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☆ Buy the bitcoin pullback as crypto will have more time to shine later this year, Bernstein says
▼ + stars: | 2023-05-01 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +1 min

"Bitcoin and the crypto financial system were made exactly for times like today," he said in a note Monday, highlighting the "breakdown of traditional financial systems" and "first principle questions on the fractional reserve business model of banks." "As the narrative towards a weaker dollar picks up, we believe bitcoin will emerge again as a faster horse than gold," Chhugani said. "Further, we believe it will also unleash a new crypto cycle, bringing about a new wave of innovation in crypto-based decentralized financial systems. Furthermore, the regulatory argument against crypto in the U.S. is weakening, according to the analyst, as Europe and Hong Kong take more progressive approaches. BTC.CM= YTD mountain Bitcoin (BTC) this year Bitcoin fell about 4% Monday, according to Coin Metrics, after closing out its fourth positive month in a row with a 3% gain.

☆ Bitcoin pulls back to start May as First Republic Bank saga comes to an end
▼ + stars: | 2023-05-01 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +2 min

Cryptocurrencies took a dip on Monday to start the week and new month as investors bet the takeover of First Republic Bank could put an end to the financial crisis, which has been the biggest driver of this year's bitcoin rally. Bitcoin fell about 4.2% to 28,137.76 to start the week and new month, according to Coin Metrics. Last week, the price of bitcoin rallied in the final week of April as troubles at the bank unfolded. "It's unclear whether the banking crisis narrative can continue to be a boon for bitcoin," said Alex Thorn, head of firmwide research at Galaxy. "Bitcoin and ether started 2023 inorganically cheap, allowing for plenty of room to move higher off a low-base effect," Thorn said.

☆ Bitcoin keeps wavering between a store of value and a high-risk asset. How investors square that with their traditional investments.
▼ + stars: | 2023-04-28 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +5 min

"If you make an investment into bitcoin, you understand that this is par for the course, it just is," he told CNBC. "Because bitcoin takes on a lot of asset profiles – risk asset, store of value, VC-like nascent asset class – investing in it is actually really attractive," said Greg King, CEO of investment company Osprey Funds. A very early technology play Looking at the price path on short timeframes, bitcoin will and often does mimic high-risk assets. Ross had a nuanced view, arguing that bitcoin remains a highly volatile asset. New crypto investors often overlook the Bitcoin technology, focusing instead on bitcoin the crypto asset.

☆ This beaten-up bitcoin proxy should rebound 35% as the cryptocurrency reclaims the spotlight, Berenberg says
▼ + stars: | 2023-04-28 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +1 min

Bitcoin is back in a bull market by many accounts and is poised to continue its 2023 rally as the rest of crypto comes under regulatory scrutiny. Equity investors interested in riding bitcoin's current uptrend should consider buying shares of Microstrategy , the enterprise analytics firm and bitcoin proxy, according to Berenberg Capital Markets. Microstrategy offers "the most attractive means" through which investors can express a view on bitcoin, Palmer said, citing its correlation of 0.90 to the crypto asset for his stance. The mandates of many institutional investors preclude them from purchasing bitcoin directly. "MSTR's stock offers a leveraged means through which investors can take advantage of that event."

☆ Stocks making the biggest moves midday: First Republic, Snap, Amazon, Intel and more
▼ + stars: | 2023-04-28 | by ( Samantha Subin | ) www.cnbc.com time to read: +4 min

Snap — The Snapchat parent company cratered about 18% after missing revenue expectations for the recent quarter. Intel — Intel shares rose more than 4% even after the company reported its largest quarterly loss on record and a 133% reduction year over year. Colgate-Palmolive — The consumer giant saw its stock rally 4% after the company reported quarterly earnings and revenue that topped expectations. The company reported 98 cents in earnings per share, above the 89 cents expected by analysts polled by Refinitiv. Newell Brands — Shares gained 2% even after the consumer goods company reported a wider-than-expected loss.

☆ Stocks making the biggest moves premarket: Meta, Teladoc, Harley-Davidson, Southwest Airlines and more
▼ + stars: | 2023-04-27 | by ( Sarah Min | ) www.cnbc.com time to read: +6 min

Teladoc Health – The telemedicine company saw its stock soar more than 7% after revenue topped analyst estimates in the latest quarter. The company also raised the low end of its revenue and adjusted EBITDA guidance, although it posted a wider-than-anticipated loss in the latest quarter. Harley-Davidson – Harley-Davidson jumped 4.4% after the motorcycle maker topped earnings and revenue expectations, according to consensus estimates from Refinitiv. Honeywell International – Honeywell advanced 1.8% after surpassing earnings and revenue expectations in its latest quarter. ServiceNow – Shares declined 1.1% premarket after a 17% runup year-to-date entering its latest earnings.

☆ Bernstein predicts crypto will emerge as an alternative financial system amid bank busts, and says to buy bitcoin
▼ + stars: | 2023-04-27 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +3 min

Bitcoin was originally designed, after the 2008 financial crisis, as digital cash that doesn't rely on banks. "To rescue the ship, the Fed will have to resort to dollar debasement and monetary printing again, bringing back the role of Bitcoin as digital gold." The shift back to the digital gold narrative has started, since the recent deposit runs and bank failures on regulated U.S. banks, triggered by high interest rates. A couple weeks later its gold correlation surpassed its Nasdaq correlation. "The safe haven signal will lead to a new crypto cycle, pushing digital wallets as on-chain savings accounts," the analysts said.

☆ Stocks making the biggest moves midday: Microsoft, Chipotle, Boeing, First Republic Bank and more
▼ + stars: | 2023-04-26 | by ( Michelle Fox | ) www.cnbc.com time to read: +4 min

Check out the companies making the biggest moves midday:Microsoft — Shares of tech giant Microsoft gained more than 8% Wednesday after a better-than-expected earnings report a day earlier. The company earned $1.17 per share on $69.79 billion in revenue, while analysts polled by Refinitiv expected it to earn $1.07 per share on revenue of $68.9 billion. The company also announced a $70 billion share buyback. 107230585First Republic — Shares of the regional bank fell more than 20% on Wednesday, extending their steep losses for the week. However, deposits for the first quarter totaled about $28.2 billion, down from $33.9 billion from the fourth quarter of 2022.

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBitcoin rallies to $29,000, and Franklin Templeton launches OnChain fund on Polygon: 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, Jenny Johnson, CEO of Franklin Templeton, discusses the firm's crypto strategy as it launches its OnChain Money Market Fund on Polygon.

☆ Bitcoin jumps 8% as First Republic pulls banking sector concerns back into focus
▼ + stars: | 2023-04-26 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +2 min

Cryptocurrencies jumped on Wednesday as investor concerns about the U.S. banking sector began to swell again, with First Republic Bank fighting to avoid another collapse. "Crypto rallies during banking crises, and it looks like the banking crisis may not be over," Hougan said. "As First Republic is now on the verge of collapse, bitcoin represents both a safe haven versus uncertain bank deposits." As crypto rallied, the U.S. dollar index moved lower and was on pace for worst day since Apr. 12, when bitcoin traded at its highs of this year.

☆ Stocks making the biggest moves premarket: Novartis, First Republic, 3M and more
▼ + stars: | 2023-04-25 | by ( Pia Singh | ) www.cnbc.com time to read: +4 min

3M reported $1.97 in earnings per share, higher than analysts expectations of $1.58 from FactSet. The company reported $2.63 in adjusted earnings per share on $5.9 billion in revenue. The company reported $39.99 billion in revenue, higher than $38.96 billion according to Refinitiv data. Novartis reported earnings per share of $1.71 on $12.95 billion in revenue, topping analysts' expectations of $1.54 per share on $12.52 billion in revenue. PepsiCo reported earnings per share of $1.50, topping analysts' expectations of $1.39.

☆ Famed investor Peter Lynch says he doesn't own any crypto
▼ + stars: | 2023-04-25 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +1 min

Legendary investor Peter Lynch is staying away from cryptocurrency . "I can't pronounce crypto – I can spell it, definitely can't pronounce it," he joked, adding, "What bitcoin's going to be, I have no idea." Although he appeared to have little interest in putting any of his own money into crypto, Lynch has studied the bitcoin investment case. The next one is about a year from now but it doesn't yet have a specific date. Lynch declined to comment on specific investments, but said he "tends to own small caps."

☆ Bitcoin volatility is back to pre-banking crisis lows, but crypto futures show investor optimism is building
▼ + stars: | 2023-04-25 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +4 min

This means traders expect bitcoin prices will increase and may be willing to pay a premium for longer-dated futures contracts in anticipation of those higher prices. The banking crisis opened many investors' eyes to the range of bitcoin's nonspeculative use cases, specifically its potential as an alternative banking system. As worries about U.S. banks have waned and inflation has eased, some are concerned the fallout from the U.S. banking crisis could tilt the economy into recession this year. The drop in bitcoin volatility also comes as the stock market's "fear index," the Cboe Volatility Index , has fallen to about 17 from 26 at the height of the banking crisis. New catalysts for volatility While the banking crisis briefly put some life back into the crypto market , tension between the crypto industry and U.S. regulators remains as a dark cloud over it.

☆ Stocks making the biggest moves after hours: Enphase Energy, PacWest Bancorp, Chipotle, Microsoft and more
▼ + stars: | 2023-04-25 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +2 min

Enphase Energy — The solar inverter company saw shares slide about 16% after hours after reporting a mixed quarter that included disappointing revenue results. PacWest Bancorp — Shares of the regional bank jumped 15% after PacWest said it has seen deposit inflows over the past month. PacWest also reported a net loss of $1.21 billion for the quarter, due largely to a goodwill impairment charge. Chipotle's earnings and revenue for the first quarter beat estimates by analysts surveyed by Refinitv. Microsoft — The tech giant's shares rose nearly 5% after the company reported quarterly earnings and revenue that exceeded analysts' expectations, according to Refinitiv.

☆ Stocks making the biggest premarket moves: Coca-Cola, First Solar, C3.ai and more
▼ + stars: | 2023-04-24 | by ( Michelle Fox | ) www.cnbc.com time to read: +2 min

First Solar — Shares dropped 2.5% in the premarket following a downgrade by Citi to sell from neutral. Credit Suisse — U.S.-listed shares of the Swiss bank gained about 2% in the premarket. Credit Suisse said it experienced net asset outflows of 61.2 billion Swiss francs ($68 billion) during the first quarter. However, it reported 12.43 billion Swiss franc profit for the quarter thanks to the write-off of 15 billion Swiss francs of AT1 bonds. Albemarle — Shares of the mining company gained nearly 3% in premarket trading, trimming Albemarle's losses from last week.

☆ Social media raises bank run risk, fueled Silicon Valley Bank’s collapse, paper says
▼ + stars: | 2023-04-24 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +2 min

After the sudden end of Silicon Valley Bank in March, market participants were quick to point out the role social media played in the velocity of its failure. "Communication and coordination pose a risk to banks, especially when many of the deposits in the bank are uninsured," the academic paper says. "The amplification of bank run risk via Twitter conversations is a unique opportunity to observe communication and coordination that shapes a critically important economic outcome − distress in banks." One called it a "hysteria-induced bank run caused by VCs." "Open communication by depositors via social media increased the bank run risk for other banks that were ex ante exposed to such discussions in social media."

United Airlines — The airline lost 0.9% in the premarket after it announced a net loss for the first quarter. The company reported $11.43 billion in revenue, slightly above the $11.42 billion estimated. The company posted earnings per share of $1.35, which fell below the $1.41 consensus estimate from analysts polled by Refinitiv. Ally Financial — The digital financial services company's shares were down 1.3% after its first quarter earnings and revenue missed Wall Street's expectations. The company reported adjusted earnings per share of $1.23, topping against a consensus estimate of $1.20 per share, according to FactSet.

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSell-off hits bitcoin, and SEC Chair Gensler grilled on crypto in House hearing: 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, ARK Invest crypto lead Yassine Elmandjra breaks down his long-term outlook for bitcoin.

☆ Bitcoin and ether fall as investors weigh persistent inflation and rising interest rates
▼ + stars: | 2023-04-19 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +3 min

Bitcoin has been closely correlated with stock indexes, in particular the Nasdaq, which rose on Wednesday after the U.S. Federal Reserve hiked interest rates by 0.75 percentage point. The price of bitcoin was last lower by about 3% and trading at $29,202.54, while ether fell 5% to $1,977.28. Bitcoin slid toward $29,000 on Wednesday as traders mulled over the likelihood that Federal Reserve rate cuts may be further away than they thought. Meanwhile in the U.S., Atlanta Federal Reserve President Raphael Bostic said Tuesday that he anticipates one more 25 basis point interest rate increase and then a hold "for quite some time." "It is hard to trust any crypto rally with the state of market liquidity, so a sharp drop towards the downside is hardly a surprise."

☆ Stocks making the biggest moves midday: Southwest Airlines, Goldman Sachs, Bellus Health and more
▼ + stars: | 2023-04-18 | by ( Sarah Min | ) www.cnbc.com time to read: +4 min

PowerSchool Holdings – The educational technology stock added 3.5% after Goldman Sachs upgraded shares to buy from neutral. Bank of America – The bank stock was about flat even after the firm reported first-quarter earnings and revenue that topped expectations. Goldman Sachs – Shares slid 1.3% after Goldman Sachs reported first-quarter revenue of $12.22 billion, lower than the $12.79 billion forecasted by analysts polled by Refinitiv. The company reported adjusted earnings of $2.68 per share and revenue of $24.75 billion. Bellus Health, GSK – Bellus shares roughly doubled after GSK said it would acquire Canada-based biopharmaceutical company Bellus.

☆ Stocks making the biggest moves midday: Alphabet, Charles Schwab, State Street, Moderna and more
▼ + stars: | 2023-04-17 | by ( Brian Evans | ) www.cnbc.com time to read: +3 min

State Street , M&T Bank – Shares of State Street dropped 11% after the company posted disappointing earnings and revenue. State Street posted earnings of $1.52 per share on revenue of $3.10 billion, while analysts called for per-share earnings of $1.64 and revenue of $3.12 billion, according to Refinitiv. Meanwhile, M&T Bank shares popped 5% higher after the bank reported beats on the top and bottom lines. Charles Schwab — Shares of Charles Schwab rose about 2.5% after the brokerage firm posted better-than-expected earnings on Monday. Schwab posted adjusted earnings of 93 cents per share, beating analysts' forecast of 90 cents per share, according to Refinitiv.

☆ Bitcoin’s chart has some eerie parallels to gold in the 1970s. What that means for it next
▼ + stars: | 2023-04-17 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +2 min

But about 50 years ago, gold did the same thing, Morgan Stanley said in a recent note. If bitcoin's current moves continue to follow those of gold in the 1970s, the cryptocurrency could be in for some tough times ahead. "Bitcoin, on a logarithmic scale, has so far followed a similar path to the price speculation of gold in the 1970s, which also seemed to follow a four year cycle." Starting in 1971, gold prices quadrupled within four years as the U.S. dollar money supply grew rapidly, the strategist said. At the end of March, that correlation fell to its lowest since 2021 , while bitcoin's correlation with gold has been climbing.

☆ Bitcoin dips below $30,000 to start the week as crypto investors refocus on economic concerns
▼ + stars: | 2023-04-17 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +2 min

Cryptocurrencies fell on Monday as investors put excitement from Ethereum's "Shapella" upgrade behind them and refocused on upcoming bank earnings and recession concerns. Bitcoin fell 3% to $29,515.35, according to Coin Metrics, falling below the key $30,000 it hit last week for the first time since June. Crypto is coming off a winning week in which prices were boosted by optimism around Ethereum's latest tech upgrade, dubbed "Shapella" (also known as "Shanghai"). Crypto investors are watching bank earnings this week for more insight about the health of the sector and possibility of a coming recession. For this week, any downside potential "should not be severe" or keep bitcoin from continuing on its uptrend, Hasegawa said.

☆ Stocks making the biggest moves premarket: Charles Schwab, Dell, Alphabet, HP Inc. & more
▼ + stars: | 2023-04-17 | by ( Pia Singh | ) www.cnbc.com time to read: +3 min

Charles Schwab — Shares of Charles Schwab gained 3% on better-than-expected earnings. The company posted a profit of 93 cents per share, beating a Refinitiv forecast of 90 cents per share. M&T Bank — The regional bank stock jumped 3% after the company posted its latest quarterly figures. Lumentum — The optical fiber manufacturer rose slightly after JPMorgan upgraded the stock to overweight from neutral. Ollie's Bargain Outlet — The discount retail rose 3% in premarket trading after JPMorgan upgraded the stock to neutral from overweight.

☆ Crypto trading could take a breather after ‘Shanghai’ rally, as investors refocus on banks and economy
▼ + stars: | 2023-04-16 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +5 min

While ether climbed throughout the week, bitcoin – the outperformer this year – was trading more choppily. Or will it be an event where people are losing money broadly and economic concerns spill over into the crypto space." "I think it could go either way, but so far what we see in the crypto space is encouraging," he added. "Investors could continue to be picky and look for perceived quality, even in the crypto space," she said. "That's helped bitcoin this year since it's seen as a risk asset outside of crypto, but a store of value within crypto.

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