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BTCUSD

A report from KPMG suggests that Bitcoin (BTC) could play a significant role in promoting renewable energy. The report reveals that Bitcoin miners are increasingly turning to renewable energy sources due to their cost-effectiveness. Bitcoin's energy consumption, which is often criticized, is not as alarming when put into perspective. The cryptocurrency could potentially drive further innovations and investments in the renewable energy sector.

Portfolio Pulse from Jose Rodrigo Safdiye

August 10, 2023 | 6:45 pm

BTCUSD

GBTC

Crypto-services provider Matrixport predicts that the U.S. Securities and Exchange Commission (SEC) might approve multiple spot bitcoin exchange-traded funds (ETFs) soon, potentially boosting Bitcoin's value. The SEC is expected to address Grayscale's GBTC lawsuit and the ARK 21Shares Bitcoin ETF reapplication soon, with responses to seven other Bitcoin ETF applications anticipated in early September. Matrixport suggests that a physical Bitcoin ETF might charge a management fee between 0.7% to 1%, potentially generating around $200 million annually for these ETF providers.

Portfolio Pulse from Murtuza Merchant

August 10, 2023 | 6:05 pm

ARKQ

BOTZ

FXI

KWEB

SMH

SOXX

President Joe Biden has signed an executive order restricting certain U.S. investments in China’s key technology sectors, including semiconductors, microelectronics, quantum technology, and specific AI systems. The order aims to prevent U.S. capital and expertise from enhancing China’s military modernization. Analysts at Raymond James suggest that the immediate backlash from China will be limited. The order could potentially tighten if U.S.-China tensions intensify. ETFs with exposure to U.S. and China tech sectors that investors can watch include iShares Semiconductor ETF (SOXX), VanEck Semiconductor ETF (SMH), Global X Robotics and Artificial Intelligence ETF (BOTZ), KraneShares CSI China Internet ETF (KWEB), iShares China Large-Cap ETF (FXI), and ARK Autonomous Technology & Robotics ETF (ARKQ).

Portfolio Pulse from AJ Fabino

August 10, 2023 | 6:04 pm

ETHUSD

On Wednesday, 4,710.67 Ether (ETH) worth $8,699,005 was burned from Ethereum transactions. This is a result of the Ethereum blockchain's upgrade known as EIP-1159, which changes the fee model and burns a base fee from each transaction. This reduces the supply of Ether. Ethereum is currently issuing new Ether at a rate of 4% per year, but this is expected to decrease to around 0.5-1% with the Ethereum 2.0 upgrade, potentially making ETH a deflationary currency.

Portfolio Pulse from Benzinga Insights

August 10, 2023 | 6:00 pm

SPY

USO

The U.S. National Security Council (NSC) has confirmed that Iran has released five Americans who were unjustly detained in prison. The news was reported by Reuters.

Portfolio Pulse from Happy Mohamed

August 10, 2023 | 5:19 pm

JPM

JPMorgan is facing challenges in offloading commercial real estate loans due to a potential crisis in the sector. The bank has been trying to sell a $350 million loan backed by the HSBC Tower in Manhattan. Meanwhile, a Russian court has frozen assets worth around $36 million owned by Goldman Sachs after Otkritie Bank alleged that Goldman Sachs declined to honor a swap contract due to sanctions related to the conflict in Ukraine.

Portfolio Pulse from Mohit Manghnani

August 10, 2023 | 4:57 pm

REGN

Regeneron Pharmaceuticals announced two-year data from the PULSAR trial investigating aflibercept 8 mg in patients with wet age-related macular degeneration. The FDA issued a Complete Response Letter for Regeneron's aflibercept 8 mg Biologics License application due to an ongoing review of inspection findings at a third-party filler. The company anticipates the FDA will take action on the aflibercept 8 mg BLA during Q3 of 2023. Regeneron's shares are up 1.00% at $793.50.

Portfolio Pulse from Vandana Singh

August 10, 2023 | 4:31 pm

PGEN

Precigen announced that the FDA has confirmed that the ongoing Phase 1/2 study of PRGN-2012 AdenoVerse Immunotherapy will serve as the pivotal study to support accelerated approval. This news has led to a rise in Precigen's share prices.

Portfolio Pulse from Benzinga Newsdesk

August 10, 2023 | 4:07 pm

AMRS

CPRI

DIS

EDBL

GRTX

HLLY

ORGN

U.S. stocks traded higher with the Nasdaq Composite gaining more than 100 points. The Walt Disney Company (NYSE:DIS) reported better-than-expected earnings for its third quarter, while sales missed expectations. Edible Garden AG Incorporated (NASDAQ:EDBL), Capri Holdings Limited (NYSE:CPRI), and Holley Inc. (NYSE:HLLY) reported positive financial results. Galera Therapeutics, Inc. (NASDAQ:GRTX), Amyris, Inc. (NASDAQ:AMRS), and Origin Materials, Inc. (NASDAQ:ORGN) faced negative developments.

Portfolio Pulse from Lisa Levin

August 10, 2023 | 4:01 pm

SPY

USO

YELL

The article discusses several key financial events of the week, including the downgrade of US debt by Fitch from AAA to AA+, the plummeting of Japanese government bonds, the alleged manipulation of S&P 500 earnings, Saudi Arabia's extension of oil production cut, the bankruptcy of shipping company Yellow (NASDAQ:YELL), and the strong employment situation in the US. The downgrade of US debt and the situation in Japan could potentially lead to a sovereign debt disaster. The article also criticizes the White House's refusal to refill the Strategic Petroleum Reserve (SPR), which has led to Saudi Arabia and Russia cutting oil production.

Portfolio Pulse from Gary Brode

August 10, 2023 | 4:01 pm