Streetbeat News

Regulatory

GLD

SPY

The U.S. national debt has surpassed $34 trillion, with concerns about its impact on economic growth, government spending, and financial markets. Economists warn of potential crises, and Morgan Stanley's Lisa Shalett recommends shifting to real assets like gold. The SPDR Gold Shares (GLD) rose about 13% in 2023, while the SPDR S&P 500 ETF Trust (SPY) fell 0.56% in a recent session.

Portfolio Pulse from Shanthi Rexaline

January 03, 2024 | 8:48 am

BLK

BTCUSD

BTDR

AllianceBernstein analysts predict Bitcoin (BTC) will reach $80,000 by end of 2024, driven by a spot ETF approval, the halving event, and rising corporate demand. Bitcoin surged 150% in 2023 and started 2024 strong. The SEC is expected to approve a spot Bitcoin ETF by ARK Investments and 21Shares, with BlackRock Inc also likely to receive approval. Spot ETFs could lead to a temporary selloff but are expected to attract institutional inflows, with $15 billion projected in 2024 and 10% of Bitcoin under ETFs by 2028.

Portfolio Pulse from Benzinga Neuro

January 03, 2024 | 8:46 am

BTC-USD

ETH-USD

The infrastructure bill backed by President Biden, which mandates cryptocurrency brokers to report transactions over $10,000 to the IRS, is now in effect. The law aims to reduce the tax gap and requires the submission of client details within 15 days. Coin Center's executive director Jerry Brito expressed concerns about the practical challenges and risks of non-compliance for users, highlighting the difficulties in reporting transactions involving anonymous or decentralized exchanges.

Portfolio Pulse from Mehab Qureshi

January 03, 2024 | 7:04 am

COOL

Noventiq, a company specializing in digital transformation and cybersecurity services, has filed Form F-4 with Corner Growth Acquisition Corp. in preparation for a proposed listing on the Nasdaq stock exchange. This move is a significant step towards Noventiq's entrance into the public market, potentially offering investors a new opportunity in the tech sector.

Portfolio Pulse from Benzinga Newsdesk

January 03, 2024 | 6:11 am

NTES

TCEHY

Feng Shixin, a key official in China's gaming regulatory body, has been removed from his position following backlash over proposed gaming regulations. These regulations had previously led to a significant drop in market value for major gaming companies like Tencent Holdings Ltd and NetEase Inc, with nearly $80 billion wiped off their combined market value. The stringent regulations, aimed at curbing spending and gaming incentives, were particularly challenging for smaller developers and the industry as a whole, which saw a contraction in revenue for the first time in 2022. However, following the market slump, Chinese regulators have indicated a potential revision of the rules, leading to a recovery in the shares of the affected companies.

Portfolio Pulse from Benzinga Neuro

January 03, 2024 | 5:58 am

BTCUSD

Federal prosecutors have decided not to pursue additional criminal charges against Sam Bankman-Fried, founder of FTX, that were not covered in his previous trial. He awaits sentencing on March 28 for seven criminal counts, including wire fraud and money laundering. Robert F. Kennedy Jr. commented on the dismissal of charges related to political campaign finance violations, highlighting the normalization of corruption. Bitcoin's price action is mentioned with a slight decrease in value.

Portfolio Pulse from Mehab Qureshi

January 03, 2024 | 4:06 am

COIN

MARA

MSTR

RIOT

Cryptocurrencies showed mixed performance with Bitcoin reaching a 21-month high above $45,000, while Ethereum and Dogecoin declined. Jim Cramer praised Bitcoin, reversing his bearish stance, as the market anticipates U.S. regulatory approval of a spot ETF. MicroStrategy's Michael Saylor sold $216 million worth of company shares. Coinbase shares dropped 9.8%, and Bitcoin miners like Marathon Digital and Riot Platforms saw modest losses. Analysts predict Bitcoin could hit $100k in 2024, and the global crypto market cap is at $1.73 trillion. The S&P 500 and Nasdaq Composite experienced declines on the first trading day of the year.

Portfolio Pulse from Mehab Qureshi

January 03, 2024 | 2:52 am

TSLA

Tesla Inc (NASDAQ:TSLA) announced that its upcoming Cybertruck is likely to qualify for federal EV tax credits later in 2024. The Cybertruck had lost eligibility at the start of 2024 due to new battery sourcing guidelines aimed at reducing U.S. EV market reliance on foreign sources, such as China. Currently, several Tesla models, including different versions of the Model Y, Model 3 Performance, and Model X Long Range, are eligible for the full tax credit. The number of EV models eligible for the tax credit has decreased from 43 at the end of 2023 to 19 under the new guidelines.

Portfolio Pulse from Anan Ashraf

January 03, 2024 | 2:23 am

GTBIF

ITHUF

MMNFF

New York and New Jersey are at a regulatory crossroads with cannabis legalization, balancing social equity and industry growth. The New York Cannabis Control Board's tie vote on allowing medical marijuana companies like Green Thumb Industries and iAnthus Capital Holdings to enter the recreational market has left the decision pending. Meanwhile, MedMen Enterprises and Goodness Growth Holdings await similar consideration. New York approved two new cannabis testing labs and emphasized the need for more dispensaries. CONBUD, a social equity dispensary in New York, is a symbol of reform, owned by previously incarcerated individuals. New Jersey's cannabis market saw $578 million in sales, but faces challenges like high prices and local dispensary bans.

Portfolio Pulse from Joana Scopel

January 03, 2024 | 1:14 am

PRSO

Trading on the stock PRSO has been halted at 7:50:00 p.m. ET due to pending news. The halt is in place to manage market orderliness and ensure fair information dissemination pending a significant announcement.

Portfolio Pulse from Benzinga Newsdesk

January 03, 2024 | 12:50 am