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Bitcoin is an innovative payment network and a new kind of money. Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network. Bitcoin is open-source; its design is public, nobody owns or controls Bitcoin and everyone can take part. Through many of its unique properties, Bitcoin allows exciting uses that could not be covered by any previous payment system.

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Benzinga's weekly review highlights significant movements and sentiments in the stock and cryptocurrency markets, with a focus on Nvidia, Tesla, Meta, and the broader semiconductor sector. Inflation concerns and Federal Reserve's interest rate decisions have created market uncertainty. A DEA rumor boosted cannabis stocks, while significant investments in AI and robotics, along with Elon Musk's comments on Dogecoin, influenced investor sentiment. Disputes and criticisms involving Lucid, Meta, and cryptocurrency valuations also shaped the week's bearish outlooks.

Portfolio Pulse from Michael Cohen

March 16, 2024 | 1:24 pm

Crypto analyst Michael van de Poppe advises investors not to fear the recent dip in Bitcoin's value, viewing it as a buying opportunity, especially for Dogecoin, Shiba Inu, and other altcoins. He predicts a potential 2-5x gain in altcoins post-correction, suggesting a bullish market cycle is beginning. Despite some analysts' warnings of a market downturn, El Salvador continues its Bitcoin acquisition, showing confidence in its value.

Portfolio Pulse from Rounak Jain

March 16, 2024 | 11:00 am

El Salvador's President Nayib Bukele announced the continuation of the country's daily Bitcoin purchase program, aiming to keep buying BTC until it becomes 'unaffordable with fiat currencies'. Despite criticism, this strategy has positively impacted El Salvador's economy, with its dollar-denominated sovereign bonds surging over 200% and Bitcoin's value nearly tripling. El Salvador's break-even price for Bitcoin is $42,500, well below the current price of $69,598.

Portfolio Pulse from Rounak Jain

March 16, 2024 | 3:07 am

Bitcoin experienced a drop after reaching all-time highs, with 10x Research suggesting it could decline to $63,000 due to fragile market segments and volatile returns. Ethereum also faces challenges after its surge, with its valuation disconnected from fundamentals and a low chance of ETF approval affecting its price. MicroStrategy is trading above fair value, influenced by Bitcoin's performance and broader market factors like inflation data and rate cut speculations.

Portfolio Pulse from Khyathi Dalal

March 15, 2024 | 8:55 pm

Inflation reports ahead of the Fed meeting showed unexpected price pressures, affecting markets and investor sentiment. Crypto and AI stocks like NVIDIA, AMD, and Microsoft saw declines, while commodities like gold and oil advanced. The uncertainty around Federal Reserve's interest rate decisions and diverging expert opinions add to the market's volatility. Meanwhile, optimism in the cruise sector is seen with bullish outlooks on Royal Caribbean and Carnival Corp. Concerns over potential insider trading arose from a congressman's sale of Boeing stock. The advancement of a bill targeting TikTok raises debates and concerns among influencers and figures like Elon Musk. Cannabis stocks surged on speculation of DEA's rescheduling of cannabis to Schedule III.

Portfolio Pulse from Piero Cingari

March 15, 2024 | 8:39 pm

Vanguard's leadership, including Chairman and CEO Tim Buckley and Chief Investment Officer Greg Davis, reaffirmed their stance against offering Bitcoin ETFs, labeling Bitcoin as a speculative asset not suitable for long-term investment portfolios. They emphasized the importance of investing in assets that generate cash flow, such as stocks and bonds, over speculative assets like Bitcoin. This decision reflects Vanguard's commitment to long-term value creation through low-cost index funds.

Portfolio Pulse from Murtuza Merchant

March 15, 2024 | 7:53 pm

Bitcoin, Ethereum, and Dogecoin experienced pullbacks, with Bitcoin dropping over 8% before a slight recovery. Despite recent declines, Bitcoin has surged about 60% since the end of December 2023. Bank of America's Michael Hartnett suggests current economic conditions favor investments in cryptocurrencies. The Grayscale Bitcoin Trust ETF (GBTC) is highlighted as a way for traders to play Bitcoin's movements. Technical analysis indicates potential for consolidation or further declines for these cryptocurrencies.

Portfolio Pulse from Melanie Schaffer

March 15, 2024 | 6:57 pm

NFL player Russell Okung became the first athlete in North American major sports to receive part of his salary in Bitcoin, converting 50% of his $13 million salary in 2020 through Zap's Strike product. Assuming the conversion rate was $27,370.72 per Bitcoin, Okung's Bitcoin salary would now be worth $16,149,663.21, based on a current price of $68,004.28 per Bitcoin. Okung, known for his passion for Bitcoin, continues to support it on social media.

Portfolio Pulse from Chris Katje

March 15, 2024 | 6:25 pm

Wall Street experienced a risk-off sentiment due to high producer inflation figures, affecting major stock indices and cryptocurrencies. The Nasdaq 100 trailed, while small caps and energy stocks avoided losses. The VIX was up 5%, and the iShares 20+ Year Treasury Bond ETF (TLT) fell nearly 3%. Bitcoin dropped to $68,000. Commodities, especially industrial metals and oil, saw gains, with the Invesco DB Commodity Index Tracking Fund (DBC) poised for its best week since January 2024. Major ETFs like SPY, DIA, and QQQ fell, while sector-specific ETFs like XLE and XLB saw gains. Individual stocks like SCCO, JBL, Z, COMP, RDFN, ADBE, GERN, and CSGP had notable movements.

Portfolio Pulse from Piero Cingari

March 15, 2024 | 6:12 pm

Democratic Senators Jack Reed and Laphonza Butler have requested the SEC to stop approving new crypto ETPs, citing misleading marketing and lack of investor protection. They highlighted a FINRA survey showing 70% of broker communications with retail investors were non-compliant with fair disclosure rules. The senators are concerned that Bitcoin ETFs mislead investors by not clearly disclosing the risks compared to traditional ETFs. In response, Coinbase's Chief Legal Officer, Paul Grewal, defended the potential of cryptocurrency ETPs, particularly highlighting the market depth and liquidity of ETH.

Portfolio Pulse from Murtuza Merchant

March 15, 2024 | 5:15 pm

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