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Bernstein suggests that the U.S. Securities and Exchange Commission (SEC) may soon approve spot Bitcoin ETFs, despite its concerns about the reliability of spot exchanges like Coinbase Global Inc. The SEC has already approved futures-based Bitcoin ETFs. Last month, a BlackRock Inc unit submitted paperwork for a spot Bitcoin ETF, and Grayscale is also trying to transform its Bitcoin Trust into an ETF. The report concludes that the SEC would prefer a regulated Bitcoin ETF led by mainstream Wall Street participants.

Portfolio Pulse from Murtuza Merchant

July 03, 2023 | 7:34 pm

SNAP

French President Emmanuel Macron has blamed social media platforms and video games for the recent youth riots in France. He specifically mentioned Snapchat (NYSE:SNAP) and TikTok as platforms used to organize the unrest. Macron has called on social media companies to take action against the spread of sensitive content related to the riots and to disclose the identities of individuals propagating violence. A Snapchat spokesperson responded by stating the company has zero tolerance for content promoting or inciting violence.

Portfolio Pulse from Franca Quarneti

July 03, 2023 | 7:22 pm

BTCUSD

ETHUSD

Pan Gongsheng, a critic of cryptocurrencies, has been appointed as the leading official of the People's Bank of China (PBOC). Pan, who has a substantial background in the financial sector, has previously served as the deputy governor at China's central bank and led the team focused on mitigating Internet financial risks, including regulating cryptocurrency firms and curbing the use of cryptocurrencies in China.

Portfolio Pulse from Murtuza Merchant

July 03, 2023 | 6:38 pm

F

GM

TSLA

Florida Governor Ron DeSantis has vetoed a bill that would have increased the state's purchase of electric vehicles, despite near-unanimous bipartisan support. The decision could potentially impact Tesla Inc., as well as Ford Motor Company and General Motors, which have growing electric vehicle fleet sales divisions. The vetoed bill would have enabled the state to reduce costs by acquiring electric vehicles for its fleet of state-owned vehicles.

Portfolio Pulse from Chris Katje

July 03, 2023 | 6:12 pm

ETHUSD

On Sunday, 3,075.03 Ether (ETH) worth $6,042,210 was burned from Ethereum transactions. This follows the Ethereum blockchain's upgrade known as EIP-1159, which changed the fee model and burns a base fee from each transaction. This lowers the supply of Ether permanently. Ethereum is currently issuing new Ether at a rate of 4% per year, expected to decrease to around 0.5-1% with the Ethereum 2.0 upgrade. The net annualized issuance rate for Ether yesterday was -1.95%.

Portfolio Pulse from Benzinga Insights

July 03, 2023 | 6:00 pm

SYTA

SYTAW

Siyata Mobile Inc. (SYTA, SYTAW) has received a delisting notice from Nasdaq due to failure to maintain a minimum bid price of $0.10 per share for 10 consecutive trading days. The company plans to appeal this decision and has requested a hearing. Siyata is also facing a delisting determination for not maintaining a closing bid price of $1.00 per share for 30 consecutive trading days. The company plans to comply with these rules by effecting a reverse stock split, pending shareholder approval.

Portfolio Pulse from Happy Mohamed

July 03, 2023 | 5:07 pm

QQQ

SPY

Investors are awaiting the release of the Federal Open Market Committee (FOMC) meeting minutes for June, which are expected to confirm the consensus for two additional rate hikes. The market currently does not fully anticipate these hikes, which could lead to increased volatility. The S&P 500 Index and the Nasdaq 100 Index, tracked by the SPDR S&P 500 ETF Trust (NYSE:SPY) and the Invesco QQQ Trust (NASDAQ:QQQ) respectively, are trading at high levels.

Portfolio Pulse from Piero Cingari

July 03, 2023 | 5:02 pm

ACHR

Archer Aviation Inc. (NYSE: ACHR) hosted the Federal Advanced Air Mobility (AAM) Interagency Working Group at its flight test facility, showcasing its eVTOL aircraft and demonstrating readiness for commercialization in 2025. The event was attended by over 70 representatives from various federal agencies. The AAM working group is tasked with creating a national strategy to integrate Advanced Air Mobility into the national airspace by 2025.

Portfolio Pulse from Happy Mohamed

July 03, 2023 | 4:58 pm

CRM

MSFT

Microsoft Corp (NASDAQ:MSFT) stock is trading lower following reports of an EU investigation into the company's practices. The tech giant has previously faced penalties for breaching EU competition rules, including product bundling. The company's integration of Teams into its Office product has been a point of contention, with rival Slack alleging unfair practices. Microsoft has attempted to stave off investigation by offering to cut the price of its Office product without Teams, but the European Commission reportedly seeks a deeper price cut.

Portfolio Pulse from Anusuya Lahiri

July 03, 2023 | 4:58 pm

COIN

Coinbase Global, Inc. (NASDAQ:COIN) shares are trading higher after Cboe Global Markets, Inc. refiled Bitcoin (CRYPTO: BTC) ETF proposals and indicated it would work with Coinbase to prevent market manipulation. Cboe resubmitted an application with the SEC seeking approval for a Bitcoin ETF managed by Fidelity Investments. Coinbase shares are trading more than 10% higher on heavy volume with more than 18 million shares traded already on Monday.

Portfolio Pulse from Erica Kollmann

July 03, 2023 | 4:50 pm