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☆ Asian shares hit two-week high on prospects for Fed pause
▼ + stars: | 2023-08-30 | by ( Ankur Banerjee | ) www.reuters.com time to read: +5 min

The index though is down about 6% so far in August and set for its worst monthly performance since February. The Eurostoxx 50 futures rose 0.39%, German DAX futures were up 0.29% and FTSE futures were up 0.31%. Overnight, Wall Street ended sharply higher, while Treasury yields slid to three-week lows after data showed U.S. job openings dropped to the lowest in nearly 2-1/2 years in July, signalling easing labour market pressures. With the Fed highlighting that the interest rate path will be heavily dependent on data, traders are tweaking their bets based on the latest indicators. Traders will be closely watching cocoa prices on Wednesday after the London cocoa futures on ICE rose to a 46-year high on Tuesday, buoyed by tightening supplies.

Persons: Issei Kato, DAX, Powell, Tina Teng, Carlos Casanova, Gina Raimondo, Brent, bitcoin, Ankur Banerjee, Edmund Klamann Organizations: REUTERS, Rights, Federal Reserve, Futures, Treasury, CMC Markets, Investors, PMI, . Commerce, Aussie, Traders, Thomson Locations: Tokyo, Japan, Asia, Pacific, Europe, Germany, Spain, China, Wednesday's, UBP, U.S

☆ CNBC Daily Open: Nvidia’s record close juiced the Nasdaq
▼ + stars: | 2023-08-30 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Markets poppedU.S. stocks had a great Tuesday, with the S&P 500 and Nasdaq Composite advancing more than 1% each. Nvidia's record closeNvidia shares popped 4.16% Tuesday to close at a record of $487.84. Here's why Slimmon thinks stocks will rise despite struggling in August — and the three stocks to buy to ride on the wave.

Persons: Australia's, David, Susan Schwartz, Bitcoin, Morgan Stanley, Andrew Slimmon Organizations: CNBC, Nasdaq, Nvidia, Google, Costco, Securities and Exchange Commission, Fidelity, Morgan, Morgan Stanley Investment Locations: Asia, BlackRock, Coinbase, —

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGrayscale CEO lays out next steps after 'huge victory' against SEC: 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, explains what prompted the platform to halt ether staking in the United States.

Persons: explainers, Bobby Zagotta Organizations: SEC, CNBC Crypto, CNBC Locations: United States

☆ What's good for bitcoin might not necessarily be good for Coinbase, analysts say
▼ + stars: | 2023-08-30 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +3 min

Many see the news as a strong signal that a U.S. bitcoin ETF will inevitably be green lit, which would help boost adoption of bitcoin. "If crypto trading transfers away from trading Coinbase directly and into ETFs (which, for many investors, might be the preferable way to get exposure), trading activity at Coinbase could decline further." Coinbase shares rallied nearly 15% Tuesday following the news, but the stock was down nearly 1% in trading Wednesday. "We believe a bitcoin ETF could increase competition and put pricing pressure on retail take rates. Plus, COIN's reliance on bitcoin revenue has only increased, from 31% of transaction revenue in 2Q22 to nearly 40% in 2Q23."

Persons: Bitcoin, —, Benjamin Budish, Coinbase, Mizuho, Dan Dolev, Dolev, Mark Palmer, Palmer, Michael Bloom Organizations: U.S . Securities, Exchange Commission, U.S ., Appeals, SEC, Barclays, ETF Locations: U.S, Bitcoin, 2Q22, 2Q23

☆ Breakthrough in the bitcoin ETF battle: What happens next?
▼ + stars: | 2023-08-30 | by ( Bob Pisani | ) www.cnbc.com time to read: 1 min

RELATED VIDEOS15:23 Breakthrough in the bitcoin ETF battle: What happens next? 05:20 How the SEC could respond to Grayscale's bitcoin ETF win16:04 ETF Edge, August 30, 202320:53 ETF Edge, August 28, 202305:47 U.S. or global stocks? Weighing long-term performance14:52 Mutual funds and ETFs: same share class a gamechanger?

Organizations: SEC, Edge, Mutual

Representations of cryptocurrency Bitcoin are placed on a PC motherboard, in this illustration taken June 16, 2023. A spot bitcoin ETF would give investors exposure to the world's largest cryptocurrency by market capitalization without having to own it. The SEC has denied all spot bitcoin ETF applications, saying applicants have not shown they can protect investors from market manipulation. Grayscale argued the same setup should be satisfactory for its spot ETF, since both products rely on bitcoin's underlying price. Other firms have spot bitcoin ETF applications with the SEC, including asset management giant BlackRock (BLK.N), Fidelity and WisdomTree (WT.N).

Persons: Dado Ruvic, Grayscale's, It's, Christopher LaVigne, Withers, Michael Sonnenshein, Bitcoin, Sui Chung, Joseph Toner, Seth Hertlein, Ryan Louvar, Paul Grewal, Coinbase, LaVigne, Carolina Mandl, Tom Wilson, Michelle Price, Jonathan Oatis Organizations: REUTERS, Rights, District of Columbia, Securities and Exchange Commission, SEC, CNBC, Chicago Mercantile Exchange, Fidelity, Coinbase, CME, BlackRock, Supreme, Thomson Locations: Washington, New York, WilmerHale, London

☆ Watch CNBC's full interview with Grayscale CEO Michael Sonnenshein
▼ + stars: | 2023-08-30 | 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 EmailWatch CNBC's full interview with Grayscale CEO Michael SonnensheinGrayscale CEO Michael Sonnenshein joins 'Squawk Box' to discuss the company's win over the Securities and Exchange Commission after the U.S. Court of Appeals for the D.C. Circuit sided with the crypto firm in a lawsuit against the SEC, which had denied the company’s application to convert the Grayscale Bitcoin Trust to an ETF, the impact on the ETF, what it means for the broader crypto community, and more.

Persons: Michael Sonnenshein Organizations: Securities and Exchange Commission, U.S ., Appeals, SEC

☆ Blockchain Association CEO on Grayscale court win: A huge win for the broader crypto community
▼ + stars: | 2023-08-30 | 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 EmailBlockchain Association CEO on Grayscale court win: A huge win for the broader crypto communityKristin Smith, Blockchain Association CEO, joins 'Squawk Box' to discuss Grayscale's court win after the U.S. Court of Appeals for the D.C. Circuit sided with the crypto firm in a lawsuit against the SEC which had denied the company’s application to convert the Grayscale Bitcoin Trust to an ETF, the impact for the broader crypto community, and more.

Persons: Kristin Smith Organizations: Blockchain, U.S ., Appeals, SEC

☆ Morning Bid: Cooler labor warms markets
▼ + stars: | 2023-08-30 | by ( ) www.reuters.com time to read: +5 min

Raindrops hang on a sign for Wall Street outside the New York Stock Exchange in Manhattan in New York City, New York, U.S., October 26, 2020. Stubborn inflation readings from Europe on Wednesday and hesitation around this week's China market rebound suggested the coast was far from clear despite worldwide stock and bond market rally in the previous session. Ebbing consumer confidence in August reinforced the message of slowing activity, however, and The Conference Board's so-called labor market differential, derived from respondents' views on whether jobs are plentiful or hard to get, narrowed by almost six points to 26.2% - its lowest since April 2021. China's stock markets also stalled after a two-day rally, with U.S. Commerce Secretary Gina Raimondo claiming on her three-day visit to the country that many U.S. firms now see China as "un-investable". But it seemed to draw a line under the stock market this week with a series of supports and the prospect of further cuts in lending, deposit and mortgage rates.

Persons: Mike Segar, Mike Dolan, St's, bitcoin, Gina Raimondo, Denmark's, Kristalina Georgieva, James, Brown, Forman, Louise Heavens Organizations: Wall, New York Stock Exchange, REUTERS, Labor, Nasdaq, Securities, Exchange, U.S . Commerce, International Monetary Fund, Treasury, Cooper Companies Reuters Graphics Reuters, Reuters, Reuters Graphics Reuters, Thomson Locations: Manhattan, New York City , New York, U.S, Europe, China, Monday's U.S, Spain, Beijing, payrolls, Shanghai, CrowdStrike

☆ Here are Wednesday's biggest analyst calls: Apple, Netflix, Nvidia, Alphabet, FedEx, Tesla & more
▼ + stars: | 2023-08-30 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

While this reads through positively for spot BTC ETF approvals, it remains unclear if this will be a net positive for Coinbase's P & L." Citi reiterates FedEx as a top pick Citi said FedEx has "parcel pricing power." Wells Fargo reiterates Spotify as buy Wells said it's standing by its overweight rating on shares of the streaming company. Citi reiterates Apple as buy Citi said it's bullish heading into Apple's iPhone event on Sept. 12. Wells Fargo reiterates Netflix as overweight Wells said it's standing by its overweight rating on the streaming giant. "We initiate coverage of Atour with an Overweight rating and a price target of US$36, implying > 80% potential upside."

Persons: Morgan Stanley downgrades Centene, Morgan Stanley, TD Cowen downgrades Ambarella, Wells, it's, Bernstein, Melius, Guggenheim, Tesla, Evercore Organizations: Wednesday, Barclays, SEC, BTC, Citi, FedEx, UPS, Transports, FLNC's Services, HSBC, Spotify, Apple, Texas, Rockwell Automation, ROK, UW, Netflix, Nvidia, Bank of America, Google, Tesla, Energy Locations: China, Europe, Ohio Utica, Oklahoma

☆ ETF Edge, August 30, 2023
▼ + stars: | 2023-08-30 | by ( Bob Pisani | ) www.cnbc.com time to read: 1 min

RELATED VIDEOS16:04 ETF Edge, August 30, 202305:20 How the SEC could respond to Grayscale's bitcoin ETF win15:23 Breakthrough in the bitcoin ETF battle: What happens next? 20:53 ETF Edge, August 28, 202305:47 U.S. or global stocks? Weighing long-term performance14:52 Mutual funds and ETFs: same share class a gamechanger?

Organizations: Edge, SEC, Mutual

☆ Grayscale CEO Michael Sonnenshein on court win: It's a huge victory for the crypto community
▼ + stars: | 2023-08-30 | 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 EmailGrayscale CEO Michael Sonnenshein on court win: It's a huge victory for the crypto communityGrayscale CEO Michael Sonnenshein joins 'Squawk Box' to discuss the company's win over the Securities and Exchange Commission after the U.S. Court of Appeals for the D.C. Circuit sided with the crypto firm in a lawsuit against the SEC, which had denied the company’s application to convert the Grayscale Bitcoin Trust to an ETF, the impact on the ETF, what it means for the broader crypto community, and more.

Persons: Michael Sonnenshein Organizations: Securities and Exchange Commission, U.S ., Appeals, SEC

☆ What Grayscale’s bitcoin ETF victory over the SEC means for the cryptocurrency and an exhausted market
▼ + stars: | 2023-08-30 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +3 min

Bitcoin jumped 7% on investor hopes that the ruling will pave the way for approval of one or more spot bitcoin ETFs from BlackRock, Fidelity, Invesco and others. Yet the SEC's commitment to regulation by enforcement under Gensler, rather than laying out clear rules, has left companies struggling and hindered new bitcoin investors. If Tuesday's ruling does open the door to the first spot bitcoin ETF in the U.S., that could eventually push crypto prices higher. Owen Lau, an analyst at Oppenheimer, cautioned that Grayscale's court victory "doesn't necessarily mean the SEC will approve Grayscale's conversion, or that there will be a floodgate of spot bitcoin ETF approvals in the near term." Regardless, Tuesday's court decision "is not enough" to bust the market out of its summer stupor, Lau added.

Persons: Bitcoin, it's, Ric Edelman, Gary Gensler, Edelman, Owen Lau, Oppenheimer, Lau Organizations: SEC, ., Appeals, Securities and Exchange Commission, Fidelity, Digital Assets, Financial Professionals Locations: BlackRock, U.S

☆ Grayscale's win against the SEC may lead to a bitcoin ETF by year-end, Bitwise's Matt Hougan
▼ + stars: | 2023-08-30 | 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 EmailGrayscale's win against the SEC may lead to a bitcoin ETF by year-end, Bitwise's Matt HouganMatt Hougan, chief investment officer at Bitwise Asset Management, joins 'Halftime Report' to discuss the SEC's response to Grayscale winning its SPOT Bitcoin ETF appeal, the timeframe for bringing crypto ETFs to market, and more.

Persons: Bitwise's Matt Hougan Matt Hougan Organizations: SEC, Bitwise Asset Management

☆ CNBC Daily Open: Markets’ last hurrah for a horrid August
▼ + stars: | 2023-08-30 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Markets poppedU.S. stocks had a great Tuesday, with the S&P 500 and Nasdaq Composite advancing more than 1% each. Nvidia's record closeNvidia shares popped 4.16% Tuesday to close at a record of $487.84. But HSBC thinks now's precisely the time for investors to buy stocks and other risk assets.

Persons: Bitcoin, It's, now's Organizations: CNBC, Nasdaq, Nvidia, Google, Securities and Exchange Commission, Fidelity, HSBC Locations: BlackRock, Coinbase, China

REUTERS/Loren Elliott Acquire Licensing RightsAug 30 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. Australian inflation, Japanese consumer confidence and German inflation figures later in the day are the main data points on Wednesday's economic calendar that could move Asian markets, which have started the week on a roll. A series of measures from China aimed at boosting domestic stock markets have had an immediate effect - China's benchmark index of blue chip stocks on Tuesday posted back-to-back gains of 1% or more for the first time since January. Money markets quickly swiped off the table expectations of another rate hike this year, short-dated yields plunged and stocks boomed. Put all that together and there is every reason to believe Asian markets will open in the green on Wednesday.

Persons: Loren Elliott, Jamie McGeever, Cryptocurrencies, Gina Raimondo, Michele Bullock, Josie Kao Organizations: REUTERS, Money, Nasdaq, Securities and Exchange, Stock Connect, U.S . Commerce, Bank of China, Incoming, Thomson, Reuters Locations: Sydney, Australia, China, U.S, Japan, Germany

Bitcoins are seen in this illustration picture taken September 27, 2017. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsLONDON, Aug 29 (Reuters) - Bitcoin's gains from a U.S. court ruling that bolsters future prospects for retail investor-friendly funds have rescued the original cryptocurrency from a dismal month, offering new optimism over its longer-term outlook. The win for Grayscale is likely to now factor into the SEC's future decisions for spot bitcoin ETFs filed by several major financial firms this year, including the world's largest asset manager BlackRock (BLK.N), investors said. Any advent of spot bitcoin ETFs could help the crypto industry tap a glut of previously untapped retail investor cash, in turn bolstering the price of bitcoin. Still, bitcoin's prospects remain tied to the performance of wider markets, some investors said.

Persons: Dado Ruvic, bitcoin, Noelle Acheson, Crypto, Anders Kvamme Jensen, Tom Wilson, Mike Harrison Organizations: REUTERS, Securities, Exchange, U.S, Treasury, BlackRock, BTC, Thomson

☆ Bitcoin hits two-week peak after Grayscale spot bitcoin ETF ruling
▼ + stars: | 2023-08-29 | by ( ) www.reuters.com time to read: +2 min

Representations of cryptocurrency Bitcoin are placed on a PC motherboard, in this illustration taken June 16, 2023. "Despite the inevitable SEC appeal, to our mind there is no doubt now, spot BTC ETFs are coming to the US. He also expects pent up U.S. demand to positively impact bitcoin prices and help global acknowledgement of crypto as a new asset class. The SEC last year rejected Grayscale's application for a spot bitcoin ETF, arguing the proposal did not meet anti-fraud and investor protection standards. So far this month and despite Tuesday's sharp gains, both bitcoin and ether were down 6% and nearly 8%, respectively.

Persons: Dado Ruvic, Tim Bevan, Gertrude Chavez, Dreyfuss, Tom Wilson, Alun John, Josie Kao Organizations: REUTERS, Securities and Exchange Commission, SEC, District of Columbia, BTC, ETC Group, U.S, Supreme, Fidelity, Federal Reserve, Thomson Locations: District, Washington, New York, London

A panel of judges in the District of Columbia Court of Appeals in Washington said the securities regulator's denial of Grayscale's proposal was arbitrary and capricious because the SEC failed to explain its different treatment between bitcoin futures ETFs and spot bitcoin ETFs. CRYPTO WINThe SEC rejected Grayscale's application for a spot bitcoin ETF in June 2022, arguing the proposal did not meet anti-fraud and investor protection standards. The court said in its ruling that the SEC failed to explain why it disagreed with Grayscale's assertion that the bitcoin spot and futures markets are 99.9% correlated. If the SEC chooses not to appeal, the court would issue a mandate specifying how its decision should be executed. That could include instructing the SEC to approve the application, or to revisit Grayscale's application, in which case the SEC could still reject the proposal on other grounds.

Persons: Dado, CRYPTO, Judge Neomi Rao, Hannah Lang, Chris Prentice, Paul Simao, Matthew Lewis Organizations: REUTERS, WASHINGTON, U.S . Securities, Exchange, District of Columbia, SEC, CRYPTO WIN, Fidelity, Appeals, U.S, Supreme, BlackRock, New, Thomson Locations: District, Washington, New York

The case has been closely watched by the cryptocurrency and asset management industries, which have been trying for years to convince the SEC to approve a spot bitcoin ETF. While the agency has rejected spot bitcoin ETFs, it has approved bitcoin futures ETFs, which track agreements to buy or sell bitcoin at a pre-agreed price. Grayscale argued that the bitcoin futures ETF surveillance arrangements should also be satisfactory for Grayscale's spot ETF, since both products rely on bitcoin's underlying price. Bitcoin futures ETFs track bitcoin futures that trade on the Chicago Mercantile Exchange (CME), the chief venue for those products. The court's panel of judges said Grayscale showed that its proposed bitcoin ETF is "materially similar" to the approved bitcoin futures ETFs.

Persons: Dado Ruvic, Grayscale's, Donald Verrilli Jr, Hannah Lang, Michelle Price, Nick Zieminski Organizations: REUTERS, U.S, District of Columbia, Securities and Exchange Commission, SEC, New York Stock, Arca, Chicago Mercantile Exchange, CME, bitcoin, Supreme, Nasdaq, BlackRock, Fidelity, Thomson Locations: bitcoin, U.S, Washington

☆ Grayscale Wins Lawsuit Against SEC Over Bitcoin ETF
▼ + stars: | 2023-08-29 | by ( Paul Kiernan | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/finance/regulation/grayscale-wins-lawsuit-against-sec-over-bitcoin-etf-1b305cfa

Persons: Dow Jones

☆ Grayscale’s Court Win Over SEC Lifts Hopes for Bitcoin ETF Approval
▼ + stars: | 2023-08-29 | by ( Paul Kiernan | ) www.wsj.com time to read: 1 min

Persons: Dow Jones

☆ Bitcoin jumps as US court gives a green light for first ETF
▼ + stars: | 2023-08-29 | by ( Allison Morrow | ) edition.cnn.com time to read: +1 min

New York CNN —The price of bitcoin surged Tuesday after a US court cleared a path for the nation’s first bitcoin exchange-traded fund. The ruling is a breakthrough moment for crypto investors and a setback for the Securities and Exchange Commission, which has been trying to rein in the industry. The three-judge panel for the DC Court of Appeals overruled an SEC decision denying Grayscale Invesments permission to launch a bitcoin-focused ETF. A bitcoin ETF would allow investors to have exposure to the digital asset without actually owning it. Bitcoin prices, which have been especially volatile in recent weeks, rose about 5% to $27,445.

Persons: bitcoin Organizations: New, New York CNN, Securities and Exchange Commission, DC, SEC Locations: New York

☆ Genesis, DCG reach in-principle deal with creditors - court filing
▼ + stars: | 2023-08-29 | by ( ) www.reuters.com time to read: +1 min

Aug 29 (Reuters) - Genesis Global and its parent company Digital Currency Group have reached an in-principle agreement with Genesis' creditors to resolve claims brought during the crypto lender's bankruptcy, a court filing showed on Tuesday. The deal includes a payment of about $630 million in unsecured loans due in May 2023 and a $1.1 billion unsecured promissory note due in 2032, along with some other potential claims. Genesis filed for bankruptcy in January owing at least $3.4 billion to creditors and reached an agreement in principle on a restructuring plan, supported by Digital Currency Group, and its primary creditors, including Gemini, in February. DCG, owned by Barry Silbert, owns a portfolio of crypto companies in addition to Genesis, including crypto news and events site CoinDesk and New York-based Grayscale, a major digital asset manager. Reporting by Lavanya Ahire in Bengaluru; Additional reporting by Akanksha Khushi; Editing by Rashmi Aich and Sohini GoswamiOur Standards: The Thomson Reuters Trust Principles.

Persons: Genesis, Barry Silbert, Lavanya, Akanksha Khushi, Rashmi Aich, Sohini Organizations: Genesis, Digital Currency Group, Gemini, Thomson Locations: U.S, York, DCG, New York, Bengaluru

☆ U.S. court rules in favor of Grayscale over SEC, opening door for first spot Bitcoin ETF
▼ + stars: | 2023-08-29 | 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 EmailU.S. court rules in favor of Grayscale over SEC, opening door for first spot Bitcoin ETFCNBC's Kate Rooney reports on news in the cryptocurrency space.

Persons: Kate Rooney Organizations: SEC

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