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☆ SEC Chair Gary Gensler on new T+1 settlement cycle, market manipulation and crypto regulation
▼ + stars: | 2024-06-05 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSEC Chair Gary Gensler on new T+1 settlement cycle, market manipulation and crypto regulationSEC Chair Gary Gensler joins 'Squawk on the Street' to discuss the transition to the new 'T+1' settlement cycle, state of the AI technology, market regulation, Congressional trading, crypto regulation, and more.

Persons: Gary Gensler Organizations: SEC

☆ CFTC chairman on supporting House crypto bill: It largely fills the gap in regulation
▼ + stars: | 2024-06-05 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCFTC chairman on supporting House crypto bill: It largely fills the gap in regulationCommodities Future Trading Commission (CFTC) chairman Rostin Behnam joins 'Squawk Box' to discuss the state of the crypto regulatory environment, whether he's in support on the crypto bill passed in the House, and more.

Persons: Rostin Behnam Organizations: Trading Commission

☆ Crypto billionaire Michael Novogratz says bitcoin will surge above $100,000 this year as politicians warm up to it
▼ + stars: | 2024-06-05 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Crypto bull Michael Novogratz says bitcoin could top $100,000 by year-end. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementBitcoin could break past $100,000 by the end of this year as political roadblocks come down, Galaxy Digital CEO Michael Novogratz told Bloomberg TV. There's been about 150 million on its way to $250 million in these crypto Super PACs," he said. As political obstacles clear, Novogratz expects it will lead to legislation that can spur crypto upside.

Persons: Crypto, Michael Novogratz, bitcoin, —, Novogratz, he's, We're, it's, There's, Donald Trump Organizations: Bloomberg, Service, Galaxy Digital, Securities and Exchange Commission, Innovation, Technology, Century

☆ Stock market today: S&P 500 closes at record high as rate cut hopes rise and Nvidia surges
▼ + stars: | 2024-06-05 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

US stocks jumped on Monday as traders took in an improved outlook for Fed rate cuts. Investors see two rate cuts in 2024, per the CME FedWatch tool. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Expectations for rate cuts have been bolstered by a cooling labor market, which gives the Federal Reserve room to losen monetary policy. "Investors are viewing slow economic data as 'goldilocks,' with growing hope for Fed rate cuts," Mark Hackett, Nationwide's chief of investment research said in a statement on Wednesday.

Persons: —, Nvidia's, Mark Hackett, Nationwide's Organizations: Service, Nasdaq, Reserve, Apple, Microsoft, Bureau of Labor Statistics

☆ SEC's Gary Gensler says it could take time for spot ether ETFs to begin trading: CNBC Crypto World
▼ + stars: | 2024-06-05 | by ( Talia Kaplan | Jordan Smith | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSEC's Gary Gensler says it could take time for spot ether ETFs to begin trading: CNBC Crypto WorldCNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today's show, Faryar Shirzad, chief policy officer at Coinbase, discusses the company's latest donation to digital asset-focused super PAC Fairshake.

Persons: Gary Gensler, explainers, Faryar Shirzad Organizations: CNBC Crypto, CNBC

☆ Bitcoin is on the verge of a bullish breakout again. What to watch on the charts
▼ + stars: | 2024-06-05 | by ( Frank Cappelleri | ) www.cnbc.com time to read: +4 min

Despite the wild ride from a performance and volatility perspective, over the last six months, BTC has continued to do one thing very well – adhere to the technicals. It never violated the breakout zone from October'23 and hit the target by early March. Each prior falling wedge pattern breakout was accompanied by its RSI moving to overbought territory. Two Bullish Patterns on One Chart The second and third bullish formations appear on this chart. To reiterate, these targets are attained simply by adding the height of each pattern to the breakout points.

Persons: bitcoin, Let's, it's, Frank Cappelleri Organizations: SEC, BTC Locations: bottoming

☆ Stock market today: Indexes rise as weak private payroll data boosts optimism for rate cuts
▼ + stars: | 2024-06-05 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

Stocks rose on Wednesday as investors took in weaker jobs data. Investors are solidly betting on at two rate cuts in 2024, according to the CME FedWatch tool. AdvertisementUS stocks ticked higher on Wednesday as traders took in soft jobs data and revved up their hopes for Fed rate cuts later this year. Meanwhile, annual wage growth remained level at 5% — both promising signs that the job market is coolingWeaker hiring trends are good news for the outlook for rate cuts. Investors are largely expecting the Fed to hold interest rates steady at its next policy meeting, but are still feeling bullish on rate cuts by the end of the year.

Persons: —, 1750,000 Organizations: Service, Treasury, ADP, Bank of America, Investors

☆ Ripple president says launch of U.S. dollar stablecoin 'likely' to take place this year
▼ + stars: | 2024-06-05 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRipple president says launch of U.S. dollar stablecoin 'likely' to take place this yearRipple President Monica Long talks about the outlook for crypto markets and says that the company is "likely" to launch a U.S. dollar stablecoin later this year.

Persons: Monica Long Organizations: U.S

☆ Stock market today: Stocks rise and yields fall as fresh data points to cooling job market
▼ + stars: | 2024-06-04 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

Cooling labor also extended a Treasury rally, with yields on the benchmark 10-year note dropping over seven basis points. Advertisement"When the job market was red-hot in 2022, Fed officials were getting concerned that wage-price pressures could cause inflation to accelerate out of control," Comerica's chief economist Bill Adams said. "Most labor indicators are pointing to a considerably cooler job market now. In Bank of America's view, a reading of 125,000-175,000 would be the optimal range, pointing to continued strength without the need to keep interest rates higher for longer. The bank said a reading in that range would be a catalyst for further stock market gains.

Persons: —, Tuesday's, That's, Bill Adams, Powell, May's Organizations: Fed, Service, Bureau of Labor Statistics, Federal Reserve, Treasury, Bank, Here's

☆ Crypto billionaire Michael Novogratz's firm has tokenized a 316-year-old violin owned by Catherine the Great in order to back a loan
▼ + stars: | 2024-06-04 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

Mike Novogratz's firm has tokenized an 18th-century violin as collateral against a loan, Galaxy said in a press release. Tokenizing the instrument is a way to boost liquidity, and make it more available to interested investors. AdvertisementThe crypto-focused firm Galaxy Digital has tokenized an 18th-century violin, creating a blockchain version of the instrument to use as collateral for a multimillion loan, Bloomberg reported. It is now in the care of Galaxy, which provided Siu a loan, and is using the violin to back it. He added that he is open to eventually fractionalizing the tokenized instrument, allowing investors to purchase a claim.

Persons: Mike Novogratz's, Galaxy, Yat Siu, —, Catherine the Great, Siu, Michael Novogratz Organizations: Animoca Brands, Service, Galaxy, Bloomberg

☆ Fintech firm Nium cuts valuation by 30% in new funding round, eyes 2025 IPO
▼ + stars: | 2024-06-04 | by ( Ryan Browne | ) www.cnbc.com time to read: +2 min

The fundraising round was led by an undisclosed Southeast Asian sovereign wealth fund and backed by venture capital firms BOND, NewView Capital, and Tribe Capital. That marks a 30% discount to its previous valuation of $2 billion, which the firm notched in 2022 when it last raised external venture capital. Nanu said his company's down round was the result of a broader depression in public market valuations of fintech companies. He noted the example of Stripe, which raised a $95 billion valuation in the heady days of 2021 before slashing its value to $50 billion and then boosting its valuation to $65 billion in secondary share transactions. "Banks have gone from, crypto is hot, to not crypto, to crypto," he added.

Persons: Prajit, Nanu, he's, Banks, It's, Bitcoin Organizations: Westend61, Getty Images, CNBC, NewView, Tribe Locations: Getty Images AMSTERDAM, Netherlands, U.S

☆ Nvidia could be set for a 30% correction as it faces 3 major headwinds, including waning demand and competition, says a senior investment researcher
▼ + stars: | 2024-06-04 | by ( Laila Maidan | ) www.businessinsider.com time to read: +6 min

"The company made a massive switch in its consumer mix," said Sandeep Rao, a senior researcher at Leverage Shares, an investment management company. As for competition, even if Nvidia's contenders appear weak, more entrants will grab market share. Beth Kindig, the CEO and lead tech analyst for the I/O Fund, estimates that AMD's market share could reach 20%. Nvidia and AMD have similar production costs since neither makes their GPUs but uses the same supplier, Taiwan Semiconductor (TSMC). "So AMD is a little bit behind in terms of performance," Rao said.

Persons: Sandeep Rao, corporates, Rao, Nvidia's, Blackwell, Rubin, AMD'sRadeon, Beth Kindig, Nvidia's Blackwell Organizations: Service, Apple, Microsoft, Business, Nvidia, Semiconductor, Nvidia Investors, AMD, Taiwan Semiconductor, Intel, Baidu Locations: China, India

☆ A small bitcoin allocation makes sense regardless of your thesis on the cryptocurrency, says Fidelity
▼ + stars: | 2024-06-04 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +3 min

Some investors might be trying too hard to understand bitcoin and missing an investing opportunity in the process, according to an executive from Fidelity Digital Assets. Matt Horne, head of digital asset strategies at the firm's custody and trading arm for institutional investors, said investors and advisors are busy sharpening their cryptocurrency thesis when a small portfolio allocation is likely appropriate for them regardless of their thesis. "Most investors are saving money, investing money with an advisor, to meet some longer-term goal [such as] retirement," Horne added. "A non-zero position in something like bitcoin could make sense for a lot of clients given a long-term horizon [and] position sizing that's appropriate for their risk." Advisors who needed regulated funds like bitcoin ETFs to direct their wealthy clients to invest in bitcoin represented a big case for the funds.

Persons: Matt Horne, Horne, bitcoin, — Organizations: Fidelity Digital Assets, Digital Assets, Financial Professionals, Fidelity Locations: Austin , Texas

☆ JPMorgan's bearish quant guru says the meme-stock resurgence is a bad sign for markets
▼ + stars: | 2024-06-04 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

The resurgence in meme-stocks is a bad sign for the broader stock market. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementThe resurgence in meme stocks is a bad sign for the stock market, according to JPMorgan chief global markets strategist Marko Kolanovic. A peak in speculative trading activity could spell trouble for the broader stock market down the road. Though one barometer of speculative trading, FINRA margin debt, has yet to eclipse its February 2021 peak of $935 billion.

Persons: Marko Kolanovic, Kolanovic, — Organizations: JPMorgan, Service, Chicago PMI, GameStop, AMC Entertainment Locations: Chicago

☆ Stock market today: Indexes slide as investors assess weak economic data
▼ + stars: | 2024-06-04 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

"While a pull-back in US economic data helps bolster the likelihood of Fed rate cuts, it does so for all the wrong reasons." Investors will be watching new jobs data this week, culminating in the May nonfarm payroll report on Friday. AdvertisementUS stocks slumped lower on Tuesday as early June data left investors uncertain about strength in the economy. "While a pull-back in US economic data helps bolster the likelihood of Fed rate cuts, it does so for all the wrong reasons. Concerned investors will turn their attention toward job data later in the week, with job openings data set to be published on Tuesday.

Persons: —, David Morrison Organizations: Service, Bank of America

☆ Conspiracy theory-fueled newspaper Epoch Times grew revenue 4x thanks to CFO's crypto crime proceeds, feds say
▼ + stars: | 2024-06-03 | by ( Jack Newsham | ) www.businessinsider.com time to read: +4 min

The Epoch Times wasn't named in court records, and the Justice Department said the case had nothing to do with its editorial slant. They used the prepaid cards and financial accounts that were opened with stolen personal information to plow millions of dollars into the Epoch Times' bank accounts, prosecutors say. The Epoch Times said in a statement that it had suspended Guan, though it said that he was innocent until proven guilty. Advertisement"The Epoch Times has a guiding principle that elevates integrity in its dealings above everything else," the statement said. ET: This story has been updated to include a comment from Epoch Times received after publication.

Persons: —, Donald Trump, Bill, Guan, Damian Williams, it's, Biden Organizations: Service, Times, The Justice Department, Epoch Times, Business, Justice Department, Southern, of, NBC, Gong Locations: New York, Manhattan

MicroStrategy and its founder settle tax case for $40 millionThe attorney general for the District of Columbia has reached a $40 million settlement with the billionaire Bitcoin investor Michael Saylor and MicroStrategy, the software company he founded, over tax fraud, DealBook’s Lauren Hirsch is first to report. Officials say the agreement is the biggest-ever income tax fraud recovery in the district. The lawsuit accused Saylor of evading more than $25 million in income taxes. The attorney general sued the tech executive and MicroStrategy in 2022, saying he enlisted the company’s help to file fraudulent tax forms from 2005 through 2020. The lawsuit said Saylor and the company claimed that he lived in Virginia or Florida, states with significantly lower income tax rates.

Persons: Michael Saylor, DealBook’s Lauren Hirsch, Saylor Organizations: District of Columbia Locations: It’s, Virginia, Florida

☆ Bitcoin billionaire Michael Saylor settles DC tax fraud case for $40 million
▼ + stars: | 2024-06-03 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +3 min

Billionaire bitcoin investor Michael Saylor and the company he founded, MicroStrategy , will pay $40 million to settle a tax fraud lawsuit brought by the Washington D.C. Attorney General, the AG's office announced Monday. The D.C. attorney general charged both Saylor and MicroStrategy with tax evasion, claiming that the company helped its founder disguise his D.C. residency so that he could avoid paying higher income taxes. MicroStrategy also allegedly failed to pay the corporate taxes required for a company employing D.C. residents, of which Saylor was only one of several. The original suit against Saylor was brought in 2022 by former D.C. attorney general Karl Racine. From 2006 to 2008, Saylor bought three luxury D.C. condos that he later renovated into a single complex that he called the "Trigate."

Persons: Michael Saylor, Saylor, Brian Schwalb, MicroStrategy, Karl Racine, Adams Morgan, James, Tony Stark Organizations: Washington D.C, Nasdaq, Forbes, District of Columbia Locations: District, Columbia, Florida, Virginia, Washington, Georgetown, Potomac, Saylor, Georgetown's, Adams

☆ Bitcoin jumps back above $69,000, and DC settles Michael Saylor tax fraud lawsuit: CNBC Crypto World
▼ + stars: | 2024-06-03 | by ( Jordan Smith | Talia Kaplan | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBitcoin jumps back above $69,000, and DC settles Michael Saylor tax fraud lawsuit: CNBC Crypto WorldCNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today's show, Galaxy Digital's Michael Novogratz discusses the sudden shift in crypto politics in the U.S. from Consensus 2024.

Persons: Michael, explainers, Michael Novogratz Organizations: CNBC Crypto, CNBC Locations: U.S

☆ Stock market today: US stocks rise ahead of big week for economic data
▼ + stars: | 2024-06-03 | by ( Matthew Fox | ) www.businessinsider.com time to read: +2 min

US stocks kicked off the week with a slight gain on Monday as investors await a deluge of economic data. Manufacturing data, job openings and initial claims, and the May jobs report are set to be released throughout the week. The median forecast for the number of jobs added to the economy in May is 178,000. AdvertisementUS stocks edged higher on Monday ahead of a busy week of economic data releases. Economists expect 178,000 jobs to have been added to the US economy in May, about in line with the April jobs report.

Persons: — Organizations: Service, PMI, Bank of America, Federal Reserve Locations: Here's

☆ 5 moves investors can make as they navigate extreme speculation with the potential for huge losses, according to elite investor Gary Shilling
▼ + stars: | 2024-06-03 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +4 min

The investing environment is loaded with risks, according to top forecaster Gary Shilling. AdvertisementStock market investors are facing the risk of huge losses as the economy slows, and there are five rules they should follow to prepare for future headwinds, according to elite forecaster Gary Shilling. The stock market's setup also looks troubling. Shilling has advised investors in Chinese stocks to switch to Indian assets for months, citing factors like better economic growth prospects and population growth. AdvertisementShilling has maintained a notably bearish view on stocks and the economy, despite more investors warming up to the possibility of soft landing.

Persons: Gary Shilling, —, Shilling, Steer Organizations: Service, Stock, Reserve, Nvidia Locations: China, India

☆ Stock market today: Stocks trade mixed to kick off June after weak manufacturing data
▼ + stars: | 2024-06-03 | by ( Matthew Fox | ) www.businessinsider.com time to read: +2 min

US stocks kicked the first trading day of June off with mixed trades on Monday. Weaker-than-expected manufacturing data pushed stocks lower throughout the day. Investors are looking ahead to a busy week of macro data, including the May jobs report. AdvertisementUS stocks kicked June off with mixed trades on Monday as investors digested a new set of manufacturing data. The mixed data led to a mixed stock market in Monday's trading session, with the Nasdaq 100 printing gains, the S&P 500 about flat, and the Dow Jones Industrial Average moving slightly lower.

Persons: — Organizations: Service, PMI, Nasdaq, Dow Jones, Bank of America, Federal Reserve

☆ With Trump, Silicon Valley elites see AI regulation as they see fit
▼ + stars: | 2024-06-02 | by ( Lloyd Lee | ) www.businessinsider.com time to read: +5 min

While Musk hasn't formally endorsed Trump, one reason Silicon Valley heavy-hitters could be gravitating toward a convicted former president is a desire to see less regulation on tech development in America. AdvertisementCuban, a vocal opponent of Trump who has expressed his support for Joe Biden, told Business Insider in an email that he views the support from Silicon Valley and Wall Street billionaires for Trump as "self-serving." "So unless it's very light touch, which is unlikely at this point, the more influence they have over Ai regulation the better the opportunity to advantage themselves." "It's still very early to be imposing regulation," Sacks said. That's not to say every Silicon Valley player investing in AI and Trump hopes to see an unrestrained, Wild West of artificial intelligence development.

Persons: —, Donald Trump, Elon Musk, Shaun Maguire, Trump, David Sacks, Biden, Puck, Sacks, hasn't, Mark Cuban, Joe Biden, Cuban, BRENDAN SMIALOWSKI, Maguire, Sacks didn't, Garry Tan, Y, That's, Chamath, Palihapitiya, Musk, Rishi Sunak Organizations: Service, Silicon, Trump, Business, Sequoia Capital, Venture, Wall, acc, Securities and Exchange Commission, and Wildlife Service, British Locations: Russia, Ukraine, San Francisco, America, Silicon Valley, Cuban

☆ Bitcoin is undergoing a tech expansion that one expert says will drive 5-fold growth in just 2 years
▼ + stars: | 2024-06-01 | by ( Filip De Mott | ) www.businessinsider.com time to read: +5 min

Bitcoin's blockchain is slowly becoming more than just a buy-and-hold platform. Ethereum underwent a similar trend, leading to its massive rally in 2021, Bitget CEO Gracy Chen told Business Insider. Advertisement"The Ordinals protocol enabled the growth of memecoins on the bitcoin blockchain, leading to a surge in liquidity within the BTC ecosystem in record time. That's based on the Total Value Locked, or the amount of assets staked on the bitcoin protocol. However, even a twofold weaker surge could still result in a fivefold increase in the leading cryptocurrency's value," Chen wrote in a note.

Persons: Gracy Chen, —, Chen, That's, ethereum, Mining Brian Wright, there's Organizations: Ethereum, Service, BTC, ETH, cryptominers, Mining, Galaxy Locations: memecoins, bitcoin

☆ Bitcoin investors see sideways trading in June as focus turns to Washington
▼ + stars: | 2024-06-01 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +4 min

That's thanks to last week's ether-led rally ahead of the SEC's approval of a rule change allowing ether ETFs in the U.S., when ether surged 20% in two days. Now, aspiring sponsors of ether ETFs need to file their S-1 registration forms for the individual funds. Until then, crypto is without a clear catalyst, with bitcoin ETFs and the halving in the rear view window. Bitcoin miners struggle after the halving Elsewhere, the bitcoin price could see some pressure from miner selling. Market watchers anticipated this would hppen after April's bitcoin halving, which slashed a key revenue source – the block reward – for bitcoin miners.

Persons: cryptocurrency, Antoni Trenchev, Bitcoin, Trenchev, Yuya Hasegawa, Hasegawa, Julio Moreno, there's Organizations: Metrics, SEC, Federal Locations: U.S, Washington

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