Streetbeat News

Regulatory

BRPHF

Michael Novogratz, CEO of Galaxy Digital Holdings Ltd. (OTC:BRPHF), is optimistic about Bitcoin (CRYPTO: BTC) reaching its all-time highs within the next year, driven by the potential SEC approval of the first American Bitcoin ETF. Bitcoin's resilience is noted despite past volatility, and the approval could lead to a significant capital influx into the ETF market. Novogratz also sees the upcoming election year as a potential boost for digital assets.

Portfolio Pulse from Murtuza Merchant

November 30, 2023 | 6:05 pm

ETHUSD

On Wednesday, 8,153.51 Ether (ETH) valued at $16.6 million was burned, permanently removing it from circulation. This is a result of the EIP-1159 upgrade implemented on August 5, 2021, which introduced a variable base fee for transactions that is burned. The current issuance rate of new Ether is 4% per year, expected to drop to 0.5-1% with Ethereum 2.0, potentially making ETH deflationary. The net annualized issuance rate for Ether was -9.50% yesterday, according to Glassnode.

Portfolio Pulse from Benzinga Insights

November 30, 2023 | 6:00 pm

USO

OPEC+ has announced voluntary oil output cuts totaling 2.19 million barrels per day (BPD), according to Reuters estimates. This decision could potentially affect global oil supply and prices.

Portfolio Pulse from Benzinga Newsdesk

November 30, 2023 | 5:54 pm

BTCUSD

ETHUSD

Fasset FZE, a digital asset brokerage, has obtained a Virtual Asset Service Provider (VASP) license from Dubai's Virtual Asset Regulatory Authority (VARA), allowing it to offer broker-dealer services for virtual assets like Bitcoin and Ethereum. The company, backed by Investcorp, plans to launch a beta version of its services next month and a full rollout in January 2024. Fasset aims to provide access to digital assets in emerging markets and is working with the UAE Prime Minister’s Office on crypto regulation. The license and Investcorp's investment reflect growing institutional interest in blockchain technology in the Middle East.

Portfolio Pulse from Murtuza Merchant

November 30, 2023 | 5:46 pm

SPY

XLB

XLC

XLE

XLF

XLI

XLK

XLP

XLRE

XLU

XLV

XLY

JPMorgan analysts project an 8% drop in the S&P 500 for 2024, forecasting the SPDR S&P 500 ETF Trust (SPY) to trade at pre-summer highs or October 2023 lows. The bearish outlook is based on high valuations, an aging business cycle, restrictive monetary policy, and geopolitical risks. The bank warns of a potential 30% fall in EPS during the next economic slowdown and advises sectoral shifts, recommending overweight positions in energy, consumer staples, healthcare, and utilities, while suggesting neutral or underweight positions for other sectors.

Portfolio Pulse from Piero Cingari

November 30, 2023 | 5:44 pm

GEO

The U.S. Department of Labor's OSHA cited GEO Group Inc. for failing to provide a safe workplace after a nurse was attacked by an inmate at South Bay Correctional and Rehabilitation Facility. The nurse suffered a facial fracture from the attack. GEO Group was fined $26,787 for serious and other-than-serious violations, including not reporting the incident within 24 hours. The company has a history of a settlement with OSHA over workplace violence and operates 102 facilities nationwide.

Portfolio Pulse from Benzinga Newsdesk

November 30, 2023 | 5:40 pm

DIA

QQQ

SPY

TLT

XLC

XLF

XLY

The October Personal Consumption Expenditure (PCE) price index showed a slowdown in inflation, aligning with economist expectations and signaling a potential end to the rate hike cycle. The market reacted with mixed movements: SPY slightly down, QQQ down more significantly, DIA up, while TLT, XLC, and XLY fell. Financials outperformed with XLF rising.

Portfolio Pulse from Piero Cingari

November 30, 2023 | 5:21 pm

BNO

DBO

OILK

USL

USO

USOI

OPEC+ is reportedly nearing a preliminary agreement to deepen oil production cuts by an additional 1 million barrels per day, on top of Saudi Arabia's voluntary reduction. This decision could lead to total cuts nearing 2 million bpd for Q1 2024. Oil prices have risen, with WTI at $77.82 and Brent at $83.90. The cuts are a proactive measure in response to expected lower demand and a potential decline in oil prices next year due to abundant supplies and economic downturn.

Portfolio Pulse from Vandana Singh

November 30, 2023 | 5:19 pm

BKR

COP

CRC

CVX

USO

XOM

The COP28 Climate Summit in Dubai has nations reaffirming commitments to reduce fossil fuel reliance, posing a potential challenge to oil companies. Despite this, oil stocks like Chevron, Exxon Mobil, and ConocoPhillips remained stable on the summit's opening day. Discussions on carbon capture and storage (CCS) are anticipated, with companies like California Resources Corp, Baker Hughes, and ExxonMobil positioned to benefit. ETFs tracking the carbon capture industry include KRBN, SMOG, and CRBN.

Portfolio Pulse from Neil Dennis

November 30, 2023 | 5:12 pm

RSHO

Yuri Khodjamirian, CIO of Tema ETFs, discussed the American Reshoring ETF at Benzinga's ETFS Unlocked Event. He highlighted that companies are recognizing the risks of globally spread supply chains and are moving manufacturing back to the US, spurred by government initiatives.

Portfolio Pulse from Benzinga Newsdesk

November 30, 2023 | 4:26 pm