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JPM

Bitcoin has experienced a dip of close to 12% over the past two weeks, but JPMorgan Chase & Co. analysts are optimistic that the cryptocurrency market's recent decline might be nearing its end. This is due to the diminishing open interest in CME Bitcoin futures contracts, which often indicates a fading price momentum. The analysts see limited downside for crypto markets in the near term. The crypto market has been influenced by several industry events, including applications by BlackRock Inc. to launch the first U.S. exchange-traded funds correlated with Bitcoin's price, and a court decision favoring Ripple Labs in its legal battle with the SEC.

Portfolio Pulse from Bibhu Pattnaik

August 26, 2023 | 4:56 pm

AMGN

ATVI

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META

MSFT

The Federal Trade Commission (FTC) has paused its legal challenge against Amgen's proposed acquisition of Horizon Therapeutics, valued at $27.8 billion. This pause allows for potential settlement discussions. The FTC had concerns that Amgen could use its dominant position to solidify monopolies for Horizon's leading treatments. Amgen has assured it would not bundle Horizon's treatments with its own product line, a move that could give them an undue advantage. The FTC's decision to pause is rare, as it has been proactive in scrutinizing deals and initiating legal actions to prevent them.

Portfolio Pulse from Bibhu Pattnaik

August 26, 2023 | 4:28 pm

GLASF

VRNOF

The article discusses the history and potential future of cannabis in the U.S., highlighting the potential therapeutic benefits of cannabis and the possibility of changes in its legal status. It also mentions the performance of several cannabis companies, including TerrAscend, Glass House Brands, and Verano.

Portfolio Pulse from Todd Harrison

August 26, 2023 | 3:59 pm

BTCUSD

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NVDA

SHIBUSD

TSLA

Last week, the Dow Jones Industrial Average declined by 0.45%, while the S&P 500 index rose by 0.8% and the Nasdaq Composite surged by 2.3%. Federal Reserve Chairman Jerome Powell's remarks about stronger economic growth and inflation control boosted stocks. Ark Invest Founder Cathie Wood predicted Bitcoin's rise to $1 million within the next five to seven years. Nvidia's Q2 results were highlighted as a significant moment for the tech sector. TikToker Damien Soylash missed out on turning a $2,000 investment in Shiba Inu into $225 million by selling early. The People’s Bank of China's decision to cut its 1-year loan prime rate by 10 basis points led to a drop in the Hong Kong's Hang Seng Index. Concerns were raised about Tesla's potential configurator price cuts, which could lead to a 35% reduction in the company's 2023 earnings. The Trump Media & Technology Group and Digital World Acquisition Corporation merger is at risk of liquidation if a Sept. 5 shareholder vote doesn't approve an extension.

Portfolio Pulse from Michael Cohen

August 26, 2023 | 3:02 pm

BTCUSD

The U.S. Treasury Department has clarified tax reporting and data collection obligations for Bitcoin miners, crypto exchanges, and payment processors under the 2021 Infrastructure Investment and Jobs Act. A new tax form, the 1099-DA, has been introduced for these parties. The move is seen as positive by GoMining, a Bitcoin mining company, which emphasizes the importance of transparency and compliance. However, the company also notes the need for mining operations to collaborate with regulators and future-proof their regulatory fates.

Portfolio Pulse from Justin Roberti

August 25, 2023 | 9:43 pm

NEOUSD

Erik Zhang, founder of Neo (CRYPTO: NEO) blockchain, highlighted the challenges faced in attracting traditional developers to the blockchain realm, citing the 'obscure regulatory landscape' and 'lack of mass adoption' as primary deterrents. He also discussed the role of the Neo Foundation in supporting developers and Hong Kong's emerging role as a global blockchain talent hub.

Portfolio Pulse from Murtuza Merchant

August 25, 2023 | 8:44 pm

SPY

Federal Reserve officials expressed a range of opinions at the Jackson Hole Symposium, with Fed Chair Jerome Powell indicating readiness to hike rates, while others, like Chicago Fed President Austan Goolsbee, expressed caution. Goolsbee emphasized the ongoing work of the Fed to manage inflation, and voiced concerns about supply chain disruptions and the potential impact of a significant auto strike. The statements from Fed officials led to a 0.8% increase in the SPDR S&P 500 ETF Trust (NYSE:SPY).

Portfolio Pulse from Piero Cingari

August 25, 2023 | 8:40 pm

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BETR

Better Home & Finance Holding Company (Better.com) saw its shares hit new lows in its first day of trading following a SPAC merger with Aurora Acquisition Corp. The company had previously faced controversy when CEO Vishal Garg fired 900 employees over a Zoom call. An SEC investigation into potential securities law violations was concluded earlier this month, clearing the way for the merger. On its market debut, Better.com saw around 90% of its valuation wiped out, with shares crashing to $1.10 and closing the day at $1.20.

Portfolio Pulse from Chris Katje

August 25, 2023 | 8:17 pm

AMC

AMC Entertainment Holdings has filed a Certificate of Elimination with the SEC to remove the matters related to the conversion of its outstanding AMC Preferred Equity Units into shares of the company's Class A common stock from its Certificate of Incorporation.

Portfolio Pulse from Happy Mohamed

August 25, 2023 | 8:17 pm

ACAH

Atlantic Coastal Acquisition Corp. (NASDAQ:ACAH) has announced plans to extend the deadline to complete its initial business combination. The extension is subject to shareholder approval at a special meeting scheduled for September 8, 2023. The company also received a notice of non-compliance from Nasdaq for failing to timely file its Q2 2023 Form 10-Q.

Portfolio Pulse from Happy Mohamed

August 25, 2023 | 8:14 pm