Streetbeat News

Regulatory

HCM

HUTCHMED's New Drug Application (NDA) for Sovleplenib, aimed at treating primary immune thrombocytopenia, has been accepted for review and granted Priority Review status in China. This follows the Breakthrough Therapy designation received in January 2022. The NDA is backed by positive results from the Phase III ESLIM-01 trial in adults who have undergone at least one prior therapy for this condition.

Portfolio Pulse from Benzinga Newsdesk

January 11, 2024 | 6:33 am

ARKW

TSLA

Elon Musk, CEO of Tesla and SpaceX, discussed Bitcoin during an X Space event, expressing openness to using Bitcoin on X but maintaining a passive stance towards it. He compared Bitcoin to gold and noted it's not suitable for payments. Musk revealed personal holdings in Dogecoin and SpaceX's investment in Bitcoin. The SEC approved the ARK 21Shares Bitcoin ETF, which will start trading with a reduced expense ratio and a fee waiver incentive. Musk also commented on Dogecoin in response to the SEC's tweet about Bitcoin Spot ETFs. Bitcoin's value rose to $47,500 following the news.

Portfolio Pulse from Mehab Qureshi

January 11, 2024 | 4:52 am

BTCUSD

ETCUSD

ETHUSD

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