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GBTC

MSTR

Peter Schiff, an economist and gold advocate, warned that the anticipated approval of Bitcoin ETFs by the SEC may not lead to the expected 'buy the rumor, sell the news' market reaction. Instead, he suggests it might be a 'buy the rumor, sell the rumor of the news' event, indicating that waiting for actual approval to sell Bitcoin could result in fewer buyers and potential losses. Schiff pointed to 'island top' patterns in GBTC, MSTR, and other crypto-related securities as ominous signs. His comments come as Bitcoin's price dropped significantly following a report suggesting the SEC may reject all spot Bitcoin ETF applications.

Portfolio Pulse from Mehab Qureshi

January 04, 2024 | 5:44 am

AMZN

PDD

TikTok, owned by ByteDance Ltd, is planning a significant expansion of its U.S. e-commerce operations with a revenue target of $17.5 billion, challenging Amazon (AMZN) and other e-commerce platforms like PDD Holdings Inc's Temu and Shein. TikTok Shop, which integrates shopping with short videos and live streams, is expected to increase merchandise volume by 2024. ByteDance's revenue grew by 30% in 2023, surpassing $110 billion. The expansion includes increasing seller fees to boost sales after a reported loss in the e-commerce vertical last year. TikTok's U.S. user base of 150 million could impact the e-commerce landscape.

Portfolio Pulse from Benzinga Neuro

January 04, 2024 | 4:55 am

BTCUSD

Robert Kiyosaki, author of 'Rich Dad Poor Dad', is urging his followers to pay attention to the upcoming Bitcoin halving, an event that reduces the rate of new Bitcoin creation by half. He believes that Bitcoin owners could become wealthier due to the Federal Reserve's monetary policy changes. Kiyosaki advocates for long-term investment in Bitcoin and suggests diversifying with assets like gold, silver, and Bitcoin to protect wealth during economic downturns. BTC was trading at $43,161, down 4.61% on Wednesday.

Portfolio Pulse from Mehab Qureshi

January 04, 2024 | 4:00 am

BTCUSD

DOGEUSD

ETHUSD

Major cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE) experienced significant declines, with over $600 million in long positions liquidated. The drop followed a report by Matrixport's Markus Thielen predicting the SEC's rejection of spot Bitcoin ETF applications, contradicting their previous positive forecast. The Nasdaq Composite and S&P 500 also fell, reflecting a sell-off in tech stocks amid uncertainty about Federal Reserve rate cuts. Analysts suggest buying dips in Bitcoin and anticipate trading ranges for the cryptocurrency.

Portfolio Pulse from Mehab Qureshi

January 04, 2024 | 3:27 am

SPY

Rep. Marjorie Taylor Greene refuted a report by Unusual Whales that listed her as one of the top-earning Congress members from stock trades in 2023. She clarified that she doesn't own any stocks and the gains were from her son's account. Unusual Whales, a retail stock trading platform, reported Greene's 18.6% returns, while SPDR S&P 500 ETF Trust (SPY) had 24.8% returns. The report raises concerns about Congress members' stock trading and the push for the 'Ban Congressional Stock Trading Act.'

Portfolio Pulse from Navdeep Yadav

January 04, 2024 | 3:19 am

ARKK

ARKW

COIN

TSLA

Ark Invest, led by Cathie Wood, has made significant trades by purchasing approximately $25 million in Tesla Inc (TSLA) shares and selling a nearly equal amount in Coinbase Global Inc. (COIN) shares. The transactions were conducted through ARK Innovation ETF (ARKK) and ARK Next Generation Internet ETF (ARKW). The Tesla purchase reflects Ark's confidence in Tesla's AI and Cybertruck prospects, while the Coinbase sale coincides with a drop in Bitcoin's value following regulatory concerns.

Portfolio Pulse from Benzinga Neuro

January 04, 2024 | 2:36 am

AMC

CALM

SOFI

TSLA

U.S. stocks closed lower on Wednesday, with the Nasdaq Composite down by over 170 points. AMC Entertainment announced exchange agreements and received a price target adjustment from B. Riley Securities. Cal-Maine Foods reported disappointing Q2 results. Li Auto was initiated with a Buy rating by Goldman Sachs. SoFi Technologies was downgraded by Keefe, Bruyette & Woods. Tesla shares fell after comments from GLJ Research's CEO on the affordability of EVs.

Portfolio Pulse from Benzinga Neuro

January 04, 2024 | 2:00 am

AMD

AVGO

NVDA

QCOM

U.S. chip stocks, including AMD, QCOM, AVGO, and NVDA, have experienced a decline at the start of 2024 following a record-breaking surge in 2023. The PHLX semiconductor index dropped by 2.1% on Wednesday, influenced by the Federal Reserve's latest meeting minutes suggesting interest rates are near the cycle's peak. Despite the downturn, Bank of America remains bullish on the semiconductor industry. Escalating US-China trade tensions and a directive to a European chipmaker have contributed to the sector's volatility. NVIDIA's stock value tripled in 2023, but it also saw a decline recently.

Portfolio Pulse from Benzinga Neuro

January 04, 2024 | 1:47 am

ACONW

Trading on ACONW has been halted at 7:50:00 p.m. ET due to pending news. The halt is in place to manage market orderliness and investor protection pending the release of material information.

Portfolio Pulse from Benzinga Newsdesk

January 04, 2024 | 12:50 am

JSPRW

Trading on the stock JSPRW 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 04, 2024 | 12:50 am