Streetbeat News

Regulatory

BTCUSD

Rep. Maxine Waters announced that lawmakers are close to finalizing a stablecoin regulation bill, emphasizing the importance of Federal Reserve oversight. This development follows extensive discussions and is supported by Treasury Secretary Janet Yellen, who highlighted the need for regulatory action to protect investors and the financial system from cryptocurrency risks. Meanwhile, Bitcoin's price has seen a recent increase.

Portfolio Pulse from Mehab Qureshi

February 08, 2024 | 5:25 am

BTCUSD

Bakkt, a digital asset company, warned in an SEC filing about its potential inability to continue operations due to insufficient liquidity, amidst a rapidly changing cryptocurrency industry. The company, which went public in 2021 with a $2.1 billion valuation, has shifted its focus to providing cryptocurrency trading and custody services. Following the SEC report amendment, Bakkt's shares fell from $1.47 to $1.29.

Portfolio Pulse from Mehab Qureshi

February 08, 2024 | 4:51 am

TSLA

Tesla Inc (NASDAQ:TSLA) has made its Model Y Performance SUV eligible for C$5000 in zero-emission vehicle incentives in Canada following a 5.8% price reduction. The price cut brings the vehicle's starting price below the C$70,000 threshold required for the incentive, now starting at C$64,990 after incentives. This adjustment makes all three versions of the Model Y eligible for EV incentives in Canada, aligning with the U.S. where all trims qualify for a federal EV tax credit of $7,500. Tesla's Model 3 rear-wheel drive and Long-range versions are also eligible for C$5000 in Canada.

Portfolio Pulse from Anan Ashraf

February 08, 2024 | 4:30 am

BLUA

BlueRiver Acquisition Corp. (BLUA) has received a delisting notice from NYSE American and announced an extension of its merger agreement. This development could impact investor confidence and the company's future trading platform.

Portfolio Pulse from Benzinga Newsdesk

February 07, 2024 | 11:02 pm

DOGEUSD

MSTR

Dogecoin (DOGE) saw a 2.3% increase to $0.08 despite no specific news. Michael Saylor of MicroStrategy Inc. (MSTR) discussed Bitcoin's potential as an institutional asset, likening its emergence to that of gold ETFs and the S&P index ETF. U.S. Treasury Secretary Janet Yellen emphasized the need for cryptocurrency-specific legislation during a House Financial Services Committee hearing, focusing on stablecoins and non-security crypto assets.

Portfolio Pulse from Henry Khederian

February 07, 2024 | 10:28 pm

L

Loews Corp has filed for a mixed shelf offering according to an SEC filing, though the size of the offering has not been disclosed.

Portfolio Pulse from Benzinga Newsdesk

February 07, 2024 | 10:16 pm

DESK

KRE

Deutsche Pfandbriefbank AG (PBB) experienced a significant market value drop due to increased risk provisioning for potential losses in its commercial property loan portfolio, reflecting concerns over the sector's exposure and regional banking upheaval. The bank's shares fell over 16.6%, with its 2023 risk provisioning expected to total between €210 million and €215 million, in response to the ongoing real estate market weakness. The European Central Bank and Bundesbank have expressed concerns over the vulnerability of real estate firms and banks exposed to commercial real estate loans. The VanEck Vectors Office and Commercial Real Estate ETF (DESK) and the SPDR S&P Regional Banking ETF (KRE) have shown similar market dynamics, highlighting the interconnectedness between the real estate market and regional banking stability.

Portfolio Pulse from Piero Cingari

February 07, 2024 | 9:32 pm

ETHUSD

Ark 21Shares has updated its Ethereum ETF proposal to include potential staking and cash creation adjustments, similar to its Bitcoin ETF proposal. The update anticipates discussions with the SEC and outlines the possibility of staking Ethereum through trusted third parties for income, while acknowledging associated risks. This amendment is seen as a significant move that could impact the staking industry and the development of distributed validator technology. Bloomberg analysts estimate a 60% chance of SEC approval for the spot Ethereum ETFs in May, though there's skepticism about the inclusion of Ethereum staking.

Portfolio Pulse from Murtuza Merchant

February 07, 2024 | 8:52 pm

COIN

Prometheum Inc., a U.S.-based crypto securities platform with regulatory approval, plans to offer Ethereum's Ether (ETH) custody services to its clients. Despite not generating revenue yet, the co-CEOs aim to start these services soon, with plans to expand to other significant tokens. Prometheum's move into regulated crypto custody and trading could influence how the SEC views ETH, amidst debates over its classification as a security or commodity. The company targets asset managers, hedge funds, and banks, potentially benefiting from SEC rules on crypto asset custody.

Portfolio Pulse from Murtuza Merchant

February 07, 2024 | 8:06 pm

SPY

The U.S. Senate has blocked a bipartisan bill that sought to combine border measures with foreign aid. The decision could have implications for U.S. domestic and foreign policy, as well as potential economic impacts.

Portfolio Pulse from Benzinga Newsdesk

February 07, 2024 | 8:03 pm