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The US President endorsed his current vice president, and many prominent Democrats, including Barack Obama, have followed his lead. Money has been pouring into Harris's campaign, and the vice president has already begun campaigning against former president Donald Trump. With Vance by his side, Trump has been trying to woo Silicon Valley away from Biden. Notably, the vice president hasn't taken a strong stance on cryptocurrency, but some expect her to become more pro-crypto than Biden. Meanwhile, with support from pro-crypto running mate JD Vance, Trump has announced he plans to be the first "crypto president."
Persons: , Kamala Harris, Harris, Joe Biden's, Barack Obama, Donald Trump, Sheryl Sandberg, Trump, JD Vance, David Sacks, Peter Thiel, Vance, Thiel, Elon Musk, Aaron Levie, techies, Sean Parker, Tony West, Kamala, she's, Ron Conway, Chiente Hsu, Biden, She's, Hsu, Reed Hastings, Levie, hasn't, Nigel Green Organizations: Service, Democratic, Business, PAC, Politico, VC, Biden, Facebook, Big Tech, Biden Administration, Democratic Party, deVere Group Locations: Silicon, California, Oakland, Bay, Harris, FTX
Dexcom — The medical device stock plummeted more than 36% after the company posted a second-quarter revenue miss. The company's $579 million revenue was also lower than the consensus estimate of $597 million. Coursera — The online course provider stock surged 26% after Coursera posted second-quarter revenue of $170 million, which exceeded the $164 million analysts had expected, according to LSEG. 3M — The industrials giant added nearly 7% after posting second-quarter adjusted earnings of $1.93 and adjusted revenue of $6.02 billion. Charter's $13.69 billion revenue also exceeded the $13.59 billion analysts had expected.
Persons: George Kurtz, LSEG, Dexcom, Boston Beer, Coursera, Bristol Myers, Morgan Stanley, , Alex Harring, Sarah Min, Jesse Pound Organizations: Semiconductor, Nvidia, Broadcom, Devices, Qualcomm, Micron Technology, Boston Beer, Boston, Mohawk Industries, Mohawk, Bristol Myers Squibb, Bristol, Revenue, Norfolk Southern, Charter Communications
The Ledger Flex is a new, cheaper hardware crypto wallet from French startup Ledger. Ledger finally released Stax, its long-anticipated hardware crypto wallet, and is shipping units out to people who preordered the product in May. In addition to raising the price for Stax, Ledger is also releasing a new crypto hardware wallet. The Ledger Flex features an E Ink screen, similar to the Ledger Stax. The Ledger Flex, which costs $249, is smaller than the Ledger Stax and comes with a 2.8-inch display.
Persons: Stax, Ledger, Tony Fadell, Ledger Stax, Pascal Gauthier, Ledger's Stax, Ledger's Gauthier, Foxconn Organizations: Stax, Ledger, Flex, Google, CNBC, Apple Locations: Ledger, solana, London, Vietnam
It's a historic week for the cryptocurrency markets with spot ether exchange-traded funds making their debut. Franklin Templeton is one of the nine spot ether ETF applicants which got approval Tuesday from the Securities and Exchange commission. CEO Jan Van Eck expects spot ether ETFs will help investors diversify, but he sees a different energy level for spot ether ETFs. "I don't think they're going to be the same, same kind of hit [as spot bitcoin ETFs]" Van Eck said. Long-term, Morningstar's Ben Johnson considers the volumes for spot ether ETFs as normal because they're roughly proportional to the relative market cap of ether versus bitcoin .
Persons: Franklin Templeton, , David Mann, CNBC's, Jan Van Eck, Van Eck, Morningstar's Ben Johnson Organizations: Securities, Exchange, Franklin Ethereum Locations: cryptocurrencies
Fort Lauderdale, Florida (AP) — A judge says controversial social media personality Andrew Tate’s defamation lawsuit against a Florida woman who accused him of imprisoning her in Romania can move forward, but he threw out Tate’s allegations against her parents and some allegations against the woman. Romanian officials indicted the Tates last year, saying the brothers forced seven victims into pornography and subjected them to physical violence. Her attorneys say the lawsuit is in retribution for her reporting him to authorities. Curley dismissed the Tates’ accusations that the woman’s parents defamed them when they told American diplomatic officials about their daughter’s allegations. Attorneys for the Tates and the woman each said Curley’s decision was a win for their side.
Persons: , Andrew Tate’s, Joseph Curley, Tristan, Curley, ” Curley, Joseph McBride, Judge Curley’s, Andrew, Tristan Tate’s, , Dani Pinter, Andrew Tate Organizations: Circuit, Associated Press, Tate, National Center, Sexual, Britain, Prosecutors, YouTube, Facebook, BBC Locations: Fort Lauderdale , Florida, Florida, Romania, Palm Beach, American, Moldovan, Great Britain, United States, Britain
CNN —The US Justice Department on Thursday announced the indictment of an alleged North Korean government-backed hacker for allegedly participating in a scheme to break into US hospital computer systems and extort them for ransom. The hacks of health care providers locked up medical records and disrupted health care services in the US, US officials said. Thwarting North Korean hacking and money laundering has become a national security priority for the Biden administration. CNN previously reported on how South Korean spies and American companies try to intercept cryptocurrency stolen by North Korean hackers. Another CNN investigation identified one cryptocurrency entrepreneur who said his firm had unwittingly sent a North Korean IT worker tens of thousands of dollars.
Persons: Biden Organizations: CNN, US Justice Department, North, Court, District of, The State Department, North Korean, State Department, United Nations, cyberattacks, White Locations: Korean, Rim, Florida and Kansas, Arkansas and Connecticut, Colorado, District of Kansas, Rim ., North Korean
Photo Illustrating Coinbase in Suqian, Jiangsu Province, China on June 6, 2023 (Photo Illustration by Costfoto/NurPhoto via Getty Images)British regulators fined Coinbase's U.K. arm £3.5 million ($4.5 million) on Thursday over breaching a voluntary agreement designed to stop the cryptocurrency exchange from onboarding "high-risk customers." CB Payments Limited (CBPL) is part of the Coinbase Group, which operates a global crypto trading platform. In October 2020, CBPL entered into a voluntary agreement with the U.K.'s Financial Conduct Authority (FCA), accepting restrictions that prevented it from taking on new customers that the regulator considered high-risk. However, CBPL breached the agreement and onboarded and served 13,416 of so-called high-risk customers, the FCA said. These funds were used to make withdrawals and execute crypto transactions via other Coinbase entities, totaling approximately $226 million.
Persons: CBPL, Therese Chambers, Coinbase Organizations: Getty Images, Payments, Coinbase, Authority, FCA Locations: Suqian, Jiangsu Province, China
The outcome of the U.S. presidential election and its implications for the crypto industry got more uncertain this week after Vice President Kamala Harris entered the race following President Joe Biden's exit. Many are now wondering what a Harris administration could mean for crypto – especially following years of an anti-crypto crusade led by Biden-appointed SEC Chair Gary Gensler and Sen. Elizabeth Warren, D-Mass. On Tuesday, a day after Harris launched her campaign, billionaire Mark Cuban said her advisors had begun reaching out to him about crypto policy . Bitcoin, the largest cryptocurrency, had recently seen a boost as Trump incorporated crypto into his platform. The crypto industry sees itself as nonpartisan, and in recent weeks has bipartisan support for crypto in Congress has been growing.
Persons: Kamala Harris, Joe Biden's, Donald Trump, , Harris, Biden, Gary Gensler, Sen, Elizabeth Warren, Harris doesn't, they've, , Kristin Smith, Devin Ryan, Mark Cuban, Trump, JMP's Ryan, that's, Ryan, Smith, Nancy Pelosi, Adam Schiff, it's Organizations: U.S, Republican, SEC, Democratic, Democratic Party, Blockchain Association, JMP Securities, Trump, BTC, SAB, Innovation, Technology, Futures Trading Commission Locations: Nashville, bitcoin, California
At a cryptocurrency convention in Austin in May, Blake Emerson Benthall hustled for investor money alongside scores of other entrepreneurs. But none of them, it is safe to say, could pitch their experience as the leader of a multimillion-dollar criminal drug enterprise. In the convention’s “Deal Flow Zone,” Mr. Benthall, 5-foot-4, cleanshaven and wearing a gray tee with his start-up’s logo, turned his laptop around at a lunch table and began giving his spiel to a bespectacled potential investor. “I’m a lifelong entrepreneur,” Mr. Benthall said as he clicked through a presentation that detailed how he had run Silk Road 2.0, the second iteration of the infamous online bazaar where 1.7 million anonymous customers signed up and used Bitcoin to buy methamphetamine, heroin and other illegal substances. and the years he spent in the punitive employ of the federal government.
Persons: Blake Emerson Benthall hustled, Mr, Benthall, “ I’m, ” Mr Locations: Austin
With the SEC clearing the path for ETFs, Grayscale will have a boatload of rivals, and investors can go hunting for the lowest fees. Large financial firms, including Fidelity Investments, Franklin Templeton, BlackRock and Invesco, are already on the market with their own spot ether ETFs. In their first day of trading on Tuesday, spot ether ETFs collectively saw over $1 billion in volume, with JPMorgan analysts estimating net sales of $104 million. While money poured into the new offerings, the Grayscale Ethereum Trust (ETHE) saw redemptions of $485 million. watch nowIn the bitcoin ETF market, Grayscale has been struggling to handle the flood of competition.
Persons: Jakub Porzycki, Barry Silbert's, Franklin Templeton, Morningstar's Bryan Armour, Grayscale's David LaValle, LaValle Organizations: Nurphoto, U.S, Digital Currency Group, SEC, Fidelity Investments, BlackRock, JPMorgan, CNBC Locations: Invesco, U.S
Tuesday's debut of exchange-traded funds that hold ether is widely seen as a significant event for the crypto industry, although it may not see the success or fanfare that bitcoin ETFs did earlier this year. The ether ETFs come about six months after the launch of bitcoin ETFs , which saw some of the most successful debuts in the industry's history. And so the question is how much impact on price is really going to have?" Mike Novogratz, CEO of Galaxy Digital, whose Invesco Galaxy Ethereum ETF (QETH) began trading Tuesday, agreed ether ETF flows could be small compared to bitcoin funds'. "We think it'll be about 20% as many flows [that] will go into the ether ETF in the first six months that went into bitcoin [ETFs]," he said in a separate "Squawk Box" interview.
Persons: Anthony Pompliano, CNBC's, We've, Pompliano, Mike Novogratz, , Jesse Pound Organizations: Professional Capital Management, Galaxy Digital, Ethereum
There are already ether ETFs that track futures contracts, but these are the first to track spot ether. Spot ether ETF applications Grayscale Ethereum Mini Trust (ETH)Grayscale Ethereum Trust (ETHE)Bitwise Ethereum (ETHW)VanEck Ethereum (ETHV)21Shares Core Ethereum (CETH)Invesco Galaxy Ethereum (QETH)Fidelity Ethereum (FETH)Franklin Ethereum (EZET)iShares Ethereum Trust (ETHA) Like the spot bitcoin ETFs that launched in January, most are waiving fees initially — in many cases for up to a year. By the standards of ETF launches, spot bitcoin ETFs have been a success: They recently topped $17 billion in net flows year to date since their debut. Bitcoin prices rose going into the launch of spot bitcoin ETFs. (Ether is the cryptocurrency used in the Ethereum network, but in practice the terms Ethereum and ether are often used interchangeably.)
Persons: Bitwise, VanEck, Franklin Ethereum, iShares, bitcoin, Ben Johnson, Morningstar's, Matt Hougan, Johnson, Morningstar Organizations: Nurphoto, Fidelity, U.S . Securities, Exchange, SEC Locations: Washington
Its price target implies more than 30% upside. Analyst Stephen Bersey also slashed his price target for the stock to $302 from $388. The financial firm reiterated its overweight on the technology titan and Magnificent Seven member and increased its price target to $485 from $465. The bank upgraded shares of the doughnut maker to buy from hold, while standing by its target price of $14. The bank upgraded the shoe company to overweight from equal weight and raised its price target to $80 from $60.
Persons: CrowdStrike, Morgan Stanley, Stephen Bersey, Bersey, Lisa Kailai Han, Piper Sandler, Brent Bracelin, Bracelin, — Lisa Kailai Han, Peter Christiansen, Christiansen, Sorabh Daga, McDonald's, Daga, Fred Imbert Organizations: CNBC, HSBC, HSBC downgrades CrowdStrike, Guggenheim, Microsoft, Microsoft Cloud, Citi Locations: CrowdStrike, U.S, Monday's
VanEck CEO on the launch of Ethereum ETFs
  + stars: | 2024-07-23 | 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 EmailVanEck CEO on the launch of Ethereum ETFsJan van Eck, CEO of VanEck, joins CNBC’s Bob Pisani on ‘ETF Edge’ to discuss the launch of VanEck Ethereum ETF, how the ETF has launched with no fees, and what having the second largest cryptocurrency in ETF products could mean for investors.
Persons: Jan van Eck, Bob Pisani
Morgan Stanley upgrades Skechers to overweight from equal weight and downgrades Under Armour to underweight from equal weight Morgan Stanley said its Skechers channel checks looked promising. "We initiate coverage of LandBridge (LB) with a Buy rating and a $35 price target following its IPO last month." Morgan Stanley reiterates First Solar as overweight Morgan Stanley said First Solar could benefit from a new Trump administration. Morgan Stanley reiterates Amazon as top pick Morgan Stanley said Amazon is its favorite pick ahead of earnings, but that the firm also likes Alphabet and Meta. Morgan Stanley initiates Alumis as overweight Morgan Stanley said it's bullish on shares of the immunology company.
Persons: TD Cowen, Morgan Stanley, Armour, Bernstein, Apple, Guggenheim, Tesla, Baird, it's, Krispy Kreme, Goldman Sachs, Goldman, Trump, Wells, Piper Sandler, Piper, TD Cowen downgrades Darden, Cowen, Oppenheimer Organizations: Procter, Gamble, HSBC, CrowdStrike, Qualcomm, JPMorgan, Goldman, Barclays, Nvidia, Amazon, Microsoft, Citi, Rio Tinto, Deutsche Bank, Aerospace, Deutsche, Farnborough Air, Darden Locations: Rio, Olive, stagnate
Ether ETFs officially began trading in the U.S. on Tuesday, putting the world's second largest crypto currency in a vehicle favored by many professional investors and advisors. The new funds come from traditional fund issuers like BlackRock and Fidelity and crypto-specific companies such as Grayscale, marking another step in the increased integration of digital assets into mainstream finance. The ether ETFs are widely expected to be smaller than the bitcoin funds, both because of the relative size of the two markets and the fact that ether may not be as familiar to many investors. The ether ETFs also do not offer staking, which is a process that can give crypto-native investors additional yield. Both the cheapest and most expensive funds come from Grayscale, which is effectively converting its multi-billion dollar private ether fund into two ETFs with different price points.
Persons: Jay Jacobs, Sam Callahan Organizations: Fidelity, Swan Locations: U.S, BlackRock
Bitcoin led the crypto market lower on Tuesday – the first trading day for ether ETFs – as Mt. Gox transferred more bitcoin to creditors and investors took profits following the cryptocurrency's best week since March. The market is expected to absorb the negative impact, thanks to long-term optimism on the success of ether ETFs as well as the U.S. presidential election. "Part of that is the bitcoin ETF adoption is in the early innings – a lot of the largest pools of money for that ETF have not even been turned on yet," he added. He pointed to the launch of bitcoin ETFs in January, when bitcoin surged to a record before plummeting 20% and then advanced to another new high.
Persons: bitcoin, Bitcoin, Gox, Devin Ryan, Nexo, Antoni Trenchev, Ben Kurland, Joe Biden, Kamala, Harris, Trenchev, Kamala Harris, Donald Trump Organizations: Metrics, U.S, JMP Securities, ETH Locations: Gox
Namely, millennials invest in exchange-traded funds more than any generation before them, according to State Street Global Advisors' 2024 ETF Impact Survey. AdvertisementOverall, State Street, which manages $4.3 trillion in assets, found that boomers are doomers when it comes to the overall economic outlook. State Street Global AdvisorsMillennials across the world are also more likely than any other generation to hold ETFs in their portfolios. AdvertisementETFs also offer easy liquidity, especially when compared to the mutual funds that are popular with older demographics. Investors can't trade mutual funds intraday because trades are executed once a day after the 4 p.m. market close.
Persons: , aren't, Scott Chronert, Chronert, millennials, Michael Arone, Vanguard Russell, Russell, That's Organizations: Service, Street Global Advisors, Business, State Street Global Advisors, Mutual, Citigroup, Bank of America, State, Trust, Vanguard, Nasdaq, Boomers, Bond, Bond Market, State Street, Galaxy Asset Management, Street Locations: Australia, Singapore, Japan
CrowdStrike has issued its own guidance on what affected organizations can do in response to the issue. One example of that has been targeting Spanish-speaking CrowdStrike customers, the company said in a separate blog post. When opened, the file installs malicious software that phones home to a server the hackers control and may use to give additional instructions to the malware. “CrowdStrike Intelligence recommends that organizations ensure they are communicating with CrowdStrike representatives through official channels and they adhere to technical guidance the CrowdStrike support teams have provided,” the company said. “Bad actors routinely try to take advantage of current events, so it’s not all surprising to see them attempting to take advantage of this one,” Callow said.
Persons: CNN —, , CrowdStrike, Kenn White, , cybercriminals, Lina Khan, Azim Khodjibaev, Brett Callow, ” Callow Organizations: CNN, Department of Homeland Security, Infrastructure Security Agency, CrowdStrike Intelligence, Federal Trade Commission, Internal Revenue Service, Social Security Administration, FTC, Cisco, FTI Consulting
The U.S. Securities and Exchange Commission appears to have given the green light for exchange-traded funds that hold ether , the world's second-largest cryptocurrency. It approved rule changes for exchanges to list ether funds in May. Some of the companies that have been vying to launch ether funds include massive asset managers such as BlackRock, Fidelity and VanEck. The ether ETFs come about six months after the launch of bitcoin ETFs, which saw some of the most successful debuts in the industry's history. The ether funds are not expected to be as popular as the bitcoin funds, in part because the total market for ether is roughly one-fourth the size of the leading cryptocurrencies.
Persons: Matt Hougan, doesn't, Hougan Organizations: U.S . Securities, Exchange Commission, SEC, Fidelity, VanEck, Trust, ETF, Bitwise Locations: BlackRock, U.S
Spot ether ETFs could launch as soon as July 22, reports say. Wall Street has issued a range of outlooks on how the world's second-largest cryptocurrency will move once the ETFs launch. The bank expects these funds to drive $15 billion to $45 billion worth of ether inflows in a 12-month window. Bulls derived their confidence from how bitcoin behaved after its spot ETFs launch in January. They noted bitcoin's first-mover advantage and stressed that the ether token offers functionality that wouldn't be accessible through the ETFs, thus limiting demand.
Persons: , bitcoin, Nikolaos Panigirtzoglou, CoinDesk, Rachel Lin, Alex Kuptsikevich Organizations: Street, Service, Securities and Exchange Commission, Chartered, Bulls, JPMorgan, Citi, Steno, Reuters, Galaxy Digital, ETH, Business
It’s a bad time to be a finance billionaire. Republicans on Wall Street, who had been largely coalescing around former President Donald J. Trump’s efforts to return to office, suffered outright repudiation this week with his pick of Senator JD Vance of Ohio as a running mate. Mr. Vance, a harsh critic of corporate interests and a former venture capitalist, solidified a feeling in the world of high finance that the balance of power in the party had suddenly shifted westward to Silicon Valley. In choosing Mr. Vance, Mr. Trump brushed off personal entreaties from some of the Republican Party’s biggest donors. While accepting his nomination on Wednesday at the Republican convention in Milwaukee, he said the party was done “catering to Wall Street.”
Persons: Donald J, JD Vance, Vance, Trump, Marco Rubio, Doug Burgum, Tim Scott of, Organizations: Washington , D.C, Wall, Republican Locations: Washington ,, Ohio, Silicon Valley, Marco Rubio of Florida, North Dakota, Tim Scott of South Carolina, America, Milwaukee
Fidelity vs. Charles Schwab: At a GlanceFidelity and Charles Schwab are two of the largest and most reputable brokerage firms featured in several of our guides, including the best robo-advisors. Making a Choice: Fidelity vs. Charles SchwabFidelity Investments and Charles Schwab are great for all kinds of traders. Charles Schwab is better for higher balances and offers a more comprehensive selection of advanced charting tools like the thinkorswim platform. Fidelity vs. Charles Schwab Frequently Asked Questions (FAQs)Can I open both Fidelity and Charles Schwab accounts? You can open both a Fidelity and Charles Schwab brokerage account to take advantage of each platform's best features and services.
Persons: Morningstar, Charles Schwab Insider’s, Schwab, Charles Schwab, It's, Charles Schwab's, Schwab's Organizations: Fidelity Investments, Fidelity, Business Daily, Investment, Financial Products Fidelity, Teen, Charles, U.S, Fidelity Wealth Services, Technology, Pro, screeners, Schwab, Ameritrade, Charles Schwab Fidelity Investments Locations: cryptocurrencies, Chevron
Best Investing Apps of 2024Top Investing Apps of 2024The best investment apps help you achieve wealth-building goals while diversifying your portfolio and providing the accessibility and convenience of mobile trading for the everyday investor. Here are the best investment apps available to traders, as chosen by Business Insider's editors in 2024. Best Investing App OverallE*TRADE is a one-stop shop for investing and the overall best app. Betterment reviewBest Investing App for MobileAs one of the best stock trading apps for beginners, Acorns Invest is the best investing app for mobile traders seeking automated trading strategies and customized ETF portfolios. Best Investment Apps FAQsWhat is the best app to start investing on?
Persons: you'll, Vanguard's, Wealthfront, you've, Charles Schwab, we've, Brian Fry, Charlotte Geletka, Kaysian Gordon Organizations: Business, Mobile, Finance, M1 Finance, M1, IRA, Vanguard, Stock Market ETF, Bond, Blackrock, Invest, Chevron, SoFi Invest, Fidelity, Apple
Read previewA massive IT outage disrupted the global economy after CrowdStrike, the cybersecurity giant, issued a faulty update. This story is available exclusively to Business Insider subscribers. Cybersecurity experts said that auto-updates typically help companies react quickly to global threats. Izrael said Armis itself doesn't use auto-updates and instead has people on call to review and roll out updates. Whether this outage will prompt cybersecurity companies to reevaluate their approach to auto-updates isn't yet clear.
Persons: , CrowdStrike, I've, Nadir Izrael, Izrael, it's, Andrius Minkevičius Organizations: Service, Microsoft, Business
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