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☆ Adani Group shares nosedive after chairman Gautam Adani charged with fraud in New York
▼ + stars: | 2024-11-21 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +2 min

Signage of Adani Group at Adani Defence and Aerospace booth during the Aero India 2023 at Air Force Station Yelahanka in Bengaluru, India, on Monday, Feb. 13, 2023. India's Adani Group saw shares of its companies plunge Thursday after its billionaire chairman Gautam Adani was indicted in a New York federal court over his alleged involvement in an extensive bribery and fraud operation. The Indian group's flagship firm Adani Enterprises fell 10%, while the company in the eye of the storm Adani Green Energy tanked 17.28%. Adani Energy fell 20%. Adani Power lost 13.81%, Adani Port's share price dropped 10%, while the group's retail arm Adani Wilmar shed 7.87%.

Persons: India's, Gautam Adani, Adani, Sagar Adani, Ranjit Gupta, Rupesh Agarwal, Saurabh Agarwal, Cyril Cabanes, Deepak Malhotra, CDPQ, shortseller, Hindenburg, Raymond James ', Matt Orton Organizations: Adani Defence, Aerospace, Aero, Air Force, India's Adani, Adani Enterprises, Energy, Adani Energy, Adani Power, NSE, Adani Green Energy, Power, Quebec, U.S, Hindenburg Research, CNBC Locations: Bengaluru, India, New York, U.S, Brooklyn

☆ Asia markets mostly poised to fall as investors assess Nvidia results, Adani charges
▼ + stars: | 2024-11-21 | by ( Lim Hui Jie | ) www.cnbc.com time to read: 1 min

Asia-Pacific markets are mostly set to fall on Thursday, with investors watching tech shares in the region after chipmaker Nvidia reported better-than-expected results. Nvidia reported a 94% year-on-year surge in revenue for the third quarter to $35.08 billion. However, that is still a consecutive slowdown from the previous three quarters, when sales rose 122%, 262%, and 265%, respectively. Net income during the quarter rose to $19.3 billion, versus $9.24 billion in the same period a year ago. All eyes are on Indian stocks related to billionaire Gautam Adani, after the chair of India's Adani Group was indicted with others in New York federal court on charges related to a massive bribery and fraud scheme.

Persons: Gautam Adani, India's Organizations: Nvidia Locations: Asia, Pacific, New York

☆ Adani investor GQG Partners' shares crash 25% — on pace for record loss after Gautam Adani's indictment
▼ + stars: | 2024-11-21 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

Rajiv Jain, founder and chief investment officer of GQG Partners, during an interview in New York, US, on Tuesday, April 4, 2023. Shares of Australia-listed GQG Partners plunged as much as 25% on Thursday and were set to post their worst day on record, after Adani Group Chair Gautam Adani was charged with fraud in New York. Shares of Adani Group companies also nosedived, as Indian stock markets opened for trade. GQG is Adani Enterprises' fourth-largest shareholder, owning about 3.94% of the firm, according to LSEG data. Hindenburg had charged Adani Group of "brazen stock manipulation and accounting fraud scheme over the course of decades," sending shares plunging by more than 54% in the first quarter of 2023.

Persons: Rajiv Jain, Gautam Adani, GQG, Adani, Hindenburg Organizations: GQG Partners, Adani Group, BSE, Adani Enterprises, CNBC, Adani, Hindenburg Locations: New York, New

Gautam Adani, India’s second-richest person, has been charged by U.S. federal prosecutors with fraud on accusations that he and several alleged co-conspirators sought to pay $250 million in alleged bribes to Indian officials. The defendants then “lied about the bribery scheme as they sought to raise capital from U.S. and international investors.”The scheme, according to prosecutors, occurred between 2020 and 2024. Gautam Adani, worth approximately $70 billion according to Forbes, heads the Adani Group, an industrial conglomerate that holds stakes in logistics and energy units. The findings from the short-seller, Hindenburg Research, caused Adani Group shares to tumble — but they ended up recovering following a favorable ruling related to the allegations by India’s Supreme Court. Adani has also received direct support from Indian Prime Minister Narendra Modi, something India’s opposition party has highlighted.

Persons: Gautam Adani, India’s, Attorney Breon Peace, “, Adani’s, Sagar, Forbes, Adani, Narendra Modi, ” Hindenburg, ” Organizations: Attorney’s, “, Attorney, Securities, Exchange Commission, Group, Adani, SEC, Green Energy Ltd, Hindenburg, Adani Group, India’s, Indian Locations: U.S, Brooklyn, United States

☆ Indian billionaire Gautam Adani indicted on bribery charges in alleged bribery scheme
▼ + stars: | 2024-11-20 | by ( Erin Snodgrass | ) www.businessinsider.com time to read: +2 min

AdvertisementIndian billionaire Gautam Adani has been charged in a massive bribery scheme. Adani and his executives convinced US investors to buy bonds on false promises, prosecutors allege. Prosecutors brought bribery charges against billionaire Gautam Adani, one of the richest people in India, alleging the business magnate and seven of his senior executives paid hundreds of millions of dollars in bribes to the Indian government and hid them from US investors. Gautam Adani, the founder and chairman of Indian conglomerate Adani Group, is estimated to be worth more than $85 billion, according to Bloomberg. Adani and his executives convinced US investors to buy bonds in one of the companies using false promises, prosecutors allege.

Persons: Gautam Adani, Adani, Sagar, Gautam, Sagar Adani, Sanjay Wadhwa Organizations: New, SEC, Adani, Bloomberg Locations: India, New York, SEC's

☆ Billionaire Gautam Adani charged in New York with massive fraud, bribery
▼ + stars: | 2024-11-20 | by ( Dan Mangan | ) www.cnbc.com time to read: +1 min

Gautam Adani, chair of India's Adani Group and one of the world's richest people, was indicted with others on bribery and fraud charges unsealed Wednesday in federal court in New York. Andani and other defendants are accused of bribing Indian government officials more than $250 million in bribes to obtain solar energy supply contracts worth more than $2 billion in profits. The five-count indictment in U.S. District Court in Brooklyn also charged Ranjit Gupta and Rupash Agarwal, former executives in the renewable-energy company Azure Power, and three former employees of the Canadian institutional investor Caisse de Depot et Placement du Quebec: Cyril Cabanes, Saurabh Agarwal and Deepak Malhotra. Those defendants are accused of conspiracy to violate the Foreign Corrupt Practices Act in connection with the bribery scheme by Adani and the others at the energy company. Cabanes, Saurabh Agarwal, Malhotra and Rupash Agarwal are also accused of conspiring to obstruct criminal and Securities and Exchange Commission investigations into the bribery scheme.

Persons: Gautam Adani, India's, Sagar Adani, Ranjit Gupta, Rupash Agarwal, Cyril Cabanes, Saurabh Agarwal, Deepak Malhotra, Malhotra Organizations: Green Energy, Power, Quebec, Securities, Exchange Locations: New York, U.S, Brooklyn

☆ US Charges Gautam Adani With Fraud Over Bribery Scheme
▼ + stars: | 2024-11-20 | by ( Nico Grant | More About Nico Grant | ) www.nytimes.com time to read: +1 min

Federal prosecutors in New York charged the Indian mogul Gautam Adani, one of the world’s richest people, with multiple counts of fraud, accusing him and associates of bribing Indian officials and later lying to investors about the scheme. The charges stem from accusations that the defendants paid more than $250 million in bribes to Indian government officials to obtain lucrative solar energy contracts with the government for a business called Adani Green Energy. Mr. Adani personally met with officials to discuss the scheme in person, prosecutors said. Adani Green Energy then tried to raise money from U.S. and international investors on the basis of false and misleading statements, the U.S. attorney’s office said. Mr. Adani and his associates “lied about the bribery scheme as they sought to raise capital from U.S. and international investors.”

Persons: Gautam Adani, Adani, “, ” Organizations: U.S, Attorney’s, Eastern, of, Energy Locations: New York, of New York, U.S

☆ Indian billionaire Gautam Adani and others indicted in U.S. over alleged bribery scheme
▼ + stars: | 2024-11-20 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIndian billionaire Gautam Adani and others indicted in U.S. over alleged bribery schemeCNBC's Seema Mody joins 'Closing Bell Overtime' with breaking news on the indictment of Indian billionaire Gautam Adani.

Persons: Gautam Adani, Seema Mody Locations: U.S

☆ Billionaire Gautam Adani indicted in New York on bribery charges
▼ + stars: | 2024-11-20 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +3 min

New York CNN —Indian billionaire Gautam Adani and other executives were indicted in New York for roles in a multi-billion-dollar fraud scheme, the US Department of Justice said Wednesday. Authorities said Adani and seven other senior business executives, including his nephew Sagar Adani, promised more than $250 million in bribes to Indian government officials to secure solar energy contracts. Worth more than $85 billion, Adani is Asia’s second-richest person behind countryman Mukesh Ambani, according to Bloomberg’s Billionaires Index. The solar energy supply contracts were projected to raise more than $2 billion in profits after tax over an approximately 20-year period. The defendants frequently met and discussed the bribery scheme, including evidence on several phones.

Persons: Gautam Adani, Adani, Sagar Adani, ”, Lisa Miller, Worth, Mukesh Ambani, Cyril Cabanes, Adani Green, Jeff Bezos –, Hindenburg, Narendra Modi, CNN’s Diksha Madhok Organizations: New, New York CNN, US Department of Justice, Authorities, Adani Group, Indian, DOJ, Securities and Exchange Commission, Adani Green Energy Ltd, Power, SEC, Hindenburg, Bloomberg, Adani Enterprises, CNN Locations: New York

☆ This is the best stock to play an SEC turning pro-crypto, according to Bernstein
▼ + stars: | 2024-11-20 | by ( Sean Conlon | ) www.cnbc.com time to read: +2 min

President-elect Donald Trump's second term could spell big gains for Robinhood , according to Bernstein. Analyst Gautam Chhugani, who has an outperform rating on the stock, increased his price target by $21 to $51 and named it his top "crypto deregulation" trade. "But under a potentially new pro-crypto SEC, this looks set to change, and we expect HOOD to be the biggest beneficiary of crypto regulatory tailwinds." Among the 17 analysts covering Robinhood, nine have a strong buy or buy rating, according to LSEG data. On the other hand, seven have taken a neutral stance with a hold rating and one has an underperform rating.

Persons: Donald Trump's, Bernstein, Gautam Chhugani, skyrockets, Chhugani, Gary Gensler, HOOD, –, Oppenheimer, Teresa Goody Guillén –, BakerHostetler, Trump, Owen Lau Organizations: Robinhood, Securities and Exchange Commission, Trump, SEC Locations: HOOD

☆ Wall Street sees a buying opportunity in these crypto mining stocks as bitcoin marches to new records
▼ + stars: | 2024-11-12 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +3 min

Some bitcoin miners are giving investors an opportunity to get in on the cryptocurrency's big postelection rally. Pure play bitcoin miners have been lagging this year for a host of reasons. CLSK RIOT,MARA 5D mountain Bitcoin mining laggards have been outperforming in the the recent crypto rally Now, with bitcoin consistently reaching new records since Election Day — a trend that's expected to continue through next year — the mining laggards could be catching up, analysts say. Bitcoin mining stocks are among the best investment vehicles for investors to express their bullish outlook on bitcoin, he added, and have outperformed bitcoin itself in bull markets prior to 2024 by about 2.5x. We know, investors like miners for energy [and] AI optionality, but it's time to buy bitcoin miners for the Bitcoin trade."

Persons: MARA, Mike Colonnese, Wainwright, TeraWulf, Bernstein, Gautam Chhugani, Riot, CleanSpark, Iren, Trump, Biden, — CNBC's Michael Bloom Organizations: bitcoin, BTC, H.C, CNBC, Mara Holdings, Energy Locations: Marathon, U.S

☆ Cryptocurrencies little changed as investors brace for U.S. presidential election, bitcoin hovers below $69,000
▼ + stars: | 2024-11-05 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +3 min

Cryptocurrencies were slightly higher as investors looked forward to results from the U.S. presidential election. We believe bitcoin, being less than 0.1% of global financial assets, has enough headroom for growth regardless of election outcome." "A constructive crypto friendly SEC would open opportunity for all crypto assets beyond bitcoin," he said. And … if either side pushes towards a crypto friendly SEC. The Trump side has promised a crypto friendly SEC, while the Harris side has promised to defend ownership of crypto assets, although the crypto community would have preferred more specific crypto policy from Harris."

Persons: memecoins dogecoin, Shiba, bitcoin, Mara, Coinbase, Kamala Harris, Donald Trump, Harris, Bernstein, Gautam Chhugani, Chhugani, there's, Trump, Gary Gensler, Sen, Elizabeth Warren Organizations: U.S, Metrics, Solana, Mara Holdings, SEC, Trump, Securities and Exchange Commission Locations: bitcoin

☆ Wise's billionaire CEO fined £350,000 by UK regulators over failure to report tax issue
▼ + stars: | 2024-10-28 | by ( Ryan Browne | ) www.cnbc.com time to read: +4 min

In this article WISE-GB Follow your favorite stocks CREATE FREE ACCOUNTKristo Kaarmann, CEO and co-founder of Wise. Eoin Noonan | Sportsfile | Getty ImagesLONDON — Kristo Käärmann, the billionaire CEO of money transfer firm Wise , was slapped with a £350,000 ($454 million) fine by financial regulators in the U.K for failing to report an issue with his tax filings. "We continue to build a product and a company that will serve our customers and owners for the decades to come," Käärmann added. The chair of Wise, David Wells, said that the company's board of directors "continues to take Wise's regulatory obligations very seriously." In a note Monday, analysts at British investment bank Peel Hunt boosted their expectations for Wise's full-year profit before tax by 15%.

Persons: Kaarmann, Wise, Eoin Noonan, Sportsfile, Käärmann, Taavet Hinrikus, Forbes, Therese Chambers, David Wells, Peel Hunt, Gautam Pillai, Barun Singh Organizations: WISE, Getty, Financial, Authority, FCA, Customs, Peel Locations: Estonian

☆ How a Trump or Harris presidency could impact your investments
▼ + stars: | 2024-10-28 | by ( Matthew Fox | ) www.businessinsider.com time to read: +12 min

This is the first in a five-part series about the impact both Trump and Harris presidencies could have on US consumers. To date, Trump and Harris have outlined specific policy proposals that will impact different parts of the stock market. The guide covers four specific asset classes, and is divided between the Trump and Harris impact on each. Advertisement"Our upbeat projections for the stock market in 2024 and 2025 are predicated on a view that hype over AI will continue to fuel a stock market bubble," the research firm said. And since presidential actions usually impact rates, the bond market will be shaped by what either Trump or Harris end up doing.

Persons: Harris, —, Donald Trump, Kamala Harris, Today's, they're, BofA, It's, Financials, Trump's, Trump, Peter Berezin, Joe Biden's, Bonds, Crypto, Bernstein, Gautam Chhugani, bitcoin, Chhugani, Harris Harris, she's, I'm, Larry Fink, Biden, it's Organizations: Trump, Service, Business, Wall, Bank of America, Allies, Foundation, BCA Research, Harris, Democratic, Economics, Capital, Federal, Harris Capital Economics, Federal Reserve, Bloomberg, bitcoin, BlackRock, Capital Economics, Fed Locations: China

It's a good time to increase exposure to bitcoin as stocks continue hitting new records and as the U.S. presidential election draws nearer, according to Bernstein. Bitcoin is again testing $70,000, something it's done several times this year after reaching a new record above $73,000 in March. Bitcoin ETF inflows, crypto equity markets and retail trading sentiment [are] screaming 'risk-on.'" Earlier attempts led to brief forays above $70,000, but over the weekend bitcoin rose as high as $69,480, according to Coin Metrics. Their outperformance "reflects underlying bullish sentiment for the bitcoin asset class vs. the compute/energy thesis, which investors have favored so far."

Persons: Bernstein, Bitcoin, Gautam Chhugani, Harris, Trump, bitcoin, Chhugani, Mara, — CNBC's Michael Bloom Organizations: U.S, bitcoin, Metrics, Mara Holdings Locations: U.S

☆ Bitcoin is on a tear as 'crypto president' Trump's betting-market odds climb
▼ + stars: | 2024-10-17 | by ( Matthew Fox | ) www.businessinsider.com time to read: +4 min

Bitcoin has surged 12% as Trump's election odds in betting markets began rising in mid-September. Trump's crypto-friendly stance has boosted investor enthusiasm for bitcoin as his betting odds rise. According to the betting website Polymarket, Trump's odds of winning the Presidential election in November bottomed on September 18. Bernstein analyst Gautam Chhugani said last month that a Trump win could be monumental for the crypto industry. Bitcoin might be ultimately front-running a potential Trump win in November, with the cryptocurrency up 59% year-to-date.

Persons: Bitcoin, bitcoin, —, Donald Trump, Trump, Kamala Harris, bettors, Stanley Druckenmiller, Bernstein, Gautam Chhugani, Chhugani, He's, he'd Organizations: Trump, Service, Billionaire, Bloomberg, Conference, Bitcoin Conference, Liberty Locations: United States

☆ The Trump trade is back on as betting markets swing in favor of a win for the former president
▼ + stars: | 2024-10-16 | by ( Matthew Fox | ) www.businessinsider.com time to read: +5 min

Betting odds favor Trump winning the November election, with Polymarket odds at 59.5%. The Trump trade is back on, with Trump Media stock, bitcoin, and bank stocks rising. AdvertisementThe Trump trade has been regaining momentum as betting odds rise in favor of the former President winning the election in November. The Trump trade in markets weakened after the mid-September debate between Kamala Harris and Trump, as Harris was largely viewed as the winner of their one-and-only meeting. Here's what's moving in markets that suggest the Trump trade is back on as investors bet on a victory for the former president.

Persons: Trump, —, Harris, Kamala Harris, Donald Trump's, Bernstein, Gautam Chhugani, Chhugani Organizations: Trump, Trump Media, Service, House, Bank, Washington DC, Biden White, P Bank ETF, Regional Banking Locations: Polymarket, Trump, United States

☆ Boeing CEO Kelly Ortberg needs to change the company culture, says Yale's Gautam Mukunda
▼ + stars: | 2024-10-15 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBoeing CEO Kelly Ortberg needs to change the company culture, says Yale's Gautam MukundaGautam Mukunda, professor of management at the Yale School of Management, joins 'Squawk Box' to discuss the state of the machinist strike at Boeing, the challenges facing the company and CEO Kelly Ortberg, and more.

Persons: Kelly Ortberg, Yale's Gautam Mukunda Gautam Mukunda Organizations: Boeing, Yale School of Management

☆ RBC Wealth Management: India equity markets are 'fundamentally attractive'
▼ + stars: | 2024-09-30 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRBC Wealth Management: India equity markets are 'fundamentally attractive'Gautam Chadda of RBC Wealth Management explains the bank's overweight on India, pointing to political stability, structural reforms, and likely RBI easing as key reasons.

Organizations: RBC Wealth Management Locations: India

☆ Motel 6 sold to Indian hotel operator Oyo for $525 million
▼ + stars: | 2024-09-21 | by ( ) www.cnbc.com time to read: +1 min

The budget motel chain Motel 6 is being acquired by the parent company of Oyo, a hotel operator based in India. The New York-based investment firm Blackstone , which owns Motel 6's parent company G6 Hospitality, announced Friday that the deal would be an all-cash transaction worth $525 million. The transaction will also include the sale of the Studio 6 motel brand, which caters to customers seeking extended stays. Oyo, which launched in India just over a decade ago, has been expanding its footprint in the U.S. over the past few years. Under the deal, Oravel Stays, which owns Oyo, will acquire G6 Hospitality.

Persons: Blackstone, Gautam Swaroop, Rob Harper, Oravel Organizations: The, Hospitality, Blackstone, Estate Asset Management Locations: Oyo, India, The New York, U.S

☆ Stablecoins are becoming ‘systemically important’ as market cap returns to record highs, analysts say
▼ + stars: | 2024-09-20 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +3 min

The market cap for stablecoins — cryptocurrencies that promise a fixed value peg to another asset — has recently reached all-time-high levels after a sharp drop in 2023. Monthly payments in stablecoins tripled to $1.4 trillion in the 12 months leading up to July. This could have investment implications for Robinhood down the road, he added, as it "continues integrating stablecoins for crypto trading & cross-border transfers." Crypto investors watch stablecoins closely for evidence of demand, liquidity and activity in the market. PayPal last year launched its own dollar-backed stablecoin, while Visa has been supporting stablecoin payments and Mastercard is supporting stablecoin wallets and other crypto card programs.

Persons: —, Bernstein, Gautam Chhugani, Kevin Dede, Wainwright, Dede, Goldman Sachs, Wells, Rob Goldstein, Michael Bloom Organizations: H.C, JPMorgan, PayPal, Visa, Mastercard, BlackRock, New, Financial Locations: New York City, Boston, New York

☆ Elon Musk is on track to become the world’s first trillionaire very soon
▼ + stars: | 2024-09-17 | by ( Matt Egan | ) edition.cnn.com time to read: +5 min

New York CNN —Elon Musk’s sprawling empire — spanning everything from electric vehicles and social media to space rockets and miniature brain implants — may soon make him the world’s first trillionaire. Now, Musk could become the world’s first trillionaire, a milestone that Informa Connect Academy says he’s on track to hit by 2027. The EV maker founded by Musk has become the world’s most valuable auto company, with a price tag of about $710billion. Musk owns another 303 million stock options linked to his epic and controversial compensation package, which was struck down by a judge but then revived and approved by shareholders. As Bloomberg notes, Musk owns about 42% of SpaceX, a private company valued in June at a whopping $210 billion.

Persons: New York CNN —, Informa, Jensen Huang, Huang, Gautam Adani, Musk, Tesla, ” Dan Ives, “ Musk, ” Ives, Donald Trump, Joe Biden, Biden, Kamala 🤔, ” Organizations: New, New York CNN, New York CNN — Elon, Informa Connect, Nvidia, Bloomberg, Cola, Bank of America, Boeing, Wedbush Securities, CNN Locations: New York, China, usk, wns

☆ Bitcoin will surge 117% by year-end if 'crypto president' Trump wins the election, Standard Chartered says
▼ + stars: | 2024-09-12 | by ( Filip De Mott | ) www.businessinsider.com time to read: +4 min

Bitcoin will reach $125,000 by the year's end if Trump wins the election, Standard Chartered said. Bitcoin would reach $75,000 under Kamala Harris, as she is more open to crypto than president Biden, SC said. Under the self-branded "crypto president," bitcoin could reach $125,000 by the year's end, analyst Geoff Kendrick wrote on Thursday. If Harris wins the presidency, bitcoin will reach $75,000 by the end of the year, Kendrick estimates. Even if Trump wins, Kendrick tempered his prior outlook that bitcoin can reach $150,000 by the year's end.

Persons: Bitcoin, Kamala Harris, Biden, —, bitcoin, Donald Trump, Geoff Kendrick, Trump, Gary Gensler, Kendrick, Joe Biden, Harris, Bernstein, Gautam Chhugani Organizations: Trump, Chartered, SC, Service, Securities and Exchange Commission, BTC, MicroStrategy, BlackRock's ETF, Democratic, Treasury

☆ $100 billion club shrinks to 12 members as slump in stocks knocks 3 people out
▼ + stars: | 2024-09-09 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +1 min

The $100 billion club lost three people last week as tumbling stocks dented their net worths. Only 12 members remain after Jensen Huang, Michael Dell, and Gautam Adani shed their elite status. Go to newsletter preferences Thanks for signing up! AdvertisementThe $100 billion club has lost three members in four days, shrinking the elite group of the world's superwealthy to just 12 people. Nvidia CEO Jensen Huang, personal-computing pioneer Michael Dell, and Indian industrialist Gautam Adani saw their net worths tumble below $100 billion last week, per the Bloomberg Billionaire Index.

Persons: Jensen Huang, Michael Dell, Gautam Adani, — Organizations: Service, Nvidia, Bloomberg, Labor, Business

☆ The new Trump trade is bitcoin, price could top $80,000 if he wins election, according to Bernstein
▼ + stars: | 2024-09-09 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +3 min

As November's Election Day draws nearer, so does bitcoin's eventual breakout from this year's narrow trading range, according to Bernstein. "We expect bitcoin to claim back new highs, in case of a Trump win and by Q4, we expect bitcoin to reach close to $80,000-$90,000 range. However, if Harris wins, we expect bitcoin to break the current floor around $50,000 and test the $30,000-$40,000 range, which it was when the bitcoin ETF momentum started in Q4'2023." BTC.CM= YTD mountain Bitcoin year-to-date Standard Chartered has forecast a bitcoin rally to $150,000 if Trump wins. "After last 3 years of regulatory purge, a positive crypto regulatory policy, can spur innovation once again and bring the users back to financial products on the blockchain."

Persons: Bernstein, Donald Trump, Kamala Harris, Gautam Chhugani, Harris, Trump, Gary Gensler, Chhugani, Massachusetts Sen, Elizabeth Warren's, TD Cowen, Joe Biden's Organizations: Trump, Securities, Exchange, Democratic Locations: —, U.S, Q4'2023, Nashville, Massachusetts

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