoins as part of commercial transactions. Regardless of how you came by your coins, any transaction in the cryptocurrency is reportable to the IRS at tax time. What information is needed to purchase Bitcoin? When you open an account at a traditional brokerage or a crypto exchange, you’ll need to provide basic personal information. Of course, you’ll need to provide your name, but the firm will also require other data such as your Social Security number, your address, your phone number and your bank account number. You may also have to detail how much trading experience you have and how comfortable you are with trading, depending on the institution. This information allows the firm to identify you and verify who you are. It’s also vital during tax time when the broker or exchange prepares documents on your gains and losses, reports that you’ll need to accurately file your taxes. Is Bitcoin an effective hedge against inflation? Some people think Bitcoin may be an effective way to protect yourself from inflation, or what’s called an inflation hedge . A hedge is a kind of investment that offsets, partially or fully, the price move in another asset. So, an inflation hedge would protect you from inflation in some way. There’s little evidence to support the assertion that Bitcoin acts as an inflation hedge , experts say. Bitcoin has not existed long enough to have been through a major inflationary period, though it’s been tested during the recent challenging macro environment. Bitcoin fell substantially in 2022, despite inflation rising to its highest level in decades. And it’s not an effective hedge against the volatility of the stock market, either. Experts say that Bitcoin acts more like a risky tech stock or momentum stock, meaning that it rises when these stocks rise and falls when they fall. That’s not the kind of thing you want from a hedge, which should perform the opposite of the asset being hedged, zigging when the market zags. Where is the best place to store bitcoins? The best place to store your bitcoins depends on what you intend to use them for. For example, if you plan on trading them, it may be best to keep them with the crypto exchange or broker where you do your trading, especially if you’re trading frequently or in the near term. Like other ETFs, Bitcoin ETFs are held in your brokerage account. Others may opt for a crypto wallet , if they’re planning on spending the cryptocurrency or even just locking it down for safekeeping. A crypto wallet can hold and secure your cryptocurrency, though if you’re taking custody of your assets, then it’s your complete responsibility, and you could wind up losing your cryptocurrency if you’re not careful. Two popular options for this latter group include hot wallets and cold wallets. Hot wallets A hot wallet allows your cryptocurrency to be used or moved around easily. Because your coins are secured by software rather than hardware and are still connected to the internet, they’re less secure than cold wallets. But if you’re using a wallet because you intend to use the cryptocurrency, it makes sense to go with a hot wallet. Hot wallets come in a few varieties: Desktop wallets: You can download wallet software to your computer and manage your crypto holdings from there. When you’re done transacting, you can even take it offline, increasing your security. Web wallets: This browser plug-in allows you to connect to the blockchain and make transactions quickly, but the internet connection makes it less secure. Mobile wallets: You can use software on a mobile device if you’re using crypto to pay or transact. Some providers of hot wallets also offer multiple types of hardware wallets, so you can use one software type across multiple devices. Cold wallets A cold wallet is more valuable if you really want to lock down your cryptocurrency and make it nearly impervious. Cold wallets rely on hardware, a physical device, to secure your holdings, and it looks like a USB thumb drive. This can be disconnected from the internet, making your holdings very secure. When you’re ready to transact, you can plug it in and conduct business. While more secure than a hot wallet, a cold wallet has other potential risks, including theft of the device, loss of the wallet and even loss of the password. So even cold wallets are not foolproof. Bottom line If you’re looking to purchase Bitcoin or other digital currencies as an investment, it’s important to keep costs to a minimum. Given the novelty of the crypto market, many brokers would love to maximize their commissions (in contrast to the stock market where trading fees have gone to zero). Those fees eat into your profits, so look for a way to minimize those frictional costs. But the introduction of Bitcoin ETFs provides a cheaper and more secure way for traders to gain exposure to the cryptocurrency. While the price of Bitcoin has run high quickly, it still carries serious risks that make it not suitable for everyone. Those looking for conservative investments or who cannot afford to lose money should consider avoiding Bitcoin or trading only with an amount they are willing to lose.

2024-01-12 21:16:00+00:00

{"Bitcoin": [462, 633, 798, 1351, 1547, 1620, 2591, 2687, 2852, 3147, 4114], "BTC": [479]}

{}

Why Ethereum, Ethereum Classic, and Lido Staked Ether All Popped This Week

https://finance.yahoo.com/news/why-ethereum-ethereum-classic-lido-211600005.html

Motley Fool

http://www.fool.com/

The cryptocurrency space has become a rather intriguing one to follow, particularly over the past week. For investors looking at the impressive moves made by Ethereum (CRYPTO: ETH) , Ethereum Classic (CRYPTO: ETC) and Lido Staked Ether (CRYPTO:STETH), one might surmise that everything is sunshine and rainbows. After all, as of 3:30 p.m. ET, these three cryptos surged 16.3%, 47.3%, and 16.7%, respectively, over the past week. However, it's also the case that Bitcoin (CRYPTO: BTC) is actually trading exactly flat this week over the same time frame. After surging more than 10% to a multiyear high of more than $48,500 this week, Bitcoin has since given up all its weekly gains, trading back to the $43,800 level at the time of writing. This move follows the highly anticipated approval of spot Bitcoin ETFs, which has completely changed the investing landscape in the crypto sector, probably for good. Interestingly, Ethereum and its related tokens are seeing impressive surges, suggesting these cryptos may have ultimately been the better way to play this event. Let's dive into why. These ETF approvals may not be a "sell the news" event for all cryptos It's usually a good rule of thumb to wait a few days to assess how the enthusiasm around a specific catalyst for any asset plays out. In this case, it appears most of the buying activity for Bitcoin took place prior to, and around, its ETF approvals. Since then, a "sell the news" narrative has grown, suggesting perhaps the hype around these approvals may have already been priced into Bitcoin heading into this key catalyst. However, the approval of 11 spot Bitcoin ETFs by the Securities and Exchange Commission (SEC) has sent ripple waves through the market. For Ethereum, the world's second-largest cryptocurrency (and one that regulators have also shown a favorable stance toward in the past), the potential for spot Ethereum ETF approvals has shot higher following this news. Investors hoping for a similar rally heading into future spot Ethereum ETF approvals may be simply looking to get ahead of this trade. Story continues For Ethereum Classic (the proof-of-work fork of Ethereum) and Lido Staked Ether (staked Ethereum on Lido's liquid-staking network that can be redeemed 1 to 1 with Ethereum), a rising tide tends to lift all boats. What's good for Ethereum is generally good for these tokens and will continue to drive outsized interest in these higher-volatility Ethereum alternatives. The optimal way to play a particular catalyst is typically difficult to ascertain If you asked me heading into this week whether Bitcoin or Ethereum and its related tokens would have a better week, I probably would have said Bitcoin. Most of the momentum in this sector was firmly behind the gold standard in this space, and a surge in capital (which could be as much as $100 billion) into Bitcoin should, in theory, lead to massive support for the world's largest cryptocurrency. These fundamentals remain in play. However, it's becoming clearer that much of the anticipation around these approvals had been priced in prior to the announcement. Given how fast the crypto world moves, Bitcoin ETF approvals are now old news. Investors appear to be clearly focused on the next token with the biggest potential catalyst out there, and that's Ethereum right now. Should you invest $1,000 in Ethereum Classic right now? Before you buy stock in Ethereum Classic, 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 Ethereum Classic 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 8, 2024 Chris MacDonald has positions in Ethereum. The Motley Fool has positions in and recommends Bitcoin and Ethereum. The Motley Fool has a disclosure policy . Why Ethereum, Ethereum Classic, and Lido Staked Ether All Popped This Week was originally published by The Motley Fool

2024-01-12 21:18:07+00:00

{"Bitcoin": [46, 333, 564, 604, 794, 818, 838, 883, 903, 1046, 1370, 1526, 1741, 1874, 1903, 2052, 2218, 2395, 2416, 2536, 2745, 2759, 2936, 2991, 3364, 3410, 3468, 3534, 3593, 3654, 3708, 3762, 3817, 3858, 3898, 4277, 4553, 4711, 4767, 5587, 6281, 6398]}

{"Bitcoin": [0]}

Bitcoin ETFs: What are they and how to invest in them?

https://finance.yahoo.com/news/bitcoin-etfs-invest-them-174816907.html

Bankrate

https://www.bankrate.com

Traders looking for a simple way to invest in Bitcoin got their wish when the Securities and Exchange Commission approved several exchange-traded funds that invest directly in the cryptocurrency in January 2024. The decision to approve the funds was largely expected after an earlier court ruling questioned why the SEC was treating Bitcoin ETFs differently from similar products. The funds approved include those from well-known issuers including Blackrock, Fidelity and Invesco. SEC Chair Gary Gensler made clear in a statement that the agency’s approval of the Bitcoin funds was not an endorsement of Bitcoin itself. “Investors should remain cautious about the myriad risks associated with bitcoin and products whose value is tied to crypto,” Gensler said. Here’s what you should know about Bitcoin ETFs. What is a Bitcoin ETF? A spot Bitcoin ETF pools investor money to purchase Bitcoin directly. A Bitcoin ETF is managed by an investment firm and listed on a traditional stock exchange. While it’s down from its November 2021 all-time high, Bitcoin has increased substantially in anticipation of the ETF approvals. Naturally, the increase in price has both individual and institutional investors wondering how they can get in on the action. Trading directly through a crypto exchange can be complicated for some investors. But with the introduction of ETFs tied to Bitcoin, the process of investing could become much simpler. “Investors will now be able to benefit from the added protections of the ETF structure and get Bitcoin exposure as part of a diversified portfolio with less volatility,” said Alex Michalka, vice president of investment research at Wealthfront. The SEC approved applications from 11 asset managers to list spot Bitcoin ETFs. Many of the funds cut their fees leading up to the approvals in an effort to win early investors. Who should invest in Bitcoin ETFs? Investing in a Bitcoin ETF could be a good option for people who are looking for a more traditional way of investing in the digital currency. Investing directly in Bitcoin can be complicated and involves questions of how the asset will be stored and which exchange to purchase on. ETFs remove some of that complexity by packaging Bitcoin into ETF form. Story continues The ETF structure could also make it easier for some institutional investors to enter the crypto market, which could help keep demand for Bitcoin high. Still, Bitcoin is a high-risk investment with a very short trading history and no underlying cash flows to support its value. “Bitcoin is primarily a speculative, volatile asset that’s also used for illicit activity including ransomware, money laundering, sanction evasion, and terrorist financing,” Gensler said. Where do you purchase Bitcoin ETFs? Bitcoin ETFs are available through most online brokers who offer traditional securities like stocks and bonds. Some of these brokers may also offer the opportunity to invest in Bitcoin directly, while others only allow you to trade Bitcoin futures. ETFs trade on traditional exchanges such as the New York Stock Exchange or the Nasdaq. If you’re interested in the widest offering of cryptocurrencies and are looking to directly invest in digital coins, you’ll need an account with a crypto exchange, such as Binance or Kraken , but these exchanges find themselves in the regulatory crosshairs of the SEC. Bitcoin ETFs ETF Ticker Expense ratio Bitwise Bitcoin ETF BITB 0.0 percent (0.20 percent)* ARK 21Shares Bitcoin ETF ARKB 0.0 percent (0.21 percent)* Fidelity Wise Origin Bitcoin Trust FBTC 0.0 percent (0.25 percent)* Wisdom Tree Bitcoin Fund BTCW 0.0 percent (0.30 percent)* Invesco Galaxy Bitcoin ETF BTCO 0.0 percent (0.39 percent)* Valkyrie Bitcoin Fund BRRR 0.0 percent (0.49 percent)* iShares Bitcoin Trust IBIT 0.12 percent (0.25 percent)* VanEck Bitcoin Trust HODL 0.25 percent Franklin Bitcoin ETF EZBC 0.29 percent Grayscale Bitcoin Trust GBTC 1.50 percent Source: Bloomberg *Note: Bitwise, ARK, WisdomTree to waive fee for first six months and/or $1 billion in assets. Invesco to waive fee for first six months and/or $5 billion in assets. IShares to lower fee for first 12 months and/or $5 billion in assets. Valkyrie to waive fee for first three months. Fidelity to waive fee until July 31, 2024. Are Bitcoin ETFs regulated? All ETFs that trade on U.S. exchanges are regulated by the Securities and Exchange Commission. In August 2023, an appeals court ruled against the SEC for rejecting an application from cryptocurrency asset manager Grayscale Investments to list its spot Bitcoin ETF on the New York Stock Exchange. The court ruled that the SEC was “arbitrary and capricious” to reject Grayscale’s application, since its proposed Bitcoin ETF is “materially similar” to already-approved Bitcoin futures ETFs. In October, the SEC chose not to appeal the decision. Other types of crypto-related investments If you’re not satisfied with the offering of crypto-related ETFs, you have some other options for investing in the digital currency world. Invest in crypto directly You can always choose to invest directly in cryptocurrencies through a broker or crypto exchange. Some brokers offer a limited number of options for investing in crypto, typically offering only the major coins. If you’re looking for a broad offering, you’ll need to go through a crypto exchange, but be careful to watch out for costly fees associated with buying and selling. Blockchain ETFs Another way to make crypto-adjacent investments is to invest in ETFs focused on blockchain, which is the technology behind cryptocurrencies like Bitcoin and Ethereum . Blockchain ETFs hold stocks of companies that are using blockchain technology as part of their current and future business plans. Holdings often include a combination of crypto companies, tech giants and financial institutions. Stock in crypto companies There is also the option of investing in stocks of companies that are directly involved in cryptocurrency. Coinbase, a large crypto exchange, went public in 2021 and other companies such as PayPal and Robinhood have also made a push into cryptocurrencies. Be sure to thoroughly research each company and understand how much of their business is tied to crypto before investing. Bottom line Traders eagerly awaiting a Bitcoin ETF got their wish in 2024 after the SEC approved the applications for several funds that invest directly in Bitcoin. There are also other ways to get in on the crypto action through stocks and ETFs that are indirectly tied to crypto or blockchain technology. You can also invest directly through a crypto exchange. Editorial Disclaimer: All investors are advised to conduct their own independent research into investment strategies before making an investment decision. In addition, investors are advised that past investment product performance is no guarantee of future price appreciation.

2024-01-12 21:25:18+00:00

{"Bitcoin": [210, 1452, 1553, 1614, 1748, 2028, 2060, 2134]}

{}

MicroStrategy’s Saylor Sold Shares Daily in Runup to ETF Launch

https://finance.yahoo.com/news/microstrategy-saylor-sold-shares-daily-212518147.html

Bloomberg

https://www.bloomberg.com/

(Bloomberg) -- MicroStrategy Inc.’s co-founder Michael Saylor has been selling company shares leading up to the US Securities and Exchange Commission’s approval of exchange-traded funds investing directly into Bitcoin. Most Read from Bloomberg Apple to Shutter 121-Person San Diego AI Team in Reorganization US Economy Set for Another Cash Boost If Congress Backs Tax Deal Biden Says US Doesn’t Support Taiwan Independence After Vote Taiwan Elects US-Friendly President, Defying China Warnings The company’s executive chairman sold between 3,882 and 5,000 shares on certain days between Jan. 2 and Jan. 10, when the SEC made the announcement, data compiled by Bloomberg shows. The sales likely netted Saylor more than $20 million. It is the first time he has sold shares in nearly 12 years, the data shows. A MicroStrategy spokesperson confirmed the sales noting that they are a part of a plan that was disclosed in a filing last year and is “separate from the recent ETF approvals.” “The planned sales of up to 5,000 shares will occur each day between January 2, 2024 and April 26, 2024 under the plan,” the spokesperson said in a statement. The plan is to sell as much as 400,000 shares in that period. Since the beginning of the year, MicroStrategy’s stock has fallen about 23%, partly on concerns that the ETFs’ debut could potentially make the company’s shares less attractive investments. Because the Tysons Corner, Va.-based company has carried Bitcoin on its balance sheet for several years, MicroStrategy has been viewed by many investors as a Bitcoin proxy. Prior to the SEC approving up to a dozen spot Bitcoin ETFs, investors couldn’t invest in the cryptocurrency directly. Now they have other options. MicroStrategy began investing in Bitcoin in 2020, citing the need to reduce the company’s cash holdings because of the perceived eroding threat of inflation. The shift came as revenue from its software business stagnated. During the last crypto winter, MicroStrategy had to take massive write-offs because of its Bitcoin holdings. The company’s Bitcoin holdings is currently worth $8.3 billion, about a 40% paper gain. Bitcoin is up nearly 3% so far this year, briefly topping $49,000 for the first time since December 2021 after the ETFs began trading on Thursday. Most Read from Bloomberg Businessweek How AI Replaced the Metaverse as Zuckerberg’s Top Priority Trumponomics 2.0: What to Expect If Trump Wins the 2024 Election Kim Kardashian’s Skims Isn’t the Only Celebrity Brand to Watch Five ETFs to Watch in 2024 US Is Weaponizing New Economic Tools to Slow China’s War Machine ©2024 Bloomberg L.P. View comments

2024-01-12 21:40:16+00:00

{"Bitcoin": [1627, 7228]}

{}

Bond Traders Reload Fed-Cut Wagers After PPI Data: Markets Wrap

https://finance.yahoo.com/news/asia-stocks-look-mixed-investors-225551731.html

Bloomberg

https://www.bloomberg.com/

(Bloomberg) -- Treasury two-year yields dropped to the lowest level since May as a surprise decline in producer prices reinforced bets on Federal Reserve rate cuts this year. Most Read from Bloomberg US Economy Set for Another Cash Boost If Congress Backs Tax Deal Apple to Shutter 121-Person San Diego AI Team in Reorganization Biden Says US Doesn’t Support Taiwan Independence After Vote Nvidia’s Red-Hot 2024 Start a Bright Spot as S&P 500 Eyes Record Traders are pricing in an about 80% chance of a Fed reduction in March — up from a little over 50% a week ago. Friday’s economic data came a day after a hotter-than-estimated reading on consumer prices — underscoring the bumpy path officials face in bringing inflation to the 2% target. Investors also sifted through bank results as the US earnings season kicked off, while watching geopolitical developments ahead of Monday’s Martin Luther King Jr. Day. “We suspect there is little to dissuade the market from pressing the March cut trade,” said Ben Jeffery at BMO Capital Markets. “Let us not forget the geopolitical escalations in the Red Sea and the implied headline risk — relevant from both a flight-to-quality and supply-side inflation perspective.” Two-year US yields fell 10 basis points to 4.15%. Traders priced in about 20 basis points of easing for March. Given that Fed rate changes historically have been increments of 25 basis points, swap contracts still show bets on the first cut in May. The S&P 500 was little changed Friday, while notching a weekly gain. Microsoft Corp. overtook Apple Inc. to become the world’s most-valuable publicly traded company. Bitcoin slid. Oil rose as the US and its allies launched airstrikes against Houthi rebels in Yemen. Among the key reasons for the decline of inflation over the past year were a drop in energy costs and supply chains that had largely ironed out their pandemic strains. The Red Sea turmoil is hampering both of those disinflationary forces that central bankers were hoping could help them finish the job. “This is a world in which we are fragile to begin with on the supply side, and then you get this additional shock,” Mohamed El-Erian, president of Queens’ College, Cambridge, and a Bloomberg Opinion columnist, said Friday in an interview on Bloomberg Television. To Chris Larkin at E*Trade from Morgan Stanley, it may be a bit of stretch to describe Friday’s cooler-than-expected inflation numbers as a “surprise” given that producer prices have already retreated faster than consumer figures for quite a while. “The market has tended to run with any data that fits the ‘falling inflation means lower interest rates’ narrative, but we’ll see if that storyline bumps up against the reality of a market that has already priced in multiple rate cuts,” he noted. Story continues Yet the Fed can still take solace in inflation that’s slowed since peaking in mid-2022, with the trend of diminishing price pressures explaining why policymakers are penciling in reductions in interest rates in 2024. Investors have slashed expectations for hawkish surprises from the Fed this year, while they see a growing risk of such moves from central banks in the euro zone and other regions, Bank of America’s latest monthly sentiment survey shows. The number of respondents who anticipate a more hawkish move on policy than market pricing fell to 33% in the bank’s latest poll, from 51% in December. Despite the slide, “the Fed is still viewed as more likely to deliver a hawkish surprise than others,” BofA strategists including Ralf Preusser wrote in a note. Economists at Barclays expect an earlier start to Fed easing — now calling for the first one in March instead of June. “Given the recent progress on inflation, we think the FOMC will be comfortable cutting rates without needing to see a substantial weakening of the economy or the labor market,” Marc Giannoni and Jonathan Millar wrote. After the big fourth-quarter rally in US stocks, investors are shifting gears to what companies have to show for it in their earnings scorecards. Not much is baked into expectations, so there’s room for an upside surprise: Analysts project that S&P 500 members will see fourth-quarter profits grow 1.1% on average from a year earlier, which would be the smallest positive figure since before the pandemic, data compiled by Bloomberg Intelligence show. The equities benchmark surged 11% last quarter, the best performance since 2020. On Friday, leaders at some of Wall Street’s biggest banks took turns calling an end to the record run for their biggest source of revenue. Wells Fargo & Co. surprised analysts by predicting a 9% drop in net interest income for 2024, while Citigroup Inc. forecast a modest drop this year. Even JPMorgan Chase & Co., which sees its 2024 haul holding up at 2023 levels, predicts it will drop off over the course of the year. Corporate Highlights: JPMorgan Chase & Co. closed out the most profitable year in US banking history with its seventh consecutive quarter of record net interest income and a surprise forecast that the windfall may continue this year. Wells Fargo & Co.’s fourth-quarter costs came in higher than expected, swollen by severance charges and the bank’s contribution to replenish the Federal Deposit Insurance Corp.’s main fund after bank failures last year. Citigroup Inc. said it will eliminate 20,000 roles in a move that will save it as much as $2.5 billion as part of Chief Executive Officer Jane Fraser’s quest to boost the Wall Street giant’s lagging returns. Bank of America Corp.’s earnings fell short of expectations as the bank’s numerous charges in the fourth quarter cut into profit and the firm’s fixed-income traders posted a surprise drop in revenue. BlackRock Inc. clients jumped into its long-term funds in the fourth quarter, adding $63 billion to ETFs and other products in a sign investors put cash to work as stock and bond markets surged. Delta Air Lines Inc. backed away from its 2024 profit target as persistently high costs counter the gains from a rebound in international travel. The US Federal Aviation Administration said it will increase its oversight of Boeing Co.’s production and manufacturing operations, a day after it opened a formal investigation into the planemaker over last week’s accident on a 737 Max 9 jet. Lockheed Martin Corp. and NASA plan to give the public a sneak peek of a plane that could pave the way for airlines to dramatically speed up flights. Some Dish Network Corp. creditors are examining legal options including sending a default notice to the company after it moved prized assets out of bondholders’ reach, according to people with knowledge of the matter. UnitedHealth Group Inc. reported higher fourth-quarter medical costs than Wall Street analysts expected, even as overall results beat estimates. 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 was little changed The Dow Jones Industrial Average fell 0.3% The MSCI World index rose 0.3% Currencies The Bloomberg Dollar Spot Index was little changed The euro fell 0.2% to $1.0950 The British pound fell 0.1% to $1.2745 The Japanese yen rose 0.3% to 144.92 per dollar Cryptocurrencies Bitcoin fell 5.1% to $43,796.86 Ether fell 1.2% to $2,572.03 Bonds The yield on 10-year Treasuries declined two basis points to 3.94% Germany’s 10-year yield declined five basis points to 2.18% Britain’s 10-year yield declined five basis points to 3.79% Commodities West Texas Intermediate crude rose 1% to $72.73 a barrel Spot gold rose 0.9% to $2,047.15 an ounce This story was produced with the assistance of Bloomberg Automation. --With assistance from Cecile Gutscher, Naomi Tajitsu, Elena Popina and Michael Mackenzie. Most Read from Bloomberg Businessweek How AI Replaced the Metaverse as Zuckerberg’s Top Priority Trumponomics 2.0: What to Expect If Trump Wins the 2024 Election Kim Kardashian’s Skims Isn’t the Only Celebrity Brand to Watch Five ETFs to Watch in 2024 US Is Weaponizing New Economic Tools to Slow China’s War Machine ©2024 Bloomberg L.P. View comments

2024-01-12 22:13:43+00:00

{"Bitcoin": [15, 155, 914, 963, 1071, 1192, 1468, 1728, 1898]}

{"Bitcoin": [48]}

Scaramucci Says Grayscale ETF Sales Helped Fuel Bitcoin Decline

https://finance.yahoo.com/news/scaramucci-says-grayscale-etf-sales-221343720.html

Bloomberg

https://www.bloomberg.com/

(Bloomberg) -- Bitcoin’s decline since the start of trading of exchange-traded funds that hold the cryptocurrency was driven in part by sales of Grayscale Bitcoin Trust shares, according to SkyBridge Capital founder Anthony Scaramucci. Most Read from Bloomberg US Economy Set for Another Cash Boost If Congress Backs Tax Deal Apple to Shutter 121-Person San Diego AI Team in Reorganization Biden Says US Doesn’t Support Taiwan Independence After Vote Nvidia’s Red-Hot 2024 Start a Bright Spot as S&P 500 Eyes Record “There seems to be of lot of selling of Grayscale,” Scaramucci said during a Bloomberg Television interview on Friday. The hedge fund manager said that his trading desk noted that holders of the shares, which were converted from a trust this week when the US Securities and Exchange Commission signed off on the ETFs, were selling to book losses and shifting to lower fee alternatives. Selling one Bitcoin product to buy another should not impact Bitcoin’s price, said Zach Pandl, Grayscale’s managing director or research. The potential approval of spot Bitcoin ETFs has been a topic of conversation since Grayscale’s court victory last summer. Following the sharp run-up in Bitcoin’s valuations, it’s natural to see some profit taking in the asset, he said. GBTC, which has existed since 2013, posted $2.3 billion in volume on Thursday, the largest first-day turnover ever for an ETF. It has been one of the most popular channels to gain exposure to Bitcoin. On Thursday, the original cryptocurrency broke through $49,000, hitting a two-year high. It fell below $43,000 on Friday. Shares of GBTC fell 5.2% to $38.58 on Friday. They surged more than 300% last year, compared with an increase of almost 160% for Bitcoin. “The second thing we are seeing is the bankruptcy estate of FTX is unloading into the ETF announcement,” Scaramucci said. “There is a heavy volume of selling in Bitcoin right now. I do expect the supply overhang to be done in the next six to eight trading days.” FTX, which was one of the largest crypto exchanges, filed for bankruptcy in 2022 along with a flurry of major crypto companies amid a market crash. It still holds large amounts of crypto assets and is in the process of unwinding. “One last thing, there has been a quiet period for the Wall Street. Wall Street has not been able to market these ETFs and that will start in about eight days as well,” Scaramucci said. Most Read from Bloomberg Businessweek How AI Replaced the Metaverse as Zuckerberg’s Top Priority Trumponomics 2.0: What to Expect If Trump Wins the 2024 Election Kim Kardashian’s Skims Isn’t the Only Celebrity Brand to Watch Five ETFs to Watch in 2024 US Is Weaponizing New Economic Tools to Slow China’s War Machine ©2024 Bloomberg L.P. View comments

2024-01-12 22:19:57+00:00

{"Bitcoin": [3377]}

{}

Oil rises after strikes on Houthis; US yields fall following PPI

https://finance.yahoo.com/news/asian-shares-cautious-oil-jumps-022115482.html

Reuters

http://www.reuters.com/

By Caroline Valetkevitch NEW YORK (Reuters) -Oil prices gained on Friday as some oil tankers diverted course from the Red Sea after overnight strikes by the U.S. and Britain on Houthi targets in Yemen, while U.S. Treasury yields eased on news that U.S. producer prices unexpectedly fell in December. Wall Street stocks closed nearly flat after moving between modest gains and losses during the session. U.S. earnings season unofficially began, with major U.S. banks reporting lower profit on Friday in a quarter hit by special charges and job cuts and signs some consumer loans are starting to sour. Even as its quarterly profit fell, JPMorgan Chase reported its best-ever annual profit and forecast higher-than-expected interest income for 2024. Its shares fell 0.7%, and an S&P 500 bank index dropped 1.3%. American and British warplanes, ships and submarines launched dozens of air strikes across Yemen overnight in retaliation against Iran-backed Houthi forces for attacks on Red Sea shipping. The move widened a conflict stemming from Israel's war in Gaza. Brent crude futures rose 88 cents, or 1.1%, to settle at $78.29 a barrel. The session high was more than $80, highest this year so far. U.S. West Texas Intermediate crude futures climbed 66 cents, or 0.9%, to settle at $72.68, paring gains after touching a 2024 high of $75.25. The U.S. PPI data raised expectations of an early U.S. interest rate cut from the Federal Reserve. The producer price index for final demand dipped 0.1% last month as the cost of goods declined, while prices for services were unchanged, which bodes well for lower inflation in the months ahead. Data on Thursday showed U.S. consumer prices rose more than expected in December. "Markets are shrugging off yesterday's CPI report since the underlying inflation trend is improving and the Fed can legitimately consider cutting rates this year," Jeffrey Roach, chief economist for LPL Financial in Charlotte, North Carolina, wrote. "The inflation pipeline is clearing and consumer prices will gradually get to the Fed's 2% target." U.S. two-year Treasury yields dropped to their lowest since May at 4.119% in the wake of the PPI data. They were last down 11.8 basis points (bps) at 4.142%. For the week, two-year yields, which reflect rate move expectations, were down 13.1 bps, their worst weekly showing in a month. The benchmark 10-year yield slid to a one-week trough of 3.916%, and was last at 3.955%, down 1.7 bps. The U.S. rate futures market has priced a nearly 80% chance of a rate cut at the Fed's March policy meeting, up from 71% late on Thursday, according to LSEG's rate probability app. Story continues The Dow Jones Industrial Average fell 118.04 points, or 0.31%, to 37,592.98. The S&P 500 gained 3.59 points, or 0.08%, at 4,783.83 and the Nasdaq Composite rose 2.58 points, or 0.02%, to 14,972.76. For the week, the S&P 500 rose 1.84% in its biggest weekly percentage gain since mid-December. The U.S. market will be closed on Monday for the Martin Luther King Jr. holiday. The pan-European STOXX 600 index rose 0.84% and MSCI's gauge of stocks across the globe gained 0.33%. European Central Bank (ECB) President Christine Lagarde said rates could be cut if the central bank was sure that inflation had fallen to its 2% target. The dollar index pared gains after the PPI data. The dollar index was last up 0.19% at 102.40. Bitcoin last stood at $43,643, down more than 5%, having surged to a two-year high of $49,051 on Thursday after the U.S. Securities and Exchange Commission late on Wednesday approved exchange-traded funds linked to bitcoin. In Taiwan, hundreds of thousands of people attended final pre-election rallies in Taiwan ahead of Saturday's critical presidential and parliamentary polls. (Reporting by Caroline Valetkevitch; additional reporting by Amanda Cooper in London, Stella Qiu in Sydney and Rae Wee in Singapore; Editing by Richard Chang, Will Dunham and Marguerita Choy) View comments

2024-01-12 22:31:49+00:00

{"Bitcoin": [433, 458, 490, 1367, 2664]}

{}

UPDATE 1-Bitwise bitcoin ETF draws most inflows on first trading day, company says

https://finance.yahoo.com/news/1-bitwise-bitcoin-etf-draws-223149037.html

Reuters

http://www.reuters.com/

(Adds comment by Bitwise executive in paragraph 6, bitcoin price in paragraph 15) By Hannah Lang and Suzanne McGee Jan 12 (Reuters) - Crypto asset manager Bitwise said on Friday that $240 million flowed into its spot bitcoin exchange-traded fund (ETF), the most of the 10 such products that began trading on Thursday. The U.S. Securities and Exchange Commission approved 11 spot bitcoin ETFs this week, including BlackRock's iShares Bitcoin Trust, Grayscale Bitcoin Trust, and ARK 21Shares Bitcoin ETF, among others, after a decade-long tussle with the digital asset industry. On the first day of trading, $4.6 billion worth of shares changed hands across all the products, according to LSEG data from Thursday which tracks total trading activity, including inflows and outflows. Reuters could not immediately verify Bitwise's data. Grayscale, BlackRock and Fidelity dominated total trading on Thursday, the LSEG data showed. The products mark a watershed moment for the cryptocurrency industry that is set to test whether digital assets - still viewed by many professionals as risky - can gain broader acceptance as an investment. The market is closely watching inflows during their first few days of trading. "We think that this will become a market measured in the tens of billions of dollars," said Matt Hougan, chief investment officer at Bitwise. The ProShares Bitcoin Strategy ETF, the first bitcoin futures ETF approved by the SEC in 2021, accumulated $1 billion in assets within its first days of trading. "Matching BITO's first-week performance would indeed signify a significant success, especially given the current state of the market cycle," said Anthony Rousseau, head of brokerage solutions at TradeStation. Grayscale was approved to convert its existing bitcoin trust into an ETF on Thursday, overnight creating the world's largest bitcoin ETF, with more than $28.6 billion in assets under management. Its product had outflows of $95 million on Thursday, according to a source familiar with the matter. The SEC had previously rejected all spot bitcoin ETFs on investor protection concerns. SEC Chair Gary Gensler said in a statement on Wednesday that the approvals were not an endorsement of bitcoin, calling it a "speculative, volatile asset." Still, the regulatory nod sparked intense competition for market share among the issuers. Franklin Templeton on Friday slashed the fee for its bitcoin ETF to 0.19% - the lowest yet - and waived fees entirely on the product's first $10 billion in assets under management until August. Story continues After its ETF started trading on Thursday, Valkyrie cut its fees a second time to 0.25%. Its Valkyrie Bitcoin ETF saw $29.44 million flow in during its first day of trading, the company said. Reuters could not immediately verify that number. Valkyrie CEO Leah Wald, speaking to Reuters after the market close on Thursday, called it "a good successful trading day." The price of bitcoin, the world's largest cryptocurrency, was last down 5.32% at $43,696. (Reporting by Hannah Lang in Washington and Suzanne McGee Editing by Michelle Price, Kirsten Donovan and Matthew Lewis) View comments

2024-01-12 22:41:17+00:00

{"Bitcoin": [15, 749, 981, 1014, 1073, 1436, 1485, 1593, 1714, 1984, 2125, 2191, 2301, 2337, 2445, 2557, 2772]}

{"Bitcoin": [0]}

Bitcoin Drops Back Below $42,000 as ETF Optimism Evaporates

https://finance.yahoo.com/news/bitcoin-extends-decline-etf-exuberance-173252178.html

Bloomberg

https://www.bloomberg.com/

(Bloomberg) -- Bitcoin continued to pull back from a two-year high as traders parsed results from the much ballyhooed first day of trading of exchange-traded funds holding the cryptocurrency. Most Read from Bloomberg US Economy Set for Another Cash Boost If Congress Backs Tax Deal Apple to Shutter 121-Person San Diego AI Team in Reorganization Biden Says US Doesn’t Support Taiwan Independence After Vote Nvidia’s Red-Hot 2024 Start a Bright Spot as S&P 500 Eyes Record “With the first day of ETF trading behind us, it already feels like the crypto markets have moved on to looking toward the next narrative,” said Chris Newhouse, DeFi analyst at Cumberland Labs. The original cryptocurrency fell as much as 10% to as low as $41,469. On Thursday, Bitcoin briefly topped $49,000 for the first time since December 2021 after the almost dozen ETFs began trading. Most other cryptocurrencies were lower, with Cardano Solana’s SOL and Avalanche declining. The share prices of all the Bitcoin ETFs declined on Friday. Bitcoin’s decline was driven in part by sales of Grayscale Bitcoin Trust shares, according to SkyBridge Capital founder Anthony Scaramucci. “There seems to be of lot of selling of Grayscale,” Scaramucci said during a Bloomberg Television interview on Friday. The hedge fund manager said that his trading desk noted that holders of the shares were selling to book losses and shifting to lower fee alternatives. Selling one Bitcoin product to buy another should not impact Bitcoin’s price, said Zach Pandl, Grayscale’s managing director or research. The potential approval of spot Bitcoin ETFs has been a topic of conversation since Grayscale’s court victory last summer. Following the sharp run-up in Bitcoin’s valuations, it’s natural to see some profit taking in the asset, he said. The bankruptcy estate of failed FTX crypto exchange is also “unloading” assets amid the increased market activity around the ETF announcement, resulting in very heavy selling volume for Bitcoin, Scaramucci said. Story continues While the complete flow data wasn’t currently available, at least $720 million flooded into the 10 Bitcoin ETFs that began trading, Bloomberg data show. The Bitwise Bitcoin ETF (ticker BITB) led the way with nearly $240 million in flows, followed by the Fidelity Wise Origin Bitcoin Fund (FBTC) and the iShares Bitcoin Trust (IBIT), according to data available Friday morning. The much-anticipated debut of the 10 spot Bitcoin ETFs saw roughly $4.6 billion worth of shares change hands on Thursday. That was paced by the Grayscale Bitcoin Trust (GBTC) — which has existed in a trust structure since 2013 — recorded $2.3 billion in volume, the largest-ever first-day turnover for an ETF. Shares of so-called crypto companies also extended losses. Bitcoin proxy MicroStrategy fell for a sixth day, while miners Marathon Digital and Riot Platforms were both down more than 10%. Coinbase Global, the biggest US crypto exchange, fell 7.4%. --With assistance from Katie Greifeld and Emily Graffeo. Most Read from Bloomberg Businessweek How AI Replaced the Metaverse as Zuckerberg’s Top Priority Trumponomics 2.0: What to Expect If Trump Wins the 2024 Election Five ETFs to Watch in 2024 Kim Kardashian’s Skims Isn’t the Only Celebrity Brand to Watch US Is Weaponizing New Economic Tools to Slow China’s War Machine ©2024 Bloomberg L.P.

2024-01-12 22:42:49+00:00

{"Bitcoin": [2129]}

{}

US stocks rise as investors weigh bank earnings and wholesale inflation data

https://finance.yahoo.com/news/us-stocks-rise-investors-weigh-224249678.html

Business Insider

https://www.businessinsider.com/

Spencer Platt/Getty Images US stocks rose on Friday as investors weighed bank earnings and wholesale inflation data. The producer price index rose 1% in December from a year ago, coming in cooler than expected. Meanwhile, JPMorgan, Bank of America, Citigroup, and Wells Fargo reported earnings. US stocks rose on Friday as investors weighed subdued wholesale inflation data and fourth-quarter earnings from top banks. JPMorgan, Bank of America, Citigroup and Wells Fargo all reported, along with Delta Air Lines and UnitedHealth as earnings season kicked off. Meanwhile, the producer price index rose 1% in December from a year ago, coming in below forecasts after a hotter-than-expected consumer inflation print on Thursday. "Markets are shrugging off yesterday's CPI report since the underlying inflation trend is improving and the Fed can legitimately consider cutting rates this year," Jeffrey Roach, chief economist for LPL Financial, said. "The inflation pipeline is clearing and consumer prices will gradually get to the Fed's 2% target. Investors must be patient during the slow-moving disinflationary process." Following the data release, yields on the 2-year note dipped to their lowest levels since mid-May 2023, Roach highlighted. Here's where US indexes stood as the opening bell at 9:30 a.m. on Friday: S&P 500 : 4,800.74, up 0.43% Dow Jones Industrial Average : 4,800.74, up 0.25% (97.32 points) Nasdaq Composite : 15,027.33, up 0.38% Here's what else is going on: Oil prices spiked as tensions in the Middle East escalated, with analysts warning that retaliation from the West will drive up market volatility. Kevin O'Leary said the economy would have to crash for bitcoin to hit Cathie Wood's prediction of $1.5 million by 2030. Billionaire hedge fund manager Steve Cohen shared three common investing mistakes to avoid . In commodities, bonds, and crypto: Oil prices rallied, with West Texas Intermediate up 3.19% to $74.32 a barrel. Brent crude , the international benchmark, rose 3.06% to $79.78 a barrel. Gold climbed 2% to $2,059.50 per ounce. The 10-year Treasury yield fell 3.6 basis points to at 3.939%. Bitcoin slipped 1.03% to $45,747. Read the original article on Business Insider View comments

2024-01-12 23:11:13+00:00

{"Bitcoin": [1182, 1704, 1916]}

{"Bitcoin": [43]}

Vanguard, Other Firms Refuse to Trade Spot Bitcoin ETFs

https://finance.yahoo.com/news/vanguard-other-firms-refuse-trade-231113291.html

etf.com

https://www.etf.com/

ETF Investing Tools While the first day of spot bitcoin ETF trading appeared to be a rousing success with nearly $5 billion in the funds trading hands, big asset managers including Vanguard Group stayed on the sidelines and didn’t allow investors access to the new products. According to different published reports, Citigroup Inc., Bank of America Corp.’s Merrill Lynch, State Street Corp., UBS Group AG and Edward Jones either refused to permit trading of the new exchange-traded funds, allowed select customers to trade them, or said they were evaluating the situation. Charles Schwab Corp. allowed the spot bitcoin ETFs on its platform, and Robinhood Markets Inc. CEO Vlad Tenev said in a tweet that the company plans to list them “as soon as possible.” Spot bitcoin ETFs pulled in about $721 million in flows in their first day of trading yesterday, on top of $4.7 billion worth of the funds that traded. Their approval followed more than a decade of wrangling between issuers and the Securities and Exchange Commission (SEC), which denied dozens of the funds tied to the new, digital currency because it was skeptical of issuers’ ability to protect investors from fraud. Spot Bitcoin Not on Vanguard Platform While the SEC’s view appeared to shift after losing a key court battle with Grayscale Investments, and as applicants promised security measures to safeguard investors, some asset managers continue to view digital currencies as inappropriate for most investors’ portfolios. Vanguard said the funds “do not align with our offer focused on asset classes such as equities, bonds, and cash, which Vanguard views as the building blocks of a well-balanced, long-term investment portfolio.” “Spot Bitcoin ETFs will not be available for purchase on the Vanguard platform,” Vanguard said in a statement, adding that it continuously evaluates new products for inclusion. “We also have no plans to offer Vanguard Bitcoin ETFs or other crypto-related products.” In social media posts, users claiming to be Vanguard customers threatened to close their accounts. Those threats may be real and the company risks losing clients, Ric Edelman, founder of the Digital Assets Council of Financial Professionals, told etf.com in an interview. Story continues “Vanguard is taking a paternalistic position, imposing their judgement and viewpoint on their tens of millions of customers,” he said. “The fact Vanguard calls bitcoin speculative does not provide legitimacy for them to not allow access.” The other so-called wirehouses are probably moving toward adding the ETFs to their lineups, and are proceeding through series of legal, sales and marketing steps in order to get them into their product lines, Edelman said. “The wirehouses are never first movers,” he said. “They have a lot of laws and regulations they have to make sure they’re conforming with, and they need to make sure their thousands of advisors know what they’re’ talking about.” With reporting by etf.com reporter Jeff Benjamin Permalink | © Copyright 2024 etf.com. All rights reserved

2024-01-12 23:35:43+00:00

{"Bitcoin": [447]}

{}

UPDATE 1-US SEC says breach of X account did not lead to breach of its broader systems

https://finance.yahoo.com/news/1-us-sec-says-breach-233543108.html

Reuters

http://www.reuters.com/

(Adds background in paragraphs 2, 4-5) WASHINGTON, Jan 12 (Reuters) - The U.S. Securities and Exchange Commission on Friday said there was no evidence to suggest the breach of its X account earlier this week also involved a breach of the agency's systems, devices, data or other social media accounts. The fake post on Tuesday said the SEC had approved trading of spot bitcoin exchange-traded funds (ETFs), sending industry executives scrambling. Bitcoin prices had whipsawed ahead of an expected announcement on Wednesday by the agency to allow trading of the products. "While SEC staff is still assessing the scope of the incident, there is currently no evidence that the unauthorized party gained access to SEC systems, data, devices, or other social media accounts," the SEC said in a statement. The SEC quickly disavowed and deleted the post. X, formerly Twitter, later said the account was compromised because of an "unidentified individual" obtaining control of a phone number. The SEC did approve the bitcoin ETFs on Wednesday. The SEC said the Department of Homeland Security's Cybersecurity and Infrastructure Security Agency has joined the FBI and the SEC's inspector general in investigating the breach. (Reporting by Kanishka Singh, Douglas Gillison and Eric Beech in Washington; Editing by Chris Reese and Leslie Adler)

2024-01-13 00:07:39+00:00

{}

{"Bitcoin": [57]}

SEC Comments on Hack of Its X Account and Resulting Fake Bitcoin ETF Approval Announcement

https://finance.yahoo.com/news/sec-comments-hack-x-account-000739059.html

CoinDesk

https://www.coindesk.com

The U.S. Securities and Exchange Commission said Friday its systems and devices were not breached by the party responsible for tweeting out a fake bitcoin ETF approval announcement earlier this week. On Tuesday, the SEC's official X (formerly Twitter) account, @SECgov, tweeted that the agency had approved a number of spot bitcoin exchange-traded fund (ETF) applications to begin trading, a message that was ultimately shown to be faked by someone who was able to gain access to the account through the phone number associated with it. On Friday, the SEC statement provided a timeline of events on Tuesday, saying the first "unauthorized post" came at 4:11 p.m. ET (21:11 UTC), and SEC Chair Gary Gensler published his clarification 15 minutes later. The statement suggested that SEC staff never lost access to the account, saying they had deleted the fake post, un-liked some other bitcoin-related tweets and shared an update on the main SECgov account within 30 minutes. "Staff also reached out to X.com for assistance in terminating the unauthorized access to the @SECGov account. Based on information currently available, staff believe that the unauthorized access to the account was terminated between 4:40 pm ET and 5:30 pm ET," the statement said. An SEC spokesperson said on Wednesday that the FBI was investigating the issue, adding that the SEC did not draft the message (dispelling rumors that the fake approval notice was an already planned announcement that was released prematurely). Friday's statement added that the Department of Homeland Security's Cybersecurity and Infrastructure Security Agency (CISA) are also investigating. On Wednesday, the SEC did approve nearly a dozen bitcoin ETF applications, which began trading a day later. The hack alarmed a number of lawmakers, who publicly demanded answers about how it happened. Senators Ron Wyden (D-Ore.) and Cynthia Lummis (R-Wyo.) published a letter on Thursday asking that SEC Inspector General Deborah Jeffrey's office open an investigation into the hack "and the SEC's apparent failure to follow cybersecurity best practices." Story continues Future hacks could harm public markets and their stability, the letter said. The letter followed Senators J.D. Vance (R-Ohio) and Thom Tillis (R-N.C.), who similarly asked Gensler to brief their teams on a number of questions around the hack and the SEC's decision-making on bitcoin ETFs, including how the SEC "plan[s] to rectify any financial losses borne by investors as a result of the errant announcement." "The SEC takes its cybersecurity obligations seriously. Commission staff are still assessing the impacts of this incident on the agency, investors, and the marketplace but recognize that those impacts include concerns about the security of the SEC’s social media accounts. The staff also will continue to assess whether additional remedial measures are warranted," the SEC's statement on Friday said.

2024-01-13 00:36:10+00:00

{"Bitcoin": [2877], "BTC": [698]}

{"Bitcoin": [66]}

SEC Statement on the Hack of Its X Account and the Resulting Fake Bitcoin ETF Approval Announcement

https://finance.yahoo.com/news/sec-statement-hack-x-account-003610019.html

CoinDesk

https://www.coindesk.com

The U.S. Securities and Exchange Commission released this statement in response to the hack of its X account that led to a fake announcement being issued in the SEC's name saying the regulator had a approved a spot bitcoin exchange-traded fund: Based on current information, staff understands that, shortly after 4:00 pm ET on Tuesday, January 9, 2024, an unauthorized party gained access to the @SECGov X.com account by obtaining control over the phone number associated with the account. The unauthorized party made one post at 4:11 pm ET purporting to announce the Commission’s approval of spot bitcoin exchange-traded funds, as well as a second post approximately two minutes later that said “$BTC.” The unauthorized party subsequently deleted the second post, but not the first. Using the @SECGov account, the unauthorized party also liked two posts by non-SEC accounts. While SEC staff is still assessing the scope of the incident, there is currently no evidence that the unauthorized party gained access to SEC systems, data, devices, or other social media accounts. Upon becoming aware of the incident, staff in the Office of Public Affairs posted to the official @garygensler X.com account at 4:26 pm ET, alerting the public that the @SECGov account had been compromised, an unauthorized post was made, and the Commission had not approved the listing and trading of spot bitcoin exchange-traded products. Staff deleted the first unauthorized post on the @SECGov account, un-liked the two liked posts, and, at 4:42 pm ET, made a new post on the @SECGov account stating that the account had been compromised. Staff also reached out to X.com for assistance in terminating the unauthorized access to the @SECGov account. Based on information currently available, staff believe that the unauthorized access to the account was terminated between 4:40 pm ET and 5:30 pm ET. The SEC takes its cybersecurity obligations seriously. Commission staff are still assessing the impacts of this incident on the agency, investors, and the marketplace but recognize that those impacts include concerns about the security of the SEC’s social media accounts. The staff also will continue to assess whether additional remedial measures are warranted. Staff are coordinating with appropriate law enforcement and federal oversight entities, including the SEC’s Office of Inspector General, the Federal Bureau of Investigation, and the Department of Homeland Security’s Cybersecurity and Infrastructure Security Agency, amongst others, in their investigations. The agency will provide updates on the incident as appropriate. Importantly, the Commission makes its actions public on the Commission’s website, http://www.sec.gov . The Commission does not use social media channels to make its actions public; social media posts only amplify announcements that are made on our website. See also: Bitcoin ETFs Win SEC Approval, Bringing Easier Access to Biggest Cryptocurrency

2024-01-13 01:42:12+00:00

{"Bitcoin": [0, 487, 512, 2110, 2142]}

{"Bitcoin": [25]}

Bitwise Leads Day 1 Spot Bitcoin ETF Flows

https://finance.yahoo.com/news/bitwise-leads-day-1-spot-014212019.html

etf.com

https://www.etf.com/

Bitcoin ETF - Coins In an opening day of spot bitcoin ETF trading that underperformed expectations of some analysts, Bitwise Asset Management generated the most inflows. The San Francisco-based crypto index fund manager generated $237.9 million in inflows, the most of the 11 products that opened for trading on Thursday, less than 24 hours after the Securities and Exchange Commission had approved them. In all, issuers generated about $721 million in inflows. The Fidelity Wise Origin Bitcoin Fund and iShares Bitcoin Trust ranked second and third, respectively, with $226.9 million and $111.6 million in inflows, respectively. Still, Bitwise and the other 10 issuers’ debut seemed to underscore pent-up demand for the product that is based on the price of bitcoin, the world’s largest digital asset by market capitalization. The SEC had rejected multiple applications over roughly a decade, including as recently as early 2023. Issuers generated approximately $4.7 billion in trading volume, far exceeding the $4 billion that analysts had been predicting. “The first day inflows were bit underwhelming considering the $4.7 billion of volume we saw on Thursday, but the data isn't complete so in the coming days we could—and probably will—see that number tick higher,” wrote ETF.com analyst Sumit Roy. Roy added that “the flows suggest that a lot of the trading activity in bitcoin ETFs during the first day was short-term in nature,’ and that longer-term bitcoin bulls are expecting “tens, or in some cases, hundreds of billions of dollars worth of inflows for bitcoin ETFs over the next one to five years. Anything short of that would be a disappointment to them.” Bitwise Low Fees Bitwise is not charging a fee for the first six months and will then the fee will be .20%, the second lowest among issuers. In a press release Thursday, the company’s CEO Hunter Horsley said that the company was expecting “significant demand for bitcoin ETFs like BITB.” “Every year for the past six years, financial advisors have identified ETFs as their preferred way to help clients access bitcoin,” he said Ark21 Shares Bitcoin ETF (ARKB) and Franklin Bitcoin ETF ranked fourth and fifth in inflows with $65.3 and $50.1, respectively. “Congrats to $BITB for winning Day One of the Cointucky Derby w/ $238m in flows. $FBTC,” Eric Balchunas, senior ETF analyst for Bloomberg wrote in a post on the social media platform X/Twitter. Permalink | © Copyright 2024 etf.com. All rights reserved View comments

2024-01-13 02:12:53+00:00

{"Bitcoin": [80], "BTC": [7922]}

{}

Navigating HTX Earn Products: The Ideal Choice for Cryptocurrency Investment Novices

https://finance.yahoo.com/news/navigating-htx-earn-products-ideal-021253449.html

News Direct

https://www.newsdirect.com/

Singapore --News Direct-- HTX Over the past decade, crypto assets, particularly Bitcoin, have showcased substantial growth. Despite a global economic slowdown, the cryptocurrency market, with more than ten years of development, continues to attract investors worldwide due to its openness, diversity, and standardization. Choosing the right trading platform is the first and foremost decision for individuals engaged in crypto transactions worldwide. As a world-leading digital asset trading platform, HTX has consistently adhered to the principle of prioritizing its users. Throughout 2023, HTX released 12 Proof of Reserves (PoR) audits, reassuring users that the platform funds are 100% backed. It ensures the security of user assets through a stringent reserve policy and exemplifies its unwavering commitment to safeguarding user interests with the utmost responsibility. By choosing HTX, users are opting for a stable and reliable path to profit. Currently, HTX Earn offers a variety of products designed to help investors achieve financial growth. Users can select products tailored to their financial situation, as each of HTX Earn's products has its unique features. Additionally, HTX Earn products boast distinct advantages, including a diverse range of offerings, high APYs, and low entry barriers. To begin this exciting journey toward wealth growth, simply visit HTX's official website and select ‘Earn’ in the top navigation bar, or open the HTX app and tap on ‘Earn’ on the homepage. 1. Earn Products: Easy Entry and Exclusive 100% APY for Beginners HTX Earn's products enable users to earn rewards on their idle assets with either flexible or fixed terms. ‘Flexible’ is a passive income option designed for depositing and withdrawing assets at any time, allowing for the instant arrival of redeemed assets. Meanwhile, interest is distributed daily and automatically reinvested, enabling users to earn profits while maintaining the flexibility and liquidity of their assets. Story continues Fixed-term products offer higher returns in exchange for users' commitment to not redeem their assets before the scheduled redemption date. Notably, HTX Earn has introduced a new 7-day Fixed product, exclusively designed for new users. This product features an impressive array of 35 trending cryptocurrencies and boasts a 100% APY. Users can enjoy the convenience of receiving their earnings in just 7 days. Additionally, HTX Earn features a ‘NewList’ section, aimed at fostering the growth of newly listed cryptocurrencies. These products are meticulously selected for their exceptionally high APYs, providing users with the latest and most promising profit-earning opportunities. With the potential to achieve returns of up to 1,000%, these offerings ensure that users stay at the forefront of the market. Currently, HTX Earn's Fixed products support automatic redemption upon maturity, with daily updates on product earnings. For those with idle funds in their spot wallets, HTX Earn's Simple Earn products are an ideal choice. If you have no immediate plans for utilizing these funds, consider confidently investing in these products to earn asset rewards and effortlessly generate passive income. 2. Flexi Max: Stable and Consistent Returns, an Ideal Option for Long-Term Holding Flexi Max is designed for large-scale, long-term investments. It offers high returns and allows for instant redemption at any time. This product requires a minimum subscription amount and includes a redemption fee. The longer you hold, the less you pay, with the redemption fee reducing to as low as 0. Flexi Max boasts four distinct advantages and characteristics: 1. Steady: Flexi Max offers higher returns than Fixed products with stable and consistent performance. 2. Flexible: The product allows you to subscribe and redeem your assets anytime. The assets redeemed will be credited to your account on T+0 day. 3. Safe and Stable: The feature is based on HTX's robust risk management system, ensuring the safety and stability of your assets. 4. Redemption Fee Rates: With a fixed APY of Flexi Max, you can achieve greater returns with lower redemption costs by holding the product for a longer duration. For Flexi Max, a fee of 0-0.5% of the principal redeemed will be charged for each redemption. The longer you hold, the lower the redemption fee, with lowest fee being 0. Interest begins accruing the day after subscription (Day T+1)and will be credited to your account in a lump sum with your principal after redemption. If you redeem your assets on Day T, interest calculation will end on Day T-1. The minimum subscription amount varies for products of different cryptocurrencies. Please refer to the subscription page for specific information. 3. Shark Fin: Offer Various Options and Enable Investors to Seek Higher Returns Shark Fin is the latest addition to HTX Earn's financial product lineup, named after its return curve resembling a shark fin. HTX's Shark Fin represents an evolution in options products, and its pattern can either be bullish or bearish. It offers fixed settlement dates, ensures no principal loss, features floating APYs, and provides basic returns. The accuracy of users' predictions regarding future market trends will determine their returns from Shark Fin. Features and advantages of Shark Fin: 1. No principal loss. 2. Basic returns. 3. Enable investors to seek higher returns on top of the basic returns. 4. Short investment cycle without affecting fund liquidity. 5. Combine advantages of American options, European options, and touch options, offering more flexibility in gameplay. Investors can pursue yields based on market fluctuations alongside basic returns, enhancing the attractiveness of the Shark Fin product. Shark Fin caters to a broad spectrum of investors, spanning the following categories: 1. Prudent investors: Shark Fin is an ideal choice for prudent investors who prioritize stability in their investments, as it comes with no risk of principal loss and offers guaranteed basic returns. 2. Investors with moderate risk tolerance: If you aim for higher returns while maintaining investment stability, Shark Fin is an excellent choice. 3. Beginners: For novice investors, Shark Fin presents the advantage of guaranteed basic returns, coupled with the opportunity to engage with potential yields through market fluctuations. 4. Entry-level options traders: Shark Fin is essentially an options product. It offers a practical way for investors to understand the mechanics and strategies of options trading before venturing into it. By investing in Shark Fin, investors can get a firsthand experience of how options work. Currently, HTX Earn offers 7-day Shark Fin products and 3-day Shark Fin products. It’s worth mentioning that a new "Auto-Renewal" feature for Shark Fin products will be introduced, enabling automatic subscription to the same product using your principal from the previous cycle. This eliminates the need for repetitive manual operations in each phase. As a low-risk structured product, Shark Fin offers users guaranteed basic returns unaffected by market fluctuations, along with the protection of their principal. As of November 30, 2023, HTX has successfully issued 12 phases of Shark Fin products. Users can subscribe by navigating to "HTX Earn" -> "Shark Fin" during the subscription period. 4. Dual Investment: Explicit APR with Rewards in the Form of Double Cryptocurrencies HTX Dual Investment is a non-principal-protected structured product comprising two cryptocurrencies. It offers investors the flexibility to choosea target price and date, enabling them to take advantage of opportunities to buy the specified cryptocurrency at a lower price or sell it at a higher value in the future. The Dual Investment product is non-principal-protected and generates floating earnings. It enables you to earn returns by investing in cryptocurrencies like BTC, ETH, AVAX, and SOL. According to the Dual Investment rules, the product’s APR is explicitly fixed upon purchase. However, the settlement cryptocurrency at maturity is uncertain and is determined based on the market price of the relevant underlying assets at expiration and the predetermined strike price. HTX is constantly expanding its range of available cryptocurrencies and providing a wider selection for Dual Investment. The product's logic can be summarized as follows: 1. Upon purchase, users can select a Dual Investment product, purchase amount, strike price, product expiry date, and callable price (optional). 2. After the purchase is made, the interest income from this product is earned and distributed to users' Options accounts immediately. 3. Upon the product's expiry (delivery) date, the initial investment assets will be returned to users in full or converted to the alternate cryptocurrency based on the strike price, depending on whether the product is "exercised." All HTX Dual Investment products follow the format "Base Currency - Alternate Currency - Dual." The base currency is used for product purchase and is received at expiry if the product is not exercised, while the alternate currency is received at expiry if the product is exercised. Users can earn fixed interest income from any Dual Investment product. Conceptually, Dual Investment is non-principal protected. Nevertheless, compared to pure derivative products, it can be considered less risky. Furthermore, subscribing to Dual Investment may expose one to risks similar to those experienced during market fluctuations while holding coins. However, in terms of returns, Dual Investment proves to be a better choice than simply holding coins. Dual Investment caters to a wide range of investors, including crypto hoarders in volatile markets, bargain hunters in downtrends, profit-taking users in rising markets, long-term investors, and seasoned, mature investors. During a bullish market, individuals have a variety of needs and preferences when it comes to managing their funds. To address these demands, HTX has upgraded its product features. Now, during spot trading, users have the freedom to choose whether to utilize their current crypto balance in the Flexible product. HTX Earn has reportedly introduced the "Auto-Earn" feature, applicable to all cryptocurrencies available in Flexible products. With a simple click, users can effortlessly enable auto-earn for their spot assets, allowing them to enjoy real-time returns. This feature enables users to benefit from flexible deposits and redemptions, secure asset management, and stable returns, better aligning with their needs. Once Auto-Earn is enabled, the system will automatically initiate compound investments at 10:00 (UTC) every day. HTX Earn serves as a dependable instrument for the management of virtual assets, presenting a range of products that align with users' requirements. It guarantees the utmost security of assets, thanks to the exchange's robust risk management system. HTX Earn is purpose-built to deliver top-tier assets for daily passive income, coupled with a user-friendly interface that ensures a seamless and convenient wealth management experience. This year marks the 11th year of HTX's secure operations. Looking ahead to the next decade, HTX aspires to evolve into an all-encompassing platform that spans spot trading, derivatives trading, and wealth and asset management. It aims to become a trusted metaverse free port for global users in the Web3 era, with a vision to achieve financial freedom for 8 billion people on earth. About HTX Founded in 2013, HTX has evolved over a decade from a simple cryptocurrency exchange to a comprehensive blockchain business ecosystem. This expansion covers a wide range of services including digital asset trading, financial derivatives, wallets, research, investments, incubation, and more. As a world-leading portal to Web 3.0, HTX is committed to a growth strategy focused on global expansion, ecological prosperity, wealth effect, and safety and compliance. This approach enables us to offer comprehensive, safe, and reliable services and value to virtual currency enthusiasts around the world, reinforcing our position as a global gateway to Web3. Contact Details Michael Wang [email protected] Company Website https://www.htx.com/ View source version on newsdirect.com: https://newsdirect.com/news/navigating-htx-earn-products-the-ideal-choice-for-cryptocurrency-investment-novices-813608855

2024-01-13 03:11:00+00:00

{"Bitcoin": [1236, 1267, 2833, 3103], "BTC": [2948]}

{}

Aydin Kilic Accepted into Forbes Technology Council

https://finance.yahoo.com/news/aydin-kilic-accepted-forbes-technology-031100955.html

Newsfile

https://www.newsfilecorp.com

This news release constitutes a "designated news release" for the purposes of the Company's amended and restated prospectus supplement dated August 17, 2023, to its short form base shelf prospectus dated May 1, 2023. Vancouver, British Columbia--(Newsfile Corp. - January 12, 2024) - HIVE Digital Technologies Ltd. (TSXV: HIVE) (NASDAQ: HIVE) (FSE: YO0) (the "Company" or "HIVE") is pleased to announce Aydin Kilic, President & CEO of HIVE, has been accepted into Forbes Technology Council which is an invitation-only community for world-class technology executives. Mr. Kilic was selected by a review committee based on the depth and diversity of his experience. Criteria for acceptance includes a track record of successfully impacting business growth metrics, as well as personal and professional achievements and honors. As a member of the Council, Mr. Kilic will connect and collaborate with other respected leaders in a private forum. Aydin will also have the opportunity to share his expert insights in original articles and contribute to published Expert Panels alongside other experts on Forbes.com. Mr. Kilic commented "I am thrilled to join this community of experts and luminaries, where I may contribute expert insights in Bitcoin and sustainably mining Bitcoin with renewable energy. Additionally, I am very excited by our advancements at HIVE in AI infrastructure using our GPU fleet, and I am happy to share knowledge in AI computing through the Forbes platform. I believe AI is a very powerful tool that can empower individuals and businesses. Whether you are an artist or scientist, this AI revolution will greatly boost your ability to create." Restricted Stock Unit Grant The Company announced that the Board of Directors has approved a grant of an aggregate of 257,976 restricted share units ("RSUs") to employees, officers and consultants of the Company which will vest one year from the date of issuance. Each vested RSU entitles the holder to receive one common share of the Company. The grant of RSUs are subject to the approval of the TSX Venture Exchange. Story continues About HIVE Digital Technologies Ltd. HIVE Digital Technologies Ltd. went public in 2017 as the first cryptocurrency mining company listed for trading on the TSX Venture Exchange with a sustainable green or renewable energy focus. HIVE's electricity is sourced from hydro and geothermal facilities in Sweden, Canada and Iceland. HIVE is a growth-oriented technology stock in the emergent blockchain industry. As a company whose shares trade on major stock exchanges, we are building a bridge between the digital currency and blockchain sector and traditional capital markets. HIVE owns green energy-powered data centre facilities in Canada, Sweden, and Iceland, where we endeavour to source green energy to mine digital assets such as Bitcoin on the cloud. Since the beginning of 2021, HIVE has held in secure storage the majority of its treasury of BTC derived from mining rewards. Our shares provide investors with exposure to the operating margins of digital currency mining, as well as a portfolio of Bitcoin. Because HIVE also owns hard assets such as data centers and advanced multi-use servers, we believe our shares offer investors an attractive way to gain exposure to the cryptocurrency space. We encourage you to visit HIVE's YouTube channel here to learn more about HIVE. For more information and to register to HIVE's mailing list, please visit www.HIVEdigitaltechnologies.com . Follow @HIVEDigitalTech on Twitter and subscribe to HIVE's YouTube channel . On Behalf of HIVE Digital Technologies Ltd. "Frank Holmes" Executive Chairman For further information please contact: Frank Holmes Tel: (604) 664-1078 Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. To view the source version of this press release, please visit https://www.newsfilecorp.com/release/194199

2024-01-13 05:09:41+00:00

{"Bitcoin": [265, 1226, 1619, 2516]}

{}

US stocks trade mixed as earnings season begins, but indexes eke out weekly gains

https://finance.yahoo.com/news/us-stocks-trade-mixed-earnings-050941918.html

Business Insider

https://www.businessinsider.com/

Traders work on the floor of the New York Stock Exchange. Spencer Platt/Getty US stocks were mixed Friday as earnings season began, but indexes notched weekly wins after last week's losses. Wholesale inflation data was subdued, reinforcing hopes for Fed rate cuts. Bitcoin sank almost 5%, while Red Sea tensions pushed oil prices up. US stocks finished mixed on Friday as fourth-quarter earnings began rolling out, but indexes still notched weekly gains. JPMorgan booked a bigger annual profit than any US bank in history , while Citigroup, Bank of America and Wells Fargo also reported results. Meanwhile, the producer price index came in cooler than expected, deepening rate cut convictions. Traders are pricing in a 74% chance that the Fed will cut rates in March, according to the CME FedWatch Tool. "On the one hand, until more progress is made on rental inflation, it is hard to argue that inflation is on a sustainable path back down to the Fed's target," analysts from Deutsche Bank said in a Friday note. "On the other, core PCE, which is what the Fed targets, seems to be normalizing faster than expected and could argue for bringing forward rate cuts in order to prevent real rates from becoming more restrictive." Bitcoin tanked almost 5% to dip below $44,000. Oil prices continued to edge up as US and UK airstrikes on Houthi targets added more volatility to the region. Here's where US indexes stood at the 4 p.m. closing bell on Friday: S&P 500 : 4,783.83, up 0.08% Dow Jones Industrial Average : 37,592.98, down 0.31% (118.04 points) Nasdaq Composite : 14,972.76, up 0.02% Here's what else is going on: Bitcoin is for people who want to pretend they're in Vegas, Goldman Sachs Wealth Management strategy chief said. The idea that $6 trillion in money market funds will boost the stock market is "bullish propaganda," Ned Davis Research said. Don't worry about US debt because household wealth is four times bigger, a former Fed economist said. BlackRock chief Larry Fink said crypto ETFs are "stepping stones to tokenization." "Shark Tank" star Kevin O'Leary said he would never buy a bitcoin ETF. Fed data shows that Americans are missing credit card payments at the highest rate in a decade . Story continues In commodities, bonds, and crypto: Oil prices rose, with West Texas Intermediate up 1.07% to $72.79 a barrel. Brent crude , the international benchmark, jumped $1.28% to 78.40 a barrel. Gold climbed 1.58% to $2,051.20 per ounce. The 10-year Treasury yield fell 1.9 basis points to 3.956%. Bitcoin sank 4.91% to $43,952. Read the original article on Business Insider

2024-01-13 06:49:32+00:00

{"Bitcoin": [37527, 37630]}

{}

Q4 2023 BlackRock Inc Earnings Call

https://finance.yahoo.com/news/q4-2023-blackrock-inc-earnings-064932247.html

Thomson Reuters StreetEvents

https://financial.thomsonreuters.com/en.html

Participants Christopher Joseph Meade; Senior MD, General Counsel & Chief Legal Officer; BlackRock, Inc. Laurence Douglas Fink; Chairman & CEO; BlackRock, Inc. Martin Small; Senior MD, CFO & Global Head of Corporate Strategy; BlackRock, Inc. Robert Steven Kapito; President & Director; BlackRock, Inc. Unidentified Company Representative Brennan Hawken; Executive Director and Equity Research Analyst of Financials; UBS Investment Bank, Research Division Brian Bertram Bedell; Director in Equity Research; Deutsche Bank AG, Research Division Craig William Siegenthaler; MD & Head of the North American Asset Managers, Brokers & Exchanges Team; BofA Securities, Research Division Michael C. Brown; MD; Keefe, Bruyette, & Woods, Inc., Research Division Michael J. Cyprys; Executive Director and Senior Research Analyst; Morgan Stanley, Research Division Patrick Davitt William Raymond Katz; Senior Analyst; TD Cowen, Research Division Adebayo O. Ogunlesi; Founding Partner, Chairman & CEO; Global Infrastructure Management, LLC Presentation Operator Good morning. My name is Jennifer, and I will be your conference facilitator today. At this time, I'd like to welcome everyone to the BlackRock, Inc. Fourth Quarter 2023 Earnings Teleconference. Participants for today's call will include Chairman and Chief Executive Officer, Laurence D. Fink; Chief Financial Officer, Martin S. Small; President, Robert S. Kapito; General Counsel, Christopher J. Meade; and Global Infrastructure Partners, Founder and Chief Executive Officer, Bayo Ogunlesi. (Operator Instructions) Mr. Meade, you may begin your conference. Christopher Joseph Meade Good morning, everyone. I'm Chris Meade, the General Counsel of BlackRock. Before we begin, I'd like to remind you that during the course of this call, we may make a number of forward-looking statements. We call your attention to the fact that BlackRock's actual results may, of course, differ from these statements. As you know, BlackRock has filed reports with the SEC, which lists some of the factors that may cause the results of BlackRock to differ materially from what we say today. BlackRock assumes no duty and does not undertake to update any forward-looking statements. So with that, I'll turn it over to Larry. Story continues Laurence Douglas Fink Thank you, Chris, and good morning to everybody, and Happy New Year. Thank you for joining us today to discuss BlackRock's fourth quarter and full year results. We're also very excited to announce our agreement to acquire Global Infrastructure Partners, and I'd like to welcome all our new partners from GIP. And their Chairman and my friend and founder, Bayo Ogunlesi, is here with me, alongside with Rob and Martin. We're all here today to answer your questions after our prepared remarks. Adebayo O. Ogunlesi Thank you, Larry. My fellow founders and colleagues across GIP and I are very excited about the opportunity to join BlackRock. Our combination will drive even better opportunities for our clients. All of us at GIP is sharing the vision of delivering better outcomes with clients and leading critical global investments that drive economic growth. Thank you. Laurence Douglas Fink Thank you, Bayo. This is another truly transformational moment for BlackRock. Our firm is what it is today because we've taken a long-term view on what market forces will drive outsized growth for our clients and for our firm. We're doing that again today, guiding us always by the needs of our clients. Growing public deficits, a modernizing digital world, advancing energy independence and the energy transition are driving the mobilization of private capital to fund critical infrastructure. Infrastructure investment is a fast-growing market. In a higher rate environment, the ability to drive operational enhancements will be critical to investment performance. Today, we are announcing 2 transformational changes in anticipation of the evolution we see ahead for the asset management industry and for the entire global capital markets. Our strategic re-architecture of our organization will simplify and improve how we work and deliver for our clients. And the acquisition of GIP will propel our leadership in a fast-growing market for a hard asset infrastructure. These transformations in total are the largest at BlackRock since we acquired BGI nearly 15 years ago. The planned combination of BlackRock's infrastructure platform in GIP will provide clients access to market-leading investments and operating expertise across infrastructure private markets. The integrated platform will deliver clients substantial scale as the second-largest private markets infrastructure manager in the world with over $150 billion in client assets. In addition, GIP will bring dedicated investment in operational improvement teams with track records of delivering deep value enhancements, which have led to impressive returns throughout its existence. With a strong common culture of serving clients with excellence, together, we will deliver for our clients or holistic global infrastructure manager across equity, debt and solutions. We will provide the full range of infrastructure sector exposures and will offer unique originations across developed and the emerging markets. BlackRock has developed a broad network of global corporate relationships through many years of long-term investments in both debt and equity. These long-term relationships will help us lead critical investments in infrastructure that will improve outcomes for communities around the globe and generate long-term investment benefits for our clients. I know I speak for the entire BlackRock Board of Directors, BlackRock's leadership team and all of our employees when I say we could not be more excited about the prospects of a BlackRock family with our colleagues from GIP. And we similarly look forward to welcoming our new clients and deepening our relationships with those clients who already worked with both of us. Blackrock's industry leadership comes from delivering sustained performance, innovating and staying ahead of the needs of our clients. Today, we announced several organizational changes to simplify and improve how we work and how we deliver for clients. In anticipation of the major calls we are making on the future of the capital markets and the entire asset management industry. The strong senior leaders taking on new and expanded roles will keep us more tightly connected, stimulate fresh thinking and help us better deliver for all our clients. Let me now turn on to Martin to cover our 2023 results and take you through the specifics of the transaction, our quarter before I offer further context. Martin Small Thanks, Larry. Good morning, and happy New Year to everyone. Before I pass it back to Larry, I'll review our financial performance and business results and provide more detail on the GIP transaction. We plan for a longer call today so that we have plenty of time for questions. While our earnings release discloses both GAAP and as-adjusted financial results, I'll be focusing primarily on our as-adjusted results. The last 2 years have been a character-building, an inspiring time for investors, for clients and certainly for us at BlackRock. The monetary policy shock of a rapid rate rising campaign upended 10 years of asset allocation practices and spurred repositioning of portfolios into cash and money market funds at the expense of risk assets. At BlackRock, our business is to serve clients with excellence and help them design portfolios for the future. We built BlackRock to be a structural grower by having a platform of investment, technology and product capabilities that go beyond investment outcomes. They deliver client scale. They deliver clients' business efficiency. Whether clients are making wholesale portfolio allocation changes or just executing on tactical adjustments, they're doing it all within the BlackRock platform. We've spoken throughout the year about what conditions we'd expect to bring investors out of cash and into risk assets. It's generally unfolding as we described. With greater clarity on terminal rates in the fourth quarter, we saw evidence of portfolio re-risking and we expect this trend to accelerate in 2024. BlackRock is a sure winner when there's assets in motion and clients continue to consolidate more of their portfolios with us. In 2023, BlackRock generated $289 billion of total net inflows and delivered 1% organic base fee growth. Importantly, we finished the year with significant momentum in the fourth quarter generating approximately $96 billion of total net inflows. In November and December, we saw surge in flows resulting in 6% annualized organic base fee growth for the last 2 full months of the year. Full year revenue of $17.9 billion was relatively flat year-over-year. Operating income of $6.6 billion declined 2% from 2022, while earnings per share of $37.77 increased by 7%. For the fourth quarter, revenue of $4.6 billion was 7% higher year-over-year, driven by the impact of higher markets on average AUM and higher performance fees. Quarterly operating income of $1.7 billion was up 9%, while earnings per share of $9.66 was 8% higher versus a year ago, also reflecting higher nonoperating income in the current quarter. Nonoperating results for the quarter included $122 million of net investment income, driven primarily by mark-to-market gains in our private equity co-investment portfolios. Our as-adjusted tax rate for the fourth quarter was approximately 24%, driven in part by discrete items. We currently estimate that 25% is a reasonable projected tax run rate for 2024, though the actual effective tax rate may differ because of nonrecurring or discrete items or potential changes in tax legislation. Fourth quarter base fees and securities lending revenue of $3.6 billion was up 6% year-over-year, driven by the positive impact of market beta on average AUM, 2% organic base fee growth and higher securities lending revenue. Sequentially, base fee and securities lending revenue was down 2%. On an equivalent day count basis, our annualized effective fee rate was approximately 3/10 of a basis point lower compared to the third quarter. This was primarily due to lower securities lending revenue, underperformance of non-U.S. equity markets and client preferences favoring lower fee fixed income and cash. As a result of accelerating organic growth and global equity and bond market appreciation toward the end of the quarter, we entered the first quarter with an estimated base fee run rate approximately 6% higher than our total base fees for the fourth quarter. Fourth quarter and full year performance fees of $311 million and $554 million, respectively, increased from a year ago, reflecting higher revenue from liquid alternatives and long-only mandates. Quarterly technology services revenue increased 7% year-over-year, and full year revenue of $1.5 billion increased 9% reflecting the successful onboarding of new clients and large eFront on-premises licenses renewals in the third quarter. Annual contract value, or ACV, increased 10% year-over-year as clients increasingly partnered with BlackRock for integrated technology solutions to drive business transformation and scale. We remain committed to low to mid-teens ACV growth over the long term. Total expense increased 1% in 2023, reflecting higher compensation, G&A and direct fund expense. We effectively managed our discretionary spend in 2023, and we'll continue to be disciplined in focusing our resources in areas with the greatest opportunity. Our fourth quarter operating margin of 41.6% increased by 40 basis points year-on-year as we continue to drive operating leverage and profitable growth after the market shock of 2022. Our full year as-adjusted operating margin of 41.7% was down 110 basis points from a year ago. The decline primarily reflected the negative impact of markets and foreign exchange movements on our 2023 entry rate revenue as well as critical investments in our people and technology. During the year, we reorganized two of our fastest-growing businesses, private markets in Aladdin to stay ahead of our clients' evolving needs and build on our past successes in these areas. These specific groups further simplified their structures, resulting in a fourth quarter restructuring charge of $61 million comprised of severance and accelerated amortization of previously granted deferred compensation awards. This charge appears as a single line expense item on our 2023 GAAP income statement and has been excluded from our as-adjusted results to enhance comparison to prior periods. In addition, we made resourcing decisions to free up investment capacity for our most important growth initiatives. This resulted in a onetime compensation expense of $28 million in the fourth quarter, which is included in our as-adjusted results. Overall, these 2 actions impacted approximately 3% of our workforce. By taking a targeted and disciplined approach to how we shape our teams and evolve our skill sets to meet changing market and technology environments, we increased investment capacity, we enhance organizational expertise and we create opportunities for operating leverage and career growth. Looking forward, we're prioritizing investments to propel our differentiated organic growth and operating leverage. We'll aim to align investment spend with our highest conviction structural growth areas, find additional ways to variabilize expenses and generate fixed cost scale through technology, automation and optimization of our footprint through our innovation hubs. Excluding the impact of the GIP transaction at present, we'd expect our headcount to be broadly flat in 2024. Also excluding the impact of GIP and related transaction costs, we'd expect a low to mid-single-digit percentage increase in 2024 core G&A expense. Most core G&A growth should come from continued investment in technology as we look to operate more efficiently and better serve our clients. One of our biggest long-term advantages has been scale. Our ability to add significant assets managed with excellence without growing expenses linearly. Our platform strategy has delivered scale and operating leverage over time, and we're committed to delivering a premium operating margin. Our capital management strategy remains consistent. We invest first either to scale strategic growth initiatives or drive operational efficiency, and then return excess cash to our shareholders through a combination of dividends and share repurchases. In 2023, we returned over $4.5 billion to our shareholders through a combination of dividends and share repurchases. Share repurchases have been a consistent element of our capital management strategy. Since 2013, we've repurchased close to $15 billion of BlackRock stock, which generated an unlevered compound annual return of 14% for our shareholders. Over this time period, we reduced our share count by nearly 23 million shares or 13%. For the trailing 5 years, we've lowered our share count by 10 million shares completing $7.8 billion of share repurchases at an average price of $563 for an IRR of over 15%. BlackRock's Board of Directors declared a quarterly cash dividend of $5.10 per share, representing an increase of 2% over the 2023 level. At present, based on capital spending plans for the year and subject to market conditions, including the relative valuation of our stock price, we're targeting the purchase of $1.5 billion of shares during 2024. Full year total net inflows of $289 billion were positive across active and index as well as regions, led by $156 billion of net inflows from clients in the United States, and we had 70 products across our ETF and mutual fund ranges with over $1 billion in net inflows. BlackRock generated industry-leading ETF net inflows of $186 billion in 2023, representing 6% organic asset growth led by $112 billion of net inflows into our bond ETFs. Fourth quarter ETF net inflows of $88 billion reflected significant momentum into year-end, helped by seasonal tax trades and portfolio reallocations. We saw $28 billion of net inflows into precision exposures as institutional clients use these highly liquid instruments to re-risk in the quarter. With Safe haven cash providing positive returns. Full year and fourth quarter retail net outflows of $8 billion and $9 billion, respectively, were primarily due to allocations out of rising rate sensitive strategies namely liquid alternatives and flexible bond funds. This was partially offset by strength in Aperio, which saw record net inflows of $12 billion in 2023. Aperio AUM since acquisition has grown 95% to $80 billion. BlackRock's institutional business generated net inflows of $32 billion in 2023, led by active net inflows of $87 billion including the funding of several significant outsourcing mandates throughout the year. Index net outflows of $55 billion were driven by redemptions from our low fee equity strategies as several large clients adjusted their allocations or redeemed for cash needs. Finally, BlackRock's cash management platform saw $33 billion of net inflows in the fourth quarter and $79 billion of net inflows in 2023. We're pleased with the continued strong growth in our cash and liquidity business with year-end AUM up 14% or over $90 billion year-on-year. We're leveraging our scale and integrated cash offerings to engage with clients who are using these products not only to manage liquidity, but also to earn attractive returns. Demand for private markets remain strong, with $14 billion of net inflows into BlackRock illiquid strategies during the year, driven by infrastructure and private credit. We continue to expect these categories to be our primary growth drivers in the coming years. Turning to our planned acquisition of GIP. This is an exciting day for us, our new partners, our clients and our shareholders. The combination will mark a transformational change in our private market scale and growth. GIP is the world's leading independent infrastructure manager with current client AUM of over $100 billion and fee-based AUM of over $60 billion. The acquisition will create a highly complementary pro forma, $150 billion infrastructure platform post-closing, tripling BlackRock's infrastructure client assets. The integration will nearly double our private markets management fees to over $1.5 billion and add over $400 million in post-tax annual FRE with FRE margins above 50%. Since its founding in 2006, GIP has successfully scaled its equity flagship series from its $5.6 billion Fund I to $20-plus billion in the most recent vintages. GIP's current team of approximately 400 employees across 11 global offices has delivered strong long-term performance for clients and is expected to generate approximately $760 million of management fee revenue in 2023. Turning to the financial terms of the transaction. We are acquiring 100% of the business and assets of GIP for total consideration of $3 billion in cash and approximately 12 million shares of BlackRock stock. 7 million shares will be paid at closing and 5 million shares to be paid in approximately 5 years, subject to certain performance measures. BlackRock will fund the cash consideration through $3 billion of additional debt, which will not meaningfully change its leverage profile. Primarily through growth synergies from proprietary deal origination, larger transaction sizes, capital formation scale and multi-asset class infrastructure investment innovation, we see opportunities to drive significant value creation for BlackRock shareholders. The terms of this transaction ensure long-term continuity and strong alignment of interest among GIP and BlackRock to best serve clients, employees and shareholders. A substantial majority of the consideration paid at closing and approximately 75% of nominal total transaction consideration will be paid in BlackRock common stock. GIP leadership will become meaningful shareholders of BlackRock with a shared ambition of driving One BlackRock outcomes for our clients and shareholders. 100% of carried interest and capital commitments from all existing GIP funds will continue to be owned by the GIP owners and employees. These are not economically included in the transaction perimeter and support long-term retention and incentives of GIP employees. After closing, GIP's management team will lead our combined infrastructure platform, working with BlackRock's strong investment teams in equity debt and solutions. The GIP team will bring a talented group of investment and operational improvement professionals with a proven track record of building and running high-performing private markets businesses. Each of the GIP founders will become party to a shareholders agreement that requires shares to be voted in accordance with the recommendation of BlackRock's independent Board at any meeting of BlackRock shareholders. We've provided additional detail on the transaction structure and terms in a supplement posted to the BlackRock Investor Relations website this morning. We expect the transaction to be modestly accretive to as-adjusted EPS and operating margin in the first full year post close, which will exclude transaction-related costs. Given the structural growth trends of the private infrastructure market and what we see as a best-in-class whole portfolio infrastructure investing capability, we believe the transaction will be accretive to long-term organic asset and base fee growth. These abilities can be a key source of earnings diversification and growth acceleration to meet or exceed our through-the-cycle 5% or better organic growth ambitions. Building on strong structural growth trends over this past year and the over $1.9 trillion of organic asset growth over the last 5 years, we're investing to deliver the industry's only comprehensive platform across public markets, private markets and investment technology. Having delivered differentiated organic growth and operating margin across the weakest markets in decades, we believe markets are trending to be strong for 2024 with a more risk on tone. BlackRock's a sure winner when assets are in motion. We see the pent-up demand behind over $1 trillion in money market fund flows this year poised to deliver significant opportunities across risk assets. Our combination with GIP will put BlackRock in the leadership position to drive great outcomes for clients and deliver new engines of earnings growth for our shareholders. We've built an industry leader in structural growers like ETFs, model portfolios, outsourcing and investment technology with Aladdin. We're building a private market leader at new levels of scale, and we see the best opportunities we've had in years to get closer with clients and raise significant private capital. We enter 2024 in a stronger position than ever, and all of us at BlackRock are excited about the opportunities ahead for our clients, the firm and our shareholders. With that, I'll turn it back to Larry. Laurence Douglas Fink Thank you, Martin. We'll leave plenty of time for your questions later on, but I want to describe how we evaluated bringing our firms together with GIP, why we think the timing is so opportune and how infrastructure private markets can be so beneficial to all our clients, employees and to you, our shareholders. Infrastructure is a $1 trillion market forecasted to be one of the fastest-growing segments of private markets in the years ahead. A number of long-term structural trends support an acceleration in the infrastructure investments. These include increasingly growing global demand and upgrading digital infrastructure like fiber broadband, cell towers and data centers. Renewed investments to logistical hubs, such as airports, railroads, shipping ports, as supply chains are rewired and a movement towards increased energy independence in many parts of the world, supported by decarbonization infrastructure. In the United States and around the world, there's a public need for greater investment in infrastructure. This growing needs create significant investment opportunity for clients. The unprecedented need for new infrastructure, coupled with the record-high government deficits means that private capital will be needed like never before. That supply-demand imbalance creates compelling investment opportunities for our clients. At the same time, corporates are looking to engage partners in new projects or partially derisking the existing ones. These dynamics offer clients, especially those investing for retirement, the high coupon inflation-protected long duration investments they need. And we believe it will define the future of asset management for the next 20 years. Our acquisition philosophy has always been about growth, not about cost takeouts and/or consolidations. Consistently, these combinations have resulted in reaching heights that neither BlackRock nor merged partners could ever reach on their own. I truly believe that this will be the case again with the integration of BlackRock infrastructure and GIP. Transformational transactions have strengthened our firm, have strengthened our culture and bringing top talent, new skills and experience into our organization. Our culture has evolved as we welcome new teams and colleagues to BlackRock. Today, it represents a blending of the best parts of the cultures that have come together over the years. What's made our acquisition so successful was our steadfast commitment to One BlackRock culture totally connecting to our clients with one platform, shared goals, a common Aladdin technology. And as a result, BlackRock is greater than the sum of any one part, and then that drives BlackRock's differentiating growth model. Reaching this moment is quite personal and emotional for me. Our firms, BlackRock and GIP, have similar origin stories. We founded BlackRock on understanding investment risks and the factors and forces driving returns initially in fixed income and then across the equity markets and then globally. We wanted to help long-term investors better manage their risk in their portfolios in a scaled way through technology. That is what drove our early investments in Aladdin and all the investments we made since to enhance our understanding of risk factors to deliver superior outcomes for our clients. GIP started with a similar focus in the infrastructure space. understanding operational risks and the factors and forces driving business efficiencies. Like BlackRock's focused on understanding risk and fixed income, GIP built an active approach to analyzing and addressing operational risk. My partners and I had the privilege of pioneering the mortgage-backed securities market. Bayo and his GIP partners, in my opinion, pioneered modern infrastructure investing in private markets. And many of the BlackRock and GIP founders grew up in the same firms early in their careers, where we created common routes from shared experiences, most of them good, sometimes bad, and close flight relationships. The integration of BlackRock's existing infrastructure platform with GIP will result in a market-leading comprehensive infrastructure business with truly differentiated origination and asset management capabilities. GIP will be highly complementary and has limited overlap by client and investment programs for BlackRock's existing leading franchises. These include diversified infrastructure, infra debt, infra solutions, climate infrastructure and decarbonization partners. BlackRock has invested originally and has invested organically and inorganically growing our infrastructure platform, which has $50 billion in AUM, having tripled since our acquisition of First Reserve in 2017. BlackRock has already demonstrated our access to some of the largest pools of capital in the world. We're winning deals like ADNOC pipeline transaction and being chosen to partner with sovereign wealth funds and governments on significant climate infrastructure strategy. We have the sourcing capabilities, but greater AUM scale will enable us to have more sizable positions. The planned combination of GIP with BlackRock will accelerate investment scale, enabling us to grow faster. BlackRock's deep relationships with clients, corporates, governments and sovereign wealth funds can accelerate investment opportunities. GIP's own lending proprietary deal flow -- leading proprietary deal flow has been supported by investment sizes, relationships and strong track record, including a long history of successful JVs with large industrial partners. GIP's deals span the world and sectors. Their investments include Gatwick Airport, Edinburgh Airport and Sydney Airport and CyrusOne data center in the Port of Melbourne and several other major renewable platforms. Through the future combination of BlackRock and GIP, we'll be able to connect our clients with bigger and better opportunities while also accelerating growth, diversifying revenues and generating earnings for our shareholders. Like Rob and I, Bayo and his partners are all founders. We're excited about the opportunity to have new partners and new colleagues. I'm proud that the consideration of this transaction consists of approximately 75% of BlackRock stock. GIP founders will become among the largest shareholders of BlackRock, and we plan to have Bayo join our Board of Directors post closing of our transaction. There is no question spiritually or financially about whether we are long-term partners. We have the same interest as significant shareholders alongside our broader shareholder base. Our One BlackRock culture has been central to our success over the last 35 years, and cultural alignment has been core throughout our history of successful M&A. Here are founding to today, our firm is purpose-driven, focused on clients, focused on risk management and powered by data and technology. Bringing our 2 businesses together result in an influx of top senior private market talent to BlackRock. GIP founders will lead our combined infrastructure platform with teams of talented investors and business builders. They bring with them a strong investment and performance culture and a commitment to working across One BlackRock. I'm confident we'll be looking back on today as another transformational moment in the BlackRock history in a similar way when we could look back at our acquisition of BGI, Merrill Lynch Investment Management and our early days building Aladdin. Our ability to adapt and to evolve and to grow has generated a total return of 9,000% for our shareholders since our IPO in 1999. That is well in excess of our S&P return of 490% and representative of a business model serving all our stakeholders. I truly believe we're better positioned than ever before in our history, and I'm very optimistic on the coming years ahead and the opportunities ahead for all of us. BlackRock was built on optimism. When we founded BlackRock, we knew clients would be at the center of everything we do. We had a deep conviction in the long-term growth and the importance of the capital markets. In principle and practice, those beliefs remain core to BlackRock today. We are more connected to our clients as ever, thousands of clients on behalf of millions of individuals around the world have entrusted BlackRock with $1.9 trillion of net new business over the last 5 years. Thousands more use our technology to support the growth and commercial agility of their own business, years of organic growth alongside a long-term growth of the capital markets underpins our $10 trillion of client assets, which grew in 2023 by over $1.4 trillion. In good times and bad times, whether investors are adding or reducing risk, our consistent industry-leading organic growth demonstrates that clients are consolidating more of their portfolios with BlackRock. In 2023, our clients awarded us with $289 billion of net new assets during this period of rapid change and significant portfolio derisking. BlackRock's differentiated business model has enabled us to continue to grow with our clients and maintain positive organic base fee growth. We've grown regardless of the market backdrop and even if most of the industry has experienced outflows. I think back to 2016 and 2018 when uncertainty and cautious sentiment impacted investment behaviors among institutional and individuals. Many clients derisked and move to cash. BlackRock stayed connected with our clients. We stayed rigorous in driving investment performance, innovating new products, technologies and providing advice on portfolio design. Once clients were ready to move more actively step back -- to stepping back into the markets, they did it with BlackRock, leading to new record flows for client flows and organic base growth at or above our targets. As we've seen before, when investors were ready to put money back to work, they did it with BlackRock. Flows and organic base fee growth accelerated at the end of the year. We generated $96 billion of total net inflows in the fourth quarter, and we entered 2024 with great momentum. I spent much of 2023 on the road, meeting with clients around the world, and I plan to do the same thing in 2024 starting this month. Our partnership approach and the performance we deliver is resonating both in markets where we have a long-standing presence and those where our profile is just beginning and strengthening. Companies and clients increasingly want to work with BlackRock. For companies where we are investors, they appreciate that we are a long-term consistent capital. We invest early and stay invested through cycles, whether it's debt or equity, pre-IPO or post-IPO. Companies recognize the uniqueness of our global relationships, our brand and our expertise across businesses, markets and industries. This makes us a very valuable partner, and in turn, it enables us to be involved in their sourcing and in performance that we provide for our clients. For example, in November, our diversified infrastructure franchise invested $550 million in STRATOS, a commercially scaled direct air capture facility in Texas which is expected to be the largest in the world upon completion. Through our funds joint venture partner, Occidental Petroleum, we are providing our clients with investment access to a bespoke energy infrastructure project. This is just a latest example of our sourcing and execution on numerous distinctive deals for clients over the last 18 months. In the United States, we partnered with AT&T and GigaPower JV and invested in Jupiter Power. Beyond the U.S., examples include such investments of Brazeau in Brazil, First Air in South Korea, Acacia Energy in Australia, Lake Turkana Wind Farm in Kenya, just to name a few. Last month, we announced an innovative partnership with Altera that we will see a $2 billion investment in the climate opportunities across BlackRock's private debt and infrastructure equity strategies. This is one of our largest ever private markets mandates. It adds on to our very strong track record investing in the transition, including in emerging markets and extend our over $100 billion transition investment platform. BlackRock's global network of relationships, data, analytics and flexible, adaptable capital means, we could source unique deals for our clients and mobilize assets and accelerate innovation and economic growth. Our active investment insights, our expertise, our strong investment performance, similarly differentiating BlackRock to the markets. We saw nearly $60 billion of active net inflows in 2023 compared to an industry outflows. Across our active franchise, BlackRock has delivered durable investment performance with 87% and 92% of fundamental equity and taxable fixed income AUM above benchmarks or peer medium for the past 5-year period. In ETF, BlackRock generated an industry-leading $186 billion of net inflows for 2023. Our long-term leadership of the ETF industry is another testament to our global platform and our deep connectivity with our clients. BlackRock is the most scaled, diversified ETF provider in the U.S. and globally. We are bringing the ETF benefits of liquidity, of price discovery and market efficiencies and access to investors around the world. Nearly half of the 2023 iShares net inflows were from ETFs listed internationally in local markets, led by our European iShares net inflows of $70 billion. BlackRock has the #1 share of the European ETF market where industry flows were up 70% in 2023. Catalyst trends that we saw in the U.S. years ago, like the growth of the fee-based advisory and model controllers are just beginning to take root in Europe. BlackRock takes a client-first approach to product innovation, and we continue to develop products that are suited for the new investment regime. For example, we launched 19 active ETFs in 2023, leveraging the benefits of the ETF structure to help clients reach the outcomes they seek. Some of these strategies provide access to the insights of our active portfolio managers such as Rick Rieder and Tony DeSpirito, other use an option strategy to generate income or provide greater downside protection such as our buy right and buffer ETFs. And in the fourth quarter, we launched a series of LightPath Target Date ETF to provide an easier way to save for retirement, especially for the many Americans who lack access to a workplace retirement plan. Just yesterday, the iShares Bitcoin ETF began trading in another landmark moment that advances ETF innovation and expand access to Bitcoin for investors. We will continue to provide more convenient and cost-effective investment access across asset classes through innovation, through risk management and technology. Aladdin is the operating system uniting all of BlackRock, and its fundamental and foundational to how we serve our clients across our platform. It is the key technology that powers BlackRock, and it also powers many of our clients. The need for integrated data, integrated risk analytics and the whole portfolio views across public and private market is driving the ACV growth of Aladdin. In 2023, we generated $1.5 billion in technology service revenues. Clients are looking to grow and expand with Aladdin, reflecting in strong harvesting activities, with over 50% of the Aladdin sales being multiproduct. Through its dynamic ecosystem of over 130,000 users, the Aladdin platform is constantly in the state of innovation. Investments in Aladdin AI copilots, enhancements and openness supporting ecosystem partnerships and advancing whole portfolio solutions, including private markets and digital assets, are going to further augment the value of Aladdin for our clients. We led our industry by both being an agent for and adapting to change. Our best years have followed tough years. And just as we continue to innovate and evolve our business to stay ahead of our clients, we are also evolving our organization and evolving our leadership team. As Martin mentioned, we undertook restructuring efforts that were designed to ensure we are aligning resources to our greatest growth opportunities and client needs. As part of this, a number of valued clients, valued colleagues and friends and part of the firm, we truly appreciate the contributions that they made to BlackRock and wish all of them well. We are continuing to anticipate with clients' needs and shaping BlackRock so they could be getting our insights, our solutions and the outcomes that they expect from us. As we look ahead, the rerisking of client portfolios will create tremendous prospects for both our public and private market franchises. These are the times where investors are making wholesale changes to the way they build portfolios, and BlackRock is leading the way in helping investors build the portfolio of the future, one that integrates public markets and private markets and it's digitally enabled. We view that these changes are a big catalyst for BlackRock. We set ourselves up to be a structural grower in the years ahead with the diversified platform we built. And the need for integration data, technology and risk management will continue to drive demand for Aladdin. BlackRock was founded on the belief in the long-term growth of the capital markets. Our success has been shaped by a number of those calls and how we would evolve. Our client needs have always been our compass. As we listen to them today, we have our eyes on themes we believe that will define the next decade of asset management. The continuum of blurring the lines across product structure, the unprecedented need for new infrastructure driving inflation protected current cash flow long-duration returns, the accelerating capital markets and asset management industry around the world. We are positioning ourselves ahead of these transformations by making 3 major changes in how we work and how we deliver for each and one of our clients. First, we're creating a new strategic global product and solution business that will work across all their investment strategies, asset classes, fund structures while enabling our ETF and index business across the firm. We have always viewed ETF as a technology that facilitates investing. And just as Aladdin technologies has become core to asset management, so has have ETFs. That's why we believe embedding our ETFs and index businesses across the entire firm, and that will accelerate further growth of iShares and every investment strategy within BlackRock. We are looking to the future, and we believe that ETF revolution that iShares lead will only continue to accelerate as BlackRock turns -- as our clients turn at BlackRock for ETFs as a preferred vehicle for investing in strategic and strategies of all types. If you can make an ETF or a bitcoin, my gosh, you can make an ETF or anything. Second, we are creating a new international business structure to provide a unified leadership to allow us to be simultaneously more global, but much deeper local in a fast-growing international markets. BlackRock has been a central player in the growth of the global capital markets, and this is including the developing of retirement solutions in every market around the world and bringing the benefits of ETFs to every market to assist them in growing their markets. And third, we are realigning our private markets business to further leverage the potential of GIP and to meet the growing needs of our clients for infrastructure and other private market investments. All of us at BlackRock have a lot of hard work and a lot of exciting work ahead of us. We have a track record of quick, intense and successful integrations. We'll be more novel and aligned with clients through our new architecture and with the aim to be delivering better experiences, better performance, better outcomes for all of our clients worldwide. I see excitement and incredible amount of energy in our offices. While there's a lot of hard work to come, there really is a bright future for all of us ahead of us. Over the past few months, we've seen decidingly more positive sentiment and tone in markets and among clients that are very optimistic will carry into 2024. And once again, we look forward to beginning this next BlackRock chapter with our new partners and colleagues at GIP. We entered 2024 with $10 trillion of our client money. We entered the year with strong growth momentum. And we entered 2024 as an organization positioned in the future for growth and prosperity. At BlackRock, we are energized by a never-done attitude. And today, I really feel that we're just getting started. I see greater opportunity for BlackRock. I see greater opportunity for our clients, and I see great opportunities for our shareholders today, tomorrow and stronger than ever before. Let me open it up for questions. As I mentioned, Bayo will also participate in the Q&A. Thank you. Question and Answer Session Operator (Operator Instructions) Your first question comes from Craig Siegenthaler from Bank of America. Craig William Siegenthaler I hope everyone is doing well, and congrats on the deal. Laurence Douglas Fink Thank you. Craig William Siegenthaler My question is actually on the GIP deal. So this is a high-quality business, strong track record. It's big enough to go public, stay independent, but they chose BlackRock, and they decided to take stock. So I imagine gross synergies were a driver. So my question is really on the strategic rationale. How can BlackRock's global distribution platform accelerate their growth? And do you see specific client segments, and I'm thinking private wealth, where you see low-hanging fruit? Laurence Douglas Fink Great question. I think it will be answered by me and Bayo. So let me once again go over the strategic rationale. As I said in my prepared speeches, and I think Bayo would echo everything I'm going to be saying, we're just beginning, I would say, a very bright investment horizon for infrastructure. As I said, deficits matter. More and more governments are going to have more difficulties to do deficit financing. And in turn, more and more governments are even focusing on doing more public, private. I think GIP's success in the U.K. and Australia are very good examples of working with governments in terms of helping them sell assets, but at the same time using the private sector to improve the quality of services. And GIP has been a leader in that. I believe that a lot of capital that it could be needed as we digitize everything, the need for upgrading our electrical power grids worldwide is a must. The capital associated with that is going to be enormous. In my travels around the world, more governmental leaders are talking about the need for energy independence. And they look -- if they have some form of energy, they're going to be trying to be doing more of that, but more importantly or just as importantly, the amount of capital they need to provide -- to develop more decarbonizing investments in wind and solar. To provide broader energy for their growth in their economies is very important. If we are going to decarbonize the world, the amount of capital and infrastructure is going to be very necessary. If we are going to be more and more reliant on interconnectivity worldwide, the need for the upgrading of ports is vital. As more and more human beings grow into a middle-class lifestyle, the demand for air travel grows dramatically, the need for high-quality airports grows dramatically. And so that's just one segment. And then when you think about corporations, corporations historically disposed of divisions to private equity. We see more corporations instead of disposing divisions, selling portions of those divisions, maybe keeping a major part of that, selling parts of their infrastructure or partnering with companies in their infrastructure, like the deal we did with Occidental Petroleum for air capture, the transaction BlackRock did with AT&T on 5G build-out across the United States. These are just a few examples, pipelines in the Gulf region. And so the industrial logic is pretty large in our opinion that the next 10 years is going to be greatly about the expansion of the global capital markets and infrastructure. And so we believe the demand for capital infrastructure will only to grow larger than larger. And as I said a few times in my prepared remarks. Having a long duration, high coupon, inflation-protected asset is a very strong asset class for all of retirement funds. But importantly, as you mentioned wealth, we believe a great opportunity to providing to the wealth management products, these types of products, so they can enjoy these type of long-duration assets. They're going to throw off these above, what I would say, public market returns. And so I believe across the board, sovereign funds, both retirements, both in the defined contribution space and the defined benefit space, across the board, these are the preferred instruments. In my calls with clients today, I could tell you more and more sovereign wealth funds, see infrastructure as a major growth area in their asset allocation. I'm going to let Bayo talk about BlackRock and us. I would only just say at Black -- from the BlackRock side, we only had 1 target. We only had 1 organization where we believe in their business model. It was only 1 organization where we believe we had such complementary skill sets. And then most importantly, it's a team of leaders under Bayo that we believed in. And we believe that will create real opportunities for BlackRock, and I'm pleased that Bayo will be joining the BlackRock Board post closing. And importantly, we look forward to having the intellectual capital that GIP is bringing alongside our superb team and infrastructure. Unidentified Company Representative What I'll add to that is I think Larry is exactly right. We are about leading the golden age of infrastructure investment. And so the question for us at GIP was always how do we accelerate what we are doing. We're going to keep trying to do what we were doing by ourselves, but we thought that looking at it from both points of view, from the point of view of infrastructure investing, Larry is right. We have tremendous tailwinds that are going to drive the demand for private capital infrastructure investing. On our client side, the pension funds and sovereign wealth funds, the asset managers, infrastructure is what they want to invest in. They like the fact that infrastructure has very high yields. The average yield on our mature funds over the last 15 years annually is 8%, okay? That's in a world of 0 interest rates, we generating 8% yield. They like the fact that these assets are uncorrelated to other asset classes. Think about what's going on today. Infrastructure assets are doing very well. We have 19 companies in our flagship funds, 12 of them had double-digit asset EBITDA growth last year. 5 of them, single-digit EBITDA growth. The only one that didn't was because it sold assets. Compare that to the other real asset class, commercial real estate, okay? So investors love the fact that these asset classes are not correlated. They like the fact there's a lot of downside protection, right? Because they provide essential services, okay? And so these are all sort of congruence that we thought how do we accelerate what we're doing. And the marriage with BlackRock is a marriage made in heaven. Rob Kapito said this is a deal where 1 plus 1 equals 4. I'm not sure whether it's 3 or 4, but I know Rob is directionally correct, okay? When we look at the 2 businesses, they're very complementary. BlackRock has built a terrific infrastructure business. They've tripled the size of it over the last years that they've owned it. But they make mid-market or mid-cap investments. We make large cap investments. We have a terrific infrastructure debt business. It's mostly investment grade, ours is mostly below investment grade. They have capital solutions business that we don't have. So if you put these 2 businesses together, we can go to clients, large cap clients, mid cap clients, offer them a complete array of solutions. You want investment-grade debt, we've got. You want high -- lessen investment grade debt, we've got it, okay? And so we think this will allow us to accelerate the rate at which we can provide investment opportunities for our clients. And look, it's always nice to think you're right. The proof of the pudding is what people say when you call them. And as Larry mentioned, he and I have been on the phone with our clients. And this is what they've said. This is a fantastic transaction. One, for us as clients; two, for BlackRock and 3 for GIP. Now I wish I have known that put BlackRock ahead of GIP because then I want to ask for a higher price, but it's all worked out very well. And I think the other thing people should recall is -- and I hope Martin and Larry don't mind me saying this. We are taking 75% of the consideration in stock. The initial offer from BlackRock was actually a low model stuff, okay? We like the fact that BlackRock thinks their stock is undervalued. And the fact that we are taking 75% in BlackRock stock tells us we also think it's undervalued. And the final thing I'd say is we actually looked at -- Larry talked about how the cultures are very different. I think that's absolutely true. But we've also looked at what BlackRock has actually done when it has acquired businesses. Interesting -- congrats, iShares or BGI, 3 trillion assets when they bought it; today, 10 -- (inaudible). So that's actually a little bit scary. Infrastructure, they tripled the size. So it's clear to me the supplemental message is we have to at least double the size of our infrastructure portfolio going forward. I hope that answered your question. Operator We go next to Michael Cyprys with Morgan Stanley. Michael J. Cyprys Congratulations on the transaction. Just curious what are the plans for integration. If you could talk about that a bit? And any particular lessons that you take away from other private market transactions, acquisitions that we've seen across the industry as you think about driving success here? Martin Small Thanks, Mike. Happy New Year. We have a really strong track record of successful integrations at BlackRock. And we believe this transaction will prove to be another success. I think Larry and Bayo spoke very much about the common cultures, the shared vision, the opportunities, the growth with clients. We know that GIP shares the same laser focus on clients and values that we do rigorous investment process in us and the structuring of the transaction was also done to reduce strain on teams and help facilitate the transition into new leadership in a more diversified platform. Some of the organizational changes that we also announced today are going to help us be more nimble and aligned with our clients. We've reorganized businesses for the future with the aim of delivering better experience performance and outcomes for clients. The thing I'd add is Larry talked about in his prepared remarks, our integrated operating platform, and he talked about our track record and integrations. We have built our private markets business with substantial inorganic activity going back all the way to the early 2000s and we built a lot of the existing infrastructure business that we have today, also through inorganic transactions that have been successfully integrated. So we've been doing this for 10 years in the infrastructure space and look forward to accelerating it with Bayo and his partners and the entire GIP team who have substantial experience in business building and alternatives. And the last thing I'll say just about integration is I think in many ways, this is a less complex integration and that these are highly complementary platforms, Bayo just talked you through in terms of some of the differences in investing acumen and solutions on the equity side, on the debt side. And so in many ways, we have limited amounts of overlap, both in clients as well as in the characteristics of our investment solutions. In many ways, that makes the integration, I think, nimble and easier to position with clients and more agile for us to bring the platforms together. Laurence Douglas Fink Let me just add one thing. Bayo and I are going to be on the road a lot. And we are going to -- with the combined organization, we have an amazing story. And we are going to be telling everyone the story from the corporation sides to governments. I just got an e-mail from a big government and saying, okay, there are things we could do more. So that was a nice e-mail that I just received. But I do believe our key is making sure our clients and the investors that have invested in BlackRock and GIP that they understand the merits of the combination and that they think this is even better for them. And our job is to make sure that everybody sees it and we execute that way. But we are very excited about this, and I look forward to being on the road with Bayo. Operator We'll go next to Michael Brown with KBW. Michael C. Brown Maybe I'll just condition to the organic growth outlook here as we think about 2024. Obviously, there's been a lot of optimism around the acceleration of the fixed income flows and with what seems to be a more visible interest rate trajectory. So I had to hear about maybe some of your early conversations you're having with institutional clients regarding allocations and what they're -- and how you expect that to progress through 2024. And when you think about the fixed income inflows, where should we think about where that money will kind of shift from? Is it from the money market funds? Or is it kind of the ownership of direct securities moving into funds or from bank deposits? Just love some commentary on that. Martin Small Great, Mike, it's Martin. I'll start just on some of the organic growth outlook and then Rob will talk a little bit about your specific fixed income. In 2023, obviously, we delivered $289 billion of total net inflows and 1% organic base fee growth. We continue to have conviction here in our 5% base fee target over the long term. We've reached it on average over the last 5 years and met or exceeded it in 6 of the last 10. And importantly, I think the way our shareholders evaluate us, years marked by significant market volatility, 2016, 2018, '22, '23, we generated positive organic base fee growth. And these last 2 years, no doubt have been more challenged on base fee growth through tough markets, but we've continued to generate positive growth while the industry has seen decay. We don't aim, as you know, to be the fastest grower in any quarter or any year. We aim to deliver more consistent and durable organic growth through market and over the long term. I would note we saw excellent momentum to finish the fourth quarter. As I mentioned in my remarks, in November and December, we generated an annualized 6% organic base fee growth rate, and that, to me, suggests that we can trend towards our 5% through the cycle target as rates stabilize and the market is more constructive. This is some of the best organic base fee growth momentum we've seen since 2021. I do want to flag 2 things. The first of which is I'd particularly flagged that iShares in Europe is really well positioned, and I think it's going to be a bigger part of the organic base fee growth story over time. European ETF industry flows are up 70% year-on-year. European iShares had almost 50% flow market share. And a lot of the long-term trends that propelled the U.S. industry to high growth rates are taking hold in Europe. So I think it's just the beginning. We also see this combination with GIP and the potential for higher management fee growth in illiquid alternatives as bolstering, diversifying our overall organic base fee growth trajectory. So I'll give it to Rob on fixed income. Robert Steven Kapito Yes. So I'll just add just 2 things, Mike. I wake up every morning salivating about the $7 trillion that's sitting in money market accounts that's waiting to move. And in order for it to move, we have to have a wide plate of products. That's what we have been developing in client solutions. A lot of this is going to come from money that's flowing into model portfolios, which we are the leader in. And a lot of it is going to come from digital wealth, which is a $17 billion global market. It's growing at 15% and ETFs are becoming the investors' preferred vehicle with access to investments. And then lastly, as we blend the active and passive business together, we're going to see a lot of active fixed income portfolios move into an ETF wrapper. We're the leader in ETF wrappers as well. So I think there's a huge, huge runway for fixed income and really the wind is right behind our back for that. Operator Your next question comes from Brian Bedell of Deutsche Bank. Brian Bertram Bedell Maybe just to ask about the infrastructure, another angle of this. Just your outlook for fundraising over the next 1 to 2 years, given your -- the products that you have and your thoughts around the growth in that $760 million of fee-related revenue. And maybe just the timing of it, I think you have -- you said it a successful fund of 2019, that was a $22 billion fund. So are you in the market now for a fund or will soon be and do you expect to exceed that? And then also just the -- in that retail channel, the desire to create democratized infrastructure products for retail investors that have some liquidity features? Martin Small Thanks. I'll start, and then I'm sure there'll be some additional color. First of all, clients continue very much to increase their allocations to illiquid alternatives in private markets. These are the client needs that drove our acquisition of eFront. They're the moves that bring us here today with GIP. And the moves that we've made organically and inorganically to build market-leading alternatives capabilities. At BlackRock, our alternatives client assets now total $330 billion, including liquid credit. Our private market to liquid alternatives have reached $166 billion in assets with about $140 billion in fee-paying AUM. And private credit, private equity solutions and infrastructure were the main drivers of Q4 and full year flows with $4 billion and about $14 billion, respectively. Since 2021, we've had excellent momentum in our private markets fundraising. We've raised approximately $96 billion of gross capital across our platform, and we continue to see good momentum with clients. We're building on vintages and strong track records, so we can scale successor funds. We expect our primary growth drivers, as I said, over the next 3 to 5 years to be infrastructure and credit private equity solutions, where we've built great franchises. We continue to see terrific opportunities. Larry and Bayo have really talked about what some of these are. But I do think BlackRock has a durable competitive advantage that's been built through our public markets, relationships with global corporates, our advisory work with sovereigns in the public sector around the world as well as our technology capabilities of the year and bringing together a lot of this public and private sector long-term objectives, officially moving capital to key drivers of industrial transformation. That's often when BlackRock at its best. So we're very optimistic and energized by our capital formation opportunities, particularly with our new partners at GIP. And I think as Larry and Bayo said, they're both going to be traveling a lot. So I'm looking forward to how those sessions, I think, will help us grow together. But importantly, I think really bring innovative solutions to corporates, through partnerships and unique public-private opportunities for us that will help grow our illiquid alternatives base fees and assets. Laurence Douglas Fink GIP is in the final stages of raising a very large fund, which because it's in the stages of raising the money that we cannot talk about it. So stand by. But it's in the late stages of fundraising. Robert Steven Kapito The other thing is that we are very good at structuring product for the individual investor, the wealth investor, and I'm looking forward to working with Bayo's team to figure out how our teams can get together and democratize those investments because, as Larry mentioned before, this is such a perfect retirement product long duration, good yield, equity upside, it's going to open up new areas of growth that we have not tapped yet. Operator Next question comes from Brennan Hawken of UBS. Brennan Hawken So curious question on the deal here. Is this a deal that you would consider transformational? Or is this more indicative of a desire to continue to add more, all its capabilities going forward? And then one, just sort of a little bit more granular, the roughly $400 million in FRE is based on 2024 forecast from what I can understand. Can you give maybe an indication about where GIP's FRE was for 2023? Martin Small Thanks, Brennan, for the question. It's Martin. First of all, this is unassailably a transaction that we consider transformational. Most definitely, our clients feel its transformation. The volume of e-mails, I can see on Larry screen suggests to me that it's transformational. And it's what we've talked about is transformational transactions. It's transformational in terms of the capabilities that BlackRock has and can offer to clients and it's transformational in terms of the financial and earnings impact to the firm. So those 2 axes are how we've always measured transformational in terms of our capabilities and in terms of the financial impact, and on both fronts, this is definitely a transformational transaction. GIP has generated really strong performance as well as FRE growth. I'm not going to comment on the 2023, it will let the 2024 speak for itself. But we continue to see great growth opportunities in terms of being able to expand fee paying AUM across the illiquid alternatives platform with the infrastructure as a priority as well as growing base fees in a way that adds to our 5% organic growth objective through the cycle. Laurence Douglas Fink Let me just add on some of our small and large transformational deals. Transformational deals could be as large as a BGI transaction. But if you remember, everyone, when we did that transaction, most people hated it. They did not see the merits, did not see the marriage of active and passive, did not think cultures can merge, did not understand ETFs as a technology. And as Bayo was saying earlier, what we bought BGI was under $300 billion in iShares assets, and now it's over $3.5 trillion. In the past 10 years, we acquired First Reserve when it had about $3 billion, and it's more than tripled its assets in a number of years in terms of infrastructure. Just recently, we acquired Aperio and the assets are up 95% since we acquired Aperio. And then just as importantly, in technology buying eFront, we made a statement that whole portfolio analytics are going to become very important, not just public market analytics. And we are now the leading technology platform, both in privates and publics. And you dovetail all of this is -- it's all wrapped around our global view of where the global capital markets are doing. The technology needs for markets and the movement. And I do believe all of this is going to be playing out. As I said in my prepared remarks, I truly believe infrastructure and Bayo reconfirm that infrastructure is at the very beginnings and the great need of capital and because of the type of asset it is, the demand for this type of investment is really going to be strong. And we believe, and this is what our statement is, we believe the next 10 years is going to be a lot about infrastructure. And this will become more and more of a major component of the entire private markets ecosystem. Operator The next question comes from Patrick Davitt of Autonomous Research. Patrick Davitt You guys have been pushing this idea that the $7 trillion in money funds will start to rotate into risk assets for a while now. But the historical data we can see from past Fed cycle does not really show that, at least from what we can see. And it looks like last year's flows maybe came more from the bank deposits than risk positions. So what are you seeing maybe that we can't see that suggests this cycle will be different? And if rates really are higher for longer, can't both money funds and bonds win with $17 trillion still sitting in bank deposits? Robert Steven Kapito Yes. So it's Rob here. So the answer is it's going to be dependent upon rates and alternative investments. So I think history shows when the cycle stops, that's when people first start to re-risk. We saw about $40 billion come out of money market funds to us as people re-risk and then there's market volatility and it stops. So I think we have to get to what people will feel is the end of the cycle in rates, and then people will look. The benefit for us is then when they re-risk, they usually come into more precision investments, which are higher fee type investments and yield really matters. So I think if you look at it, there's a blurring between the bank deposits and the money markets, all dependent upon rates. But once that cycle stops and it's been a start and stop over the last year, at least, especially in the fourth quarter, but that's how we look at it. Operator Your next will be our last question comes from Bill Katz from TD Cowen. William Raymond Katz Congrats on the transaction. Sorry, my phone cut out a little earlier today, the hazards of working from home. So I missed a little bit of the Q&A earlier on. Maybe for Martin, perhaps just a little technical question at this point. As you sort of model out the modest accretion as you look forward, I was just sort of wondering, how do the economics on the performance fees work? It looks like you're keeping about 40% of the incremental opportunity. Wonder if you could just give us a sense of what kind of returns GIP has put up over time? And how does that flow down to performance fees? And then I would presume that as part of the guidance that this new fund that they're in the market for now that Larry is sort of intimated is going to be coming shortly, would be part of the economics. And then when you say greater than (inaudible) margin, can you sort of give us a little more sense on that? Can you just try to back into the fee rate as well as the absolute margin? Martin Small Thanks, Bill. I'm sorry, your phone wasn't working. So it's great to hear from you. Happy New Year. So as we said, we expect the transaction to be modestly accretive to EPS and operating margin in the first full year post close. We expect it to be accretive to long-term organic assets and base fee growth over time. We are adding -- we expect to be adding pro forma $400 million plus of post-tax margin accretive FRE as a result of the transaction. The transaction is structured so (inaudible) 100% of the assets and business of GIP. So all of the future management base fees will be within the transaction perimeter. And that's where we derive our estimates for the 2024 and beyond FRE growth in the business. In terms of thinking about the fee rates, the fee rates are relatively comparable overall to the BlackRock illiquid alternatives, but think north of 100 basis points in terms of how you're modeling that out. As you noted in the deck that we posted to the Investor Relations website, the transaction is that GIP owners and employees are keeping 100% of the carried interest for existing GIP funds and future funds will be 60% to the GIP teams and 40% to BlackRock. I'm not going to talk about fundraising or future funds, but we would expect those performance fees to come on in later years, not in the near term, given the trajectory for how vintages come on. And we'd expect improvement in the fee-related earnings growth over the next 2 years. Operator Ladies and gentlemen, we have reached the allotted time for questions. Mr. Fink, do you have any closing remarks? Laurence Douglas Fink Thank you, operator. I want to thank everybody for joining our -- joining us this morning and for your interest in BlackRock. Our fourth quarter and full year performance is a direct result of our steadfast commitment to serving clients and evolving for our long-term needs of our clients. Our acquisition of GIP and the organizational changes will be transformational and accelerating our growth ambitions and delivering value for our clients and for our shareholders. Hopefully, everyone could hear that we are incredibly excited about the opportunities ahead of us. The opportunity of having partners like Bayo and his team, and we believe we have never been in a stronger position to grow with the global capital markets and to grow and being a very large client serving firm and helping our clients meet their future needs. Everyone, have a very good quarter and try to enjoy it as much as possible. Thank you. Operator This concludes today's teleconference. You may now disconnect.

2024-01-13 11:45:00+00:00

{"Bitcoin": [434, 613, 671, 821, 1104, 1164, 1242, 1331, 1387, 1576, 1638, 1683, 1720, 1807, 1928, 2056, 2299, 2398, 2742, 2852, 3036, 3089, 3235, 3394, 3657, 3819, 3873, 4003, 4193, 4304, 4352, 4379, 4514, 4717, 4894, 4937, 5093, 5653], "BTC": [451]}

{}

1 Top Cryptocurrency to Buy Now Before It Soars 1,000%, According to Wall Street Analysts

https://finance.yahoo.com/news/1-top-cryptocurrency-buy-now-114500136.html

Motley Fool

http://www.fool.com/

The cryptocurrency industry has been in turmoil for more than two years. It started with a rotation away from risk assets as recession fears rippled through the economy in late 2021. Then the collapse of the Terra blockchain ecosystem set in motion a series of bankruptcies and forced liquidations that dragged the market down even further. In total, the value destruction exceeded $2 trillion when the market finally hit bottom. But Bitcoin (CRYPTO: BTC) brought the cryptocurrency market roaring back to life in recent months as two potential tailwinds caught investors' attention: the pending approval of spot Bitcoin exchange-traded funds (ETFs) and the reduction in Bitcoin mining rewards later this year. The first catalyst has already come to fruition. The U.S. Securities and Exchange Commission approved 11 spot Bitcoin ETF applications on Wednesday, including proposals from two of the three largest asset managers in the world, BlackRock and Fidelity. That could elicit a wave of interest among retail and institutional investors, and the resulting increase in demand could drive the price of Bitcoin higher. Indeed, certain Wall Street analysts expect Bitcoin to triple or quadruple in value by 2025, and another analyst believes Bitcoin could increase 10-fold in value during the next five years. The approval of spot Bitcoin ETFs could boost demand The SEC began approving Bitcoin futures ETFs in October 2021. Those products invest in futures contracts rather than the cryptocurrency itself, so they do not track its price exactly. Case in point, the ProShares Bitcoin Strategy ETF returned 39% in the past six months, but Bitcoin increased 54% during that time. Spot Bitcoin ETFs will invest directly in Bitcoin and closely track its price. The appeal of such products is direct exposure to Bitcoin without the hassle of cryptocurrency exchanges and blockchain wallets. Investors can simply buy shares of a spot Bitcoin ETF through existing brokerage accounts. That could boost demand among retail and institutional traders. To add detail, Bitcoin's price is determined by supply and demand, but the only variable of consequence is demand because its total supply is fixed at 21 million coins, of which about 19.6 million have been created. So, if the accessibility provided by spot Bitcoin ETFs translates into greater demand among retail and institutional investors, the price of Bitcoin could soar in the coming months and years. Several Wall Street analysts see that as a likely outcome -- especially in combination with the upcoming reduction in mining rewards -- given that reputable financial institutions like BlackRock and Fidelity are participating as ETF issuers. Indeed, Bernstein analyst Gautam Chhugani believes Bitcoin could hit $150,000 by 2025, implying 210% upside. Standard Chartered Bank analyst Geoff Kendrick says Bitcoin could reach $200,000 by 2025, implying 313% upside. And Fundstrat analyst Tom Lee says $500,000 is achievable by 2029, implying 1,000% upside. Story continues The reduction in Bitcoin mining rewards could reduce selling pressure Bitcoin mining rewards are cut in half every time 210,000 blocks are added to the blockchain, which happens about once every four years. The next Bitcoin halving event will occur in April 2024. Analysts believe that will lead to a substantial reduction in selling pressure, simply because miners will see Bitcoin inflows fall by 50%, meaning they will only have half as much cryptocurrency to sell. To quantify that, MicroStrategy former Chief Executive Officer Michael Saylor believes selling pressure will fall from $12 billion annually to $6 billion annually after Bitcoin mining rewards are cut in half in April. That reduction in selling pressure will be tantamount to an increase in demand, potentially pushing the price of Bitcoin higher. Indeed, Saylor predicted in 2022 that Bitcoin would reach $500,000 during the next decade, implying about 1,000% upside. However, he was more recently quoted as saying Bitcoin could hit $5 million at some point in the future. That implies 10,230% upside, a seemingly absurd figure. But there is a historical precedent for halving events driving the price of Bitcoin higher. The chart below lists the dates of past halving events and it details the returns generated by Bitcoin during the subsequent two-year periods. Bitcoin Halving Event Date Bitcoin Return (2 Years Later) 2012 2,964% 2016 922% 2020 348% Data source: Fidelity. Here's the bottom line: Two catalysts could send Bitcoin soaring in the coming months and years. That makes the present a good time to buy a small position. But investors should remember that cryptocurrency is a young, volatile, and risky asset class. Bitcoin has fallen by 45% or more four times in the past five years, and a similar retreat is possible (if not probable) at some time in the future. 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 8, 2024 Trevor Jennewine has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Bitcoin. The Motley Fool has a disclosure policy . 1 Top Cryptocurrency to Buy Now Before It Soars 1,000%, According to Wall Street Analysts was originally published by The Motley Fool View comments

2024-01-13 12:45:00+00:00

{"Bitcoin": [104, 480, 738, 2265, 2923, 4091, 5264], "BTC": [121, 256, 409, 641, 891, 1004, 1103, 1237, 1710, 1762, 2003, 2051, 2104, 2249, 2521, 3012, 3163, 3797]}

{}

Where Will Marathon Digital Stock Be in 10 Years?

https://finance.yahoo.com/news/where-marathon-digital-stock-10-124500487.html

Motley Fool

http://www.fool.com/

Marathon Digital (NASDAQ: MARA) transformed from a tiny patent holding company into the world's largest Bitcoin (CRYPTO: BTC) miner over the past six years. By the end of 2023, it had deployed a fleet of 199,200 miners, and it was holding more than 15,000 BTC (worth $698 million as of this writing) on its own balance sheet. Marathon's stock has gone through some wild swings since its first big purchase of BTC miners in early 2018. The bulls praised it as a great pure play on Bitcoin, while the bears claimed its capital-intensive mining business was unsustainable. But over the past 12 months, Marathon's stock has rallied over 420% as BTC's price rose roughly 170%. Could Marathon's stock soar even higher over the next 10 years as Bitcoin becomes a mainstream asset? Image source: Getty Images. Marathon's main strategies Marathon plans to grow by continuously expanding its fleet of BTC miners, leveraging its increasing scale to reduce its energy costs, and periodically selling some of its own BTC to boost its liquidity. In other words, its entire business model is dependent on the price of BTC rising rapidly enough to offset the costs of mining the cryptocurrency. As this table illustrates, that balancing act failed when BTC's price plunged from its peak of $69,000 in November 2021 to $16,000 at the end of 2022. That decline coincided with soaring energy prices, and its net loss widened by 19x in 2022. Metric 2020 2021 2022 2023 (Forecast) Revenue $4 million $150 million $118 million $365 million Net Income (Loss) ($10 million) ($36 million) ($687 million) $24 million Data source: Marathon Digital. However, analysts expect its revenue to more than triple this year with a net profit as BTC's price rises again. Three catalysts could fuel BTC's rally: the stabilization of interest rates, which are driving investors toward riskier assets like cryptocurrencies; the Securities and Exchange Commission's (SEC) recent approvals of the first exchange-traded funds (ETFs) tethered to BTC's spot price; and the upcoming "halving" of BTC this year, which will cut the rewards for mining BTC in half. Story continues The best and worst case scenarios for Marathon Marathon's growth over the next 10 years will be mainly dependent on BTC's price. If Bitcoin is widely accepted as a mainstream asset and currency, it's clearly regulated, and the next two four-year halvings (in 2028 and 2032) further reduce its available supply, its price should rise significantly by 2035. Yet the long-term forecasts for BTC's price are all over the map. According to Coin Price Forecast, its price might reach $240,000 by the end of 2035. Ark Invest's Cathie Wood recently predicted its price would reach nearly $1.5 million by 2030, while Fidelity boldly claimed its price would hit $100 million by 2035 and $1 billion by 2038. We should take all of those estimates with a grain of salt. But with the recent approvals of Bitcoin's spot ETFs and the stabilization of the macroeconomic and regulatory headwinds, BTC's current price of about $46,000 might mark a near-term bottom, and the market's growing demand and declining supply could drive its price higher. BTC's rising price would enable Marathon to accelerate its consolidation of the mining market. Over the past year, it opened two new plants, launched a mining joint venture in Abu Dhabi, United Arab Emirates, and agreed to buy several other mining sites. That expansion should help it achieve economies of scale and reduce its mining costs. It might even acquire or merge with its smaller competitor Riot Platforms . If that happens, then Marathon still seems reasonably valued at 11 times next year's sales. But on the other hand, another bear market could still turn the recent "crypto winter" into an ice age over the next decade. BTC might be better insulated from that deep freeze than the market's smaller altcoins, but it could shed so much value that it won't be worth mining. If that ice age coincides with soaring energy prices, Marathon's business could crumble. Where will Marathon's stock be in a decade? I believe Bitcoin's price will stabilize and rise over the next 10 years as it becomes a mainstream asset along with gold and other precious metals. I don't think it's going to the millions, but it could potentially triple or quadruple in value and lift Marathon's stock to fresh highs. The ride will certainly be bumpy, but it could generate big returns for patient investors. Should you invest $1,000 in Marathon Digital right now? Before you buy stock in Marathon Digital, 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 Marathon Digital 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 8, 2024 Leo Sun has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Bitcoin. The Motley Fool has a disclosure policy . Where Will Marathon Digital Stock Be in 10 Years? was originally published by The Motley Fool

2024-01-13 15:48:52+00:00

{"Bitcoin": [0, 304, 457, 778, 951, 1138, 1794, 1864, 2413], "BTC": [313]}

{"Bitcoin": [54], "BTC": [0]}

BTC Tumbles Below $42K, Coinbase and Miners Plunge as Bitcoin ETF Mania Becomes 'Sell the News' Rout

https://finance.yahoo.com/news/btc-tumbles-below-44k-bitcoin-172102859.html

CoinDesk

https://www.coindesk.com

Bitcoin tumbled below $42,000 in a Friday sell-off with cryptocurrency-focused stocks plummeting as Thursday's bitcoin ETF euphoria turned into a market rout. The $42,000 level is a significant support where prices may bounce from with potential buyers stepping in, crypto research firm Swissblock said. Bitcoin [BTC] dropped below $42,000 on Friday, plunging almost 10%, as the euphoria over the bitcoin ETFs approved this week gave way to a massive rout. Bitcoin had been as high as $46,000 earlier Friday and surged to a two-year high of $49,000 on Thursday, when bitcoin ETFs began trading in the U.S. But the heady prices didn't last long. Shares of Coinbase (COIN), the crypto exchange that provides vital custody services to most of the ETF issuers, lost 7.4% on Friday. Bitcoin miners Marathon Digital (MARA), Hut 8 (HUT) and Riot Platforms (RIOT) all sank at least 10%; Marathon fared worst, slumping 15%. Read more: Grayscale, BlackRock Top Bitcoin ETF Volume Ranking as Products Debut The declines happened a day after spot bitcoin exchange-traded funds (ETFs) began trading , marking a significant milestone for the industry. Bitcoin ETFs are traditional financial vehicles that may give retail and institutional investors alike easier exposure to bitcoin's price. Friday's price declines may not be a surprise; research firm CryptoQuant predicted last month that bitcoin would fall to as low as $32,000 in the next month after an ETF approval, being a "sell the news" event. Notably, previous landmark events such as Coinbase's stock market listing in April 2021 and ProShares' futures-based bitcoin ETF (BITO) debut in October 2021 happened near a significant peak in crypto prices, possibly foreshadowing cooling prices ahead. Read more: Bitwise, Fidelity, BlackRock See Biggest Bitcoin ETF Inflow in Preliminary Tally What's next for bitcoin price Bitcoin posted a massive 80% rally since early October without significant pullbacks to a hit a two-year high as anticipation increased to a fever pitch into Thursday's spot bitcoin ETF launch, a significant milestone for the digital asset industry that expands investor access to the largest crypto asset. Crypto research firm Swissblock noted in a Friday market report that the last leg of the bitcoin rally to $49,000 into Thursday's bitcoin ETF launch showed signs of running out of fuel, with sellers stepping in above the $47,500 price level. Bitcoin price momentum (Swissblock) "The recent dynamics in bitcoin have not lived up to the expectations set by many bitcoin maximalists, with the asset failing to break the $50k mark, and the hype surrounding ETFs showing signs of cooling down," Swissblock analysts wrote. "The critical question now is whether the market can sustain upward momentum." Story continues The $42,000 price level forms a significant liquidity zone where bitcoin may bounce from as buyers might enter the market, the report explained. If this support level falters, the next key zone to watch is the " CME gap " at $40,000, it added. UPDATE (Jan. 13, 12:56 UTC): Adds analyst comment about price action. View comments

2024-01-13 16:00:28+00:00

{"BTC": [2294]}

{}

How To Create a Passive Income Stream With Crypto

https://finance.yahoo.com/news/create-passive-income-stream-crypto-160028598.html

GOBankingRates

https://www.gobankingrates.com/

Viorika / Getty Images/iStockphoto To generate a steady stream of money with little effort , passive income (money not derived from active involvement such as a salary) can be the way to go. While popular approaches to this involve real estate or renting anything from a room to your car, lesser-known methods can also be fruitful. Best Bank Account at U.S. Bank: A Checking Account With Perks and a Waivable Monthly Fee Read: 3 Ways To Recession-Proof Your Retirement For instance, creating a passive income stream from crypto can end up being very beneficial. “There are many ways to increase your holdings in crypto but each one has its pros and cons as well as always carrying some risk, so it needs to be thought of and calculated well,” said Kerel Verwaerde, Chief Marketing Officer of Cryptology.com. Sponsored: Owe the IRS $10K or more? Schedule a FREE consultation to see if you qualify for tax relief. Mining According to Ashley Tison, Esq., founder of OZPros, crypto mining (the process by which blockchain networks finalize transactions) is “the ultimate passive investment.” While it does require a significant amount of capital and resources upfront, the crypto mining machines generate crypto assets every minute of every hour of every day — becoming the definition of truly passive income, he said. Staking One of the easiest and most common ways to earn passive income with crypto is by staking, said David Kemmerer, CEO of CoinLedger. “Staking is something that essentially helps to support the blockchain’s operations by confirming transactions. Those who help with this can then earn rewards, which is where that passive income comes from. It takes very little effort on your end,” said Kemmerer. “All you really have to do is own cryptocurrency that specifically uses a proof-of-stake model, and then choose how much of that you want to stake.” In other words, individuals can lock up their crypto on a blockchain and earn rewards for doing this in the form of regular payments of a certain token that can be accumulated or sold on exchanges. Story continues HODLing As Verwaerde explained, buying and keeping your coins until they increase in value (known as “HODLing”) is one of the most tried and true methods. “With many markets being cyclical, buying the main coins — BTC, ETH, etc. — is one of the safest ways but it requires patience,” added Verwaerde. There are many pros to this method, including the potential for high returns and its simplicity. In addition, it enables investors to avoid short-term volatility and in turn, can help you avoid the stress and decision making associated with short-term price fluctuations, said Verwaerde. There are also some cons. For instance, while avoiding short-term volatility, HODLers are exposed to long-term market fluctuations. “Cryptocurrency prices can be highly unpredictable, and the value of your holdings may decrease significantly,” Verwaerde said. In addition, there is also a lack of diversification and if your assets underperform, you might miss out on opportunities to diversify your portfolio and reduce risk. Yield Farming Yield farming is the practice of earning crypto by depositing assets into liquidity pools on DeFi (decentralized finance) platforms and decentralized exchanges (DEXs), such as Uniswap, said Jeff Owens, co-founder of Haven1 — and it is another way to derive passive income from crypto. He explained that it usually requires two different assets to be deposited in a liquidity pool. Learn: 6 Ways To Build Wealth Slowly but Efficiently “The returns can be high — sometimes hundreds of percent — but the risks are also higher due to liquidations as a result of underlying asset volatility,” he said. “Yield farming was extremely popular during the DeFi boom of 2021, but the significant risks deter many crypto users from this practice.” More From GOBankingRates Pocket an Extra $403 Per Month With This Simple Hack 8 Things Frugal People Never Do at the Start of a New Year Experts: Make These 7 Money Resolutions If You Want To Become Rich on an Average Salary How to Earn an Extra $500 a Year on Your Savings This article originally appeared on GOBankingRates.com : How To Create a Passive Income Stream With Crypto

2024-01-13 16:55:00+00:00

{"Bitcoin": [93, 162, 238, 295, 375, 543, 587, 887, 912, 1360, 1560, 1604, 1888, 2159, 2261, 2313, 2455, 2483, 2643, 2768, 2935, 3012, 3188, 3389, 3553, 3717, 4096, 4139, 4295, 4846, 4901], "BTC": [110, 4912]}

{"Bitcoin": [4], "BTC": [15]}

Why Bitcoin's (BTC) Price Plunged This Week

https://finance.yahoo.com/news/why-bitcoins-btc-price-plunged-165500618.html

Motley Fool

http://www.fool.com/

On Jan. 10, the U.S. Securities and Exchange Commission (SEC) approved the market's first 11 Bitcoin (CRYPTO: BTC) exchange-traded funds (ETFs). Unlike previous "Bitcoin ETFs," which were pinned only to future contracts or held shares of Bitcoin-related companies, these new funds directly hold Bitcoins. Over the long term, these ETFs should closely track the spot price of Bitcoin and represent a much easier way to invest in the cryptocurrency than stand-alone crypto wallets. The SEC's approvals also represent a big vote of confidence in Bitcoin's future as a mainstream asset. But Bitcoin's price tumbled after the first batch of ETFs started trading on Jan. 11. As of Jan. 13, it trades at about $42,500 -- representing a near-10% decline in just five days. Let's see why its price dropped and where it might be headed over the next 12 months. Image source: Getty Images. Why did Bitcoin's price decline? Bitcoin's price is volatile and difficult to predict. It hit its all-time high of about $69,000 during the peak of the crypto rally in Nov. 2021 but dropped to just $16,000 by the end of 2022. That decline was caused largely by rising interest rates, which drove investors away from speculative investments, the failures of several high-profile tokens and exchanges, and concerns regarding tighter regulations for the crypto industry. But in 2023, Bitcoin's price soared 154% to over $42,000. That rally was driven by slower rate hikes and the market's renewed interest in the crypto market. Many investors also expected the SEC to finally approve Bitcoin's first spot price ETFs. Therefore, Bitcoin's recent decline only erased its gains since the beginning of 2024. It seems like some short-term traders bid up the digital currency's price in anticipation of the recent ETF approvals and then quickly took profits as the euphoria faded. Don't ignore the long-term catalysts Bitcoin's price could remain under pressure as it moves past the ETF approvals. However, three catalysts that could drive its price higher remain on the horizon. Story continues First, the ETF approvals will make it easier for large institutional investors to accumulate Bitcoin on the open market. Ark Invest's Cathie Wood, who oversees the recently approved Ark 21Shares Bitcoin ETF (NYSEMKT: ARKB) , believes the price of Bitcoin will hit $1.5 million as institutional investors buy more. Fidelity, the investment giant that just launched the Fidelity Wise Origin Bitcoin Fund (FBTC), claims Bitcoin's price will hit $100 million by 2035 and $1 billion by 2038. Those long-term estimates might be too bullish, but I think it's reasonable to assume the Bitcoin ETF approvals will set a floor under its volatile price. That stabilization could bring back big investors and drive Bitcoin's price back toward its all-time highs. According to Coin Price Forecast's more moderate estimates, its price might reach $240,000 by the end of 2035. Second, Bitcoin experiences a "halving" every four years, which cuts the rewards for Bitcoin mining in half. That isn't great news for miners like Marathon (NASDAQ: MARA) and Riot (NASDAQ: RIOT) because it increases their mining costs, but it will likely drive Bitcoin's market price higher by reducing the available supply. The next halving will occur in the first half of 2024. Last but not least, persistent inflation could drive more investors to accumulate Bitcoin and gold as hedges against the devaluation of fiat currencies. More countries struggling with hyperinflation might even follow El Salvador's lead and adopt Bitcoin as a national currency -- which would further solidify its reputation as a safe haven asset. Don't let double-digit drops overshadow the triple-digit gains Bitcoin will likely go through more wild swings and double-digit drops over the next 12 months. But over the next decade, it could generate triple-digit gains for investors who tune out all the near-term noise and focus on the long-term catalysts. Simply put, investors should consider its recent post-ETF approval pullback a good buying opportunity. 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 8, 2024 Leo Sun has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Bitcoin. The Motley Fool has a disclosure policy . Why Bitcoin's (BTC) Price Plunged This Week was originally published by The Motley Fool

2024-01-13 19:54:26+00:00

{"Bitcoin": [79]}

{}

Boeing, bitcoin ETF and an SEC hack; Hertz dumps EVs

https://finance.yahoo.com/news/boeing-bitcoin-etf-sec-hack-195426979.html

Fox Business

https://www.foxbusiness.com/

-The Boeing, Alaska Air crisis deepens after dummy door popped off mid-flight -Bitcoin gets an ETF for the first time ever after the SEC finally approved it; the move came after an embarrassing cybersecurity hack -Hertz throws in the towel on EVs -Consumer inflation heats up … again -IRS sets new dates for 2024 tax season TOP STORY: BOEING ALASKA AIR: Boeing and Alaska Air are facing mounting issues after a panel of an aircraft popped off 16,000 feet in the air. While there were no fatalities, the fallout has been fierce from the FAA, canceled flights and passenger lawsuits… continue reading here. READ ON THE FOX BUSINESS APP An investigation involving Alaska Airlines Flight 1282 on a Boeing 737-9 Max in Portland, Ore. VIDEO: Boeing CEO Dave Calhoun gets emotional at an employee all-hands meeting. BOEING SHARES DROP 12% - 1-WEEK BITCOIN BLESSED: After years of twisting in the wind, the Securities & Exchange Commission finally approved spot bitcoin exchange-traded funds… continue reading here. Ahead of the move, bitcoin topped $47,000 before retreating by week's end. Still, many see the approval as a bullish sign for cryptocurrencies. VIDEO : Grayscale CEO Michael Sonnenshein talks about his role in helping win approval. LIVE CRYPTO PRICES: FOXBUSINESS.COM EMBARRASSING HACK: Ahead of the expected approval, hackers hijacked the SEC's X account. Following a frenzy, the SEC said its account was "compromised," while X said an internal investigation cleared Elon Musk's platform of any breaches. The FBI is investigating the incident.… continue reading here. SEC Chairman Gary Gensler participates in a meeting of the Financial Stability Oversight Council at the U.S. Treasury July 28, 2023, in Washington, D.C. VIDEO : ARK Invest's Cathie Wood talks about her bitcoin ETF and the SEC's dupe. HERTZ REVERSES COURSE : It was good while it lasted, but now Hertz is hitting the brakes on electric vehicles and will sell 20,000 in favor of gas-powered cars… continue reading here. INFLATION COOKING: Consumer inflation is heating up again, in part due to housing costs, which could present a conundrum for the Federal Reserve and its plans to cut interest rates … continue reading here. Contractors work on a home under construction in Antioch, Calif. VIDEO : The Fed is looking at a potential squeeze, says one investor. TRACKING INFLATION TAX TIME! Uncle Sam's IRS released a series of updates for this year's tax season, including key dates and filing details… Get caught up on what you need to know here. A wax replica of Uncle Sam centers the "Madame Tussauds Wants You!" exhibit where Independence Day is celebrated every day with a brand new interactive experience July 18, 2016, in Washington, D.C. STOCKS REBOUND: The Nasdaq Composite led weekly gains for U.S. stocks, tacking on 3%, while the Dow Jones Industrial Average and the S&P 500 also rallied… more market coverage here. NASDAQ COMPOSITE 1-WEEK +3% UP NEXT: -Looking for more business and market - moving headlines? Find more from FOX Business here . -Want live updates? Get the FOX Business app here. Story continues -Did someone forward you this email? Subscribe to additional newsletters from Fox News and FOX Business here . Original article source: Boeing, bitcoin ETF and an SEC hack; Hertz dumps EVs View comments

2024-01-13 21:15:03+00:00

{"Bitcoin": [5555]}

{}

Carta takes heat, Samsung unveils an upgraded Ballie, and Volkswagen brings ChatGPT to cars

https://finance.yahoo.com/news/carta-takes-heat-samsung-unveils-211503549.html

TechCrunch

https://techcrunch.com/

Hello, fine friends, and welcome to Week in Review (WiR), TechCrunch's regular recap of noteworthy happenings in tech over the past few days. Our team on the ground at CES 2024 had plenty to report from the show -- and more's on the way. (Here are thorough roundups of all the announcements .) But the world didn't stop turning for CES. In this edition of WiR, we cover Carta's allegedly unethical tactics, Samsung's Ballie home robot, Volkswagen bringing ChatGPT into its cars and Amazon embracing more generative AI. Also on the agenda is the launch of OpenAI's GPT Store, Logan Paul's CryptoZoo debacle, Harvard's robot exoskeleton and a major hack at Fidelity Financial. It’s a lot to get through, so we won’t delay. But first, a reminder to sign up here to receive WiR in your inbox every Saturday if you haven’t already done so. Most read Carta's ethics in question: Carta, the cap table management outfit, is being accused of unethical tactics by startup Linear's CEO Karri Saarinen. Saarinen alleged in a LinkedIn post that Carta misused sensitive information that startups entrust to the company in pursuit of its own goals. Carta decided to exit secondary trading following the credibility hit. Samsung's Ballie returns: Remember Ballie , Samsung’s spherical home robot from CES 2020? Samsung brought it back at this year’s keynote with a few on-trend AI upgrades. The new and improved Ballie is around the size of a bowling ball, sporting a 1080p projector and a spatial lidar sensor to help it navigate rooms and obstacles. Volkswagen cars get ChatGPT: Volkswagen is getting into the ChatGPT game. On Monday, the German automaker announced plans to add an AI-powered chatbot into all Volkswagen models equipped with its IDA voice assistant. Why? For drivers who want an AI-based chatbot to read researched content out loud to them, of course. Amazon, GenAI and apparel: After recently turning to generative AI to enhance its product reviews , Amazon this week shared how it’s now using AI to help customers shop for clothing online. The company's employing personalized size recommendations, a "fit insights" tool for sellers, AI-powered highlights from fit reviews left by other customers and reimagined size charts to enable customers to find better-fitting clothing in the Amazon marketplace. OpenAI's GPT Store: OpenAI has launched a store for GPTs , custom chatbot apps powered by its text- and image-generating AI models (e.g., GPT-4 and DALL-E 3 ). The GPT Store, as it’s called, lives in a new tab in the ChatGPT client on the web and features a range of GPTs developed both by OpenAI’s partners and the wider dev community. Story continues CryptoZoo refunds . . . maybe: Logan Paul is offering refunds for CryptoZoo, the failed and allegedly fraudulent Pokémon-inspired NFT game that he launched in 2021. The catch? You can’t sue him if you get a refund. Morgan has the full story. New day, new exoskeleton: A joint team from Harvard and Boston University has developed a soft robotic exoskeleton that detects movement and utilizes algorithms to estimate the walker’s gait. Cable-driven actuators kick in, assisting walking midstride. If the promising early results are any indication, this new technology could someday be commercialized, Brian writes. Fidelity hacked: Real estate services giant Fidelity National Financial has confirmed hackers stole data on 1.3 million of its customers during a November cyberattack that knocked the company offline for a week. In a filing with federal regulators, Fidelity didn't say which specific customer data was stolen -- but, as Zack writes, all signs point to it being personal or sensitive in nature. KYC and GenAI: KYC, or "know your customer," is a process intended to help financial institutions, fintech startups and banks verify the identity of their customers. Not uncommonly, KYC authentication involves "ID images," or cross-checked selfies used to confirm a person is who they say they are. But GenAI could sow doubt into these checks. Twitch layoffs: Another round of layoffs is hitting Twitch. The Amazon-owned livestreaming platform will cut 35% of its staff, or roughly 500 employees -- the latest blow for the already-beleaguered company, which cut hundreds of jobs last year amid leadership changes, rising operating costs and community discontent. Audio Need a podcast to listen to while you do the dishes, commute to work or otherwise go about the day's chores? Good news -- TechCrunch is churning out episodes that'll do the trick. On Equity 's newly revamped Wednesday episode, the crew dug into news that PhotoRoom is raising more money, Treasure Financial is cutting staff, and two micromobility companies are tying the knot to try and use scale to their advantage. They also looked at what's going on in the world of AI hardware, why Keith Rabois is heading back to Khosla Ventures, and Seedstars Africa Ventures adding $30 million to its upcoming fund. Meanwhile, the folks at Found spoke with Markus Witte, co-founder of Babbel, a language learning app that had been operating since 2007. Markus talked about why he decided to step down as CEO and take on the role of chairman and how all four co-founders have worked together to stick to the original mission of Babbel even after nearly 20 years. And on Chain Reaction , Jacquelyn interviewed Michael Sonnenshein, the CEO at Grayscale Investments. Grayscale is a digital asset investment firm that aims to provide products and services to institutional and individual investors; it's well known for its Grayscale Bitcoin Trust and now its new bitcoin spot ETF product. TechCrunch+ TC+ subscribers get access to in-depth commentary, analysis and surveys — which you know if you’re already a subscriber. If you’re not, consider signing up . Here are a few highlights from this week: The Siri dilemma: Haje writes that Apple's Siri needs to get a lot smarter, and quickly -- lest it be left in the dust by competitors (assuming it hasn't been already). Enterprises skeptical of GenAI: Generative AI gets a lot of press, from image-generating tools like Midjourney to Runway to OpenAI’s ChatGPT. But businesses aren’t convinced of the tech’s potential to positively affect their bottom lines; at least, that’s what surveys suggest. The $1 trillion liquidity gap: Just how backed up are the venture capital markets today? The value of the most mature startups in the United States that need to find an exit neared the $1 trillion mark through Q3 2023, Alex reports -- a massive (and growing) problem. View comments

2024-01-14 09:30:00+00:00

{"Bitcoin": [1125, 1150, 1181, 2709]}

{}

Hong Kong needs to speed up approval of spot cryptocurrency exchange-traded funds after US launch, industry insiders say

https://finance.yahoo.com/news/hong-kong-needs-speed-approval-093000715.html

South China Morning Post

https://www.scmp.com/

Hong Kong should soon follow the United States ' lead in authorising spot cryptocurrency exchange-traded funds (ETFs), bolstering the city's ambition to become a major virtual-asset hub in Asia , according to industry insiders. While the city's Securities and Futures Commission (SFC) in December said it was prepared to authorise retail access to spot virtual asset ETFs , the actual launch of such products has already fallen behind the US, according to Wang Yi, the head of quantitative investment at CSOP Asset Management, which currently runs two cryptocurrency futures ETFs. US-listed spot bitcoin ETFs saw US$4.6 billion worth of shares trade hands on Thursday, according to a Reuters report that cited LSEG data, as investors jumped into the landmark products approved by the US securities regulator on Wednesday. Do you have questions about the biggest topics and trends from around the world? Get the answers with SCMP Knowledge , our new platform of curated content with explainers, FAQs, analyses and infographics brought to you by our award-winning team. Eleven spot bitcoin ETFs - including BlackRock's iShares Bitcoin Trust, Grayscale Bitcoin Trust and ARK 21Shares Bitcoin ETF, among others - began trading on Thursday, following the US Securities and Exchange Commission's landmark approval that is expected to help bring the cryptocurrency industry closer to the more regulated world of traditional finance. Blackrock representatives ring the opening bell with guests at the Nasdaq MarketSite in New York on January 11, 2024, as spot bitcoin exchange-traded funds began trading. Photo: Bloomberg alt=Blackrock representatives ring the opening bell with guests at the Nasdaq MarketSite in New York on January 11, 2024, as spot bitcoin exchange-traded funds began trading. Photo: Bloomberg> The successful US launch of spot bitcoin ETFs is expected to help move Hong Kong regulators closer to authorising similar cryptocurrency funds to operate in the city. Story continues Spot cryptocurrency ETFs enable investors to gain exposure to virtual assets without directly buying any crypto tokens. These funds "give the crypto industry more legitimacy and also opens up more collaboration opportunities with mainstream finance", said RJ Ke, a researcher with ethereum scaling start-up Taiko. "Hong Kong is likely to accelerate bitcoin ETF applications in the coming months." Around 10 fund management firms are preparing to launch spot virtual asset-backed ETFs in Hong Kong, according to Chinese media Caixin's interview on Wednesday of Livio Weng, chief operating officer at crypto trading app operator HashKey Group . Weng said that up to eight companies were at an "advanced stage" to launch. Bitcoin jumped about 3.4 per cent to US$47,500, following the spot crypto ETF approvals in the US. That was nearly three times the level that the original cryptocurrency reached in November 2022, when failed crypto exchange FTX filed for bankruptcy to send bitcoin's price below US$17,000. Hong Kong needs to launch spot virtual asset ETFs as soon as possible to "ensure that the city remains competitive in the global cryptocurrency market and strengthen its position as a global financial centre", said Mao Shixing, also known as "Discus Fish", who is the co-founder and chief executive of digital asset custody solutions provider Cobo. Mao said the US approvals could impact other jurisdictions because "the SEC is one of the most influential and reputable financial regulators in the world", adding that the agency's initiatives "often serve as important references for financial regulators in other countries and regions". "However, each country and region has its own independent stance and regulatory objectives," he said. Echoing the Cobo head's view, Donald Day, chief operating officer at digital asset platform VDX, said the SEC's decision would make its peers "seriously consider whether similar ETFs would be permissible and desirable". Day pointed out that the SFC's statement in December about being prepared to authorise such funds has "in principle opened a pathway for issuers to launch spot crypto ETFs in Hong Kong". With the US, there are now nine markets around the world that have allowed the operation of spot crypto ETFs. The other markets include Canada , Germany , Switzerland , and tax havens such as the Cayman Islands in the Caribbean and Jersey near the coast of northwestern France, according to market analytics firm CoinGecko. Mainland China, however, is unlikely to follow suit. In December, China's Ministry of Industry and Information Technology said it will draft a national Web3 development plan to suit the country's needs. But the announcement did not mention cryptocurrencies even though Beijing maintains its support for Hong Kong's ambition to become a major virtual-asset hub . The Chinese government banned banks from handling bitcoin in 2013 and forced cryptocurrency exchanges to move offshore in 2017. In 2021, the country's regulators reiterated the state's prohibition on all financial institutions from engaging in crypto-related activities. China's state media recently emphasised the risks involved in spot cryptocurrency ETFs. The US approval of spot bitcoin ETFs "would make the cryptocurrency market even more frantic, providing fertile ground for illegal transactions such as money laundering", according to a report by the International Financial News, a newspaper under the People's Daily, which cited Shanghai Jiao Tong University assistant professor Li Nan. This article originally appeared in the South China Morning Post (SCMP) , the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP app or visit the SCMP's Facebook and Twitter pages. Copyright © 2024 South China Morning Post Publishers Ltd. All rights reserved. Copyright (c) 2024. South China Morning Post Publishers Ltd. All rights reserved.

2024-01-14 12:33:00+00:00

{"Bitcoin": [36, 143, 184, 313, 415, 514, 873, 1092, 1281, 1624, 1843, 1903, 2125, 2273, 2340, 2369, 2461, 2497, 2611, 2840, 2854, 2871, 2940, 3050, 3067, 3122, 3196, 3252, 3284, 3558, 3649, 3928, 3967, 4082, 4127, 4150, 4181, 4277, 4518, 4565, 4714, 4810, 4856, 4899, 5055, 5535, 5592, 5678], "BTC": [53]}

{"Bitcoin": [15]}

Buying the New Bitcoin ETFs? 3 Things to Keep in Mind.

https://finance.yahoo.com/news/buying-bitcoin-etfs-3-things-123300412.html

Motley Fool

http://www.fool.com/

With the approval of the first spot Bitcoin (CRYPTO: BTC) ETFs, the world of crypto investing just became much more interesting. While the new Bitcoin ETFs might not send the price of Bitcoin soaring immediately, they will certainly make crypto much more accessible to the average investor. However, buying a new Bitcoin ETF might not be the no-brainer you think it is. Here are three important points to consider. Bitcoin ETF fees The Securities and Exchange Commission (SEC) initially approved 11 different spot Bitcoin ETFs, and more could be on the way. To stand out in this crowded field, issuers are probably going to launch massive marketing campaigns based around low fees. The goal will be to get as big as possible as fast as possible. Thus, offering the lowest fees will be the primary way to land as much investor money as quickly as possible. All of the major Bitcoin ETF issuers have released their initial fee structures , and it looks like expense ratios will be in line with what you'd expect from a traditional ETF. And it looks like BlackRock (NYSE: BLK) , via its iShares Bitcoin Trust ETF, will have the inside track with investors due to its low 0.25% annual fees. Image source: Getty Images. So far, so good. It seems like a no-brainer, right? Just pick the Bitcoin ETF with the lowest fees, and you're good to go. However, keep in mind that some ETFs are already promising fee waivers and fee discounts as a way of attracting new investors. So, if the new fees seem too good to be true, they probably are. When the fees go up after an initial promotional period, you might be regretting your choice. Bitcoin ETF performance Another point to consider is tracking error, which is one of the major risks of investing in ETFs. Tracking error is the difference between the performance of the underlying asset (in this case, Bitcoin) and the ETF itself. Theoretically, if the price of Bitcoin goes up by 150% in a single year (as it did last year), then the value of your ETF should go up by 150% as well. Otherwise, you're leaving money on the table. Story continues The problem is that the first batch of Bitcoin ETFs sometimes suffered from tracking error. That's because they used financial derivatives (i.e., futures contracts) to track the price of Bitcoin. The new ETFs are supposed to cure this problem by holding Bitcoin directly (i.e., spot Bitcoin). Unlike traditional ETFs (which typically hold a diversified mix of stocks), these Bitcoin ETFs are going to hold only Bitcoin, so that should help to minimize tracking error as well. Nonetheless, keep a careful eye on how these new Bitcoin ETFs perform right out of the gate. Maybe I'm overthinking things here, but it seems like getting a perfect 1:1 match in terms of performance may be a bit trickier than many people think due to the inherent volatility of Bitcoin. Spot Bitcoin vs. spot Bitcoin ETF It might sound crazy to suggest this, but these new spot Bitcoin ETFs may not be the right choice for all individual investors. I would characterize this as the "spot Bitcoin vs. spot Bitcoin ETF" conundrum. In short, would you rather buy Bitcoin directly (via a cryptocurrency exchange), or would you rather buy Bitcoin indirectly (via an ETF)? Theoretically, the new Bitcoin ETFs should make owning Bitcoin cheaper and more convenient than if you bought it directly from a crypto exchange, so this question should be easy to answer. That being said, longtime crypto investors may decide to keep on using a cryptocurrency exchange like Coinbase Global (NASDAQ: COIN) to buy Bitcoin. Or they might decide to use one of the many decentralized crypto exchanges to buy Bitcoin directly for their crypto wallets. In the latter case, they won't be relying on a financial intermediary to hold their crypto. After all, a classic rallying cry in the crypto world has always been, "Not your (cryptographic) keys, not your crypto." Remember: With the new Bitcoin ETFs, you will only be holding Bitcoin indirectly. The big Wall Street firms will be in charge of the cryptographic keys required to buy and sell Bitcoin. At the end of the day, they own the Bitcoin, not you. Will Bitcoin go mainstream? The new Bitcoin ETFs will become extremely popular with a broad cross-section of the population. Buying Bitcoin will now be so easy that anyone with a brokerage account will be able to do it. You won't need to create crypto wallets, or memorize cryptographic keys, or jump through any of the other hoops that have sometimes been required to buy Bitcoin over the past decade. Overall, the new Bitcoin ETFs should be good for the individual investor. But keep in mind that, just because Wall Street is telling you to run out and buy these new Bitcoin ETFs, you don't have to. There are still plenty of other alternatives, including buying Bitcoin directly. 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 8, 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 . Buying the New Bitcoin ETFs? 3 Things to Keep in Mind. was originally published by The Motley Fool

2024-01-14 12:40:00+00:00

{"Bitcoin": [720, 4967]}

{}

Is Zoom Video Communications Stock a Buy?

https://finance.yahoo.com/news/zoom-video-communications-stock-buy-124000099.html

Motley Fool

http://www.fool.com/

Zoom Video Communications (NASDAQ: ZM) is a bit of a mystery as a growth stock. Once a pandemic darling (because it facilitated video communications for millions of users forced to avoid direct contact with others), investors eventually soured on the stock as users were able to return to the offline activities they had enjoyed before COVID-19-related lockdowns. And yet the business performed solidly throughout the past few years even as the stock fell. Zoom even initiated new growth efforts, building out an artificial intelligence (AI)-driven communications ecosystem. Then there is the endorsement of Ark Investment Management's CEO Cathie Wood, whose bold predictions regarding other tech stocks (like Tesla and Bitcoin ) have come to pass. Wood and her team predicted a $1,500-per-share price target for Zoom by 2026, a 22-fold gain from current levels. But look at the stock's price performance over the past year and it is effectively flat. What's it going to take to make this software-as-a-service (SaaS) stock a buy? The state of Zoom As Wood and others have stated, Zoom is much more than an online meeting platform. It is a comprehensive communications ecosystem that includes team chat platforms, online whiteboards, VoIP phone service, workspaces, email, and other services. On the artificial intelligence front, the company has built a Zoom AI companion. This tool can help write emails, process recordings, summarize meetings, and generate whiteboard content, among other functions. Additionally, the company wants to apply generative AI to activities such as improving sales training sessions or running simulated sales meetings. Between the AI tool and its expected growth in hybrid and remote knowledge workers, Ark Invest believes Zoom's average revenue per user (ARPU) will grow by 26% yearly. That growth would fall to 11% under Ark's bear estimate. Still, the bear estimate calls for a $700-per-share or less stock price, amounting to more than a 10-fold gain from current levels if that price target holds. Story continues Ark Invest has backed estimates up by taking a significant position in the media stock. Zoom makes up almost 7% of its flagship fund, the Ark Innovation ETF , making the Cathie Wood investment its fourth-largest holding. Across all Ark Invest funds, Zoom makes up around 4.5% of the company's holdings. Is Ark Invest correct? Admittedly, the company's results have come nowhere close to matching that expected growth. In the first nine months of 2023, revenue of $3.4 billion increased by only 3% yearly. During that period, its net income of $339 million surged 63% higher. Still, operating income fell during that period, and much of the gain came from $114 million in "other income," which consists of income from interest, foreign currency, and marketable securities. Unfortunately for Zoom bulls, that "increase" is likely a one-time event. The one area of modest strength is non-GAAP (adjusted) free cash flow, which increased almost 14% yearly to more than $1.1 billion in the first three quarters of 2023. That was not enough to persuade investors to buy Zoom stock, as it is up just 1% from year-ago levels. Nonetheless, the pessimism appears overdone. Its forward price-to-earnings (P/E) ratio is just under 14, and the price-to-sales (P/S) ratio of less than 5 is just above all-time lows. That valuation positions the stock for a massive surge if the company can stoke a recovery in revenue growth. Should investors buy Zoom stock? Given the state of the company, investors should consider Zoom stock. Admittedly, investors like Ark Invest may have to adjust their expectations. With 2026 just two years away, Ark Invest's base case estimates are looking increasingly unlikely to come to pass, and it may even fall short of the $700-per-share bear case estimate. Also, 3% revenue growth will probably not inspire growth-oriented investors. However, Zoom has rapidly turned into a value stock that returns a respectable level of free-cash-flow growth. If Zoom can start monetizing some of the AI potential Ark Invest sees, it could inspire another bull market in its stock. Should you invest $1,000 in Zoom Video Communications right now? Before you buy stock in Zoom Video Communications, 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 Zoom Video Communications 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 8, 2024 Will Healy has positions in Zoom Video Communications. The Motley Fool has positions in and recommends Bitcoin, Tesla, and Zoom Video Communications. The Motley Fool has a disclosure policy . Is Zoom Video Communications Stock a Buy? was originally published by The Motley Fool

2024-01-14 13:55:00+00:00

{"Bitcoin": [59, 308, 399, 523, 672, 758, 1234, 1346, 1697, 1836, 1878, 2522, 2961, 3365, 3407, 3494, 3584, 4548, 4649], "BTC": [76]}

{"Bitcoin": [7]}

Forget Bitcoin ETFs: Buy This No-Brainer ETF Instead

https://finance.yahoo.com/news/forget-bitcoin-etfs-buy-no-135500665.html

Motley Fool

http://www.fool.com/

The first exchange-traded funds tracking the spot price of Bitcoin (CRYPTO: BTC) began trading last week after the U.S. Securities and Exchange Commission gave the go-ahead. Investors will no longer need to pay sky-high transaction fees at a cryptocurrency exchange like Coinbase . Instead, numerous low-fee Bitcoin ETFs now provide no-fuss access to the digital asset. The SEC approved 11 separate Bitcoin ETFs , many of which are waiving fees for some time as they battle for market share. One of those ETFs is Grayscale Bitcoin Trust , which operated under a more complex structure with high fees before it converted to an ETF following SEC approval. Fees on these new Bitcoin ETFs will range from 0.2% to 1.5% excluding waivers. A speculative asset With Bitcoin now available in ETF format backed by well-known players including Fidelity and BlackRock , the digital currency gains some much-needed legitimacy. The cryptocurrency industry has been rocked by fraud and scandal over the past few years. Trusting a cryptocurrency exchange after FTX was revealed to be a fraud and Binance pleaded guilty to Federal money laundering charges is likely a tough sell for many investors. While it's now much easier and cheaper to invest in Bitcoin, that doesn't mean the pioneer cryptocurrency is a good investment. After nearly 16 years of existence, Bitcoin has yet to find a wide-scale, real-world use outside of criminal enterprises. And as a gold-like asset meant to protect investors against inflation, it suffers the same shortcomings as the shiny yellow metal. "...the one thing I'm pretty sure of is that it doesn't produce anything," said billionaire investor Warren Buffett in 2022 regarding Bitcoin. "Assets, to have value, have to deliver something to somebody," Buffett continued. An ETF alternative Investors can use these new Bitcoin ETFs to speculate on the price of Bitcoin, but as long-term investments, they carry incredibly high risks. Sticking a speculative asset backed by nothing but the Greater Fool Theory in a different type of investment vehicle doesn't reduce risk. For investors who want to own assets that produce something, an ETF that tracks the S&P 500 is a great option. There are plenty available, but the Vanguard S&P 500 ETF (NYSEMKT: VOO) is one of the most popular. The Vanguard S&P 500 ETF aims to replicate the performance of the S&P 500 index, which contains 500 of the largest U.S.-listed companies. Buying a share of the ETF buys you a small stake in each of those companies. Unlike Bitcoin, which does nothing, a company generates cash flow by selling products and services, then uses that cash flow to invest in assets that will generate even more cash flow. Some companies pay investors a dividend, giving them a direct share of its profits. Story continues The Vanguard S&P 500 ETF gives investors a highly diversified mix of stocks for a rock-bottom expense ratio of 0.03%, nearly seven times lower than the cheapest Bitcoin ETF. Since inception in 2010, the Vanguard S&P 500 ETF has delivered an annualized return of just under 14%. That's historically high, so returns going forward may not be quite as lucrative. But as U.S. companies grow sales and expand profits in the years ahead, this ETF allows investors to share in that success. The cryptocurrency industry has entered a new era with the approval of the first Bitcoin ETFs. While investors can now buy Bitcoin with the same ease with which they buy stocks, and without the excessive fees, Bitcoin is no better as an investment than before the ETF approval. I agree with Buffett: Bitcoin is a purely speculative asset with no intrinsic value. Long-term investors would do well to choose the Vanguard S&P 500 ETF instead. Should you invest $1,000 in Vanguard S&P 500 ETF right now? Before you buy stock in Vanguard S&P 500 ETF, 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 Vanguard S&P 500 ETF 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 8, 2024 Timothy Green has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Bitcoin, Coinbase Global, and Vanguard S&P 500 ETF. The Motley Fool has a disclosure policy . Forget Bitcoin ETFs: Buy This No-Brainer ETF Instead was originally published by The Motley Fool View comments

2024-01-14 14:50:00+00:00

{"Bitcoin": [0, 126, 225, 447, 807, 1108, 1228, 1616, 1853, 2073, 2343, 2782, 2842, 2965, 3208, 3747, 4113, 4232, 4305, 4348, 4447, 4546, 4589, 4745, 5219, 5276, 5378], "BTC": [17]}

{"Bitcoin": [51]}

Here's What Cathie Wood and Ark Invest Think About Bitcoin Today

https://finance.yahoo.com/news/heres-cathie-wood-ark-invest-145000620.html

Motley Fool

http://www.fool.com/

Bitcoin (CRYPTO: BTC) has arguably been one of the most talked-about topics in the financial world recently as the first spot Bitcoin ETF launched on Jan. 10. Yet, despite the widespread coverage, the decentralized nature of Bitcoin can make it difficult to evaluate its current position and keep track of developments. That's where Cathie Wood and her team at Ark Invest come in. Every month, they compile a report that sheds light on the latest Bitcoin-related developments, providing both short-term and long-term information that can help us gain better insight into the world's most valuable cryptocurrency. With another month passing, it's time to dive into what the experts had to say in their latest analysis. Image source: Getty Images. An encouraging short-term outlook After a solid end to 2023, Bitcoin surpassed key indicators that Ark Invest and its analysts track closely. While these indicators are often used for technical analysis and day trading, they can still benefit investors implementing a buy-and-hold strategy. One of the most intriguing discoveries detailed in the report was that Bitcoin's resurgence as the year closed resembles patterns preceding previous bull markets. As described in the report, Bitcoin's reclamation of these critical technical levels insinuates that it is forming an "early to-mid" stage of a bullish trend. Adding to the short-term analysis, Ark found that long-term holders (investors who have not moved their coins in more than 155 days) are beginning to take profits. Known for their stubbornness to sell, they provide valuable insight into the dynamics of the Bitcoin market compared to day traders who buy and sell at much greater frequencies. Although not extreme, which is why Ark Invest remains bullish, the realization of profits at this scale hasn't happened since the spring of 2023. While Bitcoin's 50% jump in the last three months of 2023 led to some long-term holders beginning to sell, Ark Invest thinks it is far from reaching a peak. The report highlighted that at the end of December, 90% of the total Bitcoin supply was sitting at a profit. Story continues Since all data on the blockchain is public and accessible, Ark can analyze when and at what price each investor purchased or sold. With this data, Ark found that the last time profit levels were this high was when Bitcoin was $58,900 in November 2021. Implications of this can vary, but analysts believe this is generally a positive development since greater profitability at lower price points "suggests that market participants are comfortable holding" until higher prices are reached. This implies that although the profits are starting to be obtained, the selling pressure could remain low until the investors feel incentivized enough to sell their Bitcoin. Long-term trends continue to solidify At its core, Bitcoin operates as a decentralized network where users can make transactions, and miners are the backbone of this system. Bitcoin could not function without miners, so the report evaluated the 7-day average miner revenue in recognition of this dynamic. The thinking goes that as long as miners remain incentivized to continue fulfilling their role, the more robust Bitcoin becomes. Fortunately, miners have been raking in profits as a surge in transactions occurred on the network in Q4; Ark's report found that average revenue increased by 26% in December compared to November and jumped over 200% compared to the prior year (December 2022). What's more noteworthy is that this profit growth has attracted more miners to join the network. The report measured this influx by examining "mining difficulty," revealing a doubling since December 2022. An increase in mining difficulty is a positive sign for Bitcoin's security as it implies a growing number of miners are actively participating, investing resources, and competing to validate transactions. Ultimately, this competitive environment enhances the overall robustness of the network, making it more resistant to malicious attacks and ensuring the integrity of every transaction. While the short-term outlook for Bitcoin looks encouraging, the significance of these security metrics cannot be overstated. They are the foundation of Bitcoin's long-term value proposition. Sustained growth is essential for Bitcoin's long-term value as it reinforces Bitcoin's claim as the most secure and decentralized blockchain. The more secure and decentralized Bitcoin is, the more reliable and valuable it should become with time. 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 8, 2024 RJ Fulton has positions in Bitcoin. The Motley Fool has positions in and recommends Bitcoin. The Motley Fool has a disclosure policy . Here's What Cathie Wood and Ark Invest Think About Bitcoin Today was originally published by The Motley Fool

2024-01-14 15:00:00+00:00

{"Bitcoin": [114, 896, 4479, 4737, 4894]}

{}

Once Dominant NFT Marketplace OpenSea Is Touting Differentiation After Pullback

https://finance.yahoo.com/news/once-dominant-nft-marketplace-opensea-150000232.html

Bloomberg

https://www.bloomberg.com/

(Bloomberg) -- The end of crypto winter has been heralded by rising token prices and the long-awaited approval of Bitcoin exchange-traded funds. But a key segment of the digital-asset universe has lagged behind, despite previously being one of the sector’s hottest corners. Most Read from Bloomberg US Economy Set for Another Cash Boost If Congress Backs Tax Deal Apple to Shutter 121-Person San Diego AI Team in Reorganization Biden Says US Doesn’t Support Taiwan Independence After Vote Taiwan Election Fails to Cheer Markets as Focus Turns to Policy Nonfungible tokens, which are based on blockchain and represent unique ownership of assets like images or even physical objects, saw global sales plummet 63% to $8.7 billion last year, according to data tracker CryptoSlam. That’s even with volume more than tripling to $918 million between October and November. Meanwhile, industry bellwether Bitcoin surged almost 160% in 2023. That’s a sharp change from when multi-million dollar sales of NFTs helped define the crypto bull market in 2021. The tokens, known for collections like Bored Ape Yacht Club, were billed as a fun, more accessible way for mainstream consumers to access crypto, as well as a status signal for those willing to drop small fortunes on a cartoon ape in order to make it their Twitter profile picture. X, the social media platform formerly known as Twitter, ended support for NFT profile pictures last week. For Devin Finzer, chief executive officer of NFT marketplace OpenSea, it makes sense for the industry is move beyond seeing NFTs simply as collectible images. He says he looks at more than sales numbers when defining success for the NFT industry and his own company. “One of the things we’ve been most excited about is not necessarily how do you drive the most volume, but rather, how do you build sort of the most compelling use cases for NFTs,” he said in an interview. New York-based OpenSea had been the most dominant NFT marketplace during the crypto bull market and commanded a $13 billion valuation after raising $300 million in January 2022. Story continues But after the onset of the most recent crypto winter, the startup saw its fortunes flounder. In August, OpenSea’s former head of product was convicted of insider-trading and the company drew heavy criticism for eliminating mandatory royalties for NFT creators on its platform. The startup laid off 50% of its staff in November and newer entrants like Blur, OKX NFT Marketplace and Magic Eden have posted significantly higher trading volume than OpenSea over the past 30 days, according to crypto data tracker DappRadar. When asked about the shifting trend, Finzer said that “trading volumes can be a little bit misleading at times,” since some marketplaces incentivize activity on their platforms using their own token as a reward. “We tend to not focus too much on kind of the short-term, marketplace dynamics,” added Finzer, who co-founded OpenSea in 2017. Instead, the company is working on a platform upgrade known as OpenSea 2.0, which Finzer said will provide users with a better user experience and improved differentiation between NFT categories as more use cases for the tokens develop. He said currently, NFTs are displayed the same on OpenSea and other platforms, whether they’re a gaming token or an event ticket. “We really want to have a marketplace interface that can be better customized to suit each type of use case,” he said, noting that OpenSea is working on displaying ticket NFTs on a calendar and sorting them by date. NFT marketplaces like Blur and Tensor have also gained traction by offering what they claim is a more professional trading experience, where users can profit off of quick price changes. Finzer said that OpenSea’s upgrade will make it easier for customers to access its pro trading platform and toggle between “a collector view and a more advanced view.” He said the company has also improved its detection of fake NFT collections and harmful URLs—scams in which users connect their wallets to malicious websites and then have their crypto and NFTs stolen have plagued the industry. Finzer declined to comment on the company’s termination of required royalties for NFT creators or whether OpenSea planned to reinstate a mandatory royalty program in the future. As for other trends, Finzer has been tracking the rising usage of the Solana blockchain for NFTs, as well as the surging popularity of Ordinals, which are NFT-like assets on the Bitcoin blockchain. He said he’s still most optimistic about Ethereum being the blockchain of choice for NFTs, especially considering that its layer-2 chains have helped make transactions cheaper and faster. Even with the ETF craze spurring a price rise for Bitcoin, he doesn’t consider the blockchain to be a major NFT option moving forward. “I really do think that the sorts of applications that you can build on Bitcoin will probably be limited to art-type use cases as opposed to more diverse stuff,” he said. Most Read from Bloomberg Businessweek How AI Replaced the Metaverse as Zuckerberg’s Top Priority Trumponomics 2.0: What to Expect If Trump Wins the 2024 Election Five ETFs to Watch in 2024 Kim Kardashian’s Skims Isn’t the Only Celebrity Brand to Watch US Is Weaponizing New Economic Tools to Slow China’s War Machine ©2024 Bloomberg L.P.

2024-01-15 01:00:00+00:00

{"Bitcoin": [604], "BTC": [978, 1045, 1148]}

{}

OKX Ventures Leads Strategic Investment Round for BeWater, a Web3 Venture Studio and Global Developer Platform

https://finance.yahoo.com/news/okx-ventures-leads-strategic-investment-010000947.html

PR Newswire

https://www.prnewswire.com/

SINGAPORE , Jan. 15, 2024 /PRNewswire/ -- OKX Ventures , the investment arm of leading crypto exchange and Web3 technology company OKX, today announced that it has led an investment round in BeWater . BeWater is a Web3 venture studio and global developer platform that facilitates the development of open-innovation campaigns and events, including hackathons, in just 10 minutes. (PRNewsfoto/OKX Ventures) With over 100 campaigns already underway, BeWater boasts a diverse range of coding languages, including Solidity, Rebase and Move, coupled with various Layer 1 chains and toolkits such as Starknet, Bitcoin and Polkadot. The platform has attracted a remarkable talent pool, with over 25,000 GitHub-certified developers from more than 50 countries. Leveraging their incubation experience and expertise, BeWater's Web3 venture studio focuses on supporting early-stage startups and nurturing a robust Web3 product ecosystem. BeWater recently achieved success with the ' ABCDE BTC Hacker Camp ' held in November 2023 . During this event, seven BTC ecosystem projects received oversubscribed funding within just ten days of immersive bootcamps and BTC workshops. OKX Ventures Founder Dora Yue said: "OKX Ventures is committed to empowering the developer community. By supporting Web3 and crypto builders, we aim to drive their growth on a global scale. BeWater's vision aligns perfectly with ours, as it seeks to capture the progress achieved through the experience of building from scratch. Together, we aim to advance the widespread adoption of Web3 technology, enhance practical use cases, and deepen engagement in Web3 from Web2. As lead investors in BeWater, we are dedicated to enriching user awareness and amplifying the power of builders as we enter a new era in the crypto and Web3 space." To learn more about BeWater, click here For further information, please contact: [email protected] About OKX Ventures OKX Ventures is the investment arm of global leading crypto exchange and Web3 technology company OKX, with an initial capital commitment of USD100 million . It focuses on exploring the best blockchain projects on a global scale, supporting cutting-edge blockchain technology innovation, promoting the healthy development of the global blockchain industry, and investing in long-term structural value. Through its commitment to supporting entrepreneurs who contribute to the development of the blockchain industry, OKX Ventures helps build innovative companies and brings global resources and historical experience to blockchain projects. Find out more about OKX Ventures here . Story continues Disclaimer Cision View original content to download multimedia: https://www.prnewswire.com/apac/news-releases/okx-ventures-leads-strategic-investment-round-for-bewater-a-web3-venture-studio-and-global-developer-platform-302034250.html SOURCE OKX Ventures View comments

2024-01-15 04:20:12+00:00

{"Bitcoin": [24, 74, 568, 721, 1160, 1295, 1336, 1370, 1471]}

{"Bitcoin": [24]}

$1.4B Inflows Into Spot Bitcoin ETF After First Two Trading Sessions

https://finance.yahoo.com/news/1-4b-inflows-spot-bitcoin-042012101.html

CoinMarketCap

https://coinmarketcap.com/

$1.4B Inflows Into Spot Bitcoin ETF After First Two Trading Sessions Spot Bitcoin exchange-traded funds (ETFs), which launched last Thursday, have already attracted a significant amount of investor interest in their first two days, with total inflows reaching $1.4 billion, according to Bloomberg ETF analyst Eric Balchunas. The funds experienced a total of 500,000 trades, racking up trading volumes of around $3.6 billion. However, Balchunas noted that these numbers may be adjusted due to transactions awaiting accounting settlement. Grayscale's ETF, the Grayscale Bitcoin Trust (GBTC), experienced an outflow of $579 million during the period. After deducting the GBTC outflows, the net total inflows across all spot Bitcoin ETFs stood at $819 million. The outflows from GBTC could be attributed to holders converting their shares following the U.S. Securities and Exchange Commission's (SEC) approval of the ETF through a ruling change. Some GBTC holders are reportedly switching to lower-fee options from other fund managers. Grayscale is charging 1.50% while other asset managers like BlackRock are charging 0.25%. GBTC is one of the largest holders of Bitcoin, managing over $27 billion worth of the cryptocurrency. Shares of GBTC have been traded since 2013 but were not redeemable for Bitcoin until January 11. Among the spot Bitcoin ETFs, BlackRock's iShares Bitcoin Trust topped the performance with $497.7 million total flows, followed by Fidelity Advantage Bitcoin ETF with $422.3 million and Bitwise with $237.9 million. Let us know what you loved about this article, what could be improved, or share any other feedback by filling out this short form . View comments

2024-01-15 04:22:42+00:00

{"Bitcoin": [57, 236, 292, 437, 1164, 1235, 1348, 1395]}

{"Bitcoin": [57]}

CoinShares Acquires Valkyrie Funds After Valkyrie's Spot Bitcoin ETF Received Approval

https://finance.yahoo.com/news/coinshares-acquires-valkyrie-funds-valkyries-042242827.html

CoinMarketCap

https://coinmarketcap.com/

CoinShares Acquires Valkyrie Funds After Valkyrie's Spot Bitcoin ETF Received Approval Investment firm CoinShares has announced that it will exercise its option to acquire Valkyrie Funds, an investment advisory business focused on spot Bitcoin ETFs, following the approval of Valkyrie's spot Bitcoin ETF. Valkyrie Funds is a subsidiary of Valkyrie Investments, a company known for its focus on digital asset investments. Valkyrie's spot Bitcoin ETF received SEC approval on Wednesday and began trading on Thursday. CoinShares CEO Jean-Marie Mognetti expressed enthusiasm about the acquisition, stating that the firm aims at “extending our European success in the U.S, offering unparalleled access to regulated digital asset products to American investors. This expansion is a clear statement of our appetite for acquisition to support our ambition to be a global leader in the digital asset space.” Following the acquisition, CoinShares anticipates that its assets under management, currently valued at $4.5 billion, will increase by $110 million, representing the value of the assets under management across Valkyrie's three crypto ETFs. However, Valkyrie's spot Bitcoin ETF had a relatively low trading volume compared to other spot Bitcoin ETFs that debuted on Thursday. It saw just under $9 million of trading volume, while BlackRock's iShares Bitcoin Trust had $1 billion and the Grayscale Bitcoin Trust had $2.27 billion. Let us know what you loved about this article, what could be improved, or share any other feedback by filling out this short form .

2024-01-15 04:27:18+00:00

{"Bitcoin": [801]}

{}

GameStop Terminates NFT Marketplace

https://finance.yahoo.com/news/gamestop-terminates-nft-marketplace-042718299.html

CoinMarketCap

https://coinmarketcap.com/

GameStop Terminates NFT Marketplace GameStop, the popular gaming retailer, has announced that it will be phasing out its nonfungible token (NFT) marketplace next month due to regulatory uncertainty. GameStop told users that they have just over two weeks remaining to use its NFT platform. However, the company assured NFT holders that the decision will not impact their NFTs, which will remain accessible and saleable through other platforms. GameStop cited a lack of regulation as the reason for reducing their crypto initiatives, pointing out the “continuing regulatory uncertainty of the crypto space. ”The company is headquartered in the United States, where the regulatory landscape for cryptocurrencies remains uncertain. Despite recent positive developments, such as the SEC's approval of spot Bitcoin ETFs, GameStop's decision reflects the challenges faced by companies operating in the crypto space. This move follows a series of reductions in crypto offerings from GameStop in recent years. In August 2023, the company recommended its customers to secure access to their "Secret PassPhrase" as it discontinued access to iOS and Chrome Extension wallets. In December 2022, GameStop indicated that it would be moving away from its focus on crypto after posting a significant net loss in the third quarter and laying off staff from its digital assets department. Let us know what you loved about this article, what could be improved, or share any other feedback by filling out this short form .

2024-01-15 06:01:55+00:00

{"Bitcoin": [15, 875, 1265, 1288, 1608, 1912, 1972, 2028, 2418, 2574, 2603]}

{"Bitcoin": [0]}

Bitcoin’s ETF Hangover Saddles the Token With its Worst Streak in a Month

https://finance.yahoo.com/news/bitcoin-etf-hangover-saddles-token-011815986.html

Bloomberg

https://www.bloomberg.com/

(Bloomberg) -- Bitcoin posted its worst streak in about a month as the fanfare over new US exchange-traded funds for the largest digital asset subsided. Most Read from Bloomberg US Merchant Vessel Struck as Shippers Told to Avoid Red Sea US Economy Set for Another Cash Boost If Congress Backs Tax Deal Stocks Slip as Officials Push Back on Easing Bets: Markets Wrap Apple to Pull Blood-Oxygen Tool From Watches to Avoid US Ban If Appeal Fails The token swung between gains and losses to trade little changed at $42,655 as of 1:42 p.m. Monday in Singapore. It dropped for three straight days through Sunday, the longest such losing run since mid-December. Smaller crypto coins were mixed, with second-ranked Ether dipping and BNB advancing. The batch of almost a dozen ETFs, including from investment titans BlackRock Inc. and Fidelity Investments, began trading on Jan. 11. Bitcoin briefly hit a two-hear high above $49,000 after they went live but then began retreating. The spike and quick turn lower have the hallmarks of a “buy-the-rumor, sell-the-fact reaction” some market watchers had expected, Tony Sycamore, a market analyst at IG Australia Pty, wrote in a note. He sees a possible slide to $38,000 to $40,000 based on the signals from chart patterns for Bitcoin. Supporters of Bitcoin’s contentious role as a store of value contend that the first US spot ETFs for the token herald increased investor access to the cryptocurrency. Skeptics point to 2022’s deep crypto crash and ensuing bankruptcies as reasons for caution about wider adoption despite a partial market rebound last year. Read more: Bitcoin ETFs Take Wall Street by Storm With Historic Debut In a post on social-media site X, Bloomberg Intelligence’s senior ETF analyst Eric Balchunas said the new US spot funds achieved a net inflow of $819 million over the first two days of trading. That included $500 million for BlackRock’s iShares Bitcoin Trust and $422 million for the Fidelity Wise Origin Bitcoin Fund. Story continues The $26 billion Grayscale Bitcoin Trust — the largest such fund — saw $579 million of outflows after converting into an ETF last week, Balchunas said. The fund previously had a closed-ended structure and traded at a discount to its underlying holdings last year, spurring some to bet on the gap narrowing. Speculators taking profits on that trade now that the discount has all but gone may be part of the reason for Bitcoin’s recent weakness, wrote Noelle Acheson, author of the Crypto Is Macro Now newsletter. “It’s very unlikely that all the outflows from the Grayscale Bitcoin Trust went back into Bitcoin,” she said. “The new funds are likely to continue to see strong inflows over the next week, as money on the sidelines is funneled in, and as the marketing machines get going. This could be offset short-term from more outflows as speculative positions are unwound.” Most Read from Bloomberg Businessweek How AI Replaced the Metaverse as Zuckerberg’s Top Priority Trumponomics 2.0: What to Expect If Trump Wins the 2024 Election Chinese Tycoon on the Rebound After $10 Billion Debt Deal Five ETFs to Watch in 2024 Kim Kardashian’s Skims Isn’t the Only Celebrity Brand to Watch ©2024 Bloomberg L.P.

2024-01-15 06:40:14+00:00

{"Bitcoin": [0, 297, 1153, 2125], "BTC": [9, 660, 2051]}

{"Bitcoin": [0]}

Bitcoin's Technicals Suggests Deeper Pullback to $38K: Analyst

https://finance.yahoo.com/news/bitcoins-technicals-suggests-deeper-pullback-064014542.html

CoinDesk

https://www.coindesk.com

Bitcoin [BTC] has declined over 5% to $42,600 since spot ETFs debuted in the U.S. on Thursday in what appears to be a classic "sell the fact" price action. The sell-off could continue over the near term, according to analysis of bitcoin's price patterns and technical indicators by 10x Research. "Bitcoin's RSI divergence signals correction," 10x Research, led by Markus Thielen, said in a note to clients Monday, adding the pullback could run out of steam near the dynamic support level of $38,000. A bearish divergence occurs when prices reach a new extreme and momentum indicators like the relative strength index (RSI) don't, hinting at upside exhaustion. BTC hit a two-year high above $49,000 last week, which the 14-day RSI failed to confirm, as seen in the chart below. The subsequent price drop has validated the bearish divergence. The RSI produced a lower a high last week as prices topped $49,000 for the first time since December 2021. (TradingView/CoinDesk) The MACD histogram, used to gauge trend strength and changes, has crossed below zero, signaling a bearish shift in momentum. Per Thielen, investors in Grayscale's ETF, the Grayscale Bitcoin Trust (GBTC), switching to other low-fee options will likely weigh over bitcoin's price. While Grayscale charges 1.5%, other asset managers like BlackRock charge 0.25%. GBTC, formerly a close-ended trust, is one of the largest bitcoin holders, with a coin stash of over $27 billion. GBTC shares began trading in 2013 and became redeemable on Jan. 11. "Grayscale is betting that investors will slowly switch out of their 1.5% annual management fee ETF offering (due to tax consideration) instead ofchoosing other reputable companies that offer 80% less in fees. There has been much negative news around the parent company DCG and Grayscale itself, notably charging a 2.0% management fee on a product that [at one point] traded at a 50% discount to its net asset value – therefore overcharging GBTC holders ($27bn market cap)," 10x said. "Investors will first sell before they transfer their BTC exposure to another ETF issuer. This will cause downside pressure for Bitcoin and remain an overhang," 10x added.

2024-01-15 09:09:41+00:00

{"Bitcoin": [2000]}

{}

Japan Hoverbike Pioneer A.L.I. Technologies Files for Bankruptcy

https://finance.yahoo.com/news/japan-hoverbike-pioneer-l-technologies-090941328.html

Bloomberg

https://www.bloomberg.com/

(Bloomberg) -- Star Wars-inspired hoverbike maker A.L.I. Technologies Inc. filed for bankruptcy due to mounting research and development costs and slow adoption of the next-generation vehicles. Most Read from Bloomberg Blinken’s Return From Davos Was Delayed After Plane Broke Down Apple to Sell Watches Without Oxygen Feature After Legal Setback Pakistan’s Army Strikes Back at Iran as Both Sides Urge Calm Dimon Says China Risk-Reward Equation Has ‘Changed Dramatically’ Singapore Minister Quits After Biggest Graft Case Since 1986 The filing comes less than a year after parent Aerwins Technology Inc. debuted on the Nasdaq in one of the worst SPAC mergers of all time, prompting the startup to say it was at risk as a going concern. Liabilities at the startup were about ¥1.2 billion ($8.3 million) at the end of December 2022, when its annual net loss was around ¥2 billion, or almost three times revenue, corporate data provider Teikoku Databank said Monday. The startup’s Xturismo Limited Edition hoverbike made a splash at the 2022 Detroit Motor Show, and A.L.I. was targeting orders for the models priced at $500,000 each, due for delivery last year. As cash flow dwindled, the company had shifted much of its focus to cultivating demand in the Middle East while whittling down costs. Aerwins, which continues to trade on the Nasdaq, last exchanged hands at $0.12 a share in New York. A representative didn’t respond to requests for comment. The company’s merger with a special purpose acquisition company was a rare attempt by a Japanese startup to raise funds in the US market. But about 99% of Aerwins’s SPAC investors chose to redeem their shares right after the initial public offering, sending its stock down almost 90% in a month. Read More: A SPAC Fiasco Threatens Future of $500,000 Hoverbike Pioneer Most Read from Bloomberg Businessweek The Downfall of Diddy Inc. Japan’s Market Roars Back to Life—With Old-Timers Leading the Way Elon Moves Further Right; Hertz Ditches Tesla The Bitcoin Hype Is Back and About Just as Hollow as Before ©2024 Bloomberg L.P.

2024-01-15 10:13:36+00:00

{"Bitcoin": [981, 1788], "BTC": [332]}

{"Bitcoin": [86]}

JPMorgan Sees Significant Capital From Existing Crypto Products Pouring Into New Spot Bitcoin ETFs

https://finance.yahoo.com/news/jpmorgan-sees-significant-capital-existing-101336944.html

CoinDesk

https://www.coindesk.com

It’s unclear how much fresh capital the new spot bitcoin exchange-traded funds (ETF) will attract, but significant funds from other crypto products are expected to pour in, J.P. Morgan said in a Thursday research report. The market reaction to the U.S. Securities and Exchange Commission’s (SEC) reluctant approval of spot bitcoin [BTC] ETFs has been relatively muted, with the focus now shifting to how much capital these new ETFs will pull in, the report said “We are skeptical of the optimism shared by many market participants at the moment that a lot of fresh capital will enter the crypto space as a result of the spot bitcoin ETF approval,” analysts led by Nikolaos Panigirtzoglou wrote. Still, the bank does see a significant rotation from existing crypto products into the newly created ETFs, so even if no new capital enters the cryptocurrency market, the new ETFs could still attract inflows of up to $36 billion. The bank says about $3 billion could exit the Grayscale Bitcoin Trust (GBTC) and migrate to the new spot ETFs as a result of investors taking profit after buying discounted GBTC shares in the secondary market in the last year. It also sees up to $20 billion from retail investors migrating from digital wallets held at crypto exchanges to the new ETFs. Grayscale’s high fees could also trigger outflows, and unless it lowers its rates toward the level set by Blackrock (BLK) and other providers , “a lot more capital, perhaps an additional $5 billion-$10 billion could exit GBTC relatively quickly to migrate towards cheaper spot bitcoin ETFs,” the bank added. Institutional investors that hold their crypto in fund format could shift from futures-based ETFs and GBTC to cheaper spot ETFs, especially if GBTC is slow to cut its fees, the report added. Read more: Bitcoin ETF Approval Is Likely to Benefit Institutional Investors: Goldman Sachs

2024-01-15 10:30:00+00:00

{}

{"Bitcoin": [23]}

Forget Meme Stocks and Bitcoin. These Investors Are Hunting Quality.

https://finance.yahoo.com/news/forget-meme-stocks-bitcoin-investors-103000017.html

The Wall Street Journal

http://www.wsj.com/

Coca-Cola is considered a steady performer. - Zuma Press After an everything rally that pushed major stock indexes near new highs, some investors just want the good stuff. Most Read from The Wall Street Journal Apple to Remove Blood-Oxygen Sensor From Watch to Avoid U.S. Ban Boeing’s Pile of Problems Gets Bigger as a Crucial Buyer Hesitates The Businesses That Rescued America From Inflation, Recession, Lost Jobs Closing of Kroger, Albertsons, C&S Deal Postponed Robots Are Looking Better to Detroit as Labor Costs Rise They are looking for quality stocks, broadly defined as shares of companies with some combination of growth, reliable profits and strong balance sheets. Those run the gamut from recent highfliers such as Microsoft and Nvidia to steady performers such as Coca-Cola and Johnson & Johnson. Banks including Goldman Sachs, UBS and Wells Fargo recommended that investors buy high-quality stocks in their year-ahead outlooks. GMO, the asset manager co-founded by Jeremy Grantham, launched an actively managed exchange-traded fund focusing on quality, the firm’s first ETF, in November. One major reason for their interest: High-quality companies tend to do better than others when growth slows—the environment much of Wall Street expects this year—insulated by their steady financial results, low debt, large cash holdings, or other solid business fundamentals. The MSCI ACWI Quality Index has historically beaten MSCI’s global index by 1 percentage point over six-month periods in which the economy has cooled but kept expanding, according to UBS analysts. That reliability tends to make quality stocks relatively expensive , which means investors might miss out on some gains in a big rally. But for those concerned that the recent surges in stocks and bonds won’t last after a rocky start to the year, seeking quality provides a way to stay invested while potentially cushioning against some of the blow if markets turn. The S&P 500 is up 0.3% to start 2024. In the coming days, investors will be parsing earnings reports from the likes of Goldman, shipping bellwether J.B. Hunt Transport Services and oil-field services company SLB while trying to gauge the economy’s strength. Markets are closed Monday for Martin Luther King Jr. Day. Gerald Goldberg, chief executive at investment adviser GYL Financial Synergies, said his firm adjusted its model portfolios in 2022 to increase exposure to quality companies. A year later, the move had paid off. “Our theory was that historically, when the economy is slowing down or going into contraction, higher-quality companies would have higher credit ratings and stronger balance sheets,” he said. “Wider moats around their business tend to perform better on a relative basis in comparison to those that are of lower quality.” Story continues The iShares MSCI USA Quality Factor exchange-traded fund gained 29% in 2023, according to FactSet, ahead of the S&P 500’s 24% climb. It lagged behind the index’s 19% decline in 2022, falling 22%. Some research shows that quality stocks do provide better returns after accounting for risk. A 2013 paper by AQR Capital Management’s Cliff Asness, Andrea Frazzini and Lasse Pedersen, found that despite the higher costs, there are “strong and consistent abnormal returns to quality,” and that a strategy of betting on quality stocks and against shares of weaker companies would earn significant returns in the U.S. and elsewhere. Allen T. Bond, head of research at Jensen, said quality companies create value through sustainable competitive advantages, growth and financial strength. He also looks for flexibility—things such as free cash flow generation and opportunities for investment in new initiatives. “We don’t always look for explosive growth when we’re focusing on quality businesses, but we want attractive long-term growth, and more importantly for us is growth that we think is predictable,” he said. Nvidia Chief Executive Jensen Huang at an event last year. - ANN WANG/REUTERS Lately, those have included some of the Magnificent Seven tech companies—Alphabet, Amazon.com, Apple, Meta Platforms, Microsoft, Nvidia and Tesla—that powered much of last year’s stock-market rally. Several of those number among the biggest holdings in the iShares ETF. Some worry that is a sign investors are chasing performance, not choosing high-quality companies. Bond warns that maintaining a tilt toward quality requires a systematic approach and commitment even when it is out of favor. Others caution that what makes something quality can be hard to grasp. Morningstar analyst Ben Johnson in 2019 wrote that quality “may be the fuzziest factor you will find in the investing world,” and investors might do best using it to enhance their broader portfolio, perhaps through funds that include several investing factors. “Price matters—perhaps more than anything else,” he wrote. Michael Reynolds, vice president of investment strategy at Glenmede, said his firm has taken a tilt toward quality. Despite economists’ optimistic outlook on U.S. growth, fears of a recession remain elevated, he said. “We look at the past five or six bear markets, and quality has outperformed as a factor, and quality stocks tend to be solid performers in periods of market stress around recessions,” he said. Write to Brenda León at [email protected] Most Read from The Wall Street Journal Fed Tiptoes Toward Dialing Back Key Channel of Monetary Tightening Black Investors Are the Biggest New Group of Stock Buyers Chiefs-Dolphins Playoff Game on Peacock Sets Records for U.S. Streaming and Internet Usage OpenAI Bans Use of AI Tools for Campaigning, Voter Suppression Chip Wars Boost Europe’s Top Tech Company—for Now View comments

2024-01-15 10:30:00+00:00

{"Bitcoin": [6312]}

{}

Robots Are Looking Better to Detroit as Labor Costs Rise

https://finance.yahoo.com/news/robots-looking-better-detroit-labor-103000923.html

The Wall Street Journal

http://www.wsj.com/

Robots weld the body of a Model Y electric vehicle at Tesla’s factory near Berlin. - Patrick Pleul/dpa/picture alliance/Getty Images Automakers are looking to an old friend to help offset rising labor costs: robots. Most Read from The Wall Street Journal The Tech Employee Who Went Viral for Filming Her Firing Has No Regrets Federal Judge Blocks JetBlue’s $3.8 Billion Acquisition of Spirit Airlines Uber Is Closing an Alcohol-Delivery Business It Bought for Over $1 Billion Three Years Ago The $65 Million Perk for CEOs: Personal Use of the Corporate Jet Has Soared Chinese Premier Makes Surprise Economic Growth Disclosure For decades, car companies have increased automation inside their factories. Now, auto executives are looking more closely at this approach, to address a rising labor bill and take advantage of more sophisticated technology. Competition from relative newcomers like Tesla, which has been more aggressive in deploying this factory technology, is also nudging more traditional auto manufacturers in this direction. On a recent investor call , Ford finance chief John Lawler pointed to “opportunities in automation” when asked about how the company plans to cover the cost of its new labor contract. He also cited other possible offsets, such as reducing the complexity of Ford’s vehicles. While automakers have been moving to automation for some time, rising labor costs are poised to accelerate the adoption of such technologies, said Laurie Harbour, president of Michigan manufacturing consulting firm Harbour Results. “Automation is the future. More so than we’ve ever seen,” she said. United Auto Workers members approved a labor contract in late 2023 with Ford, General Motors and Jeep maker Stellantis that included a record 25% wage increase over four years and marked the sharpest labor-cost increase for the companies in recent memory. The effect from the deals in Detroit quickly rippled through the industry, with Toyota Motor, Hyundai Motor and other nonunionized automakers increasing wages to stay competitive. Detroit executives have said the contracts were richer than they had planned for, and they are strategizing ways to blunt the increased costs. Ford said the new terms would add about $900 in cost per vehicle by the time the contract expires in early 2028. GM executives pegged the hit from richer labor contracts during that period at roughly $500 a vehicle . Story continues A spokesman for GM said the company will continue to use technology to help its team members increase productivity, and make work environments safer. Stellantis, Ford and the UAW declined to comment. United Auto Workers members on a picket line outside a Ford plant. - Emily Elconin/Bloomberg News Automakers have used robotics since at least the 1960s to make manufacturing easier and more efficient. One of the earliest examples of these machines was an automotive assembly robot called Unimate that was installed in a GM factory in 1961 to handle die castings. The auto industry is a top consumer of robots, according to the International Federation of Robotics. The global automotive industry installed 136,000 new industrial robotic units in 2022, the federation found, second only to the electronics industry. Often these so-called cobots work alongside workers to access hard-to-reach spots or perform tasks that are particularly physically demanding. Ford said in 2018 that it had at least 100 of these cobots across two dozen plants around the world. Tesla has been a leader in factory robotization, putting pressure on competitors to follow suit. Last year, executives at the world’s most valuable automaker said introducing more automated equipment was a crucial tool in its goal to cut the cost of making future models by 50%. A robot works with engine parts at a Stellantis plant in Dundee, Mich. - Bill Pugliano/Getty Images Dozens of new battery factories and electric-vehicle plants in the works will also open the door to broader use of high-tech systems, analysts say. It is easier and less costly to install robots in a new facility versus retrofitting an existing one. Plus, it is more streamlined to have updated systems that “speak” to each other smoothly, as opposed to popping in a new machine among older ones. Automakers are likely to introduce more robots and other forms of automation over time, replacing workers as they retire, rather than displacing swaths of their current workforce. “The mode of operation for decades now is ‘ride the attrition curve,’” said Jim Schmidt, a vice president in consulting firm Oliver Wyman’s automotive practice, based in Detroit. The trend is making the UAW and its members nervous about the prospect of machines replacing jobs. “There’s robots in every factory,” UAW President Shawn Fain said on a livestream with Sen. Bernie Sanders last year. “The companies have used technology as a way to cut jobs instead of interjecting robots and technology to make our jobs easier.” There are varying views on how extensive auto-industry automation will become in the next decade, and many analysts point out that other strategies—such as streamlining the production process by offering fewer vehicle options —can have larger cost savings. Additionally, whatever machines gain in terms of productivity can be zeroed out by the needed personnel to fix or program robots, some academics say. Humans are sometimes better at completing precise tasks that require visual judgment and the ability to nimbly adjust equipment. There are other risks to automating . Adding robots to a process for the first time can introduce quality problems, said Mark Wakefield, managing director at advisory firm AlixPartners. There needs to be a clear advantage to using a machine, either from a cost standpoint or because the task hasn’t been effectively carried out by workers, he said. It can also be too expensive to retrofit an existing factory with this new machinery, making it more attractive to remain with the status quo, analysts say. “If the way you put the last car together worked well, if you change something, you have to balance the risk with the reward of some lower cost,” Wakefield said. Write to Nora Eckert at [email protected] Most Read from The Wall Street Journal Goldman Scores a Win With Sharply Higher Earnings ETFs Make Bitcoin’s Problems Even Worse Broad Losses Pull Stock Indexes Lower Elon Musk Seeks More Sway Over Tesla Ahead of AI Advancements Supreme Court Denies Petitions on Apple, Epic Appeals

2024-01-15 10:45:00+00:00

{"Bitcoin": [1419, 4033, 4090]}

{}

Is Block Stock a Buy?

https://finance.yahoo.com/news/block-stock-buy-104500034.html

Motley Fool

http://www.fool.com/

To say that shares of Block (NYSE: SQ) had a monumental finish to 2023 would be an understatement. From the start of November to the end of the year, the stock jumped 89%. It has cooled off a bit as the calendar turned to 2024, but optimism is taking over. While it's easy to get caught up in recent gains, it's always best to take a step back, and focus on the factors that really matter for long-term investors. So, is this fintech stock a buy right now? Here's what you need to know. Taking care of customers In the internet age, companies that deliver a superior user experience typically do well. That's because barriers to entry are low, and so customers will always be presented with numerous options to choose from. Therefore, it's best for a business to find ways to stand out. I think Block excels in this regard. Its Square segment caters specifically to merchants, offering a wide range of financial services, software, and hardware solutions to help them better manage their operations. The business saw that this part of the market's needs was being unmet by larger financial institutions. In the latest quarter, it processed $55.7 billion of gross payment volume, up 11% year over year. Then there's Cash App, which is a personal finance mobile app that lets people handle basic banking needs, like sending or receiving money, setting up direct deposit, signing up for a debit card, or buying stocks and Bitcoin . It counts 55 million monthly active users. It also improves upon the outdated tech infrastructure and customer service of traditional banks, focusing on a digitally native customer base. Posting healthy growth To be clear, Block isn't posting the same growth it was during the depths of the pandemic. But its recent gains have still been healthy. The Square segment posted a 15% increase in gross profit in the quarter ended Sept. 30. Cash App saw its gross profit jump 27% in the period. Given what have been uncertain economic times, investors should be encouraged by this growth. With the Federal Reserve signaling that it could cut rates multiple times this year, investors will find it easy to be optimistic about a business like Block. In other words, a more favorable macro backdrop could be a financial boon. With people willing to spend more, Square could see its merchants handling more volume, leading to greater payments activity and higher fees. On the Cash App side, people who have greater confidence about the direction of the economy might sign up for and spend using the Cash Card, which can result in more fees as well. Story continues What about the valuation? Although Block shares absolutely soared in the last couple months of 2023, they remain roughly 75% below their all-time high, a mark set in the summer of 2021 during a raging bull market for equities. It's accurate to say that the enthusiasm has tapered quite a bit since then. However, for investors looking to scoop up shares now, it could be a wonderful time to do so. The stock trades at a price-to-sales ratio of 2 right now. That's about one-third the average valuation since the stock went public in late 2015. It's probably safe to assume that shares are undervalued right now, especially relative to Block's outsized growth potential. This makes the stock worthy of your investment consideration. Should you invest $1,000 in Block right now? Before you buy stock in Block, 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 Block 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 the S&P 500 since 2002*. See the 10 stocks *Stock Advisor returns as of January 8, 2024 Neil Patel and his clients have positions in Bitcoin. The Motley Fool has positions in and recommends Bitcoin and Block. The Motley Fool has a disclosure policy . Is Block Stock a Buy? was originally published by The Motley Fool View comments

2024-01-15 11:08:58+00:00

{"Bitcoin": [0, 904, 1797], "BTC": [9, 473]}

{"Bitcoin": [0]}

Bitcoin Traders Eye Support at $40K as ETF Contrarian Bets Prove Right

https://finance.yahoo.com/news/bitcoin-traders-eye-support-40k-110858886.html

CoinDesk

https://www.coindesk.com

Bitcoin [BTC] contrarian bets were seemingly proven right as the much-awaited approval of a spot exchange-traded fund (ETF) turned out to be a “sell-the-news” event , one that analysts previously warned was possible given the token’s rapid price appreciation in the past months. “Sell the news” is a well-known term in capital markets and describes how asset prices, leverage and sentiment run-up in the lead-up to a bullish event, only for prices to tumble shortly after. BTC pulled back to as low as $41,500 early Monday, before recovering, after briefly hitting its two-year high above $49,000 as the first-ever spot bitcoin ETFs in the U.S. started trading last Thursday. The approval of spot bitcoin ETFs in the U.S. was much anticipated and well priced, so the event will likely be a short- to mid-term top for the price, analysts at Japan-based crypto exchange bitBank told CoinDesk in an email. “Bitcoin could be vulnerable to profit-taking selling pressures in the short term, but given lower U.S. treasury yields and the market’s optimistic outlook for the Fed’s early rate cuts, its downside risk may be limited,” they added. bitBank said it considered the $40,000 psychological level as a support for bitcoin prices in the near term. Elsewhere, analysts at 10x Research, led by Markus Thielen, said in a Monday note that they expected prices to find support at as low as $38,000. Meanwhile, FxPro market analyst Alex Kuptsikevich told CoinDesk in a Monday email that a correction to at least $40,000 per bitcoin would be “within bounds of typical corrections,” given the cryptocurrency’s price performance of over 150% over 2023. As such, long-term expectations for bitcoin remain largely bullish, given the apparent demand for ETFs, as volumes indicate, among institutional players. “Bitcoin ETFs will be transformative for the industry, allowing for vastly greater access from traditional wealth management - their launch will bring new investment into bitcoin from pensions, endowments, insurance companies, sovereign wealth, retirement plans, trusts, and many more,” shared Henry Robinson, founder at crypto fund Decimal Digital Group, in an email to CoinDesk. “However, while the ETF launches are exciting, we think they offer no advantage over self-custody. For long-term holders, the fee emissions will bleed a position substantially. It may take many years, but we expect demand for ETFs to dwindle as bitcoin adoption rises and self-custody becomes more common among institutions,” Robinson added. View comments

2024-01-15 11:30:00+00:00

{"Bitcoin": [616, 1424, 1887, 2104]}

{}

Media Advisory: Hut 8 Corp to Ring Opening Bell at Nasdaq in New York on January 18, 2024

https://finance.yahoo.com/news/media-advisory-hut-8-corp-113000210.html

GlobeNewswire

https://www.globenewswire.com/

Hut 8 Corp. Ceremony marks the completion of the largest M&A transaction in the industry’s history Miami, Jan. 15, 2024 (GLOBE NEWSWIRE) -- Hut 8 Corp. (Nasdaq | TSX: HUT), (" Hut 8 ” or the “ Company ”) one of North America’s largest, most innovative digital asset mining pioneers and high performance computing infrastructure provider will be attending the Opening Bell Ringing Ceremony at Nasdaq headquarters on January 18, 2024. Hut 8 CEO, Jaime Leverton, will ring the Opening Bell to celebrate the completion of its all-stock merger of equals between Hut 8 Mining Corp. and U.S. Data Mining Group, Inc. dba US Bitcoin Corp. The combined company is named “Hut 8 Corp.” and is a U.S.-domiciled entity. What: Hut 8 CEO, Jaime Leverton, will ring the Opening Bell at Nasdaq alongside the Hut 8 leadership team and Board of Directors When: Thursday, January 18, 2024 from 9:15 a.m. to 9:30 a.m. ET Where: Nasdaq MarketSite – 4 Times Square – 43rd & Broadway – New York, NY The live webcast can be viewed with the following link: https://www.nasdaq.com/marketsite/bell-ringing-ceremony Hut 8 CEO Jaime Leverton will be available for in-person and virtual interviews. Interested parties are to reach out to the contact details provided below. About Hut 8 Through innovation, imagination, and passion, Hut 8 Corp.’s seasoned executive team is bullish on creating value at the intersection of infrastructure and energy through Bitcoin mining and hosting, groundbreaking managed services, energy arbitrage, operating traditional data centers, and capitalizing on emerging technologies like AI and machine learning. Headquartered in Miami, Florida, Hut 8 Corp.’s infrastructure portfolio includes eleven sites: five high performance computing data centers across British Columbia and Ontario that offer cloud, co-location, AI, machine learning, and VFX rendering computing solutions, and six Bitcoin mining, hosting, and managed services sites located in Alberta, New York, Nebraska, and Texas. Long-distinguished for its unique treasury strategy, Hut 8 Corp. has one of the highest inventories of self-mined Bitcoin of any publicly-traded company globally. For more information, visit www.hut8.com and follow us on X (formerly known as Twitter) at @Hut8Corp. Cautionary Note Regarding Forward–Looking Information This press release includes “forward-looking information” and “forward-looking statements” within the meaning of Canadian securities laws and United States securities laws, respectively (collectively, “forward-looking information”). All information, other than statements of historical facts, included in this press release that address activities, events, or developments that Hut 8 expect or anticipate will or may occur in the future, including such things as future business strategy, competitive strengths, goals, expansion, and growth of the business, operations, and other such matters is forward-looking information. Forward-looking information is often identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “allow”, “believe”, “estimate”, “expect”, “predict”, “can”, “might”, “potential”, “predict”, “is designed to”, “likely”, or similar expressions. Specifically, such forward-looking information included in this press release includes statements relating to the Company’s intention to ring the Nasdaq opening bell. Statements containing forward-looking information are not historical facts, but instead represent management’s expectations, estimates and projections regarding future events based on certain material factors and assumptions at the time the statement was made. While considered reasonable by Hut 8 as of the date of this press release, such statements are subject to known and unknown risks, uncertainties, assumptions, and other factors that may cause the actual results, level of activity, performance, or achievements to be materially different from those expressed or implied by such forward-looking information. For a complete list of the factors that could affect the Company, please see the “Risk Factors” section of the Company’s Registration Statement on Form S-4 dated November 7, 2023, available under the Company’s EDGAR profile at www.sec.gov, in addition to the “Risk Factors” section of the Company’s Annual Information Form dated March 9, 2023, and Hut 8’s other continuous disclosure documents which are available under the Company’s SEDAR+ profile at www.sedarplus.ca and under the Company’s EDGAR profile at www.sec.gov. Story continues CONTACT: Hut 8 Corp. Investor Relations Sue Ennis [email protected] Hut 8 Corp. Media Relations Erin Dermer [email protected] View comments

2024-01-15 12:00:21+00:00

{"Bitcoin": [1196, 4736, 4900, 7076]}

{}

How the Cryptocurrency Market Really Works

https://finance.yahoo.com/news/cryptocurrency-market-really-works-120021167.html

GOBankingRates

https://www.gobankingrates.com/

Investing in cryptocurrency is a divisive topic — but it’s worth knowing about the emerging (and volatile) new asset class.  Chances are you’ve heard of cryptocurrency , even if you’ve never invested (or fully know how it works). While these digital assets have been around for a while, they’ve gone mainstream in the past few years. I’m a Financial Advisor: Here’s the No. 1 Piece of Advice I Would Give My Younger Self Read: Pocket an Extra $400 a Month With This Simple Hack If you’re not exactly sure what cryptocurrency is or how the crypto market works, you’re not alone. In this guide, we’ll dive into the cryptocurrency market, highlighting its similarities and differences with traditional stocks and other investments. Sponsored: Owe the IRS $10K or more? Schedule a FREE consultation to see if you qualify for tax relief. What Is Cryptocurrency? Cryptocurrency is a digital currency backed by a blockchain, which uses a network to record and verify transactions. It was first created in 2009, one year after the Great Recession began, explained Jeff Owens, co-founder of Layer1 blockchain Haven1. “The financial crisis destroyed faith in the traditional financial system. At the time, Bitcoin was designed as a form of peer-to-peer payment that eliminated the need for intermediaries such as banks,” Owens said. Unlike fiat currency (such as the U.S. dollar or the euro), cryptocurrency is decentralized, functioning completely independent of banks. This makes crypto a potential alternative to traditional currencies. “Without the facilitation by banks or governments, crypto works by one person directly paying another person digitally via blockchain, a public ledger,” noted David Kemmerer, CEO of CoinLedger, a cryptocurrency tax software company. Unlike bills and coins, cryptocurrency doesn’t physically exist. However, it derives value from its users through supply and demand. Most cryptocurrencies have stringent monetary policies, including having a fixed number of tokens that can be created, or restrictions on the number of new tokens that can be created. This helps maintain their value. Story continues Since its inception, cryptocurrency has grown beyond just a decentralized payments network into a viable alternative investment option, said Owens. How Does the Cryptocurrency Market Work? Though cryptocurrency is a currency, it’s also considered a digital asset, allowing you to invest in it as you would with stocks or bonds. You can buy cryptocurrency anytime, hold it in your crypto wallet or cash it into fiat currency through an exchange. The global cryptocurrency market capitalization today is around $1.7 trillion. Elijah Jackson, a blockchain industry commentator at MyChargeBack, uses a video game analogy to describe how cryptocurrency works as a store of value — and as an investment. “When you go to an arcade and play a videogame, you score points and receive tickets or tokens that you can trade in for real prizes when you leave,” he explained. Like other investments, such as stocks, if the value of the cryptocurrency you’re invested in increases, you can then sell it for a higher price and make a profit. Pros and Cons of Investing in Cryptocurrency Its decentralized nature and the potential for high returns make cryptocurrency an attractive investment option. It has fixed monetary policies that limit and even reduce supply, which can drive demand and lead to lucrative profits. “Volatility is the name of the game with cryptocurrency,” said Jackson. “If you are a high-risk, high-reward investor, it’s fantastic because there is a potential to make exponentially higher percentage yields than traditional investments.” Plus, because cryptocurrencies operate on a decentralized network, no central government or authority controls them. That aspect may appeal to investors who want freedom from traditional financial systems. Yet the potential for higher yields comes with much greater risk. Because there is little regulation in the industry, there’s increased potential for scams and fraud. It’s reported that users lost as much as $1.8 billion in various hacks and scams in 2023. “​​You can lose everything in the blink of an eye. Prices go up and down. Plus, many crypto projects are either scams or legitimate platforms run by irresponsible [people],” Jackson noted. “There are [also] vulnerabilities that result in hacks, phishing attacks, airdrop scams, and rug pull scams. So basically, the positive is the potential for very high yields. The downside is everything else.” Popular Cryptocurrencies There are many different types of cryptocurrencies, each with its functions and appeal. Fiat cryptocurrency is the most common type of cryptocurrency used as a store of value. Bitcoin was the first created and remains one of the most popular cryptocurrencies today. It holds close to 50% of the total cryptocurrency market capitalization. “Bitcoin is hands-down the most popular and successful cryptocurrency. It’s the leader in the crypto market that no other crypto comes close to in terms of market cap,” Kemmerer stated. “The second most popular is Ethereum, which is also very successful and has a great outlook.” There’s been an explosion of new cryptocurrencies in the past few years, with thousands now available for trading. This includes memecoins or cryptocurrencies named after characters, individuals or animals, such as dog-themed tokens Dogecoin and Shiba Inu, said Owens. While some of these memecoins experience significant price increases over a short period of time, they’re often more volatile than other cryptocurrencies and are more susceptible to scams. Investment Strategies: Cryptocurrency vs. Stocks Stocks represent ownership in a company. When you buy a share of stock, you purchase a fraction of that company. When the company generates profits, its stocks generally increase in value. When a company doesn’t perform well, a stock’s value may drop. Stocks are traditionally more volatile than conservative investments like bonds. To earn a profit from stocks, you can sell a stock that’s gained value or receive profits back in the form of dividends. Stocks are bought and sold on exchanges, like the New York Stock Exchange. As you can see, cryptocurrency and stock investing operate similarly — but there are some key differences. Performance Stocks and stock exchanges have existed for centuries, much longer than cryptocurrency. Additionally, stocks tend to generate much more stable returns than cryptocurrencies, though they do experience some fluctuation. For example, the S&P 500, a market index tracking the stock performance of the largest companies in the U.S., has averaged a return of about 10% since its creation in 1957. Since stocks are tied to a company’s performance, they’re bolstered by that company. Cryptocurrency isn’t backed by a physical asset, which can make it much more susceptible to intense price swings. Yet cryptocurrency’s volatility can work in your favor — sometimes experiencing much higher returns than you’ll find with any other asset. For example, Bitcoin has had an almost 50% annual return in the past 10 years. Regulation Stocks are much more heavily regulated than cryptocurrency. All stock markets have government oversight — for example, the U.S. market is regulated by the Securities and Exchange Commission (SEC). The SEC can investigate, fine, or punish companies that commit fraud or other crimes. Cryptocurrency is a much less regulated industry, making it more susceptible to scams. There’s also a lot of recent regulatory uncertainty with cryptocurrency, and legality and regulations can change rapidly, impacting the market. Diversification Lastly, diversification is the foundation of any smart investing strategy — and stocks make it much easier to achieve a balanced portfolio. It’s much easier to spread your investments across countries, industries, companies, and more via stocks. While there are many different types of cryptocurrency, it’s much harder to achieve diversification. For example, there aren’t any mutual funds or index funds that offer large exposure to the entire cryptocurrency industry. That said, there may be a place in your investment portfolio for cryptocurrencies and stocks. Cryptocurrencies can significantly hedge against inflation and other more significant economic trends often affecting stocks. Cryptocurrency also often represents the growing technology and innovation sector, helping you get ahead of certain trends and potentially capitalizing on gains in the space. But it’s important to research and find investment options that work for you and your situation. Investing in Cryptocurrency There are a few strategies you can employ to maximize your cryptocurrency investments. Like with other types of investing, ensuring your cryptocurrency picks align with your risk tolerance, time horizon and general financial goals is vital. Novice cryptocurrency investors should consider a buy-and-hold strategy, which involves buying crypto and holding onto it for an extended period of time while the value goes through ups and downs. More experienced traders may employ a combination of strategies, resorting to more complex investment options such as derivatives to maximize returns and hedge some of the risks, said Owens. Reducing Risk While Investing in Cryptocurrency As with any asset, it’s important to do your research before investing. Make sure you understand the risks involved with a particular cryptocurrency. Cryptocurrency’s volatile and unregulated nature makes it even more vital to ensure you’re investing in a reputable digital asset. Taking the time to learn the background and future outlook of cryptocurrency can help reduce some of the risks, says Owens. There are many online resources that list a cryptocurrency’s total market capitalization, circulating supply, price history and other details. The crypto should also be listed on well-known exchanges and have easy options to cash out in case you want to sell. “A lack of information, low liquidity and no social media presence are red flags,” said Owens. “So is a rapid increase in the price of a cryptocurrency straight after launch with little previous price history.” It’s also important to research the exchange you’re using, especially after the bankruptcy and subsequent fraud case of FTX, a once-popular exchange. Look into how reputable a platform is, what protections investors have, and what other investors have to say. $2,000 Quarter? Check Your Pockets Before You Use This 2004 Coin Bottom Line Investing in the cryptocurrency market can be lucrative as long as you understand what you’re getting into. Now that you know what cryptocurrency is and how it works, you can invest more confidently. More From GOBankingRates 7 Ways Fraudsters Are Trying to Scam People in 2024 5 Ways to Earn at Least 5% APY on Your Money (Without Using the Stock Market) 3 Ways to Recession Proof Your Retirement 7 Things You Must Do When You Start Making 6 Figures This article originally appeared on GOBankingRates.com : How the Cryptocurrency Market Really Works

2024-01-15 12:28:00+00:00

{"Bitcoin": [305, 458, 2158, 5731], "BTC": [322]}

{}

Where Will Ethereum Be in 3 Years?

https://finance.yahoo.com/news/where-ethereum-3-years-122800366.html

Motley Fool

http://www.fool.com/

Ethereum (CRYPTO: ETH) is a cryptocurrency that really doesn't get as much attention as it probably should. Over the past week, that's certainly true, with any sort of discussion around Ethereum dwarfed by the massive catalyst that hit the overall crypto sector -- the highly anticipated approval of spot Bitcoin (CRYPTO: BTC) ETFs by the Securities and Exchange Commission (SEC). This key catalyst initially drove a significant amount of buying interest in Bitcoin but has since given way to outperformance for Ethereum. As it turns out, investors are clearly focused on the next crypto with a big catalyst on the horizon, which could certainly be the introduction of spot Ethereum ETFs. Given the rather positive stance regulators have taken with Ethereum, market anticipation around such an event has driven Ethereum upward this week to levels not seen since spring 2022. Now, the question is whether this momentum can continue. For long-term investors, the question of where Ethereum may be in three years' time is one that is certainly worth trying to answer. No one knows where any asset will ultimately end up over any given period of time, and I'm not going to suggest I have a crystal ball. However, I'll attempt to at least rationalize why I think Ethereum will more likely than not continue to move higher over the next three years and potentially surge past its previous highs. Ethereum ETF hype should be taken seriously It's not just crypto bros, talking heads, and pundits suggesting spot Ethereum ETFs could be on the horizon. There's been some rather compelling commentary from big-name investors around the potential approval of such investing vehicles, with Blackrock (NYSE:BLK) CEO Larry Fink opining on this topic. Fink noted in a recent interview that he believes there's "value" in a spot Ethereum ETF being launched at some point. His view is that Ethereum is among the most viable assets within the crypto space, and while these aren't necessarily currencies by technical definition, they do carry value similar to other assets like gold. That's a rather widespread view among mainstream investors, and given the SEC's stance toward Bitcoin and Ethereum, if regulators take a similar view, it's certainly likely we could see spot Ethereum ETFs on the horizon. Story continues It's worth pointing out that Blackrock is among the companies that have applied for a spot Ethereum ETF already. So, perhaps there's some level of "talking his book" that investors need to price in. But given the interest major institutional investors have in promoting digital assets as a viable investment-grade option, Ethereum certainly has a future catalyst investors need to watch closely. Tokenization likely to remain a key catalyst for Ethereum investors The tokenization of real-world assets, or the ability to trade rights to physical assets such as art, collectibles, or even real estate, is a trend that's continuing to gain steam. In 2023, it's been estimated that the total value of all real-world assets that have been tokenized and trade on the blockchain has doubled, from around $1 billion at the start of 2023 to $2 billion at year's end. Notably, much of the trading volume in this nascent space has taken place on Ethereum's network, given its scale and ubiquity among users in the decentralized finance sector. Ethereum's pole position as the leading blockchain for anything tied to decentralized finance (including tokenized real-world assets) benefits investors. Ethereum's token price has proven to be correlated over long periods of time to its network activity. Considering Ethereum's impressive ecosystem growth over the years, some investors have called into question where the next growth catalyst will come from. In the past, gaming and non-fungible tokens (NFTs) alongside other financial services took center stage. But given the nascent nature of the tokenized real-world assets market, this could be the next growth catalyst that drives Ethereum's fundamentals, and its price, higher over time. Does Ethereum have what it takes to make new highs over the next three years? Long-term investors can find plenty of other catalysts to focus on when it comes to Ethereum. After all, this ecosystem is vast and supports a great deal of the utility created in the crypto space. The launch of an ETF, continued growth in tokenization, and future Ethereum-network upgrades all remain key catalysts to watch over the next three years. However, who knows, maybe a bigger and more prominent catalyst will materialize. After all, this innovative space continues to evolve in rapid fashion, and I wouldn't rule it out. My view is that over the next three years, Ethereum will continue to see the sort of volatility it's seen in the past. But given its fundamental tailwinds, and the potential for the macro- and monetary-policy environments to improve, I think it's far more likely that Ethereum makes new highs rather than multiyear lows. Should you invest $1,000 in Ethereum right now? Before you buy stock in Ethereum, 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 Ethereum 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 8, 2024 Chris MacDonald has positions in Ethereum. The Motley Fool has positions in and recommends Bitcoin and Ethereum. The Motley Fool has a disclosure policy . Where Will Ethereum Be in 3 Years? was originally published by The Motley Fool

2024-01-15 13:05:00+00:00

{"Bitcoin": [54, 129, 374, 567, 632, 687, 784, 895, 1027, 1331, 1429, 1586, 1656, 1863, 1891, 1970, 2176, 2338, 2482, 2781, 2902, 2982, 3002, 3097, 3218, 3254, 3359, 3469, 3566, 3640, 3757, 3847, 4017, 4080, 4169, 4256, 4321, 4405, 4448, 4604, 5088, 5145], "BTC": [71]}

{}

1 Top Cryptocurrency to Buy Before It Soars 3,000% or More, According to Cathie Wood

https://finance.yahoo.com/news/1-top-cryptocurrency-buy-soars-130500519.html

Motley Fool

http://www.fool.com/

According to Ark Invest CEO Cathie Wood, the price of Bitcoin (CRYPTO: BTC) could soar to as high as $1.5 million by 2030. Given Bitcoin's current price of just under $50,000, that would represent a nearly 3,000% gain within a remarkably short period. At first glance, this $1.5 million price target might strike you as outlandish. After all, in its entire 15-year history, Bitcoin has only reached a high of $69,000 -- and that was during the extremely frothy and speculative crypto bull market of 2020-2021. But, as Wood points out, two key catalysts could lead to Bitcoin skyrocketing in value. Let's take a closer look. The new Bitcoin ETF The obvious starting point is the new spot Bitcoin ETF product. Ark Invest is one of the investment firms that received approval for a spot Bitcoin ETF, so it's no surprise that Wood is extremely bullish on what this means for the long-term growth of Bitcoin. As she recently pointed out on CNBC, the SEC just gave the "green light" for both Wall Street and Main Street to invest in Bitcoin. Image source: Getty Images. Considering that institutional investors have trillions of dollars in assets under management, it won't take a lot to move the needle. For example, if institutional investors such as pension funds and endowment funds decide to allocate just 1% of their portfolios to Bitcoin, the ramifications could be enormous. It could result in billions of dollars flowing into Bitcoin. At the same time, wealth managers and financial planners could start advising their clients to consider allocating a portion of their portfolios to Bitcoin. That, too, could lead to an influx of new money flowing into Bitcoin. Most likely, this would occur over a longer period, and probably won't have as dramatic an effect as, say, BlackRock Inc. (NYSE: BLK) flipping the switch on $10 trillion in assets under management. Bitcoin use cases Moreover, Bitcoin has an expanding array of use cases that make it valuable. Remember -- Bitcoin is not just a financial asset, it's also a technological innovation based on blockchain technology. The most obvious use case right now is acting as a store of value. Many crypto investors refer to Bitcoin as "digital gold" precisely because it appears to be a long-term store of value, similar to physical gold. But there are a handful of other use cases for Bitcoin that you might not have considered. In Ark Invest's "Big Ideas 2023" report, the investment firm lays out eight different use cases for Bitcoin. For each of these use cases, the firm applies several different projections and estimates for just how big the market opportunity might become. Story continues For example, the base case scenario in the Ark Invest report is for institutional investors to allocate 1% of their portfolios to Bitcoin. But the bull case scenario calls for institutional investors to allocate as much as 6.5% of their portfolios to Bitcoin. The more that institutional investors buy (literally) into the idea of Bitcoin, the higher Bitcoin could go in the medium to long term. What could possibly go wrong? Based on the above, Bitcoin would seem to be unstoppable. No wonder Cathie Wood recently doubled down on her $1.5 million price estimate for Bitcoin. But just keep in mind that Bitcoin is rarely predictable and often highly volatile. So while the long-term macro trend might be for Bitcoin to soar in value, there is sure to be plenty of turbulence along the way. One of the primary risks to Bitcoin has always been regulatory risk. Simply stated, the SEC could decide to pull the plug on Bitcoin at any moment. The large-scale approval of so many different spot Bitcoin ETF products at one time would appear to signal that the SEC is finally OK with the idea of investors buying Bitcoin. But what if the new ETFs perform erratically, or there are major glitches in how Bitcoin trades in the crypto market as a result of so much new money entering the market so quickly? That being said, I agree with Wood that a "building block" model for Bitcoin valuation -- in which all the use case projections for Bitcoin are summed up and then aggregated -- makes a lot of sense. And I agree that spot Bitcoin ETF approval is almost certain to lead to billions of new dollars flowing into Bitcoin. The big question, though, is just how long it will take Bitcoin to reach that mythical $1 million price target. 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 the S&P 500 since 2002*. See the 10 stocks *Stock Advisor returns as of January 8, 2024 Dominic Basulto has positions in Bitcoin. The Motley Fool has positions in and recommends Bitcoin. The Motley Fool has a disclosure policy . 1 Top Cryptocurrency to Buy Before It Soars 3,000% or More, According to Cathie Wood was originally published by The Motley Fool View comments

2024-01-15 13:06:00+00:00

{"Bitcoin": [859]}

{}

Beat the Market the Zacks Way: DaVita, Block, Home Depot in Focus

https://finance.yahoo.com/news/beat-market-zacks-way-davita-130600877.html

Zacks

http://www.zacks.com/

The three widely followed indexes resumed their rally to close last week higher. The Dow Jones Industrial Average, the S&P 500 and the tech-heavy Nasdaq Composite gained 0.3%, 1.8% and 3.1%, respectively. For the S&P 500, the weekly percentage advance was the highest since mid-December, while the Nasdaq notched its biggest gain in over two months. Investors’ mood was mixed throughout the week, with a prevailing uncertainty about the timeline for rate cuts. Consumer-side inflation numbers came in hotter than expected, while producer-side inflation was cooler. The labor market maintains resilience, and Fed officials are currently pushing back the rate-cut hype. The markets made their gains primarily from the tech sector, which was driven by falling bond yields. Big news was coming in from the crypto market as the SEC finally approved a long list of Bitcoin spot ETF applications, thereby taking the benchmark digital coin mainstream. Expectations for a rate cut of at least 25 bps in March moved up to 79.5% to close out the week, according to CME's FedWatch Tool. Regardless of market conditions, we, here at Zacks, provide investors with unbiased guidance on how to beat the market. As usual, Zacks Research guided investors over the past three months with its time-tested methodologies. Given the prevailing market uncertainty, you may want to look at our feats to prepare better for your next action. Here are some of our key achievements: CytomX and DaVita Surge Following Zacks Rank Upgrade Shares of CytomX Therapeutics, Inc. CTMX have gained 44.2% (versus the S&P 500’s 9.8% increase) since it was upgraded to a Zacks Rank #1 (Strong Buy) on November 10. Another stock, DaVita Inc. DVA, which was upgraded to a Zacks Rank #1 on November 9, has returned 28.6% (versus the S&P 500’s 8.9% increase) since then. Zacks Rank, our short-term rating system, has earnings estimate revisions at its core. Empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements. Story continues A hypothetical portfolio of Zacks Rank #1 (Strong Buy) stocks returned +15.47% this year (through November 4th, 2023) vs. +21.03% for the S&P 500 index and +6.9% for the equal-weight S&P 500 index. The portfolio of Zacks Rank #1 stocks is an equal-weight portfolio, while the S&P 500 index is a market-cap-weighted index that has been notably distorted by the concentrated performance of mega-cap stocks in 2023. We are not trying to cherry-pick here. But since this Zacks Model portfolio, consisting of Zacks Rank #1 stocks, is an equal-weight portfolio, the equal-weight S&P 500 index is the appropriate benchmark for comparison. Looked at this way, this portfolio has handily outperformed the index. The Zacks Model Portfolio - consisting of Zacks Rank #1 stocks – has outperformed the S&P index by more than 13 percentage points since 1988 (Through November 4, 2023, the Zacks # 1 Rank stocks generated an annualized return of +24.04% since 1988 vs. +10.78% for the S&P 500 index). You can see the complete list of today’s Zacks Rank #1 stocks here >>> Check CytomX’s historical EPS and Sales here>>> Check DaVita’ historical EPS and Sales here>>> Zacks Investment Research Image Source: Zacks Investment Research Zacks Recommendation Upgrades SCREEN Holdings and InterDigital Higher Shares of SCREEN Holdings Co., Ltd. DINRF and InterDigital, Inc. IDCC have advanced 46% (versus the S&P 500’s 9.8% rise) and 21.1% (versus the S&P 500’s 9.4% rise) since their Zacks Recommendation was upgraded to Outperform on November 10 and November 7, respectively. While the Zacks Rank is our short-term rating system that is most effective over the one- to three-month holding horizon, the Zacks Recommendation aims to predict performance over the next 6 to 12 months. However, just like the Zacks Rank, the foundation for the Zacks Recommendation is trends in earnings estimate revisions. The Zacks Recommendation classifies stocks into three groups — Outperform, Neutral and Underperform. While these recommendations are determined quantitatively, our analysts have the flexibility to override them for the 1100+ stocks they closely follow based on their better judgment of factors such as valuation, industry conditions and management effectiveness than the quantitative model. To access our research reports with Zacks Recommendations for the 1100+ stocks we cover, click here>>> Zacks Focus List Stocks Block, Uber Shoot Up Shares of Block, Inc. SQ, which belongs to the Zacks Focus List, have gained 51.2% over the past 12 weeks. The stock was added to the Focus List on March 28, 2017. Another Focus-List holding, Uber Technologies, Inc. UBER, which was added to the portfolio on August 16, 2019, has returned 47.1% over the past 12 weeks. The S&P 500 has advanced 13.2% over this period. The 50-stock Zacks Focus List model portfolio returned +21.72% in 2023 (through November 30) vs. +20.79% for the S&P 500 index and +6.32% for the equal-weight S&P 500 index. In 2022, the portfolio produced -15.2% vs. the S&P 500 index’s -17.96%. Since 2004, the Focus List portfolio has produced an annualized return of +11.07% through November 30, 2023. This compares to a +9.49% annualized return for the S&P 500 index in the same time period. On a rolling one-, three- and five-year annualized basis, the Zacks Focus List returned +13.49%, +9.21%, and +14.05% vs. +13.82%, +9.74% and +12.51% for the S&P 500 index, respectively. Unlock all of our powerful research, tools and analysis, including the Focus List, Zacks #1 Rank List, Equity Research Reports, Zacks Earnings ESP Filter, Premium Screener and more, as part of Zacks Premium. Gain full access now >> Zacks ECAP Stocks Rollins and Fiserv Make Significant Gains Rollins, Inc. ROL, a component of our Earnings Certain Admiral Portfolio (ECAP), has jumped 32.4% over the past 12 weeks. Fiserv, Inc. FI has followed Rollins with 23.9% returns. The Zacks Earnings Certain Admiral Portfolio (ECAP), which consists of 30 concentrated, ultra-defensive, long-term Buy and Hold stocks, returned +12.17% in 2023 vs. +26.28% for the S&P 500 index. The portfolio returned -4.7% in 2022 vs. the S&P 500 index’s -17.96%. With little to no turnover and annual rebalance periodicity, the ECAP seeks to minimize capital loss by holding shares of companies whose earnings streams exhibit a proven 20+ year track record of surviving recessionary periods with minimal impact on aggregate earnings growth relative to the overall S&P 500. The ECAP and many other model portfolios are available as part of Zacks Advisor Tools, a cloud-based solution to access Zacks award-winning stock, mutual fund and ETF research. Click here to schedule a demo. Zacks ECDP Stocks 3M and Home Depot Outperform Peers 3M Company MMM, which is part of our Earnings Certain Dividend Portfolio (ECDP), has returned 24.9% over the past 12 weeks. Another ECDP stock, The Home Depot, Inc. HD, has climbed 24.2% over the same time frame. Of course, the inclination of investors toward quality dividend stocks to secure an income stream amid heightened market volatility contributed to this performance. Check 3M’s dividend history here>>> Check Home Depot’ dividend history here>>> With an extremely low Beta and a history of minimum earnings variability over the last 20+ years, this 25-stock portfolio helps significantly mitigate risk. The Zacks Earnings Certain Dividend Portfolio (ECDP) returned -0.9% in 2023 vs. +26.28% for the S&P 500 index) and +8.11% for the Dividend Aristocrats ETF (NOBL). The portfolio returned -2.3% in 2022 vs. -17.96% for the S&P 500 index and -8.34% for NOBL. Click here to access this portfolio on Zacks Advisor Tools. Zacks Top 10 Stocks — e.l.f. Beauty Delivers Solid Returns e.l.f. Beauty, Inc. ELF, from the Zacks Top 10 Stocks for 2024, has jumped 9.2% since the list was released on January 2 compared to a 0.3% increase for the S&P 500 Index. The Top 10 portfolio returned +25.15% in 2023 vs. +26.28% for the S&P 500 index. Since 2012, the Top 10 portfolio has produced a cumulative return of +1060.9% through the end of 2023 vs. +360.1% for the S&P 500 index. On a rolling one-, three- and five-year annualized basis, the Zacks Top 10 portfolio returned +25.15%, +14.13%, and +29.3% vs. +26.28%, +10.23% and +15.61% for the S&P 500 index, respectively. Since 2012, the Zacks Top 10 portfolio has returned an annualized return of +22.67% through the end of 2023 vs. +13.56% for the S&P 500 index. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report 3M Company (MMM) : Free Stock Analysis Report DaVita Inc. (DVA) : Free Stock Analysis Report The Home Depot, Inc. (HD) : Free Stock Analysis Report InterDigital, Inc. (IDCC) : Free Stock Analysis Report Rollins, Inc. (ROL) : Free Stock Analysis Report Fiserv, Inc. (FI) : Free Stock Analysis Report Block, Inc. (SQ) : Free Stock Analysis Report e.l.f. Beauty (ELF) : Free Stock Analysis Report CytomX Therapeutics, Inc. (CTMX) : Free Stock Analysis Report Screen Holdings Co., Ltd (DINRF) : Free Stock Analysis Report Uber Technologies, Inc. (UBER) : Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research

2024-01-15 13:19:50+00:00

{"Bitcoin": [21, 108, 650, 921], "BTC": [310]}

{"Bitcoin": [21]}

Argentina Sees First Bitcoin Rental Agreement

https://finance.yahoo.com/news/argentina-sees-first-bitcoin-rental-131950927.html

CoinMarketCap

https://coinmarketcap.com/

Argentina Sees First Bitcoin Rental Agreement In a first for the country, a rental agreement denominated in Bitcoin was registered in Rosario, Argentina's third most populous city, according to local media reports on January 11, 2024. The contract stipulates that the tenant will pay the equivalent of $100 in BTC per month to the landlord. Fiwind, a national cryptocurrency exchange, will be used to determine the exchange rate and execute the payments. This type of rental agreement became possible following the executive order issued by President Javier Milei last year, which opened the door for contracts denominated in cryptocurrencies. While Bitcoin has been used in real estate sales before, this appears to be the first instance of its use in an Argentine rental contract. Speaking on the executive order last month, Foreign Minister Diana Mondino clarified that lease agreements can now be settled not only in Bitcoin but also other cryptocurrencies and assets. However, the order faces legal challenges and could still be rejected by Congress. View comments

2024-01-15 13:27:41+00:00

{"Bitcoin": [206, 2632], "BTC": [215, 679]}

{"Bitcoin": [22]}

First Mover Americas: Bitcoin Pulls Back to $42K; Venezuela Shutters Petro Crypto Project

https://finance.yahoo.com/news/first-mover-americas-bitcoin-pulls-132741346.html

CoinDesk

https://www.coindesk.com

This article originally appeared in First Mover , CoinDesk’s daily newsletter, putting the latest moves in crypto markets in context. Subscribe to get it in your inbox every day . Latest Prices Top Stories Bitcoin (BTC) contrarian bets were seemingly proven right as the much-awaited approval of a spot exchange-traded fund (ETF) turned out to be a “sell-the-news” event , one that analysts previously warned was possible given the token’s rapid price appreciation in the past months. “Sell the news” is a well-known term in capital markets and describes how asset prices, leverage and sentiment run-up in the lead-up to a bullish event, only for prices to tumble shortly after. BTC pulled back to as low as $41,500 early Monday before recovering after briefly hitting its two-year high above $49,000 as the first-ever spot bitcoin ETFs in the U.S. started trading last Thursday. The approval of spot bitcoin ETFs in the U.S. was much anticipated and well priced, so the event will likely be a short- to mid-term top for the price, analysts at Japan-based crypto exchange bitBank told CoinDesk in an email. It’s unclear how much fresh capital the new spot bitcoin exchange-traded funds (ETF) will attract, but significant funds from other crypto products are expected to pour in, J.P. Morgan said in a Thursday research report. The market reaction to the U.S. Securities and Exchange Commission’s (SEC) reluctant approval of spot bitcoin ETFs has been relatively muted, with the focus now shifting to how much capital these new ETFs will pull in, the report said. “We are skeptical of the optimism shared by many market participants at the moment that a lot of fresh capital will enter the crypto space as a result of the spot bitcoin ETF approval,” analysts led by Nikolaos Panigirtzoglou wrote. Venezuela is ending its Petro cryptocurrency on Monday, more than five years after it was first launched, according to multiple reports citing a message displayed on the Patria Platform, the only website where the Petro was tradeable. President Nicolas Maduro launched the Petro (PTR) in Feb. 2018 to support the nation’s currency, the bolívar, in the face of an economic crisis exacerbated by U.S. sanctions . The token, backed by the nation’s rich oil reserves, was embroiled in controversy even before the launch. The country’s opposition-controlled congress said it was illegal to borrow against the oil reserves. In 2019, U.S. authorities sanctioned a Russian bank for financing the Petro. Trending Posts Tokenized Fund Adoption Grows but Brings Technology Risks: Moody's In Failed Bitfinex Exploit Attempt, Billions in XRP Moved Bitcoin's Technicals Suggests Deeper Pullback to $38K: Analyst View comments

2024-01-15 13:30:00+00:00

{"Bitcoin": [71, 367, 601, 979, 1060, 1114, 1174, 1217, 1419, 1503, 1713, 1740, 2288, 2408, 2620, 2929, 3009, 3446, 3539, 3624, 3707, 3775, 3845, 3951, 4102, 4175, 4271, 4327, 4375, 4474, 4523, 4666, 4820, 4966, 5015, 5185, 5430, 5640, 5732, 5775, 6059, 6344, 6376, 6563, 6817, 7003, 7196, 7407, 7564, 7692, 7749, 7920, 8098, 8210]}

{"Bitcoin": [19]}

Onramp Accelerates Bitcoin Education & Investment in the MENA Region

https://finance.yahoo.com/news/onramp-accelerates-bitcoin-education-investment-133000779.html

ACCESSWIRE

https://www.accesswire.com/

As the global financial landscape becomes increasingly interconnected, Bitcoin is emerging as a significant force of unification, transcending borders and cultures to redefine humans' understanding of value and financial sovereignty. DUBAI, UNITED ARAB EMIRATES / ACCESSWIRE / January 15, 2024 / As the global financial landscape becomes increasingly interconnected, Bitcoin is emerging as a significant force of unification, transcending borders and cultures to redefine humans' understanding of value and financial sovereignty. Onramp's comprehensive approach to invest in and support the growth of Bitcoin in the MENA region exemplifies the universal appeal and transformative power of a globally accessible, permissionless monetary system. This announcement encapsulates a series of strategic endeavors highlighting Onramp's expansion & investment in the region: A partnership with CoinMENA to co-create and share content, research, and educational materials Entrance to the Bitcoin Association UAE as an early strategic member, reflecting a commitment to Bitcoin advocacy globally Active participation in the Bitcoin Oasis conference, a landmark event put forth by the Bitcoin Association UAE to help accelerate Bitcoin education and investment in the MENA region This multifaceted approach aims to empower investors, institutions, and entrepreneurs with the tools and knowledge necessary to navigate the evolving Bitcoin landscape. These collaborations embody Onramp's commitment to disseminating Bitcoin-focused knowledge across the globe. This is particularly significant in the MENA region, an area that respects property rights and has demonstrated a proclivity for embracing the foundational ideals of Bitcoin. Onramp's Focus on Bitcoin Education Onramp's philosophy extends beyond the confines of traditional asset management. At their core, Onramp team members are educators, understanding that investors require varying levels of guidance and information as they explore this asset class. Positioning research and education as the cornerstone of its strategy, Onramp offers a rich suite of resources, including comprehensive written research, engaging video content, and sophisticated analytic tools. These resources are critical in illuminating the essential tenets of the Bitcoin thesis, providing investors with the knowledge required for informed decision-making. The continued adoption of Bitcoin is ultimately a function of broadening investors' access to high-quality information on the asset to accelerate their understanding of its fundamental merits. By empowering investors with knowledge about Bitcoin, Onramp's goal is not just to facilitate investment but foster a more informed investor base. Story continues Strategic Synergies with CoinMENA Onramp's partnership with CoinMENA marks a crucial milestone in the MENA region's investment landscape. This alliance brings to the fore institutional-grade Bitcoin research and educational resources for a rapidly growing segment of the Bitcoin universe. CoinMENA, regulated by Dubai's Virtual Asset Regulatory Authority (VARA) and the Central Bank of Bahrain (CBB), plays a critical role in providing reliable on-ramp and off-ramp services, linking traditional finance with the realm of digital assets. This collaboration, especially in the context of Onramp's existing partnership with BitGo - CoinMENA's custody provider - has the potential to accelerate the adoption of Bitcoin and custodial best-practices within the region. Onramp's Strategic Alliance with the Bitcoin Association UAE Onramp's decision to become an early strategic member of the Bitcoin Association UAE represents a pivotal step in its commitment to championing Bitcoin education and advocacy. By aligning with the most prominent Bitcoin organization in the UAE, Onramp fortifies its dedication to a Bitcoin-only focus, aiming to cultivate a robust, knowledgeable community centered around this asset. The Bitcoin Association UAE serves as an invaluable hub for stimulating discourse, deepening understanding, and fostering collaborative efforts within the Bitcoin sphere. This partnership reinforces Onramp's role as a leader in Bitcoin education and enhances its capacity to influence and shape the broader narrative around Bitcoin in the UAE and beyond. Onramp's Presence at the Bitcoin Oasis Conference Onramp's commitment to Bitcoin education and collaboration is further exemplified by its forthcoming participation in the Bitcoin Oasis conference, being organized by the Bitcoin Association UAE. Taking place in Dubai in early February, this prestigious event promises to be a congregation of leading minds in the Bitcoin space, offering Onramp and others the opportunity to showcase insights, engage with industry leaders, and contribute to the evolving discourse on Bitcoin in the MENA region. Onramp's participation propels its status as a thought leader and underscores its dedication to shaping the future of Bitcoin investment and education. MENA, Texas, & Bitcoin At the intersection of global finance and culture, the MENA region and Texas - where Onramp is headquartered - stand out as unique epicenters where the ideals of Bitcoin resonate deeply, driven by a shared appreciation for hard assets, commodities, and a profound sense of financial sovereignty. This synergy is rooted in historical, cultural, and economic parallels that bind these regions to the ethos of Bitcoin. The MENA region, with its rich history and strategic positioning as a crossroads where East meets West, has long been a hub for the exchange of goods, ideas, and innovations. The recent declaration of Bitcoin as Sharia-compliant in Saudi Arabia underscores the region's progressive embrace of Bitcoin. This acceptance is a testament to Bitcoin's alignment with the fundamental principles of fairness, transparency, and financial sovereignty - ideals that are deeply embedded in the cultural and economic fabric of the Middle East. In a region where civilization has deep roots, the concept of sound money, epitomized by Bitcoin, resonates strongly with its people, mirroring the intrinsic value they have historically placed on tangible assets like oil and gas. Similarly, Texas, with its robust energy sector and a culture that values freedom and individual rights, has emerged as a fervent supporter of Bitcoin. The state's embrace of Bitcoin is driven by a recognition of its potential to promote financial fairness and independence, aligning with Texas's long-standing appreciation for hard assets. The parallel between Bitcoin and commodities like oil and gas, which have long been the bedrock of Texas's economy, is noteworthy. Both are seen as fundamental assets that represent real value and durability in a rapidly changing world. In Texas, just as in the MENA region, Bitcoin is viewed not just as a digital asset but as a new form of sound money that embodies the enduring principles of a free, fair, and sovereign financial system. The synergy between Bitcoin, Texas, and the MENA region is a fascinating reflection of how a decentralized digital currency can find common ground across diverse cultural and economic landscapes. In both regions, Bitcoin taps into a shared ethos of valuing hard assets and a collective desire for financial systems that promote autonomy and fairness. This alignment is more than a coincidence; it's a powerful indication of Bitcoin's universal appeal as a foundational building block for a new era of global finance, where the values of sound money are upheld. A Global Vision for Bitcoin Adoption Onramp's expansion in the region, marked by its collaboration with CoinMENA, early strategic membership in the Bitcoin Association UAE, and active participation in the Bitcoin Oasis conference, represents a comprehensive and far-reaching initiative in the realm of global finance. These efforts encompass a region-wide effort to promote a Bitcoin-only approach, provide access to top-tier resources and knowledge, and foster a more enlightened and well-informed investor base in the region. Onramp, CoinMENA, and the Bitcoin Association UAE are paving the way for a new era of investor empowerment and the widespread adoption of Bitcoin. Contact Information Michael Tanguma CEO [email protected] 737-260-7979 SOURCE: Onramp . View the original press release on newswire.com. View comments

2024-01-15 13:49:00+00:00

{"Bitcoin": [624]}

{}

AZZ and Cisco have been highlighted as Zacks Bull and Bear of the Day

https://finance.yahoo.com/news/azz-cisco-highlighted-zacks-bull-134900742.html

Zacks

http://www.zacks.com/

For Immediate Release Chicago, IL – January 15, 2024 – Zacks Equity Research shares AZZ AZZ as the Bull of the Day and Cisco Systems CSCO as the Bear of the Day. In addition, Zacks Equity Research provides analysis on Exxon Mobil Corp. XOM, Cenovus Energy Inc. CVE and Canadian Natural Resources Ltd CNQ . Here is a synopsis of all five stocks. Bull of the Day: The glitz and glamour of the market rally has been dirtied up a bit over the last couple of weeks. 2024 did not start off as a continuation of year-end bullishness but rather, a more cautionary stance. The headlines have been dominated by the launch of the spot Bitcoin ETF and equities are now facing a new set of concerns moving forward. Rate cuts are at the center of every investment conversation only now it’s the when and not the if. This tumultuous market could lead investors to despair. But there’s gold hidden in that emotion. Stocks which have immense earnings growth and estimates continuing to push higher are in the best position to weather any market storm. One such stock is today’s Bull of the Day, AZZ . AZZ Inc. provides hot-dip galvanizing and coil coating solutions in the United States, Canada, Brazil, China, the Netherlands, Poland, Singapore, and India. The AZZ Metal Coatings segment offers metal finishing solutions for corrosion protection, including hot-dip galvanizing, spin galvanizing, powder coating, anodizing, and plating to steel fabrication and other industries. The AZZ Precoat Metals segment provides aesthetic and corrosion protective coatings and related value-added services for steel and aluminum coil primarily serving the construction; appliance; heating, ventilation, and air conditioning; container; transportation; and other end markets. AZZ is in the Manufacturing - Electronics industry which ranks in the Top 6% of our Zacks Industry Rank. It is currently a Zacks Rank #1 (Strong Buy) with a Zacks Value Style Score of A, Growth Style Score of A and Momentum Style Score of D with a VGM Composite Score of A. The reason for the favorable rank is that analysts have been upping their earnings estimates for the current year and next year. Over the last week alone, two have pushed up their current year numbers while one has followed suit for next year. The bullish moves have increased our Zacks Consensus Estimates for the current year from $4.08 to $4.19 while next year’s number is up from $4.43 to $4.60. Story continues Bear of the Day: One thing all tech bellwether’s fear is the fall from grace. Over the years, the appeal of the long-term growth of tech companies has been intoxicating. Huge growth, amazing margins, and ultimate scalability makes these some of the most attractive investments on Earth. The problem is, often times the moat around these companies is not as deep nor as wide as they would have you believe. What happens eventually is, somebody builds a better mousetrap and you are reduced to a shell of your old self. I am not saying that is what happened to today’s Bear of the Day, but the present day reality is a significant departure from early hopes. I am talking about the very famous, well-known networking company, Cisco Systems . Cisco Systems, Inc. designs, manufactures, and sells Internet Protocol based networking and other products related to the communications and information technology industry in the Americas, Europe, the Middle East, Africa, the Asia Pacific, Japan, and China. The stock is currently a Zacks Rank #5 (Strong Sell) with a Zacks Value Style Score of D, Growth of B and Momentum of C to help it round out with a VGM Composite Score of B. The reason for the unfavorable ranks is that over the last 60 days, no fewer than eleven analysts have cut their earnings estimates for the current year and next year. The bearish moves have cut the Zacks Consensus Estimates for the current year from $4.05 to $3.89 while next year’s is off from $4.22 to $4.06. The Computer – Networking industry ranks in the Bottom 15% of our Zacks Industry Rank. Additional content: 3 Energy Stocks Leading the Clean Energy Revolution The world is experiencing a substantial transition toward cleaner energy sources as part of its commitment to combat greenhouse gas emissions. Energy companies are facing mounting pressure from various angles to address climate change. While most analysts anticipate renewable energy to play a crucial role in meeting future energy needs, it is widely acknowledged that the demand for oil and natural gas will not be entirely eliminated. According to the U.S. Energy Information Administration (EIA), there is a projection that the share of renewables in the electricity generation mix could double by 2050. This projection underscores the increasing significance of renewable energy sources in the long-term trajectory of the energy landscape. The overarching trend in the energy sector indicates a substantial rise in the consumption of renewable energy. Can the Winning Streak Continue in 2024? The 2024 outlook for the clean energy industry is quite promising, driven by several key factors and trends. The EIA anticipates 17% growth in renewable deployment, reaching 42 gigawatts in 2024 and accounting for nearly a quarter of electricity generation. The solar sector, in particular, has seen impressive growth, with solar power expected to continue leading the way in electricity generation growth for 2024 and 2025. As of 2024, numerous oil and gas companies have taken the lead in embracing clean energy initiatives, making substantial contributions to sustainability goals and the transition toward clean energy. Here, we have discussed three companies, each carrying a Zacks Rank #3 (Hold) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here . Exxon Mobil Corp. , traditionally known for its role in the oil and gas industry, has recently taken significant strides in leading the clean energy transition. Recognizing the growing urgency of climate change and the global shift toward sustainable energy sources, the company pledged to lower its greenhouse gas emissions 20-30% by 2030 from the 2016 levels. In terms of achievements, ExxonMobil has made noteworthy progress.ExxonMobil achieved a reduction in operated methane emissions by 50% since 2016. This achievement demonstrates ExxonMobil’s commitment to its environmental goals and showcases its ability to adapt to the evolving energy landscape. The company's investment in CCS technology has led to the operation of multiple large-scale CCS facilities worldwide, capturing millions of tons of CO2 annually. The Zacks Consensus Estimate for XOM’s 2024 sales indicates an improvement of 8.3% from the 2023 estimate. The Zacks Consensus Estimate for HLX’s earnings for 2024 is pegged at $9.48 per share. Cenovus Energy Inc. is making significant strides in leading the clean energy transition. The company has set ambitious goals to reduce its greenhouse gas emissions, with a target to cut absolute scope 1 and 2 emissions by 35% by 2035 from the 2019 levels. In 2024, CVE plans to invest $100 million in targeted emissions reduction initiatives, including carbon capture projects. In 2022, Cenovus made notable progress in its ESG goals. The company achieved a 32% reduction in absolute methane emissions in its upstream operations from the 2021 levels and a 59% reduction from 2019 to 2022. Cenovus set a milestone to reduce absolute methane emissions in its upstream operations by 80% by the end of 2028 from the 2019 baseline. The Zacks Consensus Estimate for CVE’s 2024 sales indicates an improvement of 40% from the 2023 estimate figure. The Zacks Consensus Estimate for CVE’s earnings for 2024 is pegged at $2.37 per share. Canadian Natural Resources Ltd is actively participating in the energy transition with a focus on increasing production efficiency and reducing its environmental impacts. The company has set ambitious clean energy targets, aiming to reduce greenhouse gas emissions intensity 40% by 2035, a goal that aligns with Canada's broader climate objectives. As of 2023, CNQ has achieved a remarkable 8% reduction in corporate direct emissions intensity from its 2018 levels, demonstrating a strong commitment to its sustainability goals. This achievement is a result of the company’s strategic investments in carbon capture and storage technologies, and the implementation of energy-efficient processes across its operations. CNQ has been actively investing in renewable energy projects, including solar and wind energy, which not only diversify its energy portfolio but also contribute to a greener energy grid. The Zacks Consensus Estimate for Canadian Natural’s 2024 sales indicates an improvement of 8.7% from the 2023 estimate figure. The Zacks Consensus Estimate for CNQ’s earnings for 2024 is pegged at $5.86 per share. Why Haven’t You Looked at Zacks' Top Stocks? Since 2000, our top stock-picking strategies have blown away the S&P's +6.2 average gain per year. Amazingly, they soared with average gains of +46.4%, +49.5% and +55.2% per year. Today you can access their live picks without cost or obligation. See Stocks Free >> Media Contact Zacks Investment Research 800-767-3771 ext. 9339 https://www.zacks.com Zacks.com provides investment resources and informs you of these resources, which you may choose to use in making your own investment decisions. Zacks is providing information on this resource to you subject to the Zacks "Terms and Conditions of Service" disclaimer. www.zacks.com/disclaimer. Past performance is no guarantee of future results. Inherent in any investment is the potential for loss.This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index.Visit https://www.zacks.com/performance for information about the performance numbers displayed in this press release. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Exxon Mobil Corporation (XOM) : Free Stock Analysis Report Cisco Systems, Inc. (CSCO) : Free Stock Analysis Report AZZ Inc. (AZZ) : Free Stock Analysis Report Cenovus Energy Inc (CVE) : Free Stock Analysis Report Canadian Natural Resources Limited (CNQ) : Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research

2024-01-15 14:55:00+00:00

{"Bitcoin": [527, 4208, 4216, 4493, 4528, 4593, 4691, 4818, 4912, 5126]}

{}

4 ETF Zones Beating the Market to Start 2024

https://finance.yahoo.com/news/4-etf-zones-beating-market-145500610.html

Zacks

http://www.zacks.com/

The U.S. stock market was off to a strong start in 2024. The S&P 500 rose 0.3% while the Nasdaq Composite Index and Dow Jones declined 0.3% each in the initial two weeks of 2024. Overstretched valuations and uncertainty about the timing of Fed rate cuts have dampened investors’ optimism (read: Nasdaq Surges on Big Tech: ETFs in Focus). Still, a few corners of the stock market are outperforming. United States Natural Gas Fund UNG, Sprott Junior Uranium Miners ETF URNJ, AdvisorShares Pure US Cannabis ETF MSOS and Grayscale Bitcoin Trust ETF GBTC have gained in double digits in the first couple of weeks of the New Year. The latest data on wholesale prices, which unexpectedly declined 0.1% in December, has moved the market sentiment up. Consumer prices data came in modestly hotter than expected, with prices up 0.3% from the last month and 3.4% from the year-ago month. This has dampened market expectations about an interest rate cut as soon as March. Though the job data report for December came in stronger than expected, it also casts doubt on the expectations of March rate cuts. The disappointing manufacturing and service data also added to the chaos. The U.S. manufacturing sector slipped further into contraction during December, according to the latest PMI data from S&P Global, as output declined and the downturn in new orders gathered pace. Services activity also slowed in December. Additionally, the latest Fed minutes show that the central bank wouldn’t cut rates as aggressively as expected for this year. This suggests an uncertain path toward interest rate cuts and reflects a growing sense that inflation is under control. ETFs in Focus We have profiled the abovementioned ETFs in detail below: Natural Gas Natural gas prices spiked on freezing weather conditions across large parts of North America, which have boosted the demand for heating. United States Natural Gas Fund jumped 34.5% in the initial two weeks of the year. It provides direct exposure to the price of natural gas on a daily basis through futures contracts. If the near-month contract is within two weeks of expiration, the benchmark will be the next month's contract to expire. The natural gas contract is for natural gas delivered at Henry Hub, LA. The United States Natural Gas Fund has an AUM of $863.1 and trades in a volume of around 19 million shares per day. UNG has a 1.06% expense ratio. Story continues Uranium Uranium continued its 2023 bull run, with its price peaking to a 16-year high of more than $100 on supply shortfall warnings from Kazatomprom, the world’s largest producer of the radioactive material. Sprott Junior Uranium Miners ETF gained 19% in the same timeframe. It is the only pure-play ETF focused on small uranium miners selected for their potential for significant revenue and asset growth. Sprott Junior Uranium Miners ETF follows the Nasdaq Sprott Junior Uranium Miners Index, which is designed to track the performance of mid-, small- and micro-cap companies in uranium-mining-related businesses. It holds 32 stocks in its basket and charges 80 bps in annual fees. Sprott Junior Uranium Miners ETF has accumulated $217.4 million in its asset base and trades in an average daily volume of 181,000 shares. Cannabis Marijuana stocks spiked following the report that the US Drug Enforcement Administration is reviewing the potential reclassification of cannabis from Schedule I to Schedule III. This development, initiated by a recommendation from the Department of Health and Human Services, could lead to substantial federal benefits for the U.S. cannabis industry if it goes through. While most of the cannabis ETFs have risen, AdvisorShares Pure US Cannabis ETF is the biggest winner, gaming nearly 17% (read: Cannabis ETFs Spike on Marijuana Classification Review). MSOS is the first actively managed U.S.-listed ETF with dedicated cannabis exposure, focusing exclusively on U.S. companies, including MSOs. It holds 23 securities in its basket with a double-digit concentration on the top four firms. AdvisorShares Pure US Cannabis ETF has amassed $630.7 million in its asset base while trading in an average daily volume of $5 million shares. It charges 83 bps in annual fees. Bitcoin Bitcoin ETFs made a solid debut last week, witnessing extraordinary trading volume and marking a significant milestone in the financial industry. This underscores strong investor interest and the potential growth of cryptocurrency in mainstream investment platforms. Grayscale Bitcoin Trust, the world’s largest Bitcoin ETF, emerged as the biggest winner, gaining 11.4% (read: Bitcoin ETFs Make Historic Debut With $4.6B in Trading). It enables investors to gain exposure to Bitcoin in the form of a security while avoiding the challenges of buying, storing and safekeeping bitcoin directly. Grayscale Bitcoin Trust charges 1.50% in annual fees from investors. It owns and passively holds actual Bitcoins through the Custodian, Coinbase Custody. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Grayscale Bitcoin Trust (GBTC): ETF Research Reports United States Natural Gas ETF (UNG): ETF Research Reports AdvisorShares Pure US Cannabis ETF (MSOS): ETF Research Reports Sprott Junior Uranium Miners ETF (URNJ): ETF Research Reports To read this article on Zacks.com click here. Zacks Investment Research

2024-01-15 15:00:00+00:00

{"Bitcoin": [36, 658, 1324, 1526, 2322, 2778, 3743, 3884, 3942, 4562, 4811, 5020, 5388, 5827, 5976, 7188]}

{"Bitcoin": [26]}

Coinbase at the Center of Bitcoin ETF Draws Envy and Risks

https://finance.yahoo.com/news/coinbase-center-bitcoin-etf-draws-150000126.html

Bloomberg

https://www.bloomberg.com/

(Bloomberg) -- The debut of US spot-Bitcoin ETFs thrusts Coinbase Global Inc. into the center of crypto’s biggest mainstream moment to date. Yet what may seem like an enviable position also creates a welter of risks for the company and its partners. Most Read from Bloomberg Trump Scores Easy Win in Iowa With DeSantis a Distant Second US Merchant Vessel Struck as Shippers Told to Avoid Red Sea Iowa Latest: Biden Calls Trump ‘Clear Frontrunner’ After Win What Is Disease X? How Scientists Are Preparing for the Next Pandemic Apple to Pull Blood-Oxygen Tool From Watches to Avoid US Ban If Appeal Fails The first exchange-traded funds investing directly in Bitcoin began trading last week after the US Securities and Exchange Commission finally approved applications from almost a dozen investment firms, including heavyweights such as BlackRock Inc. and Franklin Templeton. The launches, which follow a years-long industry push, were heralded as a pivotal development that will stoke broader adoption of the world’s biggest cryptocurrency. The majority of these ETF issuers will be dependent on Coinbase for the functioning of their funds in one way or the other, with the digital-asset exchange lined up to provide custodial, trading and lending services to BlackRock and others. Yet even as Coinbase stands to gain from Bitcoin’s leap into traditional markets, the arrangements highlight what some see as a potentially dangerous concentration of risk. Meanwhile, the emergence of a bevy of funds offering cut-rate fees on Bitcoin investment vehicles poses a separate threat to revenue at Coinbase’s core trading platform. “By design, our financial-market infrastructure is segregated into different roles,” David Schwed, chief operating officer at Halborn, a blockchain security firm, said. “When you have one entity that’s responsible for the entire life-cycle of the trade, I think that causes concerns.” Coinbase’s multiple roles are a key worry of the SEC itself, which is embroiled in a legal battle with the company after accusing it in June of running an unregistered exchange, broker-dealer and clearinghouse for tokens it deemed to be securities. Coinbase has disputed the allegations, claiming the SEC is overstepping its bounds. Story continues Read more: Crypto Skeptic Gensler Becomes Reluctant Backer of Bitcoin ETFs In announcing the approvals Wednesday, SEC Chair Gary Gensler pointedly noted that the agency isn’t endorsing any of the funds’ arrangements, nor does it “approve or endorse crypto trading platforms or intermediaries, which, for the most part, are non-compliant with the federal securities laws and often have conflicts of interest.” Coinbase, already the world’s largest crypto custodian, is the most-popular choice of custody provider among Bitcoin ETFs. But issuers also are flagging the potential that the company will have to restrict or curtail some services it provides, according to their risk disclosures. “There is definitely concentration risk because of so many firms using Coinbase as a crypto custodian,” said Dave Abner, principal at Dabner Capital Partners, an ETF consultancy. “Even if that turns out not to be a problem for the SEC, to me it seems like an unnecessary risk for investors and I’m surprised that a multi-custodian setup isn’t required of issuers, just to protect against unforeseen problems.” Alesia Haas, Coinbase’s chief financial officer, said the company works “diligently to avoid conflict of interests” and that the market structure in traditional securities may not be a fit for crypto. A spokesperson added that Coinbase’s custody business “is not at issue in our case with the SEC.” Coinbase is currently the only trading agent for BlackRock, which will buy and sell Bitcoin for its ETF through Coinbase Prime. And its lending business, a smaller part of the organization, is yet another critical cog in the Bitcoin ETF machine. Issuers such as BlackRock can borrow Bitcoin or cash from Coinbase for trades on a short-term basis. But the financing capacity of Coinbase — coming from the company’s own balance sheet — could potentially create a bottleneck for such trades. To be sure, BlackRock at least has multiple ways to manage trades, even if financing isn’t available. Brett Tejpaul, head of Coinbase Institutional, said Coinbase offers bundled services in custody, trading and financing to provide a seamless process. Clients who use different providers may end up introducing more risks, he added. While Coinbase’s shares rallied by nearly 400% last year along with the surge in Bitcoin, the new ETFs may only add 5% to 10% to the company’s revenue, according to a recent note from Mizuho. The analysts estimate that the ETFs may only add $25 million to $30 million in custody fees, as well as up to $210 million in incremental Bitcoin trading revenue on the platform. That’s a relative drop in the bucket compared with Coinbase’s total revenue of $2.15 billion in the nine months ended Sept. 30. Some current customers may start buying Bitcoin through ETFs instead of on Coinbase — which charges higher trading fees. Even if they don’t, Dan Dolev, Mizuho’s senior fintech analyst, says low ETF asset-management fees will likely drive fee compression across the entire space, including for Coinbase. Coinbase’s Haas said she doesn’t expect to see trading-fee pressure immediately following the arrival of Bitcoin ETFs, though the company could face fee compression in the long term. “We believe the spot ETFs will be additive to the crypto market and Coinbase,” said Greg Tusar, Coinbase’s head of institutional products. Custody fees are much lower than trading fees, and may yet go down further as competition heats up in that business. And there are alternatives to Coinbase: Fidelity Investments is using its digital-asset unit to safekeep Bitcoin for its ETF. Gemini, the crypto exchange co-founded by Cameron and Tyler Winklevoss, is also vying to play a role, and already landed VanEck Bitcoin Trust as a client. The ETFs are likely to diversify to use multiple custodians over time, as they wish to reduce their reliance on a single company — even if they aren’t ordered to do so. Haas is prepared for that potentiality. While Coinbase has been what she called a trusted choice for numerous other exchange-traded products and regulated funds, she acknowledged that issuers may choose to have a secondary custodian for “redundancy and diversification” as assets grow. She pointed out that ETF issuers in traditional financial markets typically have multiple custodians, though she expects Coinbase will retain a significant portion of the assets. For some, the fact that Coinbase is arguably more scrutinized, as a public company, than many others is an advantage — and that could attract more business longer term. Matt Hougan, chief investment officer at Bitwise, said his firm picked Coinbase for custody because the company is “the largest and most established.” “They want their customers to be as comfortable and confident trading on Coinbase as they would on Nasdaq,” said Campbell Harvey, a finance professor at Duke University. For now, Coinbase is relishing its moment of victory. As the Bitcoin ETFs made their debut on Thursday, the mood was buoyant at the company’s sleek New York office, located in Hudson Yards on the west side of Manhattan. “None of us slept,” said Emilie Choi, Coinbase’s chief operating officer. “We were too excited.” Whether that buzz continues remains to be seen. Most Read from Bloomberg Businessweek Chinese Tycoon on the Rebound After $10 Billion Debt Deal How AI Replaced the Metaverse as Zuckerberg’s Top Priority Trumponomics 2.0: What to Expect If Trump Wins the 2024 Election Five ETFs to Watch in 2024 Kim Kardashian’s Skims Isn’t the Only Celebrity Brand to Watch ©2024 Bloomberg L.P.

2024-01-15 17:00:00+00:00

{"Bitcoin": [401, 452, 615, 758, 994, 1108, 1233, 1433, 1608, 1811, 1847, 2258, 2484, 2626, 2681, 2780]}

{"Bitcoin": [26]}

Charlie Rothkopf Launches Bitcoin Fund CZR to Merge Investment and Mining Operations

https://finance.yahoo.com/news/charlie-rothkopf-launches-bitcoin-fund-170000843.html

GlobeNewswire

https://www.globenewswire.com/

CZR Fund centers around leveraging the potential of the cryptocurrency market comprehensively New York, NY, Jan. 15, 2024 (GLOBE NEWSWIRE) -- Entrepreneur Charlie Rothkopf, renowned for his financial acumen, has unveiled a groundbreaking initiative in the dynamic realm of cryptocurrency investment – the CZR Fund . Unlike traditional funds, CZR takes a distinctive approach by seamlessly integrating Bitcoin investment with ownership and operation of Bitcoin mining facilities. In this pioneering venture, Rothkopf positions CZR Fund as a holistic investment platform, actively engaging in both the acquisition of Bitcoin and the strategic management of mining operations. This unique dual-pronged strategy capitalizes on the symbiotic relationship between Bitcoin investment and mining, redefining conventional approaches to cryptocurrency fund management. “The core philosophy of CZR Fund centers around leveraging the potential of the cryptocurrency market comprehensively. By investing in Bitcoin and simultaneously managing mining facilities, the fund aims to benefit not only from the appreciation of Bitcoin's value but also from the rewards generated through the mining process,” said Charlie Rothkopf, the CEO of CZR Fund. Bitcoin mining, a fundamental process within the cryptocurrency ecosystem, involves solving complex mathematical puzzles to validate transactions on the network. Miners are rewarded with newly minted Bitcoins for their computational efforts, contributing to the decentralized nature of the cryptocurrency. Rothkopf's visionary outlook recognizes the inherent synergy between Bitcoin investment and mining operations. CZR Fund's approach diverges from traditional investment strategies by actively participating in the foundational infrastructure that sustains the decentralized Bitcoin network. The integration of Bitcoin mining into CZR Fund's strategy serves to diversify risk and establish a more resilient investment portfolio. This innovative approach mitigates potential downsides from market fluctuations by introducing an additional revenue stream derived from mining activities. The vision for CZR Fund extends beyond mere profit maximization; it represents a commitment to fostering the growth and stability of the Bitcoin ecosystem. Rothkopf's initiative actively contributes to the network's security and decentralization, aligning investment goals with the fundamental workings of the blockchain. About CZR Fund CZR Fund is an innovative Bitcoin investment platform spearheaded by renowned financial expert Charlie Rothkopf. Unlike traditional funds, CZR Fund uniquely integrates Bitcoin investment with the ownership and operation of Bitcoin mining facilities. This pioneering approach aims to capitalize on both the appreciation of Bitcoin's value and the rewards generated through active participation in the mining process, providing a holistic and diversified strategy within the cryptocurrency investment landscape. Story continues Media Contact Robert Penington [email protected] View comments

2024-01-15 17:05:10+00:00

{"Bitcoin": [208, 306]}

{"Bitcoin": [0]}

Bitcoin is so volatile and hard to value that it's closer to a lottery ticket than an investment, top economist David Rosenberg says

https://finance.yahoo.com/news/bitcoin-volatile-hard-value-closer-170510430.html

Business Insider

https://www.businessinsider.com/

David Rosenberg. CNBC Veteran economist David Rosenberg says buying bitcoin is more like gambling than investing. Stocks, bonds, cash, and commodities are much easier to value than cryptocurrencies, he says. Bitcoin is volatile, as shown by its price move after the SEC decision last week, Rosenberg says. Bitcoin and other cryptos are so volatile and hard to value that buying them is closer to gambling than investing, David Rosenberg says. Stocks are a claim on a company's future cash flows, bonds and savings accounts pay out interest, while commodities have industrial uses and demand for them can be modeled using economic data, the Rosenberg Research president said in a morning note on Monday. "These things are real," Rosenberg wrote. "You want to get rich by believing in crypto 'currencies?' Then barbell your holdings with lottery tickets. Seriously — let's get a grip." The former chief North American economist at Merrill Lynch argued that bitcoin and other tokens are examples of the "greater fool" theory at work. In other words, people buy them not because they're intrinsically worth anything, but because they hope to sell them for a profit to someone even more foolish. Rosenberg's diatribe followed US regulators' approval of nearly a dozen spot bitcoin ETFs last week. The veteran economist noted the most popular crypto tumbled in price from a two-year high of $49,000 last Thursday morning, to $44,000 by Friday evening. "Who needs this degree of volatility in their lives?" he queried. "Not me, that's for sure." Rosenberg's crypto-bashing echoes the critique he made to Business Insider last year . He underscored that token prices can swing 20% or 30% within weeks. "Why introduce that to your portfolio unless you're a gambler?" he questioned at the time. Moreover, he emphasized the difficult of gauging the worth of an asset that, unlike a business or a bond, doesn't yield a return for investors. "I don't know how to value it," he said. "Therefore, as they say on 'Shark Tank' — 'I'm out.'" Read the original article on Business Insider

2024-01-15 18:25:47+00:00

{"Bitcoin": [1784, 2059, 2905, 3234, 3623, 4730], "BTC": [909, 2423]}

{"Bitcoin": [14]}

Will the Next Bitcoin Halving Be Another Hype Cycle?

https://finance.yahoo.com/news/next-bitcoin-halving-another-hype-182547864.html

CoinDesk

https://www.coindesk.com

Now that spot bitcoin exchange-traded funds (ETFs) are live in the U.S., market watchers are looking for the next potentially bullish event to drive cryptocurrency gains. Following the U.S. Security and Exchange Commission’s (SEC) long-awaited decision to approve these financial products, bitcoin ETFs have simultaneously overperformed and underwhelmed expectations – representing the pluses and minuses of a market driven by hype. This is an excerpt from The Node newsletter, a daily roundup of the most pivotal crypto news on CoinDesk and beyond. You can subscribe to get the full newsletter here . The top three bitcoin ETFs have seen well over half a billion dollars worth of capital inflows (not counting Grayscale’s $22 billion fund, which was converted over from the existing GBTC trust and has seen sizable outflows), signifying the significant customer demand for traditional on-ramps into bitcoin [BTC]. In the weeks leading up to the date of approval, Wednesday, Jan. 10, bitcoin rallied to a recent high of ~$48,000. Many analysts and traders are now hoping the upcoming bitcoin halving — when the rate of new bitcoins issued to network validators (aka miners) is slashed — could be a similar catalyst for crypto prices. There is a longstanding debate whether these programmatically triggered events that occur once every four years are “priced in.” The approval of bitcoin ETF’s last week may give some indication of what’s to come for the next bitcoin hype cycle. The listing of 11 new bitcoin funds was a clear moment to sell, at least in hindsight, and bitcoin has since sagged ~12% to $42,250 today. It remains too early to say whether bitcoin ETFs will draw in billions of new dollars and investors , a prediction that hangs on actual demand for bitcoin. See also: Bitcoin Traders Eye Support at $40K as ETF Contrarian Bets Prove Right Meanwhile, the bitcoin halving (sometimes halvening) narrative is a supply-side story: bitcoin’s price could pop after the supply of new coins entering the market becomes constrained, assuming use of the Bitcoin network remains steady or increases. Story continues To some extent, the bitcoin halving narrative is a post-hoc rationalization for the fact that bitcoin has in fact gone on a tear in the months after every halving so far. For instance, six months after the network’s second halving in 2016 (when the emissions of new coins per block fell from 25 to 12.5 BTC), bitcoin crossed the $1,000 threshold for the first time. A similar rally happened in 2020, when bitcoin set a new all-time high. But there’s little to suggest that these price increases are directly related to the halving, outside of the increased bullish sentiment and media coverage that typically precedes the event. CoinShares, in its latest “Mining Report” noted that there’s a “peak in hashrate growth often occurs about four months before the halving, likely due to a ‘Bitcoin rush,’” which could represent positive sentiment. Except the economic logic around a bitcoin supply shock is a bit shaky , considering that the supply of new bitcoins will actually continue to increase for the next century or so, at which point all 21 million bitcoins will have been mined. Satoshi Nakamoto designed the Bitcoin network to subsidize miners through these rewards to stimulate adoption , hoping that over time transaction fees will grow large enough to sustain network security and validation. CoinShares doesn’t offer a price prediction in its report, which instead makes the case that bitcoin mining will grow more competitive after the halving, knocking out the least efficient miners. While Bitcoin has become 90% more efficient since the last halving, hashrate (which represents the amount of computing power put towards network security) and cost structures have also increased. In fact, the current bitcoin mining difficulty is at historic highs, with computing power jumping over 100% in 2023. CoinShares predicts this to fall off after the halving with a “miner exodus.” The company also said the “average cost of production per coin” could normalize at just under $38,000 post-halving, given the complicated interrelation between hardware and electricity costs, difficulty levels and the cost structures that determine whether certain miners are making or losing money, which determines how many miners are on the network. What exactly does this mean for bitcoin price predictions? Well somewhat contradictorily, if bitcoin prices remain above $40,000 it may actually drive miner returns lower. CoinShares doesn’t offer this prediction as such, but given that miners are often the largest sellers of bitcoin , reduced profitability may also create selling pressure from that group. See also: Bitcoin Miner Outflows Hit Six-Year Highs Ahead of Halving There are plenty of others who disagree, and see the halving as another potential positive catalyst for bitcoin prices. But it’s important to note that everyone has their own incentives. The only near-guarantee when it comes to the halving is that it’s another moment for hype.

2024-01-15 20:21:48+00:00

{"Bitcoin": [4132]}

{}

Apple to Pull Blood-Oxygen Tool From Watches to Avoid US Ban If Appeal Fails

https://finance.yahoo.com/news/apple-pull-blood-oxygen-tool-202148622.html

Bloomberg

https://www.bloomberg.com/

(Bloomberg) -- Apple Inc. is planning to remove its blood-oxygen feature from its latest smartwatches — the Series 9 and Ultra 2 — to get around a US ban of the devices if an appeal of the decision fails. Most Read from Bloomberg Blinken’s Return From Davos Was Delayed After Plane Broke Down Pakistan’s Army Strikes Back at Iran as Both Sides Urge Calm Apple to Sell Watches Without Oxygen Feature After Legal Setback Airstrikes on Yemen Bring New Level of Chaos to Shipping in the Southern Red Sea Nasdaq 100 Hits Record High in Tech-Fueled Rebound: Markets Wrap The plan was disclosed Monday by Masimo Corp., which has been locked in a feud with Apple over patents related to the technology. It said that US Customs and Border Protection approved the move on Jan. 12. The agency “decided that Apple’s redesign falls outside the scope” of an import ban by the US International Trade Commission, signaling that the adjustment will let Apple keep its watches on the market. The ITC had ruled in October that Apple’s devices violated Masimo patents related to blood-oxygen measurement. That led Apple to pause sales of the smartwatches just ahead of Christmas, though an interim stay allowed the company to bring the products back late last month. The iPhone maker developed a software workaround intended to sidestep the dispute and presented the solution last week to the customs agency, which is in charge of enforcing import bans. Apple explained that the redesigned watches “definitively” do not contain the technology at issue, known as pulse oximetry, according to Masimo. The dramatic step would probably only take place if Apple fails to win a longer stay from a federal appeals court. The company said Monday it expects the US Court of Appeals for the Federal Circuit to rule on its motion for a stay for the entire appeal period as early as Tuesday. The company said it believes the period could last a year or more. Until then, the Apple Watch blood-oxygen feature continues to be available on newly sold units, the Cupertino, California-based company said. The customs agency hasn’t publicly published its decision, but shared it with the parties. Story continues “Apple’s claim that its redesigned watch does not contain pulse oximetry is a positive step toward accountability,” Masimo said. “It is especially important that one of the world’s largest and most powerful companies respects the intellectual property rights of smaller companies and complies with ITC orders when it is caught infringing.” Removing the technology from the Apple Watch would be significant move. The company’s engineers have been working on a software update that changes the blood-oxygen app and its algorithms in a way that might circumvent the issue without losing the feature. But eliminating the capability would likely be the quickest way to avoid seeing the ban reimposed, which could have occurred as early as this month. “Apple may have paid a steep price to get around a US import ban,” Bloomberg Intelligence analyst Tamlin Bason said in a note. “That was a highly touted feature.” Though addressing the immediate risk of a ban is positive, the move “could dent customer demand,” Bason said. Apple’s operations team has already begun shipping modified Series 9 and Ultra 2 watches to retail locations in the US, likely in case the appeal fails this week. The stores were told not to open or sell the tweaked devices until they receive approval from Apple’s corporate offices. It’s possible that those models are the new versions without the blood-oxygen feature. Separately, a federal appeals court is expected to hear an Apple motion as early as this week for a continued stay on the ban. The prohibition was overturned on an emergency basis while Apple waits for a hearing. Last week, the ITC urged an appeals court to reject “weak and unconvincing” arguments supporting a bid to block the trade agency’s enforcement of the ban. (Updates with company comments starting in seventh paragraph.) Most Read from Bloomberg Businessweek The Downfall of Diddy Inc. Japan’s Market Roars Back to Life—With Old-Timers Leading the Way The Bitcoin Hype Is Back and About Just as Hollow as Before Elon Moves Further Right; Hertz Ditches Tesla ©2024 Bloomberg L.P.

2024-01-15 20:24:00+00:00

{"Bitcoin": [1445, 1453]}

{}

Momentum Monday: Tough Start for Stocks During Election Years?

https://finance.yahoo.com/news/momentum-monday-tough-start-stocks-202400022.html

Zacks

http://www.zacks.com/

Want to start the week ahead of the pack? Check out Momentum Mondays, where I cover the leading breakout stocks in the market, summarize the major events of the week ahead, and prepare investors for profitable trading. Today, we will be taking a look at the broad stock market indexes to summarize the action of the last few weeks, then we will look at the economic calendar and earnings releases to address any market moving data coming our way. And finally, I will share four compelling technical trade setups in stocks with top Zacks Ranks. Potential for Challenging First Quarter In addition to a rapidly shifting economic environment due to the transitioning interest rate policy from the Fed, US presidential elections lead to a potentially more uncertain 2024. The first quarter has shown seasonal tendencies to choppy action during election years. Carson Group Image Source: Carson Group Furthermore, US equity indexes broke down from an ascending channel on the first day of the year. TradingView Image Source: TradingView Economic Calendar The economic calendar is lighter this week, with initial jobless claims on Thursday as the main data catalyst this week. We will also see earnings season begin in earnest this week. Companies including Goldman Sachs, Morgan Stanley, Alcoa, and Schlumberger report this week. However, next week is when it really get interesting, with Microsoft, Tesla, Netflix and other major players reporting. Bitcoin Bitcoin ETFs finally began trading last week, but events like this have lead to near-term tops in the past. Brent Donnelly Image Source: Brent Donnelly Technical Setups I am favoring more defensive stocks in this week’s edition of Momentum Monday, but still include one leading technology stock that has been showing relative strength. TradingView Image Source: TradingView Bottom Line Even the best trading setups fail, so it is always important for traders to prioritize making a trading plane, following the plan, and utilizing strict risk management protocols. Good luck this week traders! Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report To read this article on Zacks.com click here. Zacks Investment Research View comments

2024-01-15 20:33:36+00:00

{"Bitcoin": [85, 825, 1061]}

{}

SkyBridge's Scaramucci sees bitcoin over $170,000 by 2025 on halving, spot ETFs

https://finance.yahoo.com/news/skybridges-scaramucci-sees-bitcoin-over-203336037.html

Reuters

http://www.reuters.com/

By Divya Chowdhury and Lisa Pauline Mattackal DAVOS, Switzerland, Jan 15 (Reuters) - Bitcoin's price could breach $170,000 next year, driven by demand for newly listed exchange traded-funds and April's halving event, hedge fund SkyBridge's Anthony Scaramucci said in an interview on Monday. "If bitcoin's at $45,000 on the halving, where it roughly is right now, it'll be $170,000 by mid- to late 2025," the SkyBridge founder and managing partner told the Reuters Global Markets Forum in the Swiss ski resort of Davos. The halving is a technical event that reduces the rate at which new bitcoin are released into circulation. "Wherever the price is on the day of the halving in April, multiply it by four, and it'll reach that price in the next 18 months," Scaramucci said ahead of the World Economic Forum's annual meeting. Bitcoin's price jumped above $49,000 last week as spot bitcoin ETFs received approval to trade on U.S. exchanges, but has since slipped back to around $42,000. Scaramucci ascribed this decline to investors rotating out of the Grayscale Bitcoin Trust into the new funds, adding that it will likely take another eight to 10 trading days to see the impact of the newly listed funds on prices. The landmark U.S. regulatory approval for spot bitcoin ETFs came after years of campaigning and applications from numerous firms, including SkyBridge, which saw an application rejected in 2022. Skybridge also plans to launch a new fund that combines investments in crypto tokens and digital asset-focused venture capital, Scaramucci said, adding that he also expects a strong performance in structured credit. (Join GMF, a chat room hosted on LSEG Messenger: https://tinyurl.com/yyr3x6pu) (Reporting by Divya Chowdhury in Davos and Lisa Pauline Mattackal in Bengaluru; Editing by Mark Porter) View comments

2024-01-15 20:36:07+00:00

{"Bitcoin": [77, 817, 1053]}

{}

SkyBridge's Scaramucci sees bitcoin over $170,000 by 2025 on halving, spot ETFs

https://finance.yahoo.com/news/skybridges-scaramucci-sees-bitcoin-over-203607631.html

Reuters

http://www.reuters.com/

By Divya Chowdhury and Lisa Pauline Mattackal DAVOS, Switzerland (Reuters) - Bitcoin's price could breach $170,000 next year, driven by demand for newly listed exchange traded-funds and April's halving event, hedge fund SkyBridge's Anthony Scaramucci said in an interview on Monday. "If bitcoin's at $45,000 on the halving, where it roughly is right now, it'll be $170,000 by mid- to late 2025," the SkyBridge founder and managing partner told the Reuters Global Markets Forum in the Swiss ski resort of Davos. The halving is a technical event that reduces the rate at which new bitcoin are released into circulation. "Wherever the price is on the day of the halving in April, multiply it by four, and it'll reach that price in the next 18 months," Scaramucci said ahead of the World Economic Forum's annual meeting. Bitcoin's price jumped above $49,000 last week as spot bitcoin ETFs received approval to trade on U.S. exchanges, but has since slipped back to around $42,000. Scaramucci ascribed this decline to investors rotating out of the Grayscale Bitcoin Trust into the new funds, adding that it will likely take another eight to 10 trading days to see the impact of the newly listed funds on prices. The landmark U.S. regulatory approval for spot bitcoin ETFs came after years of campaigning and applications from numerous firms, including SkyBridge, which saw an application rejected in 2022. Skybridge also plans to launch a new fund that combines investments in crypto tokens and digital asset-focused venture capital, Scaramucci said, adding that he also expects a strong performance in structured credit. (Join GMF, a chat room hosted on LSEG Messenger: ) (Reporting by Divya Chowdhury in Davos and Lisa Pauline Mattackal in Bengaluru; Editing by Mark Porter) View comments

2024-01-15 20:36:07+00:00

{"Bitcoin": [77, 817, 1053]}

{}

SkyBridge's Scaramucci sees bitcoin over $170,000 by 2025 on halving, spot ETFs

https://finance.yahoo.com/news/skybridges-scaramucci-sees-bitcoin-over-203607846.html

Reuters

https://www.reuters.com/

By Divya Chowdhury and Lisa Pauline Mattackal DAVOS, Switzerland (Reuters) - Bitcoin's price could breach $170,000 next year, driven by demand for newly listed exchange traded-funds and April's halving event, hedge fund SkyBridge's Anthony Scaramucci said in an interview on Monday. "If bitcoin's at $45,000 on the halving, where it roughly is right now, it'll be $170,000 by mid- to late 2025," the SkyBridge founder and managing partner told the Reuters Global Markets Forum in the Swiss ski resort of Davos. The halving is a technical event that reduces the rate at which new bitcoin are released into circulation. "Wherever the price is on the day of the halving in April, multiply it by four, and it'll reach that price in the next 18 months," Scaramucci said ahead of the World Economic Forum's annual meeting. Bitcoin's price jumped above $49,000 last week as spot bitcoin ETFs received approval to trade on U.S. exchanges, but has since slipped back to around $42,000. Scaramucci ascribed this decline to investors rotating out of the Grayscale Bitcoin Trust into the new funds, adding that it will likely take another eight to 10 trading days to see the impact of the newly listed funds on prices. The landmark U.S. regulatory approval for spot bitcoin ETFs came after years of campaigning and applications from numerous firms, including SkyBridge, which saw an application rejected in 2022. Skybridge also plans to launch a new fund that combines investments in crypto tokens and digital asset-focused venture capital, Scaramucci said, adding that he also expects a strong performance in structured credit. (Join GMF, a chat room hosted on LSEG Messenger: ) (Reporting by Divya Chowdhury in Davos and Lisa Pauline Mattackal in Bengaluru; Editing by Mark Porter)

2024-01-15 20:56:05+00:00

{"Bitcoin": [6448]}

{}

Stocks Slip as Officials Push Back on Easing Bets: Markets Wrap

https://finance.yahoo.com/news/asia-set-mixed-start-taiwan-220618498.html

Bloomberg

https://www.bloomberg.com/

(Bloomberg) -- European stocks and bonds retreated after European Central Bank officials poured cold water on expectations for rapid rate cuts even as data from Germany underscored the challenging backdrop for economic growth and corporate profits. Most Read from Bloomberg Trump Scores Easy Win in Iowa With DeSantis a Distant Second US Merchant Vessel Struck as Shippers Told to Avoid Red Sea Iowa Latest: Biden Calls Trump ‘Clear Frontrunner’ After Win What Is Disease X? How Scientists Are Preparing for the Next Pandemic Apple to Pull Blood-Oxygen Tool From Watches to Avoid US Ban If Appeal Fails The Stoxx Europe 600 index slipped 0.5% at the close, extending a lackluster start to the year. Consumer goods and retailers led the decline after data showed Germany’s economy contracted for the first time since the pandemic last year. Germany’s 10-year yield rose about five basis points to a one-month high. Lingering inflation and geopolitical risks will prevent the ECB from lowering interest rates this year, even though a recession can no longer be ruled out, according to Governing Council member Robert Holzmann. He joined colleagues including ECB President Christine Lagarde, Governing Council member Constantinos Herodotu and Chief Economist Philip Lane in warning that it’s too early to talk about trimming borrowing costs. Traders are betting on six quarter-point cuts from the ECB, starting in April, while economists anticipate a first of four moves in June. Signs of economic weakness in the region support their case: Germany on Monday reported a contraction of 0.3% in the fourth quarter and a decline in output of the same magnitude for the whole of 2023. Even so, Bundesbank President Joachim Nagel agreed that it’s premature to discuss monetary easing, suggesting no movement before the summer. “We’re now getting at the stage when bad economic news no longer translates into good news for equity markets,” said Benoit Péloille, chief investment officer at Natixis Wealth Management. In the US as well, market pricing for as many as six quarter-point rate cuts “can be a stretch; bad economic news will start to hurt,” he said. US equity-index futures were flat, with stock and Treasury cash markets closed on Monday for a public holiday. A gauge of the dollar edged higher. Among individual stock moves in Europe, Dassault Aviation SA slumped after the French aircraft maker reported a decline in 2023 jet orders. Delivery Hero SE and Just Eat Takeaway.com NV dropped after BNP Paribas Exane analysts recommended steering clear of Europe’s food delivery sector. Volvo Car AB extended a decline sparked Friday when it said it’s temporarily halting some production due to shipping delays caused by Red Sea attacks. Story continues Oil declined despite a Houthi attack on a US-owned commercial vessel as soft fundamentals offset the risk that air strikes by the US and allies would ignite a wider conflict and disrupt crude flows from the Middle East. Meanwhile, European natural gas futures tumbled to the lowest since August, underscoring the region’s success in bolstering supplies since the energy crisis in 2022. The MSCI Asia Pacific share index climbed for a third session. Stocks advanced in Taiwan after the Democratic Progressive Party won the presidential election and the more China-friendly Kuomintang gained too few seats to control the assembly. China’s CSI 300 Index swung between gains and losses amid speculation officials may lower the required reserve ratio after the People’s Bank of China unexpectedly left the rate on its one-year policy loans at 2.5% Monday. That was contrary to expectations among economists that it would trim the so-called medium-term lending facility by 10 basis points. “Rate cuts are likely still on the cards, but China looks to be taking a more measured approach to policy easing,” said Marvin Chen, an analyst at Bloomberg Intelligence in Hong Kong. Along with more US earnings reports, investors this week will be focused on inflation readings in Germany and the UK, as well as a swath of political leaders and officials including Chinese Premier Li Qiang attending the annual WEF. A speech by Federal Reserve Governor Christopher Waller, after officials last week attempted to temper any expectation of a looming rate cut, will also be closely watched. Some key events in markets this week: World Economic Forum in Davos begins, with this year’s theme “Rebuilding Trust,” Monday Iowa Republican caucuses, the first nominating contests for the 2024 US presidential election, Monday Japan PPI, Tuesday Germany CPI, ZEW survey expectations, Tuesday UK unemployment, Tuesday US Empire Manufacturing, Tuesday Goldman Sachs Group Inc., Morgan Stanley to report earnings, Tuesday Federal Reserve Governor Christopher Waller speaks, Tuesday China GDP, property prices, retail sales and industrial production, Wednesday Eurozone CPI, Wednesday UK CPI, Wednesday US retail sales, industrial production, business inventories, Wednesday Federal Reserve issues Beige Book survey, Wednesday European Central Bank President Christine Lagarde speaks at Davos, Wednesday New York Fed President John Williams speaks, Wednesday Australia unemployment, Thursday Japan industrial production, Thursday European Central Bank publishes account of December policy meeting, Thursday US housing starts, initial jobless claims, Thursday Atlanta Fed President Raphael Bostic speaks, Thursday Japan CPI, Friday US existing home sales, University of Michigan consumer sentiment, Friday US Congress faces deadline to pass spending agreement before part of federal government shuts down, Friday San Francisco Fed President Mary Daly speaks, Friday Here are some of the main moves in markets: Stocks S&P 500 futures were little changed as of 3:54 p.m. New York time Futures on the Dow Jones Industrial Average were little changed The MSCI World index fell 0.1% The MSCI Asia Pacific Index gained 0.1% The MSCI Emerging Markets Index fell 0.1% Ibovespa Brasil Sao Paulo Stock Exchange Index rose 0.4% S&P/BMV IPC fell 0.3% Currencies The Bloomberg Dollar Spot Index rose 0.2%, more than any closing gain since Jan. 9 The euro was unchanged at $1.0951 The British pound fell 0.2% to $1.2728 The Japanese yen fell 0.6% to 145.79 per dollar The offshore yuan was little changed at 7.1837 per dollar The Mexican peso was little changed at 16.8816 The Brazilian real slid 0.2% to 4.865 per dollar Cryptocurrencies Bitcoin rose 0.8% to $42,851.13 Ether was little changed at $2,524.87 Bonds The yield on 10-year Treasuries was little changed at 3.94% Germany’s 10-year yield advanced five basis points to 2.23% Britain’s 10-year yield was little changed at 3.80% Commodities West Texas Intermediate crude fell 0.2% to $72.50 a barrel Spot gold rose 0.4% to $2,058.17 an ounce This story was produced with the assistance of Bloomberg Automation. --With assistance from Michael Msika, Tassia Sipahutar and Julien Ponthus. Most Read from Bloomberg Businessweek Chinese Tycoon on the Rebound After $10 Billion Debt Deal How AI Replaced the Metaverse as Zuckerberg’s Top Priority Trumponomics 2.0: What to Expect If Trump Wins the 2024 Election Five ETFs to Watch in 2024 Kim Kardashian’s Skims Isn’t the Only Celebrity Brand to Watch ©2024 Bloomberg L.P. View comments

2024-01-15 23:14:12+00:00

{"Bitcoin": [2844]}

{}

AI Can Convincingly Mimic A Person's Handwriting Style, Researchers Say

https://finance.yahoo.com/news/ai-convincingly-mimic-persons-handwriting-231412314.html

Bloomberg

https://www.bloomberg.com/

(Bloomberg) -- Artificial intelligence tools already allow people to generate eerily convincing voice clones and deepfake videos. Soon, AI could also be used to mimic a person’s handwriting style. Most Read from Bloomberg Blinken’s Return From Davos Was Delayed After Plane Broke Down Pakistan’s Army Strikes Back at Iran as Both Sides Urge Calm Apple to Sell Watches Without Oxygen Feature After Legal Setback Airstrikes on Yemen Bring New Level of Chaos to Shipping in the Southern Red Sea Nasdaq 100 Hits Record High in Tech-Fueled Rebound: Markets Wrap Researchers at Abu Dhabi's Mohamed bin Zayed University of Artificial Intelligence (MBZUAI) say they have developed technology that can imitate someone’s handwriting based on just a few paragraphs of written material. To accomplish that, the researchers used a transformer model, a type of neural network designed to learn context and meaning in sequential data. The team at MBZUAI, which calls itself the world's first AI university, has been granted a patent by the US Patent and Trademark Office for the artificial intelligence system. The researchers have not yet released the feature, but it represents a step forward in an area that has drawn interest from academics for years. There have been apps and even robots that can generate handwriting, but recent advances in AI have accelerated character recognition techniques dramatically. As with other AI tools, however, it’s unclear if the benefits will outweigh the harms. The technology could help the injured to write without picking up a pen, but it also risks opening the door to mass forgeries and misuse. The tool will need to be deployed thoughtfully, two of the researchers said in an interview.“We'll have to create public awareness and develop tools to combat forgery,” said Hisham Cholakkal, an assistant professor for computer vision at MBZUAI. “It's like developing an anti-virus for a virus.” Despite the concerns, the inventors said they plan to apply their research to real-world applications within months — and they’re looking for commercial collaborators. “From decoding doctors’ handwriting to crafting personalized advertising, the potential of this development is huge,” said Rao Muhammad Anwer, also an assistant professor of computer vision at MBZUAI. The technology could also be used to generate a large amount of synthetic data to improve how other AI models process handwriting. There’s still more to work to do, however. The researchers’ transformer model, trained from publicly available handwritten texts, can learn and write in English and, with some success, in French. But the team said they are still trying to crack handwritten text in Arabic. Story continues Most Read from Bloomberg Businessweek The Downfall of Diddy Inc. Japan’s Market Roars Back to Life—With Old-Timers Leading the Way The Bitcoin Hype Is Back and About Just as Hollow as Before Elon Moves Further Right; Hertz Ditches Tesla ©2024 Bloomberg L.P. View comments

2024-01-16 02:03:52+00:00

{"Bitcoin": [3518]}

{}

GLOBAL MARKETS-Stocks slide, dollar gains on rates outlook jitters

https://finance.yahoo.com/news/global-markets-stocks-slide-dollar-020352940.html

Reuters

http://www.reuters.com/

By Tom Westbrook SINGAPORE, Jan 16 (Reuters) - Asian shares dropped to a one-month low, U.S. stock futures fell and the dollar rose on Tuesday as hawkish remarks from central bankers tempered expectations for interest rate cuts and traders waited to hear from the Fed's influential Christopher Waller. MSCI's broadest index of Asia-Pacific shares outside Japan fell 1% to its lowest since mid-December. Japan's Nikkei looked set to snap a sharp six-session winning streak with a 0.7% dip away from Monday's 34-year high. U.S. markets were closed for a holiday on Monday, but S&P 500 futures were 0.4% lower in Asia trade, Fed fund futures fell - reflecting a slight cooling in interest rate cut expectations - and short-term Treasury yields rose. Two-year yields were up 6.5 basis points in early Tokyo trade and tugged the dollar to one-month highs on the risk-sensitive Australian and New Zealand dollars. On Monday European bonds were sold after European Central Bank officials pushed back on market bets on rate cuts. Bundesbank President Joachim Nagel said it was too early to discuss cuts and Austrian central bank governor Robert Holzmann warned not to bank on a cut at all this year. "The upshot ... was to see money markets scaling back the implied probability of a 25 bp ECB cut in March to 26% from 40%," said NAB currency strategist Ray Attrill. Two-year German bunds rose more than 7 bps to 2.6% and 10-year bunds rose 5.4 bps to 2.2%, lending support to the euro, which climbed to a three-week high against the Swiss franc. A stronger dollar pushed the euro about 0.3% lower to a one-week trough on the greenback at $1.0918 on Tuesday. The Australian and New Zealand dollars dropped 0.6% each, with the Aussie falling through its 50-day moving average to $0.6620 and the kiwi down to $0.6161. IOWA AND INTEREST RATES Policy and politics top the radar for the rest of the session. Donald Trump muscled past his rivals to capture the first 2024 Republican presidential contest in Iowa on Monday, according to Edison Research projections, as expected. Story continues His candidacy is likely to stir volatility in markets. Federal Reserve Board Governor Waller's speech on the economic outlook at 1600 GMT, meanwhile, is to be closely watched since market's had so heartily cheered a shift in his hawkish views in November, when he laid out a path to cuts. "Recall, Waller was responsible for setting up the rally in U.S. equities (when) he gave a defined path by which the Fed could ease," said Pepperstone analyst Chris Weston. "The risk for gold, Nasdaq 100 longs and U.S. dollar shorts is that he pushes back on market pricing for a March cut and shows a lack of urgency to normalise policy." Gold steadied at $2,052 an ounce, holding on to gains from last week. Elsewhere in commodities, iron ore extended falls to touch more than five-week lows in Singapore, dragging on share prices for Australia-listed miners. Houthi forces in Yemen struck a U.S.-owned and operated dry bulk ship with an anti-ship ballistic missile on Monday though oil, which has been supported by the instability in the shipping lane, gave no immediate reaction. Brent crude futures were last down 0.1% to $78.05 a barrel. On the data front, Australian consumer sentiment took a turn for the worse in January as higher mortgage rates stoked concerns over finances. Japan's wholesale inflation was flat in December from a year earlier, slowing for the 12th consecutive month, taking pressure off the Bank of Japan to raise rates. Bitcoin was steady at $42,600. (Reporting by Tom Westbrook; Editing by Christopher Cushing)

2024-01-16 02:17:01+00:00

{"Bitcoin": [1767, 2181, 3601]}

{}

Crypto’s HashKey Raises $100 Million, Claims Unicorn Status

https://finance.yahoo.com/news/crypto-hashkey-raises-100-million-021701666.html

Bloomberg

https://www.bloomberg.com/

(Bloomberg) -- HashKey Group, operator of one of Hong Kong’s two licensed crypto exchanges, said it raised nearly $100 million in a funding round and is now a so-called unicorn with a valuation exceeding $1 billion. Most Read from Bloomberg Blinken’s Return From Davos Was Delayed After Plane Broke Down YouTube and Spotify Won’t Launch Apple Vision Pro Apps, Joining Netflix Pakistan’s Army Strikes Back at Iran as Both Sides Urge Calm Airstrikes on Yemen Bring New Level of Chaos to Shipping in the Southern Red Sea Trump Asks Supreme Court to Keep Him on Colorado Ballot The company said in a statement on Tuesday that existing and new investors contributed the funding but refrained from identifying them. The money will be used to build out a web3 ecosystem as well as licensed products in Hong Kong, the firm said. HashKey added its valuation lies north of $1.2 billion. OKX Ventures — the investment arm of the OKX digital-asset exchange — is among the lead investors in the round, people familiar with the matter said, asking not to be identified as the information isn’t public. Representatives at OKX and HashKey declined to comment. HashKey’s activities include the trading platform, venture funding and asset management in Hong Kong and Singapore. It’s one of a number of crypto businesses seeking to tap into Hong Kong’s push to foster a digital-asset hub. Bloomberg News reported in May that HashKey was in talks to raise $100 million to $200 million at a valuation above $1 billion, according to people familiar with the matter. Crypto Venture Capital Crypto startup funding slumped after a 2022 market rout and bankruptcies such as the collapse of the FTX exchange. Token prices revived over the past 12 months, partly on optimism over the first spot Bitcoin exchange-traded funds in the US. The rebound has stirred hopes of an improved venture capital outlook. Hong Kong rolled out a dedicated virtual-asset regulatory framework in June, part of an effort to restore its luster as a cutting-edge financial center. The rules seek to woo companies but also focus on investor protection. Story continues Under the regime, retail investors can trade major tokens like Bitcoin and Ether on licensed exchanges. BC Technology Group Ltd.’s OSL and HashKey Exchange are the only platforms with Hong Kong crypto permits at the moment. The city is open to allowing spot crypto exchange-traded funds and rules for stablecoins — tokens meant to have a constant value — are also due in the months ahead. Hong Kong’s Outlook While Hong Kong offers a local market and a conduit to Chinese wealth, it remains unclear just how many crypto exchanges the city can really support — and whether officials will retain crypto as a priority longer term given the sector is prone to bouts of scandal. HashKey Exchange garnered over 155,000 registered users since starting its trading service for retail investors in late August, according to the statement. Data provider CoinMarketCap estimated HashKey Exchange’s spot trading volume at about $16 million in the 24 hours through 10:10 a.m. Tuesday in Singapore. That compares with $14 billion at Binance, the world’s biggest crypto platform. HashKey started in 2018 as an early investor in Ethereum, which is now a key digital ledger. HashKey’s Chairman Xiao Feng delved into blockchain investment while he was with Chinese cars-to-energy conglomerate Wanxiang Group. (Updates trading volume figures in the ninth paragraph.) Most Read from Bloomberg Businessweek The Downfall of Diddy Inc. Japan’s Market Roars Back to Life—With Old-Timers Leading the Way The Bitcoin Hype Is Back and About Just as Hollow as Before Elon Moves Further Right; Hertz Ditches Tesla ©2024 Bloomberg L.P.

2024-01-16 02:17:01+00:00

{"Bitcoin": [1763, 2177]}

{}

Crypto’s HashKey Raises $100 Million, Claims Unicorn Status

https://finance.yahoo.com/news/crypto-hashkey-raises-100-million-021701590.html

Bloomberg

https://www.bloomberg.com/

(Bloomberg) -- HashKey Group, operator of one of Hong Kong’s two licensed crypto exchanges, said it raised nearly $100 million in a funding round and is now a so-called unicorn with a valuation exceeding $1 billion. Most Read from Bloomberg Trump Scores Easy Win in Iowa With DeSantis a Distant Second Iowa Latest: Biden Calls Trump ‘Clear Frontrunner’ After Win US Merchant Vessel Struck as Shippers Told to Avoid Red Sea What Is Disease X? How Scientists Are Preparing for the Next Pandemic Apple to Pull Blood-Oxygen Tool From Watches to Avoid US Ban If Appeal Fails The company said in a statement on Tuesday that existing and new investors contributed the funding but refrained from identifying them. The money will be used to build out a web3 ecosystem as well as licensed products in Hong Kong, the firm said. HashKey added its valuation lies north of $1.2 billion. OKX Ventures — the investment arm of the OKX digital-asset exchange — is among the lead investors in the round, people familiar with the matter said, asking not to be identified as the information isn’t public. Representatives at OKX and HashKey declined to comment. HashKey’s activities include the trading platform, venture funding and asset management in Hong Kong and Singapore. It’s one of a number of crypto businesses seeking to tap into Hong Kong’s push to foster a digital-asset hub. Bloomberg News reported in May that HashKey was in talks to raise $100 million to $200 million at a valuation above $1 billion, according to people familiar with the matter. Crypto Venture Capital Crypto startup funding slumped after a 2022 market rout and bankruptcies such as the collapse of the FTX exchange. Token prices revived over the past 12 months, partly on optimism over the first spot Bitcoin exchange-traded funds in the US. The rebound has stirred hopes of an improved venture capital outlook. Hong Kong rolled out a dedicated virtual-asset regulatory framework in June, part of an effort to restore its luster as a cutting-edge financial center. The rules seek to woo companies but also focus on investor protection. Story continues Under the regime, retail investors can trade major tokens like Bitcoin and Ether on licensed exchanges. BC Technology Group Ltd.’s OSL and HashKey Exchange are the only platforms with Hong Kong crypto permits at the moment. The city is open to allowing spot crypto exchange-traded funds and rules for stablecoins — tokens meant to have a constant value — are also due in the months ahead. Hong Kong’s Outlook While Hong Kong offers a local market and a conduit to Chinese wealth, it remains unclear just how many crypto exchanges the city can really support — and whether officials will retain crypto as a priority longer term given the sector is prone to bouts of scandal. HashKey Exchange garnered over 155,000 registered users since starting its trading service for retail investors in late August, according to the statement. Data provider CoinMarketCap estimated HashKey Exchange’s spot trading volume at about $16 million in the 24 hours through 10:10 a.m. Tuesday in Singapore. That compares with $14 billion at Binance, the world’s biggest crypto platform. HashKey started in 2018 as an early investor in Ethereum, which is now a key digital ledger. HashKey’s Chairman Xiao Feng delved into blockchain investment while he was with Chinese cars-to-energy conglomerate Wanxiang Group. (Updates trading volume figures in the ninth paragraph.) Most Read from Bloomberg Businessweek Chinese Tycoon on the Rebound After $10 Billion Debt Deal How AI Replaced the Metaverse as Zuckerberg’s Top Priority Trumponomics 2.0: What to Expect If Trump Wins the 2024 Election Five ETFs to Watch in 2024 Kim Kardashian’s Skims Isn’t the Only Celebrity Brand to Watch ©2024 Bloomberg L.P.

2024-01-16 04:30:26+00:00

{"Bitcoin": [2901]}

{}

Baidu Recoups Some Losses as Analysts See Selloff Overdone

https://finance.yahoo.com/news/baidu-recoups-losses-denying-report-024817929.html

Bloomberg

https://www.bloomberg.com/

(Bloomberg) -- Baidu Inc. climbed as much as 4.3% on Tuesday, regaining some of its losses after analysts labeled excessive a selloff triggered by a report of links to Chinese military AI research. Most Read from Bloomberg YouTube and Spotify Won’t Launch Apple Vision Pro Apps, Joining Netflix Blinken’s Return From Davos Was Delayed After Plane Broke Down Trump Moves to Quash Hopes of Congress Ukraine, Border Deal Trump Asks Supreme Court to Keep Him on Colorado Ballot Airstrikes on Yemen Bring New Level of Chaos to Shipping in the Southern Red Sea China’s internet search company, generally regarded as a leader in the country’s burgeoning AI arena, rallied the most in a month before trimming some of the gains. Baidu on Monday plunged more than 11%, its biggest decline since 2022, after a South China Morning Post report about how a university affiliated with the People’s Liberation Army’s Strategic Support Force — which oversees cyberwarfare — had tested its AI system on Baidu’s ChatGPT-like Ernie. Baidu on Monday denied any affiliation or partnership with the institute. But the SCMP’s report about the hook-up with the PLA, citing a research paper, raised concerns that Washington may consider imposing sanctions on Chinese firms to curtail such collaboration. Investors may have overreacted Monday given poor market sentiment, Citigroup Inc. analysts including Alicia Yap wrote. “Baidu has not engaged in any business collaboration or provided any tailored service to authors of the academic paper or any institutions with which they are affiliated,” the company said in a Hong Kong stock exchange filing. “The South China Morning Post, the first media outlet that reported on this academic paper, has clarified and corrected their original media report.” Yet it will be hard to recoup all the losses, according to Vey-Sern Ling, managing director at Union Bancaire Privee. “The company made some clarifications yesterday so it helps repair sentiment. But the doubt has already been cast in investors minds of potential geopolitical overhangs given its position as a leading AI player in China. So it’s also logical that the stock doesn’t rebound right back to where it came from,” he said. Read More: Baidu Sinks Most Since 2022 Despite Denying Links to PLA AI Baidu in 2023 debuted Ernie — the country’s earliest answer to OpenAI’s ChatGPT — part of a development frenzy that’s involved dozens of startups and tech leaders from Tencent Holdings Ltd. to Alibaba Group Holding Ltd. But it will be awhile before Baidu begins earning fully from its generative AI services, and it remains mired for now in a fundamental online advertising slump. Story continues --With assistance from Mackenzie Hawkins. (Updates with analyst quote in last paragraph) Most Read from Bloomberg Businessweek The Downfall of Diddy Inc. Japan’s Market Roars Back to Life—With Old-Timers Leading the Way The Bitcoin Hype Is Back and About Just as Hollow as Before Elon Moves Further Right; Hertz Ditches Tesla ©2024 Bloomberg L.P. View comments

2024-01-16 04:38:00+00:00

{"Bitcoin": [1533]}

{}

Konami Recruits Shohei Ohtani to Pitch ‘Power Pros’ Video Game

https://finance.yahoo.com/news/konami-recruits-shohei-ohtani-pitch-043800044.html

Bloomberg

https://www.bloomberg.com/

(Bloomberg) -- Shohei Ohtani was appointed baseball game ambassador by Konami Group Corp.’s content unit to mark the 30th anniversary of videogame series Power Pros and the 20th anniversary of spinoff Professional Baseball Spirits. Most Read from Bloomberg YouTube and Spotify Won’t Launch Apple Vision Pro Apps, Joining Netflix Blinken’s Return From Davos Was Delayed After Plane Broke Down Trump Moves to Quash Hopes of Congress Ukraine, Border Deal China’s Biggest Broker Curbs Short Sales After Stock Rout Trump Asks Supreme Court to Keep Him on Colorado Ballot The appointment follows Ohtani’s signing of a $700 million 10-year contract with the Los Angeles Dodgers in December. The contract — the biggest in Major League history — helped support shares of some of the athlete’s corporate sponsors such as Kose Corp. and Seiko Group Corp., while prompting others, such as internet job agency dip Corp., to recruit Ohtani as brand ambassador. Konami’s stock price, up 16% since the start of the year, rose as much as 0.8% on Tuesday before paring gains. Shares were down 0.8% in afternoon trade. Ohtani, who turns 30 this year, was diagnosed with a torn ulnar collateral ligament in his right elbow in August. The two-time league MVP winner said in a video interview he underwent physical therapy with a dog he recently took in, named Dekopin. Most Read from Bloomberg Businessweek The Downfall of Diddy Inc. Japan’s Market Roars Back to Life—With Old-Timers Leading the Way How Sweden Quit Smoking Without Quitting Nicotine The Bitcoin Hype Is Back and About Just as Hollow as Before ©2024 Bloomberg L.P.

2024-01-16 04:47:53+00:00

{"Bitcoin": [1323]}

{}

Venezuela Terminates Petro Cryptocurrency After 5 Years

https://finance.yahoo.com/news/venezuela-terminates-petro-cryptocurrency-5-044753642.html

CoinMarketCap

https://coinmarketcap.com/

Venezuela Terminates Petro Cryptocurrency After 5 Years Venezuela has officially pulled the plug on its Petro cryptocurrency, ending a five-year experiment that was marred by controversy and corruption. The Petro was launched in 2018 by President Nicolas Maduro as a means to bolster the nation's currency, the bolívar, amid a severe economic crisis. Backed by Venezuela's oil reserves, the token was met with skepticism and opposition from the start. Critics, including the country's opposition-controlled congress, deemed the Petro illegal and accused the government of exploiting the nation's oil wealth. In 2019, the United States sanctioned a Russian bank for its involvement in financing the Petro. Despite these challenges, the Venezuelan government attempted to promote the Petro by linking it to various services, such as passport issuance and social housing initiatives. The minimum wage was also partially pegged to the Petro. However, the Petro failed to gain widespread adoption and remained largely confined to the Patria Platform, the only website where it could be traded. The final nail in the Petro's coffin came in the form of a corruption scandal involving financial irregularities in the use of crypto assets for oil operations. This led to the resignation of the petroleum minister and a crackdown on Bitcoin mining operations. As a result, the Venezuelan government has decided to terminate the Petro and convert any remaining tokens to bolivars, the country's struggling local currency. Let us know what you loved about this article, what could be improved, or share any other feedback by filling out this short form .