Economics News

News News
By Jupiter Zheng For many years, observers have wondered when the behemoths of traditional finance, like BlackRock (NYSE: BLK) and JPMorgan (NYSE: JPM), would finally enter the blockchain arena in a big way. The expectation that these bellwethers of global finance would, in a sense, “see the light” by acknowledging the technological advantages of web3 was perhaps a little naive. But it was not unfounded: traditional investors have been making incremental shifts in this direction for some time, whether by investing in spot cryptocurrency, launching custody services, settling digital bonds on public ledgers, or creating their own product offerings for retail and institutional clients. The argument that blockchain and cryptocurrencies must be embraced by traditional powerhouses in order to flourish is a sound one. But the heavy focus on legacy financial institutions overlooks something important: the rise of crypto-native institutions. Rather than having to be convinced of the merits of distributed ledgers, these forward-looking innovators and investors grew up with decentralized tech at the heart of their operations and vision. And make no mistake, they will be the ones to drive the industry – and maybe finance as a whole – forward. We Were Always Here: The Vitality of Crypto-Native Institutions As the crypto industry has matured, a new breed of institution has emerged. These are not your traditional Wall Street firms belatedly flirting with blockchain tech; they are entities that fundamentally understand and appreciate the ethos of decentralization. They get the tech, and the reasons for its development, at an instinctive level. They have been an integral part of Web3 since the technology’s inception, and have evolved together with it. From the beginning, these institutions have been key drivers in the industry’s advancement through major milestones, from the rise ...Full story available on Benzinga.com
Benzinga • 2mo ago
FX Cryptocurrency
Renowned author, Robert Kiyosaki, has expressed his disinterest in Bitcoin (CRYPTO: BTC) ETFs, favoring direct ownership of assets over Wall Street’s financial products. What Happened: On Thursday, Kiyosaki, the author of “Rich Dad Poor Dad,” took to Twitter to answer a question about his interest in the Bitcoin ETF. He stated, “No. Just as I own gold and silver coin and mines and own apartment houses I do not own gold or silver ETFs or REITS, real estate ETFS.” Q: Will you buy the Bitcoin ETF?A: No. Just as I own gold and silver coin and mines and own apartment houses I do not own gold or silver ETFs or REITS, real estate ETFS. ETFs are best for most people and institutions. Personally I am an entrepreneur and prefer to stay as far… — Robert Kiyosaki (@theRealKiyosaki) April 12, 2024 See Also: ‘Dogecoin Killer’ Shiba Inu’s Daily Transactions Spike 1,082%: ‘Still Very Bullish On SHIB,’ Says Crypto He ...Full story available on Benzinga.com
Benzinga • 2mo ago
Calendar Macro Economic Events
Investors can breathe a sigh of relief on Thursday as last month’s Producer Price Index (PPI) inflation turned out slightly lower than expected, albeit with some caveats across different measures within the basket. Stocks rebounded by noon trading in New York, yet the surge fell short of recovering Wednesday’s losses, indicating lingering nervousness regarding the rate-path outlook. Traders have significantly adjusted their expectations for the Fed’s future actions in the past 24 hours, pushing the potential first-rate cut from June to September, with less than two cuts priced in by year-end. The tech-heavy Nasdaq 100 outperformed the broader market, up 1.2%, driven by a rally in the semiconductor industry, with Nvidia Corp. (NASDAQ:NVDA) surging 3.1% following a 2% increase the previous day. Treasury yields stayed flat in the short-end, while inching higher in the long-end of the curve, triggering further declines in long-dated Treasury bonds. The iShares 20+ Year Treasury Bond ETF ...Full story available on Benzinga.com
Benzinga • 2mo ago
FX Cryptocurrency
To gain an edge, this is what you need to know today. Raise Cash It is time to increase cash by 4%. Hedges were recently raised. Please see the protection band section below. The bull market is intact, but the probability of a pullback has gone up. As full disclosure, the tentative plan for The Arora Report is to buy the pullback.   Hotter Inflation  Please click here for an enlarged version of the chart of SPDR S&P 500 ETF Trust (ARCA:SPY) which represents the benchmark stock market index S&P 500 (SPX). Note the following: The chart shows that the stock market has broken the upward sloping trendline that has defined the rally. The chart shows the Arora call to raise hedges prior to the drop. The chart shows the support zone from which the breakout occurred. The tentative plan is to buy if the stock market pulls back to the support zone. However, this will need to be adjusted – read the next point. The probability of the stock market pulling back to the support zone is less than 50%. The reason is that the buy the dip crowd is already aggressively buying the dip and is prepared to aggressively buy more.   The new data shows that inflation is hotter than expected. Here are the details: Headline CPI came at 0.4% vs. 0.3% consensus. Core CPI came at 0.4% vs. 0.3% consensus. As a reference, the new data equates to inflation at an annualized rate of 4.8%. The Fed’s target is 2%. In The Arora Report analysis, this time, the momo gurus are going to have difficulty persuading their followers to buy stocks. One reason is that momo gurus have been wrong at every step of the way this year.  Having said that, do not underestimate the cleverness of momo gurus to come up with a new narrative to persuade investors to buy stocks.  At the same time, do not underestimate the power of greed in the momo crowd. The momo crowd is very easy to influence because at best, the ...Full story available on Benzinga.com
Benzinga • 2mo ago
News Long Ideas
JPMorgan analyst Reginald L. Smith highlights the investment cases for Riot Platforms Inc (NASDAQ:RIOT) and Iris Energy Ltd. (NASDAQ:IREN), emphasizing their potential for growth and profitability. Riot Riot Blockchain stands out as a key player in the bitcoin mining landscape, boasting operational scale and strategic advantages. With its massive Rockdale facility and upcoming Corsicana data center, Riot is well-positioned for significant hashrate expansion and sustained profitability, Smith says. Investment Outlook for Riot Platforms: Smith rates Riot stock as Overweight, setting a bullish price target of $15.50 for December 2024. With the stock trading at around $10, Smith sees 55% upside potential associated with an investment in RIOT stock. Despite recent market fluctuations, Riot Platform’s strategic assets and operational efficiency present compelling value for investors seeking exposure to the crypto mining sector. “RIOT is the rare bitcoin miner with installed scale, a clear ...Full story available on Benzinga.com
Benzinga • 2mo ago
News News
Rosenblatt analyst Andrew Bond initiated coverage on Bitdeer Technologies Group (NASDAQ:BTDR) with a Buy rating and a price target of $10.5. The analyst continues to be highly bullish on the Bitcoin ecosystem, of which mining will always be the backbone.  BTDR began formulating its data center strategy more than ten years ago and has since built more than 30 globally.  It operates six sites in three countries, with nearly 900MW capacity and 21 EH/s. Bond noted that its blended energy costs will be among the lowest in the space this year, with the option to move even lower.  Meanwhile, BTDR's ambitious growth strategy is supported by its container-style model and the ability ...Full story available on Benzinga.com
Benzinga • 2mo ago
Stocks Sector ETFs
Stocks edged lower during midday trading on Tuesday as traders maintained a cautious stance in anticipation of the highly awaited Consumer Price Index (CPI) report scheduled for Wednesday, which could offer crucial insights into the potential course of actions by the Fed. The consensus expectation among Wall Street analysts is that the annual CPI rate to edge slightly higher from 3.2% to 3.4% in March, mainly due to rising gasoline prices. Core inflation, which excludes food and energy items, is anticipated to inch lower, from 3.8% to 3.7%. The S&P 500 index declined by 0.2%, dragged down by financials, industrials, and energy stocks, while the tech sector remained flat. The Dow lost 0.4%, while small caps managed to inch 0.1% higher. Treasury yields moved slightly lower amid rising demand for bonds, with the iShares 20+ ...Full story available on Benzinga.com
Benzinga • 2mo ago
News Long Ideas
Tesla Inc. (NASDAQ:TSLA) shares surged on Monday, propelling the electric vehicle maker back to the top holding in Cathie Wood‘s flagship  Ark Innovation ETF (NYSE:ARKK). This shift was also aided by Ark’s ongoing sell-off of Coinbase Global (NASDAQ:COIN) shares, which previously held the leading position. Tesla Now Holds The Lead: As of Tuesday, ARKK’s holdings in Tesla totaled $714.36 million, according to the firm’s website. Notably, Ark did not trade Tesla shares on Monday itself. Coinbase, now in second place, represents $714.63 million of the fund’s value. Weighting and Share Count: Interestingly, both Tesla and Coinbase hold a weighting of 9.75% in ARKK. However, Tesla’s higher share count (4,129,696 vs. 2,780,772 for Coinbase) likely explains ...Full story available on Benzinga.com
Benzinga • 2mo ago
News News
Cathie Wood’s Ark Invest, which has been a seller of two crypto-linked stocks for much of this year, on Monday paused the sale of one of them. What Happened: Ark did not transact in the shares of trading app Robinhood, Inc. (NASDAQ:HOOD) on Monday but it sold more of cryptocurrency exchange Coinbase Global, Inc. (NASDAQ:COIN). Ark through its Ark Innovation ETF (NYSE:ARKK), Ark Next Generation Internet ETF (NYSE:ARKW) and Ark Fintech Innovation ETF (NYSE:ARKF) ...Full story available on Benzinga.com
Benzinga • 2mo ago
News News
Pseudonymous cryptocurrency analyst The Moon said a new meme coin CHUCK (CRYPTO: CHUCK) built on Ethereum (CRYPTO: ETH) could surge over 1200% if it breaks past its immediate resistance level. What Happened: The Moon in a Telegram message said, "As we dissect the candlestick patterns and scrutinize the moving averages for CHUCK meme coin, the technical indicators are painting an intriguing narrative." The analyst added, "CHUCK’s current RSI (Relative Strength Index) readings suggest it is at the cusp of being overbought, a situation that can often precede a price correction or consolidation.” The Moon offered a counterbalance with a different metric. “On the other hand, the MACD tells us there’s a bullish ...Full story available on Benzinga.com
Benzinga • 2mo ago
News News
The CEO of Galaxy Investment Partners, Mike Novogratz, has voiced his concerns over the potential implications of a rate cut by the Federal Reserve on cryptocurrency and precious metals. What Happened: Novogratz on X, formerly known as Twitter wrote, “Call me crazy but I don't see one good reason for the fed to cut rates. Yet think they will. It's a great set up for $BTC, gold, silver, copper. It's not a great set up for the USA though. We need a politician who will cut spending dramatically! Sound of silence from DC….” Call me crazy but I don't see one good reason for the fed to cut rates. Yet think they will. It's a great set up for $BTC, gold, silver, copper. It's not a great set up for the USA though. We need a politician who will cut spending dramatically! Sound of silence… — Mike Novogratz ...Full story available on Benzinga.com
Benzinga • 2mo ago
News News
Benchmark analyst Mark Palmer maintained MicroStrategy Inc (NASDAQ:MSTR) with a Buy and raised the price target from $990 to $1,875. The analyst noted MicroStrategy, a levered play on Bitcoin, is particularly well positioned to benefit from the fourth Bitcoin halving set to occur by April 20, when the new supply of Bitcoin will reduce by half. The new price target for MicroStrategy reflected his assumption Bitcoin would reach $150,000 by the end of 2025.  Also Read: MicroStrategy’s Bitcoin Surge: How a Tech Company Outpaces eBay and Delta in Market Cap Palmer initiated coverage on Feb. 27 based on his assumption that Bitcoin’s price would reach $125,000 by year-end 2025. Since then, the price of Bitcoin has rallied ~27%.  He noted the three previous Bitcoin halvings, in 2012, 2016 and 2020, saw an explosive appreciation in the crypto’s price occur after the halving took place. While the upcoming Bitcoin halving would create a supply shock like the previous ones, he noted ...Full story available on Benzinga.com
Benzinga • 2mo ago
News Long Ideas
Meme cryptocurrency Dogecoin (CRYPTO: DOGE) has been rallying strongly this weekend as sentiment toward cryptocurrencies improved. Along with it, Dogwifhat (CRYPTO: WIF) also moved solidly higher. What Happened: Doge, which ended Friday’s session at $0.177518, took off on Saturday and ended at $0.185951, a gain of 4.75%. The upward momentum accelerated on Sunday, helping the meme coin top the $0.20 mark for the first time since April 2. At last check, Doge traded up 11.37% at $0.202750, according to Benzinga Pro data. Crypto analyst Ali Martinez flagged at the end of March that Dogecoin could be in for a strong run, given the technical chart resembled the scenario that prevailed ...Full story available on Benzinga.com
Benzinga • 2mo ago
News News
Influential crypto analyst, Willy Woo, recently questioned the potential of Layer 1 (L1) networks like Ethereum (CRYPTO: ETH), Solana (CRYPTO: SOL), and Radix (XRD) to become hard money. Can L1 Tokens Become Hard Money? The analyst took to X, formerly Twitter, on Thursday, to express his skepticism about the ability of L1 networks to create a situation where their tokens become hard money. He compared these networks to computing environments that historically fall in and out of favor as the needs of applications evolve. Example.Fortran was great for banks back in the day but who uses it now?Web2 came along, suddenly JS became dominant as it catered for an Internet environment.Most big apps today use multiple languages, each being fit for purpose for a subsystem. pic.twitter.com/rf7jfZdT0T — Willy Woo (@woonomic) April 5, 2024 Bitcoin’s ‘Script’ Less Language More Protocol Woo noted that though he uses Ethereum “every other week” to send the stablecoin ...Full story available on Benzinga.com
Benzinga • 2mo ago
News News
On Thursday, Cathie Wood-led Ark Invest made a significant move by selling shares of Coinbase Global Inc (NASDAQ:COIN), despite the stock’s positive market performance on the same day. The COIN Trade Ark Invest’s decision to offload Coinbase shares came as a surprise to many, given the stock’s upward trajectory on the day of the trade. Notably major cryptocurrencies like Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) traded mixed at the time of writing. The apex cryptocurrency was seen 2.7% higher at $67,632.08, while Ethereum traded 0.3% lower ...Full story available on Benzinga.com
Benzinga • 2mo ago
News News
Following Federal Reserve Chairman Jerome Powell’s hawkish inflation commentary on Wednesday, “Rich Dad, Poor Dad” author Robert Kiyosaki sounded out an alarm to the American public. What Happened: “Powell finally told the truth,” Kiyosaki said in a post on X, formerly Twitter. The businessman and best-selling author noted that the Fed Chair finally admitted last week that inflation is winning. The dot-plot chart released along with the “Summary of Economic Projections” following the March Federal Open Market Committee meeting hinted at two to three rate cuts this year. Powell’s comments at the press conference that followed were dovish. Powell has changed tracks since then. Last week the central bank chief said the Fed is in no hurry to cut rates, and on Wednesday while speaking to the Stanford Business, Government and Society forum, he said it wouldn't ...Full story available on Benzinga.com
Benzinga • 2mo ago
News News
On Wednesday, Cathie Wood’s Ark Invest made a significant move by purchasing additional shares of Pinterest Inc (NYSE:PINS). The PINS Trade Ark Invest’s Fintech Innovation ETF (NYSE:ARKF) acquired 26,925 shares of Pinterest, a popular social media website and a rival of platforms like Meta Platforms-owned Instagram and X. This move comes amidst a mixed financial picture for Pinterest, but with promising user growth as reported in their recent fourth-quarter earnings. The value of this trade, based on the closing price of $35.28 on the same day is $949,914. This isn’t the first time Ark Invest has shown interest in Pinterest. Back in February, the investment firm made headlines when it purchased over $23 million worth of Pinterest shares, demonstrating its confidence in the company’s potential despite the Q4 turbulence. This ...Full story available on Benzinga.com
Benzinga • 2mo ago
News News
Pseudonymous crypto strategist Rekt Capital, known for accurately predicting Bitcoin’s (CRYPTO: BTC) current correction, suggests that the cryptocurrency is on the brink of an all-time high breakout. What Happened: Rekt Capital informed his 440,100 followers on X that Bitcoin has begun the breakout process, as reported by Daily Hodl on Tuesday. Bitcoin reportedly finished the last week of March above its resistance level at $69,000, marking the first step of the breakout process. "Weekly close above the range high (RH) is the 1st step. And if BTC needs to dip into the RH to successfully retest it as new support before continuing higher…That would be the 2nd step to fully confirming the breakout,” he wrote. The analyst further asserted that to confirm the all-time high breakout, Bitcoin needs to transform the resistance level into support. Moreover, to ensure a successful retest, Bitcoin must maintain a weekly closing above $65,596. At the time ...Full story available on Benzinga.com
Benzinga • 2mo ago
News News
Tesla, Inc. (NASDAQ:TSLA) shares fell sharply intraday on Monday before recouping most of the losses and ending moderately lower, with worries concerning first-quarter delivery miss potentially triggering the sell-off. Undeterred by this, Cathie Wood’s Ark Invest bought another bunch of Tesla shares on Monday. Tesla Buying: Ark, through its flagship Ark Innovation ETF (NYSE:ARKK) and Ark Next Generation Internet ETF (NYSE:ARKW) bought 84,164 Tesla shares on Monday. The purchase would have cost the firm $14.75 million, based on Tesla’s closing price of $175.22. Tesla is ARKK’s second-biggest holding in terms of value of shares and it accounts for 8.68% weighting in the exchange-traded fund. Wood and Ark are bullish on Tesla despite the near-term noise, with the celebrity stock picker calling CEO Elon Musk ...Full story available on Benzinga.com
Benzinga • 2mo ago
Stocks Sector ETFs
The opening quarter of the year ended with U.S. equity indices marking the fifth consecutive month of gains, gold prices soaring to all-time highs and Bitcoin‘s (CRYPTO: BTC) market cap surging by over $500 billion in the past three months. The exchange-traded fund (ETF) market witnessed significant activity, with certain funds capturing substantial inflows, reflecting shifting investor sentiment. A review of March’s ETF inflows uncovers a notable trend: two Bitcoin-related ETFs, launched just at the start of the year, have swiftly made their way into the top 10 for inflows. This rapid ascent highlighted a significant shift toward embracing cryptocurrency ...Full story available on Benzinga.com
Benzinga • 2mo ago
Stocks Sector ETFs
Stocks began the new month of April on a weaker note, as investors struggled to digest stronger-than-expected manufacturing data for March, amid concerns the Federal Reserve might postpone rate cuts. The ISM Manufacturing PMI surged to 50.3 last month, up from 47.8 in February, surpassing expectations of 48.3 and marking the most robust expansion since September 2022. Major U.S. equity indices experienced slight declines, influenced by rising Treasury yields and a strengthening dollar. The U.S. dollar index reached its highest level since mid-November 2023, while yields on the 10-year Treasury note surged by over 12 basis points to 4.34%, aiming to close at their highest since early December 2023. Bonds suffered losses, with the iShares 20+ Year Treasury Bond ETF (NASDAQ:TLT) dropping by over 2%, as investors adjusted their expectations for a potential June rate cut. The probability of such an outcome decreased to 57%, down from nearly 70% the previous ...Full story available on Benzinga.com
Benzinga • 2mo ago
News News
As Bitcoin’s (CRYPTO: BTC) value continues to climb, reaching unprecedented heights, the question arises whether the traditional four-year market cycle that has characterized its growth is nearing its conclusion. What Happened: Bitcoin’s traditional four-year market cycle may be disrupted by new market players and mechanisms, CoinFlip’s CEO Daniel Polotsky suggests in a recent op-ed for CoinDesk. As Bitcoin approaches its next halving event, Polotsky points out that the crypto market may be on the verge of a significant change. The cycle, historically associated with price surges post-halving, could be altered by the entrance of ETFs and institutional investors. Bitcoin’s value has recently soared, reaching new heights above $73,000, driven by the approval of spot bitcoin ETFs in the U.S. and major financial institutions like BlackRock entering the space. The influx of institutional capital and the approval of ETFs have increased Bitcoin’s legitimacy and accessibility, potentially signaling a shift from its historical boom-and-bust cycles to a more stable trajectory of growth. Despite the bullish outlook, there are concerns. Tighter monetary policies, economic slowdowns, and the upcoming halving impact on bitcoin mining could pose ...Full story available on Benzinga.com
Benzinga • 2mo ago
News Long Ideas
The first quarter of 2024 has turned out to be a blockbuster for most asset classes, and the strong performances have left investors worried about the sustainability of the uptrend. How long will the party last? What are the risks involved in investing in an overbought market? Benzinga collated views from analysts and economists to make sense of the rally so far and zero in on the opportunities that could pay off in the near to medium term. Equity Market — From Shaky Start To Strong Surge: The equity market kicked off the new year with a whimper, with concerns that 2023’s gains might not hold. However, the momentum from last year carried through, quashing skepticism and propelling the market to new highs. Three months in, the S&P 500 Index has notched record highs for both closing and intraday trading. Blue-chip stocks mirrored this performance, with the Dow Jones Industrial Average closing the quarter at a fresh record. Tech stocks were once again at the forefront, fueled by the AI boom that spurred gains for companies of all sizes. However, the tech-heavy Nasdaq Composite couldn’t quite reach its record peak as valuation concerns prompted some profit-taking near the quarter’s end. Source: Benzinga The more heartening aspect of the recent rally is that, unlike in 2023 when it was nearly exclusively fueled by tech, this time around, the participation has broadened.  LPL Financial‘s Chief Technical Strategist, Adam Turnquist, said in a recent note that the strong uptrend in the S&P 500 Index is supported by broad participation and cyclical leadership. “Improving relative strength in industrials, financials, and materials provides additional evidence of a bullish rotation that has largely been overshadowed by mega-caps and AI enthusiasm,” he said. See Also: Investing In Stocks For Beginners AI optimism drove much of the upside early in the quarter, with stocks such as Nvidia Corp. (NASDAQ:NVDA) and Microsoft Corp. (NASDAQ:MSFT) — the ones at the forefront of the revolution — clocking strong gains for the year. In the latter half, stocks received support from the Fed leaning toward rate cuts.
Benzinga • 2mo ago
Analyst Analyst Color
In the final session of the short trading week leading up to Easter festivities, U.S. equity indices held steady, reflecting some setbacks in market expectations regarding interest rate reductions. On Wednesday, Fed Governor Christopher J. Waller spoke in opposition to an early interest rate cut, citing the still uncertain inflation path, and noted that his stance is shared by a robust share of the Fed board. Thursday saw an upward revision to the fourth-quarter U.S. gross domestic product, with the economy expanding by 3.4% on an annualized basis, exceeding the previously estimated 3.2%. Traders marginally scaled back their bets on a June rate cut scenario, now placing the likelihood at 64%, down from 70% on Wednesday, according to the CME Group’s FedWatch tool. While the S&P 500 and the Dow remained unchanged for the day, the Nasdaq 100 eased by 0.2%, influenced by reduced rate cut expectations and increasing commodity prices that weighed on tech companies. Gold surged to $2,225 per ounce intraday ...Full story available on Benzinga.com
Benzinga • 2mo ago
Stocks Mid Cap
Wall Street witnessed a mixed session on Wednesday morning trading, with tech giants seeing slight declines while blue chips and small caps recording gains. The S&P 500 index climbed back above the 5,200-point mark, up by 0.2%, while the Dow Jones saw a 0.5% increase, and the Nasdaq experienced a marginal 0.1% dip. A basket of the Magnificent Seven, as tracked by the Roundhill Magnificent Seven ETF (NYSE:MAGS), dropped by 0.8%. Small caps rallied, with the iShares Russell 2000 ETF (NYSE:IWM) rising by 1.2%, marking the strongest performance of the past week. On the macro front, there was a slight decrease in 30-year mortgage rates from 6.98% to 6.93%, as reported by the Mortgage Bankers Association of America. However, new mortgage applications experienced a weekly decline of 0.7%. Treasury yields across the curve dropped by 3 basis points, providing support for gold, which rose by 0.5% ...Full story available on Benzinga.com
Benzinga • 2mo ago
stocks Mid Cap
Wall Street witnessed a mixed session on Wednesday morning trading, with tech giants seeing slight declines while blue chips and small caps recording gains. The S&P 500 index climbed back above the 5,200-point mark, up by 0.2%, while the Dow Jones saw a 0.5% increase, and the Nasdaq experienced a marginal 0.1% dip. A basket of the Magnificent Seven, as tracked by the Roundhill Magnificent Seven ETF (NYSE:MAGS), dropped by 0.8%. Small caps rallied, with the iShares Russell 2000 ETF (NYSE:IWM) rising by 1.2%, marking the strongest performance of the past week. On the macro front, there was a slight decrease in 30-year mortgage rates from 6.98% to 6.93%, as reported by the Mortgage Bankers Association of America. However, new mortgage applications experienced a weekly decline of 0.7%. Treasury yields across the curve dropped by 3 basis points, providing support for gold, which rose by 0.5% ...Full story available on Benzinga.com
Benzinga • 2mo ago
Stocks Equities
Cathie Wood’s Ark Investment Management has continued to trim some high-profile stocks, including some with links to the cryptocurrency space. This trend continued on Monday. Crypto-Linked Stock Sales: Ark sold shares of cryptocurrency exchange Coinbase Global, Inc. (NASDAQ:COIN), trading platform Robinhood Markets, Inc. (NASDAQ:HOOD), and Jack Dorsey‘s payment processing firm Block, Inc. (NYSE:SQ). Robinhood allows cryptocurrency trading on its platform. Block’s subsidiary, Spiral, offers Bitkey, a self-custody crypto hardware wallet that allows investors to manage and store their Bitcoin outside of exchanges. Details of the transactions are as follows: Coinbase: 74,291 ...Full story available on Benzinga.com
Benzinga • 2mo ago
stocks Equities
Cathie Wood’s Ark Investment Management has continued to trim some high-profile stocks, including some with links to the cryptocurrency space. This trend continued on Monday. Crypto-Linked Stock Sales: Ark sold shares of cryptocurrency exchange Coinbase Global, Inc. (NASDAQ:COIN), trading platform Robinhood Markets, Inc. (NASDAQ:HOOD), and Jack Dorsey‘s payment processing firm Block, Inc. (NYSE:SQ). Robinhood allows cryptocurrency trading on its platform. Block’s subsidiary, Spiral, offers Bitkey, a self-custody crypto hardware wallet that allows investors to manage and store their Bitcoin outside of exchanges. Details of the transactions are as follows: Coinbase: 74,291 ...Full story available on Benzinga.com
Benzinga • 2mo ago
News News
Bakkt Holdings, Inc. (NYSE:BKKT) reported its fourth-quarter financial results after the bell on Monday. Here's a look at the highlights. The Details: Bakkt reported quarterly losses of 29 cents per share which missed the analyst consensus estimate of 13 cents per share by 123.08%. Quarterly sales clocked in at $15.1 million which missed the analyst consensus estimate of $15.25 million by 0.98% and is a 3.21% decrease from sales of $15.60 million year-over-year. “Bakkt has built a robust foundation and we are in a prime position as we enter the next phase ...Full story available on Benzinga.com
Benzinga • 2mo ago
stocks News
Bakkt Holdings, Inc. (NYSE:BKKT) reported its fourth-quarter financial results after the bell on Monday. Here's a look at the highlights. The Details: Bakkt reported quarterly losses of 29 cents per share which missed the analyst consensus estimate of 13 cents per share by 123.08%. Quarterly sales clocked in at $15.1 million which missed the analyst consensus estimate of $15.25 million by 0.98% and is a 3.21% decrease from sales of $15.60 million year-over-year. “Bakkt has built a robust foundation and we are in a prime position as we enter the next phase ...Full story available on Benzinga.com
Benzinga • 2mo ago
News News
Bitcoin advocate and MicroStrategy Inc. (NASDAQ: MSTR) CEO Michael Saylor has shared his perspective on the cryptocurrency's volatility. After Bitcoin hit a record high of $73,797.68 last week, it has since seen a nearly 13% decline from its peak, sparking discussions within the crypto community. Saylor, known for his bullish stance on Bitcoin, shared his thoughts on social media platform X. He described volatility as "vitality," suggesting that the current price movements are a natural part of the market's dynamics. Volatility is Vitality. — Michael Saylor (@saylor) March 21, 2024
Benzinga • 3mo ago
stocks News
Bitcoin advocate and MicroStrategy Inc. (NASDAQ: MSTR) CEO Michael Saylor has shared his perspective on the cryptocurrency's volatility. After Bitcoin hit a record high of $73,797.68 last week, it has since seen a nearly 13% decline from its peak, sparking discussions within the crypto community. Saylor, known for his bullish stance on Bitcoin, shared his thoughts on social media platform X. He described volatility as "vitality," suggesting that the current price movements are a natural part of the market's dynamics. Volatility is Vitality. — Michael Saylor (@saylor) March 21, 2024
Benzinga • 3mo ago
News Long Ideas
Coinbase Global, Inc (NASDAQ: COIN) was trading slightly lower Friday, in tandem with Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH), which were retracing over 3% and 5.5%, respectively heading into the weekend. The crypto trading platform has been holding more strongly than the crypto sector over recent days and on Thursday, Coinbase reached a 27-month high of $276.38, while Bitcoin continued to retrace from the March 13 and March 14 highs by about 10%. On Friday, JMP analyst Devin Ryan maintained a Market Outperform rating on Coinbase and maintained a $300 price target. The analyst has recognized the company's potential beyond its role as a cryptocurrency exchange since the inception report on Coinbase in 2021. He noted that the exchange business holds significant growth prospects, particularly as the market matures, with increased prices generally aligning positively with activity levels. Read Next: Trending: On Thursday, ...Full story available on Benzinga.com
Benzinga • 3mo ago
Analyst Analyst Color
ARK Investment Management LLC predicts that five disruptive technologies could reach a total market value of $220 trillion by 2030. According to the latest white paper, “Platforms Of Innovation – How Converging Technologies Should Propel A Step Change In Economic Growth,” the Cathie Wood-led investment company explores the ascendance of five critical technologies: Artificial Intelligence, Energy Storage, Robotics, Multiomics, and Public Blockchains. These innovations are not merely advancing in isolation. Instead, they are converging, setting the stage for an explosive increase in productivity and economic development. “Our technological forecasts suggest that the time is now — that a new era of accelerating macroeconomic growth will begin this decade,” says ARK chief futurist Brett Winton, who authored the report. Five Catalysts Of Economic Transformation Artificial Intelligence (AI): Now seamlessly integrated into various sectors, AI is set to turbocharge productivity worldwide. The growth in the AI industry is captured by ARK’s flagship fund, ARK Innovation ETF ...Full story available on Benzinga.com
Benzinga • 3mo ago
News News
A pseudonymous cryptocurrency analyst DonAlt said that Dogecoin (CRYPTO: DOGE) might see a substantial price increase, and potentially reaching $1. What Happened: According to DonAlt, Dogecoin could potentially rise by 554% by a value of $1—a significant jump from its current trading price of $0.153. “The reason why I found DOGE interesting is because it kind of dipped back into support on the BTC chart,” DonAlt explained in a YouTube video. He also said the circumstances under which his prediction for Dogecoin’s growth could be proven incorrect. Should the value fall to a certain point above $0.05, it would contradict his bullish prediction, while a climb to $1 remains his goal. Talking about price points, the analyst said, “Invalidation down here somewhere [above $0.05], target up there [$1]… I think ...Full story available on Benzinga.com
Benzinga • 3mo ago
Analyst Analyst Color
Bitcoin mining company Riot Platforms Inc (NASDAQ:RIOT) is on the brink of a technical milestone as it nears a Death Cross. The development signals potential bearish sentiment in its stock performance. Riot Platforms’ stock has shown a mixed performance. The digital infrastructure company is up approximately 36% over the past year, but down 20% year-to-date, reflecting volatility in the market. Chart: Benzinga Pro JPMorgan analyst Reginald L. Smith has upgraded Riot Platforms to Overweight from Neutral, citing a promising outlook for the company’s hashrate growth. Smith has set a price target of $15 for December 2024, implying a 35% upside ...Full story available on Benzinga.com
Benzinga • 3mo ago
News News
On Wednesday, Cathie Wood-led Ark Invest made a significant move by offloading shares of Block Inc (NYSE:SQ) amidst Bitcoin (CRYPTO: BTC) prices recovering. The Block Inc Trade The sale, worth $3.5 million, was executed through Ark's flagship ARK Innovation ETF (NYSE:ARKK) and ARK Next Generation Internet ETF (NYSE:ARKW) with a total of 42,608 shares sold. The value of the trade, calculated from the latest closing price of $81.46. Notably, at the time of writing, Bitcoin traded nearly 6.6% higher at $67,330.71. Ark has sold Block shares in every trading session of the current week. On Monday, Ark sold Block shares worth $8.95 million and on Tuesday, the firm sold $7.5 million worth. For the week, ...Full story available on Benzinga.com
Benzinga • 3mo ago
Stocks Equities
It’s a quiet session on Wall Street Wednesday as investors remain on the sidelines, awaiting further clues on monetary policy front with the Federal Open Market Committee (FOMC) meeting scheduled for 2 p.m. ET. Fed Chair Jerome Powell is set to speak shortly after the statement at 2:30 p.m. While rates are expected to remain unchanged at 5.25%-5.5%, the spotlight will be focused on updates to Fed economic projections, particularly the dot plot, which will unveil the potential trajectory of rate cuts in the future. Market participants and economists anticipate the Fed will adhere to a strategy of three rate cuts for 2024, but there are concerns of a potential hawkish shift, suggesting fewer projected rate cuts following recent inflation surprises. At midday trading in New York, both equity indices and Treasury yields showed flat performances. Sectors were mostly unaffected by minor fluctuations, although energy stocks experienced some ...Full story available on Benzinga.com
Benzinga • 3mo ago
Analyst Analyst Color
JPMorgan analyst, Reginald L. Smith, has upgraded Riot Platforms Inc (NASDAQ:RIOT) to Overweight from Neutral. This upgrade comes on the heels of a promising forecast for Riot’s hashrate growth. Smith has a Dec. 2024 price target of $15, implying an upside of 35% from current price levels. Smith’s analysis also indicated a potential surge of 134% in another Bitcoin mining stock’s price by December 2024. Let’s first dive into the Riot investment thesis and reveal the stock with 134% potential. Also Read: What’s Going On With Bitcoin Mining Stocks? Riot Stock Offers The ‘Best Relative Upside’ Smith likes Riot's “unique combination of industry-leading power contracts, scale and liquidity.” He also thinks that Riot shares currently offer the “best relative upside” among the three largest and most liquid U.S.-listed mining stocks: CleanSpark Inc (NASDAQ:CLSK), Marathon Digital Holdings Inc (NASDAQ:MARA) and Riot. 3 key catalysts that Smith sees boosting the stock from current levels are: Hashrate Surge: Riot Platforms is set to ramp up its hashrate substantially, targeting 9 EH/s in the coming months and an additional 10 EH/s ...Full story available on Benzinga.com
Benzinga • 3mo ago
News News
A pseudonymous cryptocurrency analyst Altcoin Sherpa, has expressed his optimistic outlook for the meme cryptocurrency Solana (CRYPTO: SOL), suggesting it could potentially double in value this year.  What Happened: Altcoin Sherpa predicts that Solana could reach new peaks during the year but might face immediate challenges. “There is going to probably be a pullback somewhere in the $200-$250s, but I don’t know how deep it’s going to be. Still bullish as hell on this one this cycle, it’s the best chain for retail (evidence of memes). Probably $500+ in 2024,” the analyst stated.  The TD sell signal on #Solana daily chart has just been invalidated, hinting at a bullish outlook for $SOL. It pierced through the setup risk line at $198, potentially setting the stage for a new countdown toward another sell ...Full story available on Benzinga.com
Benzinga • 3mo ago
FX Cryptocurrency
On Tuesday, Cathie Wood-led Ark Invest offloaded a significant amount of Block Inc (NYSE:SQ) shares amidst a downturn in Bitcoin (CRYPTO: BTC) prices. The Block Inc Trade Ark Invest’s decision to sell off Block shares came as a surprise to many, given the company’s strong ties to the cryptocurrency market. The sale was executed through Ark’s flagship ARK Innovation ETF (NYSE:ARKK) and ARK Next Generation Internet ETF (NYSE:ARKW) with a total of 9,437 shares sold. The value of the trade, calculated from the latest closing price of $79.32, amounted to approximately $7.5 million. This is the second such sale of the shares of the Jack Dorsey-led company this week. On Monday, Ark sold $8.95 million worth of Block shares. It should be noted that last ...Full story available on Benzinga.com
Benzinga • 3mo ago
News News
TeraWulf Inc. (NASDAQ:WULF) reported its fourth-quarter financial results after the bell Tuesday. Here's a look at the details.  The Details: The company reported quarterly losses of 3 cents per share which missed the analyst consensus estimate of losses of 2 cents per share. Quarterly sales came in at $23.29 million, missing the analyst consensus estimate of $24.16 million and representing a 142.55% increase over sales of $9.6 million from the same period last year. TeraWulf reported its self-mining operating capacity increased by 464% to 7.9 exahash per second (“EH/s”) as of Dec. 31, 2023, as ...Full story available on Benzinga.com
Benzinga • 3mo ago
News Large Cap
Wall Street showed a timid performance in Tuesday’s session, with investors remaining on the sidelines awaiting further indications on the future of interest rates ahead of Wednesday’s Fed meeting. At midday trading in New York, the S&P 500 recorded gains of 0.4%, while tech stocks saw a slight decline of 0.1%. In contrast, blue-chip stocks and small caps demonstrated resilience, with gains of 0.8% and 0.4%, respectively. Treasury yields remained largely unchanged, while the U.S. dollar index (DXY) surged 0.3%, driven by the dollar’s strength against the Japanese yen, despite the Bank of Japan’s decision to raise interest rates for the first time in 17 years. The Bank of Japan’s move, which involved a 10-basis-point increase, was perceived as less hawkish than anticipated by market participants, as the central bank failed to signal any ...Full story available on Benzinga.com
Benzinga • 3mo ago
News News
The crypto market has been at a peak this year, driven primarily by Bitcoin's (CRYPTO: BTC) remarkable performance, which has recently crossed the ATH price of $70,000. Analysts and investors attribute Bitcoin’s current bullish trajectory to the highly anticipated halving event slated for April. As the next halving event approaches, concerns about its impact on miners and mining operations are on the rise. Many worry about potential miner exodus due to the expected 50% reduction in mining rewards, which could negatively affect profitability. Additionally, there are fears of a downturn in Bitcoin's price post-halving. But do these concerns have all the grounds? A thorough examination of historical price patterns and ecosystem dynamics suggests they might be exaggerated. The analysis also presents alternative strategies miners can utilize to navigate potential risks as we approach the upcoming halving event. Bitcoin Halving and Its Importance in the Ecosystem Being just a few weeks away, the 2024 Bitcoin halving is currently a major talking point among Bitcoin investors and the broader crypto market. But what's the big deal about halving, you might ask? Well, imagine this: Every time you send Bitcoin, your transaction gets added to a block and handed off to a miner for validation. Once successfully added to the Bitcoin chain, the transaction gets the green light, and a tip reward gets added on top of the fixed block reward of 6.25 BTC per block. Now, here's where halving comes into play. Satoshi Nakamoto, the mastermind behind Bitcoin, introduced halving to keep the supply of new Bitcoins in check and prevent price inflation. This reduction in mining rewards happens roughly every four years to maintain Bitcoin's value. That means miners’ block rewards will reduce to 3.125 BTC after this year’s halving.  This reduction in rewards is expected to significantly cut the profitability of miners, and analysts believe it may push many of them to exit the Bitcoin network. Furthermore, they could seek alternative income sources and strategies for stable operations. Source: Cantor Fitzgerald And the concerns are valid, considering the growing operating costs miners face. From purchasing and maintaining mining hardware to covering electricity bills, the expenses can add up quickly. Since miners play a crucial role in the Bitcoin network's integrity, any significant reduction in their numbers could have far-reaching implications for the whole market. Cantor Fitzgerald report data suggests that April’s halving can ...Full story available on Benzinga.com
Benzinga • 3mo ago
News News
On Monday, Cathie Wood-led Ark Invest made significant trades, notably offloading shares of Coinbase Global Inc (NASDAQ:COIN) and Block Inc (NYSE:SQ), despite cryptocurrency market fluctuations. The COIN Trade Ark Invest sold 30,458 shares of Coinbase through its flagship ARK Innovation ETF (NYSE:ARKK). The transaction amounted to $7.3 million. For the day, Coinbase shares closed 1.13% lower at $239.62. Major cryptocurrencies like Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) traded lower as investors theorized that the markets had become overheated following the approval of spot ETFs, according to a previous report. Ark Invest decided to sell a substantial number of shares in Coinbase last week as well, despite Bitcoin reaching new all-time highs recently. It was reported earlier that a surge in investments into U.S.-based exchange-traded funds (ETFs) linked to Bitcoin, the digital currency peaked at $73,709. Bitcoin’s rise coincided with a record net inflow of $1.05 billion into Bitcoin spot ETFs ...Full story available on Benzinga.com
Benzinga • 3mo ago
FX Cryptocurrency
Wall Street started the new week on a strong footing, as all major U.S. indices displayed gains during midday trading on Monday, highlighting investor confidence in the continued growth of AI-driven stocks. The S&P 500 surged by almost 1%, while the tech-skewed Nasdaq 100 staged an even stronger rebound, climbing 1.3% beyond the 18,000-point mark. Blue-chip stocks saw a modest uptick of 0.4%, while small-cap stocks experienced a slight dip. The major highlight of the day centered around the prospective AI agreement between Alphabet Inc. (NASDAQ:GOOGL) and Apple Inc. (NASDAQ:AAPL), with further details provided in this article. Investors are eagerly anticipating the market-shaping event of Nvidia Corp.’s (NASDAQ:NVDA) annual GPU Technology Conference (GTC 2024) on Monday. The majority of analysts and industry observers anticipate the company to unveil insights into its highly anticipated next-generation AI chip. ...Full story available on Benzinga.com
Benzinga • 3mo ago
News News
Needham analyst John Todaro has initiated coverage on Hut 8 Corp. (NASDAQ:HUT) with a Buy rating and a price target of $12.00 heading into the Bitcoin halving event.  The Details: The analyst highlighted Hut 8's diversification strategy as an important factor ahead of the halving which will reduce the mining rewards by half.  Needham believes diversification will act as a buffer to the reduced mining rewards and noted that Hut 8 operates in five segments: self-hosted mining, managed services, hosting, cloud compute and equipment sales.  Todaro also pointed to Hut's large bitcoin holdings, second in ...Full story available on Benzinga.com
Benzinga • 3mo ago