DIRS.INFO The most relevant business & tech news

☆ Bitcoin had a big drop late last week. Here's what sparked it, and why that volatility can persist
▼ + stars: | 2023-08-20 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +4 min

Bitcoin's back to its volatile ways after its big move down late last week — but not for the reason investors expected. Aside from the mismanaged crypto lenders (and FTX) that plagued the crypto market in 2022, the Federal Reserve's inflation-fighting rate hiking campaign played a big part in bitcoin's downward price pressure. "The volatility will have a persistence if we're going to stay here at an elevated real rate environment," he told CNBC. Even if the Fed doesn't raise interest rates anymore, the crypto space seems more focused now on real rates and keeping them elevated to fight inflation. Having institutions with an established long core holding would act as a stabilizing force for Bitcoin, Connors added.

Persons: it's, Mark Connors, 3iQ, We're, headwinds, Connors, It's, that've, Bitcoin, —, Jeff Cox Organizations: CNBC, SEC, Fidelity Locations: BlackRock

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBitcoin plummets more than 11% in worst week since FTX filed for bankruptcyCNBC 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.

Persons: FTX, explainers Organizations: CNBC

☆ Bitcoin fell through a key level and is giving a bearish signal. Here’s what chart analysts say happens next
▼ + stars: | 2023-08-18 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +3 min

Bitcoin tumbled to finish the week after many weeks of stillness in the market, and chart analysts say it's possible this could be just the beginning. Bitcoin also broke its 200-day moving average of $27,300, which could signal an impending downtrend. A range emerges between $25,000 and $30,000 Bitcoin has been here before. The $25,000 level was a key resistance threshold from last summer through March of this year after bitcoin briefly touched $30,000 in its banking crisis-fueled rally. Fairlead Strategies' Katie Stockton puts the next downside target a little higher at $25,200, with a secondary target level of $20,600.

Persons: Bitcoin, Wolfe, Rob Ginsberg, bitcoin, Julius de Kempenaer, de Kempenaer, Ari Wald, Oppenheimer, Katie Stockton, Stockton Organizations: Elon, SpaceX, CNBC, BlackRock, BTC

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBitcoin plummets to fresh two-month low amid broad crypto sell-off: 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, Crypto World explores a growing movement called regenerative finance, or ReFi, which is focused on the intersection of climate action and web3. ReFi aims to solve systemic problems, like climate change.

Persons: explainers Organizations: CNBC Crypto, CNBC

☆ Bitcoin briefly breaks below $26,000, heads for worst week since November
▼ + stars: | 2023-08-18 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +1 min

Bitcoin was last lower by more than 6% at $26,099.00, according to Coin Metrics, following a stunning fall that began late Thursday. The crypto asset briefly dropped below $26,000 twice between late Thursday night and Friday morning. The move pulled the rest of the crypto market lower. For the week, bitcoin is down more than 11.5% and on pace for its seventh weekly loss in the past eight and its worst week since November. Coin Metrics measures a week in crypto, which trades 24 hours a day, from the 4:00 p.m.

Persons: Bitcoin, Ripple's XRP, bitcoin, Crypto Organizations: Solana, Street, Elon, SpaceX

☆ Bitcoin price has further to fall near-term before ripping higher, says Wolfe Research
▼ + stars: | 2023-08-17 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +1 min

It's going to get worst before it gets better for the price of bitcoin , according to Wolfe Research. Bitcoin has been largely unmoved since July due to market apathy. "The coin has traded within a ~$2,000 range since late June, with $30,000 being the midpoint of said range," Rob Ginsberg, a technical analyst at Wolfe Research said in a note Wednesday. In the past two years, bitcoin has "abruptly expanded" after a tight consolidation more than eight times, he added. "These near-term headwinds are likely to force price lower in BTC and keep volume muted across the space.

Persons: Bitcoin, Rob Ginsberg, bitcoin, Ginsberg, — CNBC's Michael Bloom Organizations: Wolfe Research, BTC

☆ Bitcoin falls to lowest level in nearly two months after Fed minutes dial up inflation concerns
▼ + stars: | 2023-08-17 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +2 min

A representations of virtual currency Bitcoin is seen in front of a stock graph in this illustration taken May 19, 2021. The central bank minutes from the July meeting cautioned that Fed officials see "upside risks" to inflation that could potentially lead to more rate hikes. At that meeting, Fed raised its benchmark interest rate to the highest in more than 22 years . The eventual debut of a spot bitcoin ETF, one of crypto's biggest positive catalysts, also lost some steam this week, he added. Several of the top crypto assets by market cap – including Binance's BNB coin , Ripple's XRP and the Solana and Polygon coins – were lower by more than 3% Thursday.

Persons: Fed, Bitcoin, Sylvia Jablonski, Needham's John Todaro, Ripple's XRP Organizations: Treasury, Metrics, Fed, CNBC, SEC, Solana Locations: U.S, Defiance, –

☆ Stocks making the biggest moves midday: Walmart, CVS Health, Wolfspeed and more
▼ + stars: | 2023-08-17 | by ( Pia Singh | ) www.cnbc.com time to read: +3 min

Cisco Systems — Shares of the computer networking giant added 4% after reporting earnings postmarket Wednesday that beat Wall Street's expectations. Adjusted earnings per share for its fiscal fourth quarter came in at $1.14, topping the $1.06 expected from analysts polled by Refinitiv. Revenue was $15.2 billion, compared with the $15.05 billion expected. The company reported adjusted earnings of $1.84 a share, ahead of the $1.71 expected by analysts polled by Refinitiv. Wolfspeed — Shares of the semiconductor developer dropped 16% following the company's earnings report after the bell Wednesday.

Persons: Mark Cuban's, Rosenblatt, Ball, Adyen, Wolfspeed, América, MSCI rebalance, —, Jesse Pound, Tanaya Macheel, Alex Harring, Samantha Subin, Michelle Fox Theobald Organizations: Cisco Systems —, Refinitiv, Revenue, Walmart, Refinitiv . Revenue, Street Journal, CVS, Blue, California, CVS Caremark, Amazon Pharmacy, FactSet . Investment, BAE Systems, Nasdaq, VinFast, Citi

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGOP lawmakers want answers from SEC Chair Gensler on Prometheum approvalCNBC 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.

Persons: explainers Organizations: SEC, CNBC

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCoinbase gets approval to offer crypto futures to U.S. retail investors: 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, Circle's Chief Strategy Officer Dante Disparte discusses recent regulatory advancements for digital assets in the U.S. and what he thinks will happen next.

Persons: Coinbase, explainers, Dante Disparte Organizations: CNBC Crypto, CNBC Locations: U.S

☆ Stocks making the biggest moves premarket: Target, Tesla, Cava and more
▼ + stars: | 2023-08-16 | by ( Samantha Subin | ) www.cnbc.com time to read: +4 min

The company posted earnings of $1.80 a share, versus the $1.39 expected by analysts polled by Refinitiv. Tesla – The electric vehicle stock lost more than 2% premarket on news that it cut prices on existing Model S and Model X inventories in China. H&R Block – The tax preparer's stock jumped more than 4% after topping fiscal fourth-quarter earnings expectations and hiking its dividend by 10%. Agilent topped its third-quarter revenue and EPS expectations, posting adjusted earnings of $1.43 a share on $1.67 billion in revenue. Otherwise, it beat analysts' expectations in its most recent quarter.

Persons: Cava –, Cava, TJX, JD.com, Dr Pepper, Refinitiv, Agilent, Jack Henry, Jack Henry &, FactSet, FactSet's StreetAccount, —, Sarah Min, Jesse Pound, Tanaya Macheel Organizations: Refinitiv . Revenue, Revenue, National Futures Association, CFTC, Nasdaq, UBS, Associates, Jack Henry & Associates, Mercury Systems, Mercury Locations: China, Cava, JD.com –

☆ Stocks making the biggest moves midday: Discover, D.R. Horton, Nvidia, Cleveland-Cliffs, and more
▼ + stars: | 2023-08-15 | by ( Sarah Min | ) www.cnbc.com time to read: +2 min

Check out the companies making headlines in midday trading. Banks — Major Wall Street banks slid during midday trading after CNBC reported Tuesday that Fitch Ratings may once again downgrade the health of the banking sector. Shares of Bank of America and JPMorgan Chase slid 2%, while Citigroup and Morgan Stanley each fell more than 1%. Paramount Global — Paramount Global shares climbed 2% in midday trading. Turnstone Biologics — The biotechnology stock added 1.96% in midday trading.

Persons: Banks, Fitch, JPMorgan Chase, Morgan Stanley, Roger Hochschild, John Owen, Hannon Armstrong, Hannon Armstrong Sustainable Infrastructure Capital — Hannon Armstrong, Homebuilders, Warren Buffett's Berkshire, D.R, Horton, Lennar, Wells Fargo, Baird, Turnstone, Piper Sandler, —, Alex Harring, Jesse Pound, Tanaya Macheel, Pia Singh, Samantha Subin Organizations: CNBC, Bank of America, JPMorgan, Citigroup, Citizens Financial Group, U.S . Steel, Esmark, U.S, Steel, Discover Financial, Hannon Armstrong Sustainable Infrastructure Capital, Hannon Armstrong Sustainable Infrastructure Capital — Hannon Armstrong Sustainable Infrastructure Capital, Paramount Global, The Alliance, Motion Pictures, Television Producers, Bloomberg, Warren Buffett's Berkshire Hathaway, Nvidia, UBS, Investment Locations: Cleveland, Warren Buffett's

☆ Stocks making the biggest moves before the bell: U.S. Steel, Tesla, Urban Outfitters and more
▼ + stars: | 2023-08-14 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

Workers replace a roller that compresses steel at the A&T Stainless steel plant in Midland, Pennsylvania, March 2, 2020. U.S. Steel — Shares of the steel producer surged more than 26% premarket after it rejected a $7.3 billion buyout proposal on Sunday from rival Cleveland-Cliffs and said it's reviewing "strategic alternatives." Goldman Sachs upgraded shares of Okta to a buy rating, citing a favorable risk reward and expectations for an inflection in subscription revenues. Urban Outfitters — The clothing retailer shed 2.5% following a downgrade by Citi to neutral from buy. The Urban Outfitters brand will be slower to turn around, ultimately limiting possible upside to earnings per share, the firm wrote.

Persons: Tesla, Okta, Goldman Sachs, Wells Fargo, Parsons, Nikola —, Samantha Subin, Hakyung Kim, Sarah Min, Tanaya Macheel, Michelle Fox Organizations: &, . Steel, Weibo, Technologies, Bank of America, Outfitters, Citi, Urban Outfitters, Parsons Corporation, Hollywood, Nikola Locations: Midland , Pennsylvania, Cleveland, China, Okta, underperform

☆ Stablecoins give the U.S. a way to make the dollar ‘relevant’ again, says Valor Capital's Brooks
▼ + stars: | 2023-08-11 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +2 min

Stablecoins may be crypto's killer app, but there needs to be regulation in place to allow them to flourish – which could benefit the U.S. dollar, according to Brian Brooks, a partner at Valor Capital Group. "In many countries where you can't get a dollar bank account, stablecoins are your best solution." "If only the U.S. government would create a framework that allows dollars to back stablecoins in a regulated way, that demand would flourish," he continued. This week, payments giant PayPal launched its own dollar-backed stablecoin – a first for a major U.S. financial institution. "Demand for [stablecoin products are] a way for us to make the dollar relevant again at a time when governments around the world are looking to decouple from the dollar," said Brooks.

Persons: Brian Brooks, Brooks –, –, Biden, they've, Bernstein, Brooks, It's Organizations: U.S ., Valor Capital, PayPal, United States Locations: U.S, United

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBittrex reaches $24 million settlement with the SEC: 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, Crypto World explains the promises made by Worldcoin, and the growing regulatory scrutiny around the technology.

Persons: explainers Organizations: SEC, CNBC Crypto, CNBC

☆ PayPal’s stablecoin may be a payments catalyst, but it will face these near-term hurdles, BofA says
▼ + stars: | 2023-08-10 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +2 min

PayPal 's new stablecoin — known as PYUSD — has the potential to facilitate payments , but it must overcome several headwinds before it takes off, Bank of America said. "Over the longer term, we expect PYUSD to experience additional adoption headwinds as competition from [central bank digital currencies] and yield-bearing stablecoins increases," the analyst added. "Over the longer term, we expect PYUSD to experience additional adoption headwinds as competition from CBDCs and yield-bearing stablecoins increases," he said. "Investors may have been fine holding non-yield bearing stablecoins, such as USDT and USDC, when rates were close to zero, but yield-bearing stablecoins will likely become increasingly available and attractive." Instead, Bank of America expects PYUSD to target the "largely untapped" market for blockchain-enabled asset transfers, payments and remittances.

Persons: —, headwinds Shah, PYUSD, Shah, — CNBC's Michael Bloom Organizations: PayPal, Bank of America Locations: U.S

☆ Bernstein says crypto may finally have its killer application
▼ + stars: | 2023-08-09 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +2 min

According to Bernstein, stablecoins are "the monster crypto killer-app" and could be a nearly $3 trillion market over the next five years. "Going forward, we expect tokenized stablecoins to be a $2.8 trillion market, led by regulated, onshore stablecoins." The stablecoin market has dropped sharply this year despite bitcoin being up about 75%. In July, it hit an all-time high of $83.8 billion and now accounts for 68.5% of the overall stablecoin market. The crypto market currently awaits a vote in Congress on a key stablecoin bill , which has just advanced to the House with three other crypto bills for the first time.

Persons: Bernstein, stablecoins, Gautam Chhugani, Chhugani, bitcoin, — CNBC's Michael Bloom Organizations: U.S .

☆ Bitcoin rises from a two-week trading lull as Moody’s downgrade hits U.S. banking sector
▼ + stars: | 2023-08-08 | by ( Tanaya Macheel | ) www.cnbc.com time to read: 1 min

Cryptocurrencies rose broadly on Tuesday in opposition with the stock market after the ratings agency Moody's put the U.S. banking sector on watch. Bitcoin advanced 2.89% to $29,785.88, according to Coin Metrics. The price of the flagship cryptocurrency failed to move more than 1% in either direction for 14 consecutive days ending Monday. The crypto market trades 24/7. The moves began early Tuesday morning after Moody's cut ratings of 10 U.S. banks and put some big names – including Bank of New York Mellon, U.S. Bancorp, State Street and Northern Trust – on downgrade watch.

Persons: Moody's Organizations: Metrics, Bank of New York Mellon, U.S . Bancorp, Northern Locations: U.S

☆ PayPal launches first dollar-backed stablecoin from a major U.S. financial institution
▼ + stars: | 2023-08-07 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +2 min

PayPal on Monday launched a U.S. dollar-backed stablecoin to help facilitate payments as its latest addition to its suite of crypto services. The new asset, called PayPal USD (PYUSD), was designed to address the "emerging potential" to "transform payments in web3 and digitally native environments." PayPal said the stablecoin's function is to reduce friction for in-experience payments in virtual settings and allowing direct flows to developers. PayPal USD is issued by Paxos, which also previously issued the dollar-pegged, Binance-branded stablecoin BUSD. Paxos was ordered by the New York State Department of Financial Services in February to stop issuing BUSD, which marked the beginning of this year's decline in the stablecoin market cap.

Persons: Dan Schulman, Paxos, they're Organizations: PayPal, Monday, U.S ., Paxos, New York State Department of Financial Services Locations: U.S, web3

☆ Stocks making the biggest moves premarket: Sovos Brands, BioNTech, Tyson Foods and more
▼ + stars: | 2023-08-07 | by ( Pia Singh | ) www.cnbc.com time to read: +3 min

Tyson Foods — Shares of the food processing company fell more than 7% after Tyson's fiscal third-quarter report missed estimates on the top and bottom lines. Tyson generated 15 cents in adjusted earnings per share on $13.14 billion of revenue. Analysts surveyed by Refinitiv were expecting 26 cents per share on $13.59 billion of revenue. Sovos Brands — Shares of Rao's parent Sovos Brands' popped 25% in premarket trading after food giant Campbell Soup said Monday it would acquire the pasta sauce maker for $2.33 billion. Campbell will pay $23 per share for the company, which is 27.6% higher than the Sovos Brands' last closing price.

Persons: Tyson, Refinitiv, DaVita, Campbell Soup, Campbell, Wells, Warren Buffett's, BioNTech, it's, Nikola —, Viatris, —, Fred Imbert, Samantha Subin, Yun Li, Tanaya Macheel, Jesse Pound Organizations: UBS, Brands, Campbell Soup, Berkshire Hathaway —, KKR —, KKR Locations: Covid

☆ The stablecoin market has shrunk this year while bitcoin has rallied — What investors should know
▼ + stars: | 2023-08-04 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +4 min

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

☆ Goldman Sachs says Coinbase will remain challenged until crypto can prove its utility — What Wall Street is saying after earnings
▼ + stars: | 2023-08-04 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +5 min

Late Thursday, the company posted a loss of 42 cents per share on revenue of $708 million for the second quarter. Analysts surveyed by Refinitiv expected a loss of 77 cents per share on revenue of $633 million. However, trading volumes have remained low, even as the crypto market is enjoying a couple of nice rallies this year. "Until we see evidence of mass adoption of crypto for everyday utility, we believe fundamentals will remain challenged, and thus we remain Sell rated [on Coinbase]." "While Coinbase is taking industry market share on the deterioration of business at Binance, it seems to be under-growing certain smaller domestic platforms, reflecting a different sort of competitive landscape."

Persons: Crypto, Coinbase, Goldman Sachs, Refinitiv, Will Nance, Nance, Needham, Binance, Piper Sandler, Raymond James, Michael Bloom Organizations: U.S . Securities, Exchange, SEC, BTC, JPMorgan, Bank of America Locations: Wall, Binance, Underperform

☆ Stocks making the biggest moves premarket: Block, Tupperware, Nikola and more
▼ + stars: | 2023-08-04 | by ( Pia Singh | ) www.cnbc.com time to read: +4 min

AFP PHOTO / JEAN-FRANCOIS MONIER (Photo credit should read JEAN-FRANCOIS MONIER/AFP/Getty Images)Check out the companies making headlines before the bell Friday. The company reported earnings per share for the fiscal third quarter came at $1.26, above the $1.19 expected by analysts polled by Refinitiv. Block — Shares of the payments tech company slid more than 5% in premarket trading even after the firm reported second-quarter earnings and revenue above expectations. The company formerly known as Square reported earnings of 39 cents per share, beating expectations by 3 cents, according to Refinitiv. Amazon reported earnings of 65 cents a share, ahead of the 35 cents expected by analysts, per Refinitiv.

Persons: JEAN, FRANCOIS MONIER, Refinitiv, Nikola —, Nikola, Fortinet, DraftKings, Yun Li, Sarah Min Organizations: Tupperware Brands, AFP, Getty, Apple —, Refinitiv, Revenue, Holdings, Opendoor, Opendoor Technologies, StreetAccount Locations: Joue, France, AFP, Refinitiv, U.S, Canada

☆ What bitcoin investors can learn from the halving of Litecoin this week
▼ + stars: | 2023-08-03 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +3 min

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

Aluminum ended July on a high note and there are several stocks that could benefit from the recent strength in the metal and prove opportunities for investors. Aluminum futures capped July with a 2.72% monthly gain, the most since January and their second-straight monthly advance. CNBC Pro found 11 stocks using data from Refinitiv that tend to move with aluminum prices. Each one is a member of the Russell 1000 and has a 50-day correlation coefficient of at least 0.4, which indicates at least a moderate correlation. Further down the list are stocks with more moderate correlations to aluminum: chipmaker Texas Instruments , Domino's Pizza , Align Technology and Korean e-commerce retailer Coupang .

Persons: Bill Peterson, Russell, It's, — CNBC's Michael Bloom, Gina Francolla Organizations: JPMorgan, CNBC Pro, Southern Copper Corporation, Air Products, Chemicals, Jefferies, Texas, Technology, Coupang, New York Stock Exchange, Intercontinental Exchange, Cboe, KKR Locations: China, Freeport, McMoRan, Korean

Search resuls for: "Tanaya"

25 mentions found