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Commodities crosscheck: China & inflation
  + stars: | 2023-08-14 | by ( Bob Pisani | ) www.cnbc.com   time to read: 1 min
Brazil, India – getting more "active" abroadGlobal X Robotics ETF represents a diverse swatch of sector benefiting from AI04:48Seemingly no one going for gold? Is it Bitcoin's fault?
Organizations: X Robotics, swatch Locations: Brazil, India
"Single-stock" status check one year on
  + stars: | 2023-08-14 | by ( Bob Pisani | ) www.cnbc.com   time to read: 1 min
"Single-stock" status check one year on04:48Seemingly no one going for gold? Is it Bitcoin's fault?
Seemingly no one going for gold? Is it Bitcoin's fault?
  + stars: | 2023-08-14 | by ( Bob Pisani | ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSeemingly no one going for gold? Is it Bitcoin's fault? GraniteShares CEO Will Rhind and VettaFi's Dave Nadig weigh in on the state of gold ETFs following their brief bump amid the nation's debt ceiling standoff, and how rising interest in bitcoin funds are affecting the commodity's performance.
Persons: Will Rhind, VettaFi's Dave Nadig
Bitcoin is up more than 75% this year, but the market capitalization for stablecoins has dwindled during the same period. "This is unusual as often the market capitalization of stablecoin increases during rallies and decreases during downturns, matching the trend of the overall crypto market," JPMorgan analyst Steven Alexopoulos said in a note Thursday. "An explanation for the decline of the stablecoin market may be due to investors preferring the higher returns of bitcoin and Ethereum or even traditional assets (benefiting from a rise in interest rates)." In July, it hit an all-time high of $83.8 billion and now accounts for 68.5% of the overall stablecoin market. Tether's prominence Instead of focusing on declines in USDC, investors could point to Tether's growth as evidence of stablecoin inflows, for example.
Persons: Bitcoin, Steven Alexopoulos, bitcoin, USDC, Steven Lubka, Swan, David Wells, Coinbase, Lubka, Michael Bloom Organizations: U.S ., JPMorgan, Drivers, Bank, U.S, Services, Enclave Markets, U.S . Securities, Exchange Commission Locations: New York, Silicon, SVB, U.S, USDC
This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Apple's revenue falls from a year agoApple beat Wall Street expectations for both earnings and sales in its fiscal third quarter. However, overall sales fell 1% year over year to $81.8 billion, with iPhone, iPad and Mac revenue all dropping. Instead, the MPC vowed to "ensure that Bank Rate is sufficiently restrictive for sufficiently long to return inflation to the 2% target."
Persons: BoE Organizations: Apple, CNBC, Amazon Amazon, Treasury, of, Bank of England, Monetary, MPC Locations: Shanghai, China, That's
Traders have been looking to next spring's Bitcoin halving as a beacon of hope while regulatory uncertainty weighs on the industry and trading volumes remain suppressed. "The Litecoin halving has a bit of a price cyclicality associated with it as well, and those patterns seem to be repeating," he told CNBC. The token typically finds its trough and then its peak ahead of the halving, whereas bitcoin tends to peak well after its halving. Litecoin's trough to peak returns fell from 550% in its first halving cycle in 2015 to 504.8% in its second halving cycle three years later. "The Litecoin halving hasn't had as much of a pre-event momentum build like, say, a Bitcoin halving or Ethereum upgrade," said Michael Safai, managing partner at the crypto trading firm Dexterity Capital.
Persons: Litecoin, Greg Cipolaro, Cipolaro, Michael Safai Organizations: Management, CNBC, Traders Locations: NYDIG, Stone
With bitcoin's price and trading volume still little changed, Bernstein is highlighting other crypto assets with good opportunities for investors. Bitcoin investors have been feeling deja vu as the setup for the next bull run takes shape. "It is time to dial up the crypto exposure, either through crypto equities or direct digital asset exposure for multi-asset strategies," he said. However, several investing themes within the market have emerged in recent years, and Bernstein has identified opportunities in specific assets to play each segment. Chhugani identified a seventh category, crypto games and prediction markets, but said market leaders in that space have yet to emerge.
Persons: Bernstein, Gautam Chhugani, Chhugani, Solana, Uniswap, Bernstein's, Ripple's XRP, Michael Bloom
Bitcoin could hit a new record high now that Blackrock's Larry Fink is a believer, Mike Novogratz said. "The most important thing that happened this year in bitcoin is Larry Fink," he said on Bloomberg TV. "I think the most important thing that happened this year in bitcoin is Larry Fink," the Galaxy CEO said in an interview on Bloomberg TV with David Rubenstein. This pivoting sentiment could help bitcoin surpass its $69,000 record set in 2021, Novogratz said, further supported by a future cut in interest rates. The token stands out for its use of an eyeball scanner, used to establish unique digital identities per user.
Persons: Bitcoin, Larry Fink, Mike Novogratz, Larry Fink's, David Rubenstein, , Larry, Fink, bullishly, Novogratz, Fundstrat, OpenAI, Sam Altman, Altman Organizations: Bloomberg, Service, Galaxy, Securities and Exchange Commission Locations: bitcoin, Wall, Silicon, BlackRock
In the latest week, bitcoin closed lower by 1.9%. Coin Metrics measures a week in crypto, which trades 24 hours a day, from the 4:00 p.m. "August is a quiet month for traditional market investors and crypto is no different," said Greg Cipolaro, global head of research at NYDIG, the crypto subsidiary of Stone Ridge Asset Management. "Historically, mean returns have waned as we go into the summer months and that may play out again in August." But even with the latest downdraft, bitcoin is still up about 77% for the year, and investors are upbeat.
Persons: it's, Greg Cipolaro, Ric Edelman, Edelman, Bitcoin, , Gina Francolla Organizations: bitcoin, Management, Digital Assets, Financial Professionals, U.S . Securities, Exchange Commission, SEC, Binance, Innovation, Technology, Century, Federal Reserve, European Central Bank, Nasdaq Locations: NYDIG, Stone, Congress, BlackRock
Investors shouldn't chase the Coinbase rally that was sparked by a pop in crypto asset XRP due to a partial legal win in federal court, analysts warned. The judge also ruled that Ripple violated securities laws when selling XRP to institutions but not to retail investors. However, some analysts noted investors should stay cautious around Coinbase for a little while longer. Despite the ways Coinbase and the crypto industry can benefit from the ruling, the dark cloud of regulatory uncertainty hasn't gone away yet. He added that although the ruling is positive, it's "not a Panacea" for Coinbase.
Persons: XRP, Peter Christiansen, Bank of America's Jason Kupferberg, Kupferberg, Christiansen, Michael Bloom Organizations: of, Citi, Bank of America's, SEC, Coinbase, Bank of America, America's Locations: Southern, of New York, Cancun
Standard Chartered predicts that bitcoin could fall to $5,000 in 2023 as part of their research on potential market surprises next year. The price of bitcoin fell sharply and suddenly to start the week as investors awaited a major Federal Reserve policy decision and digested concerns around Binance. The reason behind the sharpness in the drop is unclear, although the move coincided with a Wall Street Journal report augmenting recent anxiety from investors around Binance. Elsewhere, investors are also watching what the Federal Reserve does at the conclusion of its two-day meeting on Wednesday. Despite the recent resilience in bitcoin and rally in equities, recession concerns remain as traders weigh the lagged effect of rate hikes and recent signals of slowing in the economy.
Persons: bitcoin, Bitcoin, Changpeng, Zhao, that's, Yuya Hasegawa, Hasegawa, , Rohan Goswami Organizations: Chartered, Reserve, Metrics, Wall, Securities and Exchange Commission, Department of Justice, CNBC, Federal Locations: Binance
Fundstrat said a bitcoin ETF from BlackRock could drive a boost in daily demand for the crypto token. If the SEC approves a bitcoin ETF from BlackRock, it could lead to the largest ETF launch ever. A bitcoin ETF could add an extra $100 million in incremental daily demand for bitcoin, according to the note. "This [bitcoin ETF launch] would bring daily demand to $125 million, while daily supply is only $25 million. "We anticipate [a bitcoin ETF] would attract new investors and generate increased demand for bitcoin," Farrell said.
Persons: Fundstrat, halvening, Sean Farrell, Farrell Organizations: SEC, ETF, Service, bitcoin, BlackRock, Fidelity, Chartered Locations: BlackRock, Wall, Silicon
Sector strategies to broaden beyond tech
  + stars: | 2023-07-24 | by ( Bob Pisani | ) www.cnbc.com   time to read: 1 min
Sector strategies to broaden beyond tech04:48Seemingly no one going for gold? Is it Bitcoin's fault?
Bitcoin made a stunning jump in the first half of 2023, hitting $30,000 again for the first time in months. Five market experts responded to CNBC questions via email, and three said they expect bitcoin to reach the $50,000 level by the end of 2023. That is a net annual reduction in selling of BTC 250,000 — a large number relative to bitcoin market turnover." "We previously predicted that this driver would add USD 10,000 to the bitcoin price," he added. Mobius said he expects bitcoin to climb to $40,000 by the end of 2023, citing investor "belief" in the digital coin.
Persons: Bitcoin, Carol Alexander, Geoff Kendrick, Kendrick, Antoni Trenchev, wouldn't, Mark Mobius, Tim Draper, Mobius, bitcoin, Draper didn't, , Kevin Schmidt Organizations: BlackRock, CNBC Pro, CNBC, Sussex University, SEC, British, Chartered, Standard Chartered, BTC, Federal Reserve, Mobius Capital Partners, Draper Associates, Trust, Fidelity, U.S . Securities, Exchange Commission Locations: Terra, Binance
ETF industry flirts with zero day-to-expiration options
  + stars: | 2023-07-17 | by ( Bob Pisani | ) www.cnbc.com   time to read: 1 min
ETF industry flirts with zero day-to-expiration options04:48Seemingly no one going for gold? Is it Bitcoin's fault?
The dollar index, which usually moves inversely with bitcoin, also hit its lowest level in more than a year last week, and bitcoin didn't budge. "It wasn't until the bitcoin halving a year later, in the spring of 2020, that we saw a market recovery transform into a sustained rally. Investors tend to expect seasonal gains in the fourth quarter, which has brought bitcoin a 93.38% return on average since 2013. The Ripple case also gives the industry hope that the SEC "takes its foot off of the enforcement pedal," Canaccord Genuity said. "Until the next difficulty adjustment, which will happen in about two weeks, miners' selling pressure will likely continue," Hasegawa added.
Persons: Bitcoin, bitcoin, pullbacks, Andrew Lawrence, Censo, Lawrence, it's, Cantor Fitzgerald, Canaccord Genuity, Chase White, they've, bitcoin's, Yuya Hasegawa, Hasegawa Organizations: BlackRock, SEC, Investors
Didi Taihuttu in Lagos, Portugal MacKenzie SigalosTaihuttu's indicator considers a mix of inputs, including directional trading data and moon cycles. Moving Average Convergence Divergence (MACD) compares two moving averages of a cryptocurrency's price by subtracting the 26-period exponential moving average (EMA) from the 12-period EMA. When the 50-day moving average crosses below a falling 200-day moving average, it is known as the Death Cross , signaling a bear market may be imminent. When the 50-day moving average crosses below a falling 200-day moving average, it is known as the , signaling a bear market may be imminent. Price chart showing the 'Didi BAM BAM' market indicator Didi TaihuttuAnd then there are the intangible price influencers — like moon phases.
Persons: Thailand Didi Taihuttu LAGOS, Didi Taihuttu, Portugal MacKenzie Sigalos Taihuttu's, Bitcoin, Taihuttu, DAI —, Didi, Portugal MacKenzie, Portugal —, Portugal Didi Taihuttu, Mayer, It's, Price, , I'm, Didi Bam Bam, Thailand Didi, ChatGPT, Goldman Sachs, Marco Argenti, Goldman, Louisa, David Solomon, Morgan Stanley, Morgan, Jeff McMillan, — CNBC's Ryan Browne Organizations: CNBC, Didi BAM, BAM, Bollinger Bands, Bollinger, Lightning Networks Locations: Phuket, Thailand, PORTUGAL, Lagos, Algarve, Taihuttu, bitcoin, Portugal, cryptocurrency, ChatGPT
Selling volume by miners hit its highest level Friday since March 2019, according to blockchain data firm Glassnode. The day BlackRock filed for a spot bitcoin exchange-traded fund , selling volume jumped to its highest level since September 2017. This selling behavior, implied by miners moving mined bitcoin to exchanges, began at the end of May. Miner selling shouldn't weigh significantly on the price of bitcoin price, however, according to Thiel. "Bitcoin miners' operating costs are fairly fixed, meaning that you're paying a fixed price for your electricity — that's what drives your marginal cost of production," he said.
Persons: bitcoin, it's, they're, Fred Thiel, Thiel, there's, it'll Organizations: BlackRock, Miners, Marathon, Standard Chartered, Chartered
LONDON, July 10 (Reuters) - The value of top cryptocurrency bitcoin could reach $50,000 this year and $120,000 by the end of 2024 Standard Chartered (STAN.L) said on Monday, predicting the recent jump in its price could encourage bitcoin "miners" to hoard more of the supply. "Increased miner profitability per BTC (bitcoin) mined means they can sell less while maintaining cash inflows, reducing net BTC supply and pushing BTC prices higher," Kendrick said in a report. Bitcoin's price has leapt 80% since the start of the year but its current level of just over $30,200 is still less than half the $69,000 it peaked back in November 2021. "It is the equivalent of miners reducing the amount of bitcoins they sell per day to just 180-270 from 900 currently." "Over a year, that would reduce miner selling from 328,500 to a range of 65,700-98,550 – a reduction in net BTC supply of roughly 250,000 bitcoins a year."
Persons: Geoff Kendrick, Kendrick, Marc Jones, Amanda Cooper, Sharon Singleton Organizations: Chartered, BTC, Kendrick, Citi, Thomson
BlackRock's CEO talked up bitcoin last week, with the asset manager trying to launch a fund that tracks it. BlackRock is trying to become the first asset manager to launch a fund tracking the price of bitcoin. CEO Larry Fink has backed up his firm's push for the spot ETF by repeating bitcoin bulls' usual talking points, saying last week that the token is akin to "digitizing gold" and could eventually "revolutionize" finance. And the fact that BlackRock filed for its ETF off the back of that rally probably speaks to Wall Street's desire not to miss out on another potential bull run. BlackRock's spot ETF filing, and Fink's conversion from skeptic to potential savior, suggest that Wall Street is determined not to make the same mistake twice.
Persons: Larry Fink, aren't, Fink hasn't, Sam Bankman, bitcoin Organizations: BlackRock, Securities and Exchange Commission, Institutional, SEC
But the regulator still found the filings to lack clarity and comprehension, prompting BlackRock to refile last week. BlackRock first filed its application to launch the iShares Bitcoin Trust last month, with Fidelity following suit two weeks later. "However, if [the SEC] is trying to manufacture a way to approve a bitcoin ETF, this would be the way to do it. The filings come amid an ongoing legal battle between Grayscale and the SEC about converting its Grayscale Bitcoin Trust (GBTC) into an ETF. "But certainly, things look more positive than they did maybe three weeks ago, six weeks ago."
Persons: Dave Nadig, Bob Pisani, BlackRock, Nadig, Coinbase, they've Organizations: Fidelity, BlackRock, U.S . Securities, Exchange Commission, Coinbase, SEC Locations: CNBC's, refile
Robert F. Kennedy Jr., son of former US Senator Robert F. Kennedy, speaks during the Bitcoin 2023 conference in Miami Beach, Florida, US, on Friday, May 19, 2023. Since the conference, Kennedy has continued to tout bitcoin. Kennedy said at the Miami bitcoin conference that if he were to become president he would "make sure that your right to hold and use bitcoin is inviolable." Kennedy, 69, is the son of former Attorney General Robert F. Kennedy and the nephew of former President John F. Kennedy, both of whom were assassinated in the 1960s. In May, days before he took the stage the Miami bitcoin conference, Kennedy tweeted: "Cryptocurrencies, led by bitcoin, along with other crypto technologies are a major innovation engine.
Persons: Robert F, Kennedy Jr, Kennedy, Virginia Canter, Cheryl Hines, Canter, Hines, I'm, Gamble, Mr, Joe Biden's, Gary Gensler, headwinds, Biden, John F, Kennedy's, Jack Dorsey, David Sacks, Chamath, Omeed Malik, bitcoin Organizations: Democratic, CNBC, Procter, Miami bitcoin, Securities, Exchange, SEC, Biden, Quinnipiac, Children's Health Defense, CHD, U.S Locations: Miami Beach , Florida, Miami, bitcoin, Washington, cryptocurrencies, U.S
The third quarter is a key time for extreme weather events. An El Niño weather pattern is widely expected for 2023. "Following three years of La Niña, climate scientists expect 2023 to have El Niño conditions with near-100% certainty given current signals," Karp said in a note to clients last month. Insurers are also among the stocks to typically move in relation to extreme weather events. This year should be a fairly typical one for hurricanes, as El Niño is typically linked to a less severe season.
Persons: Nature, , Sophie Karp, La, Karp, El, bode, Morgan Stanley, Andrei Stadnik, Stadnik, Matthew Carletti doesn't, hasn't, Jefferies, Yaron Kinar, Brown, Arthur J, Gallagher, Aon, Niño, Generac, Aaron Jagdfeld, Bob Huang, bullish, — CNBC's Michael Bloom Organizations: National Oceanic, Atmospheric Administration, Energy, DTE Energy, WEC Energy, CNBC Pro's, WEC, Xcel Energy, Portland General Electric, Edison International, CenterPoint, Southern Company, Duke Energy, Nextera Energy, El, Insurance Australia Group, Suncorp, Arch Capital, Everest Re, Bloomberg, Arch Locations: El, Canada, U.S, Gulf, Pacific Northwest, California, Michigan, Avista, Portland, American, Mexico, CenterPoint Energy, Bermuda, Texas
Wegovy was approved as an obesity treatment in June 2021 , but Ozempic, a Type 2 diabetes treatment, has been used off-label for weight loss. Mounjaro uses GLP-1 and gastric inhibitory polypeptide, or GIP, to help patients lose weight. Eli Lilly's oral drug, orforglipron, has an even better profile . They also could be helpful in assisting patients in maintaining weight loss after they've used the injectable versions, he said. Some have highlighted that oral drugs also may be more manageable for patients who can't handle the idea of giving themselves a once-a-week injection.
Persons: Eli Lilly, we're, Jonathan Wolleben, Wegovy, Lilly's tirzepatide, It's, Mounjaro, Wolleben, Eli Lilly's tirzepatide, Lilly, , Novo, Eli, it's, they've, FactSet, Altimmune's pemvidutide, Morgan Stanley, Mark Purcell, Purcell, Graig Suvannavejh, Suvannavejh, Roth, Dylan Dupuis, Dupuis, Trung Huynh, Goldman Sachs, Chris Shibutani, Shibutani Organizations: Novo Nordisk, JMP Securities, Citizens Company, Nordisk's Ozempic, Food and Drug Administration, Nordisk, Novo, Zealand Pharma, Shandong Suncadia, GSBR, Biosciences, Fujian Shengdi Pharmaceutical, Mizuho Securities, Terns Pharmaceuticals, American Diabetes Association, Viking Therapeutics, Pfizer, Credit Suisse, AstraZeneca, Therapeutics, Medicare, Medicaid, CNBC Pro's Locations: Danish, Shandong, Fujian, Viking
Don't get too carried away though – crypto is still part of the broader market, which remains in a challenging macro environment. Before the recent rush of applications to launch U.S. spot bitcoin ETFs injected new optimism in the crypto market, it was a frustrating second quarter for traders. Between the end of the banking crisis in May and the BlackRock bitcoin ETF filing on June 15, regulatory pressure weighed heavily on sentiment and bitcoin traded sideways. Regulation and ETFs Beyond the macro backdrop, it's clear developments in U.S. regulation and ETF applications will continue to be the main themes in the third quarter. Don't get too carried away though – crypto is still part of the broader market, which remains in a challenging macro environment.
Persons: it's, Christopher Ferraro, Powell, hasn't, Ferraro, Cantor Fitzgerald's Elliot Han, bitcoin, Han, we're, " Ferraro, Dado Ruvic, Ruvic Organizations: BlackRock, Galaxy Digital, CNBC, Federal Reserve, Securities, Exchange, Fidelity, Galaxy, SEC, REUTERS, Reuters Locations: BlackRock, , U.S, Europe, Hong Kong, London
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