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ETHUSD

On Thursday, 4,758.45 Ether (ETH) valued at approximately $10.6 million was burned, permanently removing it from circulation. This is a result of the EIP-1159 upgrade implemented on August 5th, 2021, which introduced a variable base fee for transactions that is burned. The current issuance rate of new Ether is 4% annually, expected to drop to 0.5-1% with the Ethereum 2.0 upgrade, potentially making ETH a deflationary currency. The net annualized issuance rate for Ether was -3.76% yesterday, according to Glassnode.

Portfolio Pulse from Benzinga Insights

January 05, 2024 | 6:00 pm

CAN

CLSK

MARA

MSTR

RIOT

Mining and crypto-related stocks are down due to Bitcoin volatility and anticipation of an SEC decision on a spot bitcoin ETF.

Portfolio Pulse from Benzinga Newsdesk

January 05, 2024 | 5:33 pm

SOBR

SOBR Safe, Inc. announced the retirement of CFO Jerry Wenzel on December 31, 2023, and the appointment of Christopher Whitaker as the new CFO effective January 1, 2024. Whitaker has a 30-year career in finance, including executive roles at Elixinol, Inc. and AEGIS Financial Consulting, LLC. He will receive an annual salary of $225,000 and 150,000 stock options at $0.48. His employment contract details are pending and will be disclosed in an amended report.

Portfolio Pulse from Benzinga Newsdesk

January 05, 2024 | 5:29 pm

STLA

Stellantis NV (NYSE:STLA) faced production issues with its electric 500e model in Italy due to delayed government EV incentives, leading to fewer units produced than planned. Despite this, Stellantis' overall vehicle production in Italy increased by 9.6% last year. The Italian government's new plans to support EV purchases with €930 million may boost future sales. STLA shares saw a slight increase of 0.92% to $22.42.

Portfolio Pulse from Shivani Kumaresan

January 05, 2024 | 5:23 pm

AGL

APLT

BNZI

DRMA

MPW

RCAC

U.S. stocks were mixed with the Dow Jones falling and NASDAQ rising. The ISM services PMI dropped to 50.6 in December, the lowest in seven months. Consumer discretionary shares led gains, while health care saw minimal increases. Dermata Therapeutics, Banzai International, and Revelstone Capital Acquisition saw significant stock increases due to positive company developments. Conversely, Applied Therapeutics, agilon health, and Medical Properties Trust experienced substantial stock declines following negative company news and analyst downgrades.

Portfolio Pulse from Avi Kapoor

January 05, 2024 | 5:11 pm

HMC

TSLA

VWAGY

A group of 33 U.S. senators has urged Tesla (NASDAQ:TSLA) and 12 other automakers to remain neutral in unionization efforts by the United Auto Workers (UAW). The senators, including high-profile Democrats, emphasized the importance of neutrality, especially as these companies benefit from federal funds for electric vehicle transition. The letter cites NLRB findings of Tesla's illegal tactics against unionizing. Additionally, Tesla is conducting a recall of 1.62 million vehicles in China and has adjusted the range estimates for Model S, X, and Y on its website.

Portfolio Pulse from Nabaparna Bhattacharya

January 05, 2024 | 4:41 pm

BTCUSD

Arthur Hayes, BitMEX founder, predicts a potential 20-30% correction in Bitcoin's price by early March 2024 due to economic indicators and market trends. He cites the declining Reverse Repo Program balance, the expiration of the Bank Term Funding Program, and the Federal Reserve's interest rate decision as key factors. Despite this, he also sees a possibility for Bitcoin's price to surge above $60,000 driven by U.S.-listed spot Bitcoin ETFs. Hayes plans to short the crypto market with Bitcoin puts in the short term and then buy Bitcoin post-correction.

Portfolio Pulse from Murtuza Merchant

January 05, 2024 | 4:36 pm

HMC

SPY

STLA

The U.S. EPA is set to hold a hearing on California's proposal to cease sales of gasoline-only vehicles by 2035. This move aligns with broader efforts to reduce carbon emissions and could impact automakers' strategies.

Portfolio Pulse from Benzinga Newsdesk

January 05, 2024 | 4:30 pm

STNE

StoneCo Ltd. has received the 'Financeira' License from the Brazilian Central Bank, allowing it to offer new financial products like time deposits through its subsidiaries. This license is expected to enhance and diversify StoneCo's funding sources.

Portfolio Pulse from Benzinga Newsdesk

January 05, 2024 | 4:23 pm

LOPE

Grand Canyon University (GCU) has been notified of a new risk-based audit by the U.S. Department of Veterans Affairs (VA), following allegations by the Federal Trade Commission (FTC). This is the fifth investigation since GCU sued the Department of Education (DOE) over its nonprofit status. GCU refutes the allegations, citing its strong metrics and lack of student complaints. The university sees this as harassment and an ideological attack by federal agencies. The VA's previous audit's findings were dismissed by GCU, and the Arizona State Approving Agency (SAA) was satisfied with GCU's response. GCU President Brian Mueller criticizes the federal government's overreach and vows to fight the ideological targeting.

Portfolio Pulse from Benzinga Newsdesk

January 05, 2024 | 4:06 pm