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For most art-world buyers, a work unsubtly called “Comedian” lacked a certain a-peel. But on Wednesday, Cattelan got the last laugh as “Comedian” sold for $6.24 million, including $1 million in fees. The buyer was soon revealed to be Justin Sun, a 34-year old cryptocurrency platform founder from China and based in Switzerland. And while some who have capitalized on those assets will inevitably purchase art, artworks themselves have their own rates of return that depend more on evolutions in taste that don’t correlate with wider macroeconomic trends. Sun, the “Comedian” buyer, used his own cryptocurrency, TRX, to make the purchase, Sotheby’s said.

Persons: ”, Maurizio Cattelan, Cattelan, Justin Sun, Sun, ” Sun, ” David Galperin, Sun’s, Alex Glauber, “, ” Glauber, Leonardo da Vinci’s “ Salvatore Mundi ”, Glauber, Duchamp, Marcel Duchamp, Jianping Mei, Michael Moses, JP Mei, ” Moses, “ It’s, Moses, Sotheby’s, CoinMarketCap, Robb, Robert Allen Organizations: Basel, Association of Professional Art Advisors, The New York Times, Moses Art Market Consultancy, NBC News, Sun Locations: Italian, Miami, China, Switzerland, Americas, South Florida, millennials, Europe, South America

☆ Welcome to the mullet market: Steady benchmarks in the front, crypto party in the back
▼ + stars: | 2024-11-23 | by ( Michael Santoli | ) www.cnbc.com time to read: +7 min

This market is starting to summon the lighthearted take on a mullet haircut: business in the front, party in the back. BTC.CM= YTD mountain Bitcoin, YTD Every bullish argument for bitcoin comes down to "More people will soon have more ways to buy more of it." I've tracked the interplay between bitcoin and Nvidia shares for a while. The market's immediate response was simply to allow Nvidia to hold onto the $2.3 trillion in market value it's added this year, but not to pile on more. Meaning the current pace of new money entering these funds is not as heavy relative to total market value as it was nearly four years ago.

Persons: Trump, bitcoin, I've, John Roque, Warren Pies Organizations: Nasdaq, Nvidia, Nvidia ramped, Vanda Research, Trump, 22V Research, Bloomberg, Federal Reserve, 3Fourteen Research Locations: lockstep, bitcoin

☆ 12 tactics America's wealthiest use to save big on taxes, from putting mansions in trusts to stashing fortunes for a 1,000 years
▼ + stars: | 2024-11-23 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +12 min

Currently, individuals and married couples can gift or bequeath $13.61 million and $27.22 million, respectively, before a 40% federal estate tax kicks in. AdvertisementThe heirs don't own the trust assets but rather have lifetime rights to the trust's income and real estate. Any payout is also protected from estate taxes, even if the insured's estate and death benefit exceed the exemption. AdvertisementThis tactic can also be used to save on estate taxes by ultra-rich entrepreneurs who have already used their exemption but have less-wealthy parents who haven't. When the children inherit the assets, the federal estate tax doesn't kick in as long as the grandparents' estate does not exceed $27.22 million.

Persons: Trump, Robert Strauss, Weinstock Manion, Uncle Sam, Wrigley, Jeff Bezos, Jackie O, Edward Renn, Tyler Le, remarries, Jenny Chang, Rodriguez, Sam Walton, haven't Organizations: Republican, Getty, IRS, Federal Reserve, Walmart Locations: Cayman Islands, Bermuda, Washington, Florida, Wyoming, Plenty

☆ How tech bros bought 'America's most pro-crypto Congress ever'
▼ + stars: | 2024-11-23 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +12 min

Bernie Moreno, Republican U.S. Senate candidate from Ohio, attends a campaign event in Holland, Ohio, on Saturday, October 26, 2024. In total, crypto-related PACs and other groups tied to the industry reeled in over $245 million, according to Federal Election Commission data. Crypto accounted for nearly half of all corporate dollars that flowed into the election, according to nonprofit watchdog Public Citizen. It was one of the top spending committees of any industry this cycle and exclusively gave to pro-crypto candidates running for Congress. "Welcome to America's most pro-crypto Congress ever," Armstrong wrote on X on Nov. 5.

Persons: Bernie Moreno, Moreno, Sen, Sherrod Brown, Tom Williams, Donald Trump, Coinbase, Crypto, Marc Andreessen, Ben Horowitz, David Sacks, " Moreno, Brian Armstrong, Fred Ehrsam, Faryar Shirzad, Armstrong, Ehrsam, Coinbase's Armstrong, Gary Gensler, Brown, Elizabeth Warren, FTX, Fairshake, gunning, Republican Jim Justice, Democratic Sen, Joe Manchin, Katie Porter, Porter, he'd, Horowitz, Sacks, Coinbase's Shirzad, Moreno wasn't, Shirzad, David McIntosh, McIntosh, hasn't, JD Vance's, Sam Bankman, Gensler, Andreessen Horowitz, Cameron, Tyler Winklevoss, Ripple, Chris Larsen, JD Vance, Paul Grewal, Jesse Powell, Trump, Phil Potter, Multicoin Capital's Kyle Samani, Fred Wilson, Charles Cascarilla, Mike Belshe, Solana, Anatoly Yakovenko, Wences Casares Organizations: Republican U.S, Cq, Inc, Getty, Democratic, Banking Committee, Public Citizen, Crypto, House, Securities and Exchange Commission, SEC, Senate, Committee, Republicans, Protect, Fairshake, Defend, Jobs, Republican, New, CNBC, Andreessen, Craft Ventures, Club for Growth, Growth, Politico, PAC, Labs, Senate Inc, Trump, Union Square Ventures, Xapo Bank Locations: Republican, Ohio, Holland , Ohio, Cleveland, Coinbase, U.S, Arizona, Michigan, West Virginia, California, Washington, FTX, Nashville , Tennessee

☆ Jim Cramer is bullish on cybersecurity stocks, saying two industry leaders are buys
▼ + stars: | 2024-11-22 | by ( Paulina Likos | ) www.cnbc.com time to read: +3 min

Every weekday the CNBC Investing Club with Jim Cramer holds a "Morning Meeting" livestream at 10:20 a.m. Jim Cramer pointed out that the speculative trade is on — as investors pile into riskier bets. To be sure, JPMorgan does see Trump tariff risk for Best Buy since lots of electronics are made in China. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER .

Persons: Jim Cramer, Jim, CrowdStrike, Wells, Stocks, Jim Cramer's Organizations: CNBC, Nvidia, JPMorgan, Club, Palo Alto Networks, Ross, PepsiCo Locations: China, Abbvie

☆ Investors are still 'early in the game' if they get into bitcoin now, says Bitwise Asset's Horsley
▼ + stars: | 2024-11-22 | 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 EmailInvestors are still 'early in the game' if they get into bitcoin now, says Bitwise Asset's HorsleyHunter Horsley, Bitwise Asset Management founder and CEO, joins CNBC's 'The Exchange' to discuss outlooks on bitcoin.

Persons: Bitwise Asset's Horsley Hunter Horsley Organizations: Investors, Bitwise Asset Management Locations: bitcoin

☆ Bitcoin has a bunch of catalysts ahead, says EMJ Capital's Eric Jackson
▼ + stars: | 2024-11-22 | 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 EmailBitcoin has a bunch of catalysts ahead, says EMJ Capital's Eric JacksonEric Jackson, EMJ Capital, joins 'Closing Bell' to discuss Bitcoin's recent performance, the actual use of a strategic reserve for Bitcoin, and much more.

Persons: EMJ Capital's Eric Jackson Eric Jackson Organizations: EMJ

☆ Charles Schwab incoming CEO: 'I feel silly' for not buying crypto
▼ + stars: | 2024-11-22 | by ( Jaures Yip | ) www.businessinsider.com time to read: +2 min

AdvertisementBitcoin is hovering near $100,000 as Trump considers a new crypto chief for his administration. Charles Schwab's incoming CEO said he has not personally invested in crypto and prefers stocks. Schwab plans to enter spot crypto trading, pending regulatory changes under Trump's policies. "Well, I think what's holding me back is just a question around the true value of crypto," he said. Advertisement"We will get into spot crypto when the regulatory environment changes, and we do anticipate that it will change, and we're getting ready for that eventuality," Wurster said.

Persons: Charles Schwab's, Schwab, Crypto, they've, Rick Wurster, Wurster, he's, Donald Trump's, Bitcoin, Trump, I've, I'm, They've, Andreessen Horowitz, we're Organizations: Trump, Bloomberg, Biden, Fidelity Investments, Robinhood Locations: bitcoin

☆ Dollar hugs 13-month peak as market awaits next Fed cue
▼ + stars: | 2024-11-22 | by ( ) www.cnbc.com time to read: +4 min

Global PMIs are due later in the day, although those figures should not "change the dial too much," said Tony Sycamore, market analyst at IG. Recent comments from Fed officials, including Chair Jerome Powell, have indicated the central bank may take a slower course in its rate cut path. Among Trump policies on weighing on investors' minds were the president-elect's campaign pledges of tariffs, with Europe and China both likely in the firing line. The euro , which makes up a hefty portion of the dollar index, steadied at $1.0475 after falling to a 13-month low of $1.0461 on Thursday. The dollar was last down 0.17% on the day at 154.27 yen.

Persons: Tony Sycamore, It's, it's, Sycamore, Donald Trump's, Jerome Powell, CME's, Trump, Sterling, Bitcoin, Marcel Thieliant, Kazuo Ueda Organizations: The U.S, greenback, Bank of Japan's, Global, IG, U.S, PCE, Trump, Capital Economics Locations: Rio de Janeiro, Brazil, The, Europe, China, Russia, Ukraine, Germany, Asia

☆ The Trump trade showed its resilience this week
▼ + stars: | 2024-11-22 | by ( Brian Evans | ) www.cnbc.com time to read: +3 min

Small-cap stocks were one of the biggest winners on Wall Street this week, serving as a prime example that the Trump trade is alive and well after a brief pause . Small caps were not the only components of the Trump trade that had strong gains this week. According to Tom Fitzpatrick, managing director at R.J. O'Brien & Associates, all signs point toward the Trump trade staying strong. Tesla, other stock components of the Trump trade Electric vehicle stock Tesla advanced nearly 10% this week. "I believe energy still has a lot to prove and the Trump trade didn't work out as well as investors thought it supposed to over his first term."

Persons: Trump, Russell, Donald Trump, Tom Fitzpatrick, Fitzpatrick, Bitcoin, Gary Gensler, Tesla, Elon Musk, Vivek Ramaswamy, Halliburton, Jay Woods, Woods Organizations: Nasdaq, Dow Jones, Investors, Trump, Tesla, Trump Media & Technology Group, Halliburton, U.S . Steel, O'Brien & Associates, CNBC, U.S, Securities and Exchange Commission, Freedom Capital Markets . Energy

☆ Why Newmarket Capital CEO Andrew Hohns is fusing loans with bitcoin
▼ + stars: | 2024-11-22 | 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 EmailWhy Newmarket Capital CEO Andrew Hohns is fusing loans with bitcoinAndrew Hohns, Newmarket Capital Founder and CEO, joins CNBC's 'Squawk Box' to discuss Bitcoin approaching $100k, how merging bitcoin and credit can reduce volatility, and more.

Persons: Andrew Hohns, bitcoin Andrew Hohns Organizations: Newmarket Capital

☆ Watch CNBC's full interview with Newmarket Capital CEO Andrew Hohns
▼ + stars: | 2024-11-22 | 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 EmailWatch CNBC's full interview with Newmarket Capital CEO Andrew HohnsAndrew Hohns, Newmarket Capital Founder and CEO, joins CNBC's 'Squawk Box' to discuss Bitcoin approaching $100k, how merging bitcoin and credit can reduce volatility, and more.

Persons: Andrew Hohns Andrew Hohns Organizations: Newmarket Capital

☆ The case for altcoins and memes as bitcoin, now approaching $100,000, faces a potential correction
▼ + stars: | 2024-11-22 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +6 min

There are thousands of altcoins on the crypto market that are smaller, cheaper, younger and less sophisticated than the blue-chip bitcoin. "It has not been alone … crypto coins across the board have exploded higher in recent weeks. The riskiest business At the furthest end of the risk spectrum are meme coins like dogecoin , whose trading ballooned after the election . "I'd urge long-term investors to not place too much emphasis on meme coin activity — easy come, easy go," said Ryan Rasmussen, an analyst at Bitwise Asset Management. "While meme stocks such as Gamestop and AMC are a small part of the equity market, meme coins are a larger part of the crypto market and represent an outsized share of volume."

Persons: Gary Gensler, They've, bitcoin, Wolfe, Rob Ginsberg, it's, Mike Novogratz, Wolfe's Ginsberg, Donald, they've, Ryan Rasmussen, Zach Pandl, John Todaro, Robinhood, — CNBC's Michael Bloom Organizations: Securities and Exchange Commission, Trump, Galaxy Digital, Solana, Bitwise Asset Management, lotto, Grasycale Investments, Gamestop, AMC, Robinhood Locations: overbought, bitcoin

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBitcoin tests $100,000 heading into the weekend: 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, Bitwise CEO Hunter Horsley shares his thoughts on the crypto rally and whether he sees a correction coming soon.

Persons: explainers, Hunter Horsley Organizations: CNBC Crypto, CNBC

☆ Michael Saylor on Citron's short bet on MicroStrategy
▼ + stars: | 2024-11-22 | 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 EmailMichael Saylor on Citron's short bet on MicroStrategyMichael Saylor, MicroStrategy executive chairman, joins CNBC's 'Squawk Box' to discuss Citron's short bet on MicroStrategy, MicroStrategy's position and profit in Bitcoin, and more.

Persons: Michael Saylor Locations: Bitcoin

☆ Bitcoin hitting $1 million could be on the horizon, says x2B co-founder Michael Bressler
▼ + stars: | 2024-11-22 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBitcoin hitting $1 million could be on the horizon, says x2B co-founder Michael Bresslerx2B Co-Founders Michael Bressler and Benoit Bosc joins 'Closing Bell Overtime' to talk bitcoin's record rally, the x2B platform, managing risk in the crypto space and more.

Persons: x2B, Michael Bressler x2B, Michael Bressler, Benoit Bosc

☆ Gold marches towards best week in a year amid escalating Russia-Ukraine conflict
▼ + stars: | 2024-11-22 | by ( ) www.cnbc.com time to read: +2 min

Gold prices were headed for their best week in a year on Friday, supported by safe-haven demand amid further escalations in the Russia-Ukraine war, while investors assessed the outlook for U.S. interest rate cuts. Gold prices were headed for their best week in a year on Friday, supported by safe-haven demand amid further escalations in the Russia-Ukraine war, while investors assessed the outlook for U.S. interest rate cuts. Bullion was up nearly 5% for the week so far, its best week since early October 2023. Gold's appeal is bolstered by geopolitical tensions, economic risks and a low interest rate environment. Meanwhile, the Chicago Federal Reserve President on Thursday reiterated his support for further U.S. interest rate cuts and his openness to slowing them down.

Persons: Bullion, Edward Meir, Bitcoin, Michelle Bowman, Nicholas Frappell Organizations: Trump, Chicago Federal, ABC Refinery Locations: Russia, Ukraine, Dnipro, U.S

☆ Barrick Gold CEO: Here is what's driving the price of gold lately
▼ + stars: | 2024-11-22 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBarrick Gold CEO: Here is what's driving the price of gold latelyMark Bristow, Barrick Gold president and CEO, joins 'Squawk Box' to discuss what's driving the price of gold lately, if Bristow considered owning Bitcoin, and much more.

Persons: Mark Bristow, Bristow Organizations: Barrick, Barrick Gold

☆ CNBC Daily Open: Expectations can be an irrational thing. Just look at Nvidia
▼ + stars: | 2024-11-22 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Markets digest Nvidia earningsU.S. markets rose on Thursday after digesting Nvidia's earnings release. "If someone bought or if the Bluesky company went down, everything is open source." [PRO] Focus on Nvidia's BlackwellDespite Nvidia's revenue growth rising at a slower pace each subsequent quarter, analysts are still optimistic on the stock.

Persons: Donald Trump, Michael Novogratz, Trump's, Trump, Bluesky, Jay Graber, Nvidia's Blackwell, Blackwell, Colette Kress Organizations: CNBC, U.S . Department of Justice, Google, Chrome, JD Sports, Galaxy Digital, U.S . Federal Reserve, Elon, Nvidia Locations: British

☆ Watch CNBC's full interview with MicroStrategy's Michael Saylor
▼ + stars: | 2024-11-22 | 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 EmailWatch CNBC's full interview with MicroStrategy's Michael SaylorMichael Saylor, MicroStrategy executive chairman, joins CNBC's 'Squawk Box' to discuss Citron's short bet on MicroStrategy, MicroStrategy's position and profit in Bitcoin, and more.

Persons: MicroStrategy's Michael Saylor Michael Saylor Locations: Bitcoin

☆ Stocks making the biggest moves midday: Reddit, Super Micro Computer, Intuit and more
▼ + stars: | 2024-11-22 | by ( Sean Conlon | ) www.cnbc.com time to read: +3 min

Reddit — The stock fell 6% after Bloomberg, citing a person familiar with the matter, reported that Advance Magazine Publishers is looking to establish a credit facility using as much as $1.2 billion of its stake in Reddit. Gap — The stock jumped more than 10% on the heels of the clothing retailer increasing its full-year outlook — its third time doing so this year. Super Micro Computer — Shares moved more than 11% higher, extending its more than 15% gain in the previous session. Intuit — Shares of the financial software company fell 4% after the release of its fiscal first-quarter report. StoneCo — Shares jumped about 10% after the Brazilian payments company announced a share repurchase program of up to 2 billion reais .

Persons: LSEG, Ross, Needham, bitcoin, —, Alex Harring, Jesse Pound, Michelle Fox Organizations: Bloomberg, Advance Magazine Publishers, BDO, Nasdaq, Intuit —, Intuit, LSEG, Carpenter Technology, JPMorgan, . Texas Pacific, Marathon Oil, ConocoPhillips Locations: Reddit

☆ SEC Chair Gary Gensler will step down Jan. 20, making way for Trump replacement
▼ + stars: | 2024-11-21 | by ( Jesse Pound | ) www.nbcnews.com time to read: +2 min

Securities and Exchange Commission Chair Gary Gensler will resign on Jan. 20, the agency announced Thursday, paving the way for President-elect Donald Trump to select a replacement immediately. Gensler took over the SEC in 2021, and under his leadership the commission has taken an ambitious but controversial approach to several regulatory issues, including cryptocurrencies. Trump has not announced his pick to lead the SEC, but the expectation is that the next chair will be friendlier to Wall Street and crypto. SEC commissioners serve five-year terms, so Gensler could have in theory stayed on until at least 2026. Under Gensler, the SEC pushed to require more disclosures from publicly traded companies and financial advisors for investors.

Persons: Gary Gensler, Donald Trump, Gensler, Trump, ” Gensler, Gensler’s Organizations: Securities, Exchange, SEC, cryptocurrencies, Gensler’s SEC

☆ Johnson: Bitcoin is breaking out, targeting $130,000
▼ + stars: | 2024-11-21 | 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 EmailJohnson: Bitcoin is breaking out, targeting $130,000Craig Johnson, Chief Market Technician at Piper Sandler, sees Bitcoin breaking out toward $130,000 and small/mid-caps outperforming post-election. He notes NVIDIA's reaction reflects high expectations, while Target may see further downside.

Persons: Johnson, Bitcoin, Craig Johnson, Piper Sandler

☆ Bitcoin tops $98,000 as U.S. markets launch new ways to bet on the price of bitcoin
▼ + stars: | 2024-11-21 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBitcoin tops $98,000 as U.S. markets launch new ways to bet on the price of bitcoinCNBC's MacKenzie Sigalos reports on bitcoin touching new record highs as options go live on spot bitcoin ETFs on the NYSE and Nasdaq.

Persons: bitcoin CNBC's MacKenzie Sigalos Organizations: NYSE, Nasdaq

☆ Ron Insana: Bitcoin could be the mother of all manias as it soars toward $100,000
▼ + stars: | 2024-11-21 | by ( Ron Insana | ) www.cnbc.com time to read: +4 min

As bitcoin prepares to vault to $100,000, I can't help but wonder if cryptocurrency – not artificial intelligence – is the mother of all financial market manias. BTC.CM= YTD mountain Bitcoin in 2024 The first bitcoin, minted in 2009 , changed hands at about one-tenth of one cent. With bitcoin at nearly $100,000 on Thursday, the first buyers of the cryptocurrency would, no doubt, be worth scores of billions of dollars. The three defining features of money are: A medium of exchange A unit of account A store of value Bitcoin – or any cryptocurrency – is not widely used for transactions. The real question in my mind remains, does the world need bitcoin, or does it just want the flagship crypto?

Persons: bitcoin, cryptocurrency, SWIFT, there's, Donald Trump, Charles Mackay, Ron Insana Organizations: Louis Federal Reserve, U.S, U.S ., CNBC Locations: U.S, Dutch

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