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☆ Stocks making the biggest moves midday: Micron Technology, Cameco, MicroStrategy, Universal Health Services and more
▼ + stars: | 2024-04-01 | by ( Sarah Min | ) www.cnbc.com time to read: +3 min

Cameco — Shares rose more than 5% after Goldman Sachs initiated coverage of the uranium producer with a buy rating, saying there is more than 25% upside. Microsoft — Microsoft shares rose 0.7% following a report from The Information, citing unnamed sources, saying Microsoft and OpenAI are planning a $100 billion data center project. Super Micro Computer shares rose 2.5%. Universal Health Services — Shares fell after Universal Health Services said in a regulatory filing its subsidiary Pavilion Behavioral Health was ordered to pay $60 million in compensatory damages and $475 million in punitive damages. MicroStrategy — Shares slipped more than 3% after Michael Saylor, executive chairman of MicroStrategy, sold nearly 4,000 shares of MicroStrategy stock last week, according to a regulatory filing .

Persons: Cameco, Goldman Sachs, Semtech, Robinson, Brandon Oglenski, Bill Holdings, Wells, Bill, Tesla, Tommy Bahama, Michael Saylor, InterDigital's, — CNBC's Brian Evans, Lisa Kailai Han, Alex Harring, Tanaya Macheel, Jesse Pound Organizations: Micron Technology —, Bank of America, Microsoft, Western Digital, Micro Computer, Hunt Transport, C.H, Barclays, . Oxford Industries, Citi, Universal Health Services, Behavioral Health Locations: North America

☆ Crypto investors are bracing for a busy quarter with the Bitcoin halving, ether ETF updates and potential rate cuts
▼ + stars: | 2024-03-30 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +6 min

The most important driver in second quarter for bitcoin and crypto, however, could be the Federal Reserve decision on interest rate cuts. Traders are now pricing in a roughly 61% chance of a first Fed rate cut taking place in June, according to the CME FedWatch Tool . Demand has increased from 40,000 bitcoin at the start of the year to 213,000 bitcoin currently, largely driven by ETF buying ahead of the late April Bitcoin halving, according to CryptoQuant. However, the SEC's decision on whether or not to allow spot ether ETFs to trade, due in May, will "very likely" be market moving, he added. "If it's not priced in today, then it very likely will be a market moving event if it happens," he said.

Persons: Bitcoin, Zach Pandl, Pandl, –, bitcoin, Julio Moreno, Chris Kuiper, — CNBC's Ganesh Rao Organizations: Securities and Exchange Commission, Federal, Metrics, Fidelity Digital Assets, CNBC, Fidelity, SEC Locations: U.S, BlackRock

☆ Investors are focused 'overwhelmingly' on bitcoin over other cryptocurrencies, BlackRock says
▼ + stars: | 2024-03-29 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +4 min

BlackRock's push into crypto has been expeditious, but it may be hitting the brakes after bitcoin and ether. But Robert Mitchnick, BlackRock's head of digital assets, shut that possibility down at the Bitcoin Investor Day conference last week. He pointed out that bitcoin and ether make up the majority of the crypto market cap – bitcoin at 52% and ether at 16%, according to CoinMarketCap. In addition to bitcoin and ether ETFs, BlackRock is also exploring digital assets through tokenization efforts. "And we have clients who are comfortable and fluent on blockchain infrastructure, interacting with digital assets.

Persons: That's, Robert Mitchnick, Mitchnick, that's, we're, … IBIT, bitcoin, Wall, Larry Fink, CNBC's, it's Organizations: BlackRock, U.S, – Locations: BlackRock

☆ Gold could start to overtake bitcoin as the cryptocurrency stalls at $70,000, says Wolfe Research
▼ + stars: | 2024-03-28 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +2 min

Gold has a chance to charge ahead of bitcoin as the flagship cryptocurrency hovers around the $70,000 level, according to Wolfe Research. However, bitcoin has also been mirroring its own moves from 2021, when the cryptocurrency rocketed twice to all-time highs, just before a deep pullback. "The gold vs. bitcoin ratio is nearing support while oversold on a weekly basis," said Ginsberg. "If our feeling on bitcoin is correct, and it continues to consolidate in this $60,000–$73,000 region, it may provide a good opportunity for gold to start outperforming." It has since returned to its highs and looks ready to reaccelerate, Ginsberg said, although selling pressure "has historically come on strong above $70,000."

Persons: bitcoin, Rob Ginsberg, Ginsberg Organizations: Wolfe Research Locations: bitcoin, U.S

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCoinbase drops nearly 3% after SEC scores big win in lawsuit against crypto firm: 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, CNBC Crypto World explores how the fashion industry is embracing web3, which includes NFTs, blockchain technology as well as augmented and virtual reality.

Persons: explainers Organizations: SEC, CNBC Crypto, CNBC

☆ Stocks making the biggest moves midday: GameStop, Merck, Carnival, Cintas and more
▼ + stars: | 2024-03-27 | by ( Samantha Subin | ) www.cnbc.com time to read: +3 min

GameStop — GameStop shed nearly 15% after the video game retailer reported lower fourth-quarter revenue from a year ago. Merck — Merck jumped 4% after the U.S. Food and Drug Administration on Tuesday approved its drug to treat a life-threatening lung condition. However, Carnival reported an adjusted loss per share of 14 cents, better than the 18 cent loss analysts had expected. Cintas raised its full-year earnings and revenue guidance. Reddit — The social media stock slumped 13%.

Persons: Merck — Merck, Cintas, Reddit, Morgan Stanley, Wells, Concentrix, Coinbase, Donald Trump's, nCino, —, Alex Harring, Hakyung Kim, Michelle Fox, Tanaya Macheel, Jesse Pound, Brian Evans, Sarah Min Organizations: GameStop, Merck, U.S . Food, Drug Administration, LSEG, New York Stock Exchange, Marvell Technology, Citi, Deutsche Bank, General, —, Electric, U.S . Securities, Exchange, SEC, Moderna, Trump Media & Technology, Truth Social Locations: U.S, Wells Fargo

☆ BlackRock says bitcoin returns likely to come down now that it has been embraced by Wall Street
▼ + stars: | 2024-03-26 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +3 min

If you're looking for your bitcoin to go to the moon, the window of opportunity may be slowly closing, according to BlackRock. "Certainly, returns going forward will come down," he said at the Bitcoin Investor Day conference in New York City Friday. That demand was "massive and clear" in 2023, when BlackRock filed to launch its iShares Bitcoin Trust. "I don't think we've seen the end of cycles in bitcoin," Mitchnick said. "[With] bitcoin, when the price goes up, the probabilities of success and adoption in some senses, as digital gold, are also changing," he said.

Persons: Robert Mitchnick, It's, –, Mitchnick, CNBC's Ganesh Rao Organizations: BlackRock Locations: BlackRock, New York, @GC

☆ Bitcoin jumps 7%, retakes $70,000 to start the week
▼ + stars: | 2024-03-25 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +2 min

MicroStrategy , which trades as a proxy for the price of bitcoin, surged 20%, while Coinbase advanced 9%. The mining sector got a lift from bitcoin, too, with Marathon Digital and Riot Platforms up 4% and 9%, respectively. Bitcoin had been in correction mode for the past week, after it hit an all-time high of $73,797.68 on March 14. Sam Callahan, lead analyst at bitcoin services firm Swan Bitcoin, said it's likely tied to the messaging coming from the Federal Reserve last week. Despite its pullbacks, bitcoin is on pace to finish March on a winning note.

Persons: CleanSpark, cryptocurrency, cryptocurrencies, Bitcoin, Alex Thorn, Thorn, Genesis, Sam Callahan, Swan Bitcoin, it's Organizations: Marathon, Mining, Metrics, Galaxy Digital, Federal Reserve, Fed

☆ Blackrock says bitcoin will be a good portfolio diversifier despite its recent rally with stocks
▼ + stars: | 2024-03-25 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +3 min

Bitcoin is more like digital gold than a so-called "risk-on" asset, according to Robert Mitchnick, BlackRock's digital assets lead. For years, bitcoin's ability to behave in different ways at different times has stumped investors . "Historically bitcoin's long-term average correlation [to stocks] has been close to zero – slightly positive, but close to zero," he said. While the recent rally was spurred by the launch of U.S. bitcoin ETFs, some on Wall Street have suggested that it may have recently fused into the more macroeconomic-fueled gold rally . Risk and portfolio construction That, understandably, adds confusion for newcomers to bitcoin investing, who are drawn to its digital gold-like qualities.

Persons: Robert Mitchnick, BlackRock's, bitcoin, It's, Bitcoin, bitcoin rocketed, Mitchnick Organizations: New York City, Fed, BlackRock Locations: New York

☆ Stocks making the biggest moves before the bell: Boeing, Masimo, Cleveland-Cliffs, Baidu, Disney and more
▼ + stars: | 2024-03-25 | by ( Alex Harring | ) www.cnbc.com time to read: +3 min

Masimo — Shares soared nearly 12% following the medical technology company's announcement late Friday it is considering a spinoff of its consumer business. In addition, Wells Fargo upgraded the stock Monday, citing the potential separation of the businesses. Baidu — Shares of the technology company climbed 1.4% following news that Baidu is reportedly engaged in talks with Apple for a potential collaboration on artificial intelligence services in China. Disney — Shares rose 1.2% after Barclays upgraded the media company to overweight from equal weight, saying Disney has further upside even after its outperformance this year. Foot Locker — The shoe retailer rose 2.9% after Evercore ISI upgraded the stock to outperform from in line.

Persons: Dave Calhoun, Larry Kellner, Masimo, Quentin Koffey, Wells, Baidu, Nelson Peltz, Locker, Tesla, Raymond James, Jesse Pound, Tanaya Macheel, Michelle Fox, Brian Evans, Sarah Min Organizations: Boeing —, Street Journal, Politan Capital Management, Department of Energy, Chipmakers, Intel, Financial Times, Nvidia, Baidu —, Apple, Disney, Barclays, Blackwells, ISI, Mizuho Securities, Scotts Miracle, Gro Locations: Wells Fargo, Cleveland, Ohio, Pennsylvania, China, U.S, Europe

Like tech stocks, bitcoin sometimes benefits from low interest rates and improved market liquidity, which can lead to better sentiment and greater investment in growth assets. Stock Chart Icon Stock chart icon Bitcoin turns higher after two days of losses"There has been an inverse relationship between rates and bitcoin price," said Oppenheimer executive director Owen Lau. "When the Fed increased interest rates in 2022, it took out liquidity from the market, which impacted bitcoin and tech stocks. When the Fed cuts rates, it provides liquidity to the market, which should benefit risky assets such as bitcoin. The Dow Jones Industrial Average , S&P 500 and Nasdaq Composite all closed at record highs after the Fed meeting wrapped up.

Persons: Bitcoin, cryptocurrency, Cryptocurrencies, Oppenheimer, Owen Lau, It's, Ether, Solana, dogecoin, MicroStrategy, CleanSpark, bitcoin, We've, Vijay Ayyar Organizations: Getty, Metrics, Federal, Polygon's, Iris Energy, Marathon, JPMorgan, Dow Jones, Nasdaq, CNBC

☆ MicroStrategy's debt-fueled bitcoin purchases helping drive froth, raising risk of downturn, JPMorgan says
▼ + stars: | 2024-03-19 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +3 min

"In our mind, these debt-funded bitcoin purchases add froth to the current crypto rally by raising the risk of severe deleveraging in a potential downturn in the future," he added. MicroStrategy raised $604 million from the sale of converts on March 18, and another $800 million on March 8 . The latest purchases mark an acceleration from the fourth quarter pace, when MicroStrategy bought more than $1 billion of bitcoin. Originally launched as an enterprise business software company, Microstrategy has been buying bitcoin and holding them on its balance sheet since 2020. It largely trades as a proxy for the price of bitcoin, and in February of this year leaned into that, rebranding itself a Bitcoin development company.

Persons: JPMorgan's Marko Kolanovic, MicroStrategy, Microstrategy, Kolanovic, bitcoin, — CNBC's Michael Bloom Organizations: Momentum Locations: bitcoin, cryptocurrencies

☆ MicroStrategy, largest corporate holder of bitcoin, drops as much as 18% as cryptocurrency falls
▼ + stars: | 2024-03-19 | by ( Tanaya Macheel | ) www.cnbc.com time to read: 1 min

Shares of MicroStrategy tumbled on Tuesday alongside the price of bitcoin , as the company bought even more of the cryptocurrency. The move came as MicroStrategy bought an additional 9,245 bitcoins for about $623 million, according to a filing with the Securities and Exchange Commission. The company used $592.3 million in net proceeds from a recent private offering of convertible senior notes and excess cash to make its purchase. MicroStrategy made a similar move last week, purchasing 12,000 bitcoins for close to $822 million following a debt sale as bitcoin was climbing to all-time highs. The company now holds a total of 214,246 bitcoins, it announced Tuesday.

Persons: MicroStrategy Organizations: Securities and Exchange Commission

☆ Bitcoin briefly slumps below $63,000 after topping a record $73,000 last week
▼ + stars: | 2024-03-19 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +1 min

Bitcoin extended its slide on Tuesday, dropping more than $10,000 from its all-time high last week. Last week, it climbed to a record $73,679. The token tied to Solana fell 8%, dogecoin lost 7% and XRP slipped 2%. Among crypto-related stocks, bitcoin proxy MicroStrategy tumbled 10%, while crypto exchange Coinbase fell 5%. Mining stocks were down across the board, with the biggest ones, Riot Platforms and Marathon Digital , lower by 6% and 5%, respectively.

Persons: Bitcoin, cryptocurrency, Bartosz Lipiński, dogecoin, XRP Organizations: Metrics, Solana Locations: bitcoins

☆ Why ether's high price could be at risk despite strong supply and demand outlook
▼ + stars: | 2024-03-17 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +3 min

The Ethereum network successfully completed its "Dencun" upgrade on Wednesday, which is meant to help it become faster and cheaper to use. The price of ether has been trading lower since then, which was expected based on the cryptocurrency's behavior following previous tech upgrades. "High activity on the Ethereum network has caused high transaction fees and, consequently, more fees burnt," Julio Moreno, CryptoQuant's head of research, said in a note Wednesday. High transaction activity causes network fees to spike, more fees being burnt and total supply to decrease." They're hoping that the combination of increased activity and the decrease in the supply of ether over time will push the token's price higher.

Persons: CryptoQuant, Julio Moreno, CryptoQuant's, William Ogden Moore Organizations: ETH, They're, bitcoin, Securities and Exchange Locations: Dencun, Solana, U.S

☆ Stocks making the biggest moves premarket: Dollar Tree, Petco, Tesla and more
▼ + stars: | 2024-03-13 | by ( Sarah Min | ) www.cnbc.com time to read: +2 min

Check out the companies making headlines before the bell: Dollar Tree — Shares dropped 7% after the discount retailer posted disappointing quarterly results and announced the closure of several stores. Dollar Tree also said it plans to close nearly 1,000 stores. Texas Roadhouse — Shares gained 1.5% after Baird upgraded the restaurant chain to outperform, citing the strength of its relatively strong traffic. Eli Lilly , Amazon — Eli Lilly on Wednesday said it's partnering with Amazon Pharmacy to help deliver certain prescription drugs, including weight loss treatment Zepbound . Shares of Eli Lilly gained nearly 1%, while Amazon shares were slightly lower.

Persons: LSEG, Wells, Goldman Sachs, Bitdeer, Baird, Eli Lilly, — CNBC's Michelle Fox, Fred Imbert, Tanaya Macheel Organizations: Petco, Wellness, Royal, Marathon, Iris Energy, GE Healthcare Technologies, GE HealthCare Technologies, Texas, Amazon Pharmacy Locations: Royal Caribbean

☆ What investors need to know about ‘Dencun,’ Ethereum’s next big tech upgrade
▼ + stars: | 2024-03-12 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +4 min

Relative to bitcoin , the initial price action following the upgrade is even weaker historically, with ether underperforming 80% of the time in the first 20 days, Saunders added. Saunders warned, however, that the trading environment for crypto is different today than it was during previous Ethereum network upgrades. The scalability problem Dencun follows the "Shapella" upgrade from almost a year ago, which allowed investors to withdraw their staked ether from the network for the first time. This upgrade is focused on the longer-term goal of enhancing Ethereum's ability to handle more activity and transactions as the network grows. "The Dencun upgrade serves as an important step in addressing this congestion, which hurts users and developers alike."

Persons: Alex Saunders, Saunders, Philipp Zentner, bitcoin –, Duncan Ash, Michael Bloom Organizations: BTC, Citi, ETH, Metrics, Securities and Exchange Commission Locations: U.S

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBitcoin hits another record as volatility hovers at 2024 high: 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, CoinShares CEO Jean-Marie Mognetti discusses the completion of its acquisition of Valkyrie's ETF business.

Persons: explainers, Jean, Marie Mognetti Organizations: CNBC Crypto, CNBC

☆ ETFs have brought big price swings back to bitcoin but could still help dampen volatility in the long term
▼ + stars: | 2024-03-11 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +4 min

A big selling point of bitcoin exchange-traded funds was their potential to reduce bitcoin's notorious volatility over time. He pointed to funding rates for bitcoin futures contracts, which have soared recently to levels not seen since early 2021. Additionally, open interest, or the number of open positions for a bitcoin futures contract, is at all-time highs. "Realized crypto [volatility] will likely ease as funding rates normalize," Glass said. "Those recurring inflows could dampen volatility of large moves from momentum strategies which basically chase price up and down and amplify swings."

Persons: Bitcoin, —, David Glass, Glass, bitcoin, David Wells, Wells, Michael Bloom Organizations: Citi, Investors

☆ Stocks making the biggest moves midday: Nvidia, Coinbase, Oracle, Bally's and more
▼ + stars: | 2024-03-11 | by ( Sarah Min | ) www.cnbc.com time to read: +2 min

Oracle — Shares added 1.6% ahead of the software giant's fiscal third-quarter earnings report due after the bell. Analysts polled by FactSet are expecting earnings per share of $1.38 and revenue of $13.29 billion. New York Community Bancorp — The regional bank stock dropped 4.8%, extending losses after Friday's more than 6% drop. Moderna — The stock jumped more than 8% in midday trading, putting it on track for its biggest one-day gain since December. Duolingo — Shares rose 3.6% after JPMorgan initiated coverage of the online learning platform with an overweight rating, forecasting "premium" revenue growth that could substantially drive up Duolingo's valuation.

Persons: FactSet, Lam, Coinbase, Microstrategy, Jefferies, Eli Lilly, — CNBC's Michelle Fox, Alex Harring, Yun Li, Tanaya Macheel, Pia Singh Organizations: Oracle, Nvidia, Semiconductor, Lam Research, New York Community Bancorp, Moderna, P Biotech, Xcel Energy, Barclays, JPMorgan, PDD Holdings

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBitcoin briefly rises above $70,000 to another new all-time high: 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, Bobby Zagotta, U.S. CEO and Chief Commercial Officer at Bitstamp, provides his outlook for crypto investors as bitcoin reaches fresh records.

Persons: explainers, Bobby Zagotta Organizations: CNBC Crypto, CNBC

☆ Why the recent rallies in bitcoin and gold may be related, according to Wolfe Research
▼ + stars: | 2024-03-08 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +2 min

The bitcoin rally was catalyzed by microeconomic factors at the end of 2023, but may have recently fused into the more macroeconomic-fueled gold rally, according to Wolfe Research. On Friday, it hit record highs for a fourth consecutive session. Bitcoin has also been trading at record highs this week, after hitting new all-time highs on both Tuesday and Friday. Additionally, however, "positive factors for bitcoin have lined up over the past year," Stephanie Roth, Wolfe's chief economist, said in a note Thursday. Gold is widely seen as a safe haven asset and inflation hedge, a narrative many also ascribe to bitcoin, sometimes known as "digital gold."

Persons: Bitcoin, It's, Stephanie Roth, bitcoin, Marion Laboure, Michael Bloom Organizations: Wolfe Research, Deutsche Bank, . Deutsche Bank Locations: U.S

☆ Bitcoin breaks $70,000 in volatile trading, hitting a new record to end the week
▼ + stars: | 2024-03-08 | by ( Tanaya Macheel | ) www.cnbc.com time to read: 1 min

The price of bitcoin jumped to a new record on Friday, breaking through $70,000 for the first time ever. The cryptocurrency was last higher by about 2% at $69,304.84, according to Coin Metrics. At one point, however, it rose as high as $70,170.00, topping its previous record set on Tuesday. It's on pace to end the week higher by 10%. With the introduction of spot bitcoin exchange-traded funds in the U.S., big crypto moves now tend to take place during traditional stock trading hours.

Persons: bitcoin Organizations: Metrics Locations: U.S

☆ Cryptocurrencies recover after bitcoin retreats from new record
▼ + stars: | 2024-03-06 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +2 min

On Tuesday bitcoin reached a new intraday record , for the first time since November 2021, of $69,210. It had been pushing higher for weeks – it's up 55% over the past month – and tumbled shortly after notching the new high. Bitcoin was last higher by 6% at $66,315.19, according to Coin Metrics, while ether rocketed more than 11% to $3,785.76, its highest level since January 2022. Cryptocurrencies bounced on Wednesday, recovering much of the losses from the previous day's sell-off, which came soon after bitcoin hit an all-time high. When traders use leverage to short bitcoin and the cryptocurrency's price rises, they buy bitcoin back from the market to close their positions, which pushes the price up and causes more positions to be liquidated.

Persons: bitcoin, –, Bitcoin, Cryptocurrencies, David Wells, Binance, Shiba, Microstrategy Organizations: Metrics, Solana, Marathon Digital, CNBC PRO

☆ Ether climbs another 6% after Monday rally, bitcoin hits record
▼ + stars: | 2024-03-05 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +1 min

Ether on Tuesday continued its march higher as the price of bitcoin took a breath. Bitcoin rose 1% to $68,833.45 and hit a record high above $69,000. "As has often happened in the past, bitcoin approaching record highs has caused a trickledown effect of adoption elsewhere in the ecosystem." With bitcoin up 19% in the past week, meme coins have gained about 175% in the same period, according to CoinGecko. Analysts point to them as evidence that retail investors, who have been absent for much of the recent crypto rally, are starting to return to the crypto market.

Persons: bitcoin, bitcoin's, Philipp Zentner Organizations: Metrics Locations: Bitcoin

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