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Ethereum Classic (ETC) has surged 34% in the past 24 hours, outperforming Bitcoin (BTC) and Ethereum (ETH), following the SEC's approval of Bitcoin ETFs. The trading volume for ETC increased by 234%, reaching $1.54 billion. Despite the rise, sentiment around ETC remains neutral. Bitcoin saw a modest 1% increase, while Ethereum rose by over 9%. The crypto market has been optimistic since BlackRock filed for a Bitcoin ETF in June. ETC is trading at $28, up 33.92%.

Portfolio Pulse from Mehab Qureshi

January 11, 2024 | 3:53 am

BTCUSD

Jim Cramer, host of CNBC's 'Mad Money', discussed the potential market behavior of Bitcoin in light of the SEC's approval of Bitcoin ETF applications. He suggested that the typical 'sell the news' pattern might not occur with Bitcoin's price, which recently reached $47,000. Cramer has previously expressed a preference for holding actual Bitcoin over related stocks like Riot Platforms and has been skeptical about investing in crypto due to legal issues in the industry.

Portfolio Pulse from Mehab Qureshi

January 11, 2024 | 3:26 am

GBTC

The SEC approved Bitcoin ETFs, leading to a surge in major cryptocurrencies like Bitcoin, Ethereum, and Dogecoin. The approval follows a court ruling against the SEC's previous rejection of Grayscale's spot ETF proposal. The market anticipates further growth in cryptocurrencies, with predictions of Bitcoin reaching $100K. The overall crypto market cap stands at $1.70 trillion, with a slight decrease in the past 24 hours. Stocks closed higher as investors await inflation data and earnings reports.

Portfolio Pulse from Mehab Qureshi

January 11, 2024 | 2:52 am

SHPW

Howard Marks, co-founder of Oaktree Capital, criticized the Federal Reserve's 'activist' approach, suggesting that the U.S. hasn't had a free market in decades. He warned that a return to low-interest rates could lead to poor investment behaviors and inflate asset prices, potentially causing bubbles and exacerbating wealth inequality. Marks emphasized the problems of the easy-money era before the pandemic and the risk of economic overheating leading to inflation. His comments come amid expectations that the Fed may cut interest rates again, with recent minutes suggesting rates are at or near their peak.

Portfolio Pulse from Benzinga Neuro

January 11, 2024 | 2:00 am

COIN

MSTR

NVDA

RIOT

TSLA

The stock market showed positive trends with the Nasdaq Composite, Dow Jones, and S&P 500 all closing higher. Individual stocks related to the cryptocurrency sector, such as Riot Blockchain (RIOT), Coinbase (COIN), and MicroStrategy (MSTR), experienced mixed results following the approval of Bitcoin Spot ETFs. NVIDIA (NVDA) saw gains despite challenges in China's AI market, while Tesla (TSLA) had a slight decrease amid global EV market competition.

Portfolio Pulse from Benzinga Neuro

January 11, 2024 | 1:53 am

BITW

BTC

GBTC

Economist Peter Schiff expressed skepticism about Bitcoin's utility following the SEC's approval of Bitcoin Spot ETFs. Schiff tweeted that there are now eleven more ways to speculate on Bitcoin, but questioned what's left to bet on given Bitcoin's lack of real-world utility compared to gold. He warned that wealth could be lost by late investors and suggested that the Bitcoin ETF approval might not lead to the expected rally. Bitcoin was trading higher at the time of the report. The SEC approved eleven Bitcoin ETFs, including those from Grayscale, Bitwise, Hashdex, iShares, Valkyrie, ARK 21Shares, Invesco Galaxy, VanEck, WisdomTree, Fidelity Wise Origin, and Franklin.

Portfolio Pulse from Benzinga Neuro

January 11, 2024 | 1:11 am

DKNG

Polymarket, a crypto prediction market, offers betting on various events including the 2024 U.S. presidential election. It has become a popular platform for wagering on political outcomes, with significant amounts bet on the Republican nominee and presidential election markets. Despite its popularity, Polymarket does not offer political betting to U.S. residents following a CFTC ruling. DraftKings CEO Jason Robins expressed interest in political betting in the U.S. and is working with regulators to approve it. DraftKings currently offers betting on the 2024 election in Ontario, Canada.

Portfolio Pulse from Chris Katje

January 11, 2024 | 12:28 am

BTCUSD

ETHUSD

Edward Snowden praised the SEC's approval of Bitcoin ETFs, highlighting the potential for computers to empower individuals. He suggested that the political stance on cryptocurrencies might improve as they begin to support pension funds and retirement accounts. The approval is seen as a significant step in merging traditional finance with the cryptocurrency market. At the time of the article, Bitcoin and Ethereum saw price increases of 0.7% and 9.29%, respectively.

Portfolio Pulse from Benzinga Neuro

January 11, 2024 | 12:18 am

BTCUSD

LINKUSD

USDTUSD

The SEC's approval of spot Bitcoin ETF applications is celebrated by crypto industry leaders as a significant milestone for digital assets. It is expected to bridge the gap between traditional finance and cryptocurrency, increase accessibility, and attract institutional investors. Experts from the Crypto Council for Innovation, Moody's, Chainlink, Wormhole, WisdomTree, Cypher Wallet, Tether, and Bitfinex provided positive remarks on the approval's implications for market stability, regulatory evolution, and the finance industry.

Portfolio Pulse from Murtuza Merchant

January 10, 2024 | 11:23 pm

BLK

GBTC

SPY

The SEC approved applications for spot Bitcoin ETFs, including Grayscale Bitcoin Trust (GBTC) and others. The approval follows a court ruling against the SEC, directing it to review Grayscale's application. The article compares a $1,000 investment in Bitcoin from July 1, 2013, to its value today, highlighting a hypothetical return of over 52,000%. It also compares returns from investments in SPY, Tesla, and Apple over the same period, with Bitcoin outperforming all.

Portfolio Pulse from Chris Katje

January 10, 2024 | 11:11 pm