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☆ Bitcoin’s chart shows a new cycle is taking hold and investors should make use of current sluggishness, says Canaccord Genuity
▼ + stars: | 2023-07-19 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +2 min

He told investors to "utilize pending near-term weakness to add exposure near important technical support at their 50-day moving averages." Investors should expect the first level of resistance at about $30,493 on the upside and the next at $31,476, he said. Should the bitcoin price turn lower, first support would be at $28,717, about the level of its 50-day moving average. "This confirms the long-term trend is now up, a strong technical positive, and is consistent with a four-year cycle taking hold in cryptocurrencies," Mirza wrote. Lately, investors have been drawing similarities between the cryptocurrency's recent behavior and its moves in the lead up to the last halving.

Persons: Canaccord, Bitcoin, Javed Mirza, Canaccord Genuity, Mirza, bitcoin, CNBC's Michael Bloom Locations: cryptocurrencies

☆ Nasdaq pauses crypto custody plans citing the 'shifting' regulatory climate
▼ + stars: | 2023-07-19 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +1 min

Nasdaq is pausing its plans to release a crypto custody business, CEO Adena Friedman said on the company's earnings call Wednesday. "However, we continue to build and deliver technology capabilities that position Nasdaq as a leading digital asset software solutions provider to the broader global industry." Nasdaq still provides the company listing for Coinbase and filed the paperwork for recent bitcoin ETF applications from BlackRock and others. The exchange operator first revealed plans to develop the custody solution in September along with the formation of its crypto business, Nasdaq Digital Assets. Efforts have been underway this year to create new solutions that decouple the trading and custody functions of crypto exchanges.

Persons: Adena Friedman, we've, Coinbase, Friedman Organizations: Nasdaq, Nasdaq Digital Assets, New York Department of Financial Services Locations: BlackRock

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBitcoin dips below $30,000, and Gensler says SEC 'disappointed' with part of XRP ruling: 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, Dave Weisberger, co-founder and CEO of CoinRoutes, weighs in on why crypto stocks have been outperforming digital assets.

Persons: Gensler, explainers, Dave Weisberger Organizations: SEC, CNBC Crypto, CNBC

☆ Stocks making the biggest moves midday: Morgan Stanley, Bank of America, Charles Schwab and more
▼ + stars: | 2023-07-18 | by ( Samantha Subin | ) www.cnbc.com time to read: +4 min

Morgan Stanley — Shares of the James Gorman-led bank jumped more than 6% after the firm posted second-quarter earnings and revenue that topped analysts' expectations. Bank of America – Bank of America shares rose nearly 4% after the company reported second-quarter financial results. Bank of New York Mellon — Shares rose more than 4% after Bank of New York Mellon reported second-quarter revenue and profit that beat Wall Street's expectations. PNC Financial — Shares gained 2.6% after PNC Financial reported second-quarter earnings that topped Wall Street's earnings expectations but came in slightly short on revenue. The Swiss pharmaceutical firm reported second-quarter earnings that topped estimates, according to StreetAccount.

Persons: Charles Schwab, Morgan Stanley —, James Gorman, Morgan Stanley's, Refinitiv, PacWest, Bernstein, UnitedHealth, Pinterest, intraday, Masimo preannounced, Stifel, Lockheed Martin, Macheel, Sarah Min, Yun Li, Alex Harring, Michelle Fox Organizations: Bank of America – Bank of America, Regional Banking, Western Alliance, FB Financial, Verizon, AT, Bank of New York Mellon, PNC, PNC Financial, Novartis — U.S, Novartis, Sandoz, Masimo, Lockheed Locations: San Francisco , California, Swiss, FactSet

☆ CNBC Daily Open: For banks, big profits don’t mean market gains
▼ + stars: | 2023-07-17 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

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. The benchmark Stoxx 600 index retreated 0.11%, dragged down by telecom stocks after downbeat news from Nokia and Ericsson. Biggest bank gets biggerJPMorgan Chase's second-quarter net income surged 67% to $14.5 billion, or $4.75 per share. All figures beat Wall Street's estimates — and the bank's own, causing it to raise its expectations for the full year's net interest income.

Persons: Wall, Elon Musk, Sony's, Tanaya Macheel Organizations: JPMorgan Chase & Co, Headquarters, CNBC, Dow Jones, Nokia, Ericsson, Biggest, JPMorgan, First, Revenue, BBC, Activision, Activision Blizzard, U.S, Appeals, Federal, Microsoft, Activision's, PlayStation, of Locations: New York, First Republic, Southern, of New York

☆ Stocks making the biggest moves midday: Ford, AT&T, Yelp, Figs and more
▼ + stars: | 2023-07-17 | by ( Michelle Fox | ) www.cnbc.com time to read: +4 min

Paramount Global — The entertainment company's stock shed 4.4% after the new "Mission: Impossible" movie underperformed expectations at the box office. The Wall Street firm said Progressive's valuation is now compelling after its poor results in June, and said the company has long-term earnings power and growth potential. Yeti — The cooler company's stock fell 5.8% following a downgrade to underweight from sector weight by KeyBanc. The Wall Street firm cited concerns over Yeti's growth and its heavy wholesale channel inventory. State Street — The asset manager slipped more than 3.1% after the firm was downgraded by multiple Wall Street firms, including JPMorgan.

Persons: Rivian, Tesla —, Knight, Yelp, Goldman Sachs, Raymond James, Cantor, —, Samantha Subin, Alex Harring, Tanaya Macheel, Brian Evans Organizations: Ford —, Ford, Tesla — Elon, Constellation Software, Intercontinental Exchange, Citi, BridgeBio Pharma —, Activision, Microsoft, Sony, PlayStation, Activision Blizzard, Paramount Global, Variety, Apellis Pharmaceuticals, American, JPMorgan, Wall, State Street's, Iris Energy

☆ Bitcoin investors are feeling deja vu as the setup for the next bull run takes shape
▼ + stars: | 2023-07-16 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +5 min

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

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFormer Celsius CEO freed on $40 million bond, and altcoins rise after XRP ruling: 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, EtherFi CEO Mike Silagadze breaks down liquid staking and how he plans to compete with other protocols in an interview with CNBC Crypto World. He also explains what EtherFi calls the first ever NFT collection backed by staked ETH.

Persons: explainers, Mike Silagadze, EtherFi Organizations: CNBC Crypto, CNBC, ETH

☆ Coinbase shares surged on Ripple’s partial court victory this week. Why the decision matters for the crypto exchange
▼ + stars: | 2023-07-14 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +3 min

Thursday's judgment was only a partial win for Ripple, but significant nonetheless for both the company and the wider crypto market. Coinbase shares rallied more than 24% the day of the ruling on optimism that it might prevail in its own battle with the SEC. Regulators in June sued Coinbase, alleging it was operating as a broker, an exchange and a clearinghouse for unregistered securities – and named 13 such securities. "In our view, [the] decision in the Ripple case helps tip the scale even more toward a favorable outcome for Coinbase." Needham has a buy rating on Coinbase and on Friday raised its price target to $120 from $70.

Persons: Coinbase, it's, Canaccord, Joseph Vafi, Vafi, Needham, John Todaro, Genuity, Raymond James, Berenberg, Cowen, Ramsey El Organizations: Labs, SEC, Regulators, Wedbush Securities, Berenberg, BTC, Coinbase, Barclays Locations: Coinbase

☆ Cryptocurrencies head for a winning week after sharp rally fueled by Ripple court decision
▼ + stars: | 2023-07-14 | by ( Tanaya Macheel | ) www.cnbc.com time to read: 1 min

Cryptocurrencies headed for a winning week after a court decision Thursday fueled a sharp, broad crypto market rally. Bitcoin is on pace to end the week higher by about 3%, according to Coin Metrics, and on pace to finish above $30,000. Ripple's XRP led the rally after a judge in the Southern District of New York ruled that it's a security in some cases but not others. XRP is on track to end the week with a 65% gain. The token tied to Solana is up 30.5% for the week, Cardano's ada has gained 21% and Polygon's matic token in on track to finish 25% higher.

Persons: Cryptocurrencies, Ripple's XRP, Cardano's ada Organizations: Metrics, of, Solana, Polygon's Locations: Southern, of New York

☆ Stock futures are little changed ahead of big bank earnings: Live updates
▼ + stars: | 2023-07-13 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +2 min

Stock futures were little changed Thursday evening as investors awaited earnings reports from a slate of big banks. Futures tied to the S&P 500 were down by 0.04%. Dow Jones Industrial Average futures inched lower by 27 points, or 0.08%, and Nasdaq 100 futures were flat. In regular trading, the S&P 500 climbed 0.85%. The S&P 500 is up 2.5% on the week, while the Dow is up 1.9%.

Persons: Bill Merz, we'd, Baird's Ross Mayfield, Dow, Wells, UnitedHealth Organizations: Futures, Dow Jones Industrial, Nasdaq, Nvidia, Dow, Investors, U.S, Bank Wealth Management, Federal Reserve, JPMorgan, Citi, BlackRock, University of Michigan Locations: Wells Fargo

☆ What investors need to know about the crossover between A.I. and crypto
▼ + stars: | 2023-07-13 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +5 min

It's an opportunity worth watching for investors, and crypto speculators have recently been doing just that. Grayscale Investments recently highlighted three potential risks posed by AI that crypto could potentially limit – identity verification, centralization and data ownership and privacy. Accredited U.S. investors can gain direct exposure to AI-related crypto protocols by investing in private venture fundraising rounds, he added. "So far in 2023, venture capitalists have invested $422 million in crypto applications related to AI, privacy, and identity," according to Grayscale. "In total, the crypto-AI intersection represents more than 10% of total crypto venture capital (VC) funding to date, including two out of the four largest funding rounds."

Persons: —, memecoin influencer Elon Musk, Jack O'Holleran, O'Holleran, William Ogden Moore, Andreessen Horowitz, Sam Altman, Smart, We've Organizations: Nvidia, CNBC Locations: U.S, Gensyn

☆ XRP coin surges after judge delivers a huge win to Ripple in its case against the SEC
▼ + stars: | 2023-07-13 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +1 min

Ripple's XRP token surged more than 30% at one point on Thursday after a judge in the Southern District of New York ruled that it's "not necessarily a security on its face." The price of XRP was last higher by 28.90% at about 60 cents a coin, according to Coin Metrics. The news gave hope to crypto investors, who breathed a sigh of relief that other altcoins may not be considered securities either. Polygon's matic token gained 11%, while litecoin and the token tied to Solana jumped 8%, and Cardano's token advanced 7%. "Also, it will likely have an important impact on the Binance and Coinbase lawsuits."

Persons: Ripple's, XRP, Cantor Fitzgerald's Elliot Han Organizations: of, Metrics, Solana, CNBC Locations: Southern, of New York, U.S

☆ This is why miners are selling their bitcoin at levels not seen since 2019
▼ + stars: | 2023-07-11 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +3 min

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

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMATIC jumps 3%, and SEC says Coinbase knew it could have violated law before suit: 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, Muneeb Ali of Trust Machines, weighs in on the impact for the crypto industry as finance titans like BlackRock and Fidelity have pushed for spot bitcoin ETFs.

Persons: Coinbase, explainers, Muneeb Ali Organizations: SEC, CNBC Crypto, CNBC, Trust Machines, titans, BlackRock, Fidelity

☆ Standard Chartered sees upside to its 2024 bitcoin target of $100,000
▼ + stars: | 2023-07-10 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +2 min

"We previously predicted that this driver would add USD 10,000 to the bitcoin price," he added. BTC.CM= YTD mountain Bitcoin (BTC) this year Miners decide how much of the new supply of bitcoin (900 bitcoins a day) reaches the market, depending on their profitability. If they're more profitable per bitcoin mined, they can sell less while maintaining cash inflows. Miners have three sources of cash: selling bitcoin, selling equity or borrowing. Kendrick's analysis is based on estimates of cash costs per bitcoin mined, drawn from mining companies' quarterly earnings filings.

Persons: Bitcoin, Geoff Kendrick, — CNBC's Michael Bloom Organizations: Chartered, BTC, Standard Chartered, Miners

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGemini sues DCG, and Binance CEO responds to high-profile departures: 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, Chen Arad, a co-founder of crypto security startup Solidus Labs, breaks down the firm's new report on insider trading activity in the space.

Persons: Gemini, explainers, Chen Arad Organizations: CNBC Crypto, CNBC

☆ The unemployment rate among Black workers increased in June for the second month in a row
▼ + stars: | 2023-07-07 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +2 min

Filadendron | E+ | Getty ImagesThe overall U.S. unemployment rate declined in June, but a negative trend among Black workers may be emerging, according to the latest nonfarm payrolls report. Overall, the unemployment rate last month was 3.6%, a 0.1 percentage point decrease from May, the U.S. Department of Labor reported Friday. However, Black workers saw their unemployment rate rise to 6% in June from 5.6% in May, making it the second consecutive monthly increase. "If the employment level for Black workers has gone down pretty significantly for the last three months, then that is a red flag." Cumming attributed the increase in unemployment among Black workers to the mechanics of the economy slowing down.

Persons: women's, Carmen Sanchez Cumming, Cumming Organizations: U.S . Department of Labor, Washington Center for Equitable

☆ Bitcoin touches a 13-month high on BlackRock CEO comments, growing ETF optimism
▼ + stars: | 2023-07-06 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +2 min

A pile of Bitcoins are shown here after Software engineer Mike Caldwell minted them in his shop in Sandy, Utah. The price of bitcoin touched a 13-month high on Thursday as optimism grew among investors that the U.S. could soon get a bitcoin ETF. Earlier in the morning, it climbed to about $31,450, reaching its highest level since June 2022. Sentiment among traders was high though, after BlackRock CEO Larry Fink said his firm plans to make it easier, and less costly, to invest in bitcoin. Bitcoin has steadily climbed since June 15, when BlackRock filed to launch a spot bitcoin ETF.

Persons: Mike Caldwell, Bitcoin, Larry Fink, Fink, Michael Sonnenshein, Sonnenshein Organizations: Metrics, Treasury, BlackRock, Fox Business Locations: Sandy , Utah, U.S

☆ Stocks making the biggest moves midday: Meta Platforms, Coinbase, UPS, General Motors & more
▼ + stars: | 2023-07-05 | by ( Brian Evans | ) www.cnbc.com time to read: +2 min

Meta Verified displayed on mobile with Meta on screen, seen in this photo illustration, on February 27, 2023 in Brussels, Belgium. Meta Platforms — Shares of the social media giant rose more than 2% even after a European Court ruled against Meta in an anti-trust case on Tuesday. Moderna – The Massachusetts-based biotechnology company added 2.1% after announcing it reached an agreement with officials to manufacture and develop mRNA medicines in China. General Motors — The legacy automaker added climbed nearly 1% after the company said U.S. sales increased 18.8% in the second quarter. The union said in a statement Wednesday that talks had collapsed after UPS "walked away" from negotiations.

Persons: Meta, Coinbase, Piper Sandler, Coinbase hasn't, —, General Motors, Donald Trump, Samantha Subin, Tanaya Macheel, Michelle Fox, Hakyung Kim, Jesse Pound, Alex Harring Organizations: Meta, Twitter, Renesas Electronics, Moderna, General, Equity Investment, Brookfield, United Parcel Service, Teamsters, UPS, Securities and Exchange Commission, SEC Locations: Brussels, Belgium, The Massachusetts, China

☆ Stocks making the biggest moves in the premarket: Rivian, UPS, Coinbase and more
▼ + stars: | 2023-07-05 | by ( Michelle Fox | ) www.cnbc.com time to read: +2 min

The Securities And Exchange Commission has filed a lawsuit against cryptocurrency exchange Coinbase for allegedly violating securities laws by acting as an exchange, a broker and a clearing agency without registering with the Securities and Exchange Commission. United Parcel Service — Shares of the logistics and delivery company fell more than 1% in premarket trading as negotiations between UPS and the Teamsters union appeared to hit an impasse. The union said in a statement Wednesday that negotiations had collapsed after UPS "walked away from the table." UPS said in response that it had not walked away and was encouraging the union to return to the table. The current UPS Teamsters contract expires at the end of July.

Persons: Justin Sullivan, Coinbase, Piper Sandler, Hertz, Hertz — Hertz, Jefferies, Macheel, Jesse Pound Organizations: Securities, Exchange, Securities and Exchange Commission, United Parcel Service, UPS, Teamsters, UPS Teamsters, Coinbase, AstraZeneca, Citi, Hertz — Locations: CALIFORNIA, San Anselmo , California

☆ Bank of America's top stock picks for the third quarter
▼ + stars: | 2023-07-04 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +3 min

Bank of America is out with its latest short-term stock picks as the third trading quarter of the year gets underway. "Over the last quarter, the BofA Macro view has evolved," strategist Anthony Cassamassino wrote in a note Monday. Bank of America gathered its 10 best ideas for the new quarter, all of them buy-rated, Cassamassino said. The bank also sees multiple growth drivers this year and improvements in merchandise margins as cost inflation and freight expenses normalize. Its $135 price target on the stock is more than 50% above its closing price Friday.

Persons: Anthony Cassamassino, Savita Subramanian, Michael Hartnett, Michael Gapen, Stephen Suttmeier, Cassamassino, it's, Lamb Weston, Wells, defensibility Organizations: of America, U.S, Our U.S . Economist, " Bank of America, Body, Bank of America, Disney, Wells Fargo Locations: Our

☆ Galaxy Digital's CIO explains what to expect from crypto in the second half of 2023
▼ + stars: | 2023-07-03 | by ( Tanaya Macheel | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGalaxy Digital's CIO explains what to expect from crypto in the second half of 2023Christopher Ferraro, president and CIO of Galaxy Digital, joins "CNBC Crypto World" to discuss the U.S. regulatory environment and investor sentiment that will shape crypto prices in the second half of 2023.

Persons: Christopher Ferraro Organizations: Galaxy, Galaxy Digital, CNBC

☆ A challenging macro backdrop could dampen bitcoin's upside in the third quarter
▼ + stars: | 2023-07-02 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +10 min

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

☆ Bitcoin slips after SEC reportedly calls ETF filings inadequate, but still heads for a winning month
▼ + stars: | 2023-06-30 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +1 min

The price of bitcoin fell on Friday following a report that recent bitcoin filings from big names like BlackRock and Fidelity have been deemed inadequate in the eyes of the SEC. Bitcoin lost more than 1% and was last trading at $30,191.00, according to Coin Metrics. The move came after the Wall Street Journal reported Friday that the Securities and Exchange Commission told Nasdaq and Cboe Global Markets, both of which filed bitcoin ETF applications on behalf of various institutions this month, that the filings aren't sufficiently clear or comprehensive. Specifically, the SEC said it returned the filings because they didn't name the spot bitcoin exchange that the Nasdaq and Cboe would have a "surveillance-sharing agreement" with or provide enough detail about the arrangement, according to the report. A Cboe spokesperson told CNBC that the exchange plans to update and resubmit its filings.

Persons: bitcoin, Bitcoin Organizations: BlackRock, Fidelity, SEC, Metrics, Wall Street, Securities and Exchange Commission, Nasdaq, Cboe, CNBC

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