Cryptocurrencies Rally Following Trump Victory, El Salvador's Bitcoin Bet Pays Off And More: Top Crypto Updates This Week
The week has been a whirlwind of cryptocurrency news, with El Salvador’s Bitcoin gamble paying off and Standard Chartered predicting a massive surge in the digital assets market. Meanwhile, Detroit is set to become the first major U.S. city to accept cryptocurrency for taxes and other city fees. Let’s dive into these stories and more.
El Salvador’s Bitcoin Bet Pays Off – El Salvador, the pioneer nation in adopting Bitcoin BTC/USD as a legal tender, has seen an 81% return on its investment. According to Spotonchain data, the country’s strategic Bitcoin investments, spearheaded by President Nayib Bukele, have yielded gains of $24.54 million. Since November 18, 2022, El Salvador has been purchasing one bitcoin daily at an average price below $42,000. Read the full article here.
Standard Chartered Forecasts Crypto Boom – Standard Chartered predicts a fourfold increase in the digital assets market cap, reaching $10 trillion by the U.S. mid-term elections in late 2026. Geoffrey Kendrick, Head of Research at Standard Chartered, bases this growth forecast on anticipated regulatory shifts following a projected Republican sweep in the recent election cycle. Kendrick expressed confidence that favorable regulatory policies will drive adoption across the asset class. Read the full article here.
See Also: El Salvador’s Bitcoin Bet Is Paying Off—Here’s How Much The Country Is Up
Cryptocurrencies Rally Following Trump Victory – Major cryptocurrencies, including Bitcoin, Ethereum, and Dogecoin DOGE/USD, surged following Donald Trump’s presidential victory. Bitcoin surpassed its previous all-time high established in March, pushing it above $75,000 for the first time. Read the full article here.
Speculation Around Charles Hoskinson as Trump Crypto Policy Advisor – There’s speculation that Charles Hoskinson, co-founder of Ethereum ETH/USD and Cardano ADA/USD, might serve as a cryptocurrency policy advisor in the Trump administration. This speculation follows recent posts and statements from various figures within the crypto community, hinting at a possible alignment of interests between Hoskinson and the Trump campaign. Read the full article here.
Detroit Embraces Cryptocurrency – Detroit is poised to become the first major U.S. city to accept cryptocurrency for taxes and other city fees. Residents will have the option to use cryptocurrencies to pay for utilities through a secure platform managed by PayPal. This initiative is part of a broader strategy to leverage blockchain technology to enhance public services and boost civic engagement in the city. Read the full article here.
This story was generated using Benzinga Neuro and edited by Anan Ashraf.
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As Bitcoin Hits All Time High, Bitwise CEO Says There Are No Overvaluation Concerns Among BTC Investors: '..Llikely To Go Up Even Further'
Bitwise Invest CEO Hunter Horsley said on Saturday that there are no overvaluation concerns among Bitcoin investors despite the cryptocurrency hitting new all-time highs this week.
What Happened: “Bitcoin is different. When Bitcoin’s price goes up, people view it as more likely that it will succeed, and therefore be even more valuable. And so it’s likely to go up even further,” Horsley said.
With stocks, however, when the value rises, investors decide that it is overvalued at one point and become “less interested” until the price goes down, Horsely noted while adding that this “reflexivity” differentiates Bitcoin from other equities.
Bitcoin is currently trading at $79,069.34, marking an increase of 15.4% over the past seven days, as per data from Benzinga Pro.
Why It Matters: Bitcoin price has been rising over the past few days following Donald Trump‘s victory in the U.S. presidential elections.
The crypto industry’s optimism following Trump’s win is in line with recent predictions of a bullish cycle in the crypto market. Analysts have pointed to favorable macroeconomic conditions and the potential for more crypto-friendly legislation under the Republican administration as key drivers of this anticipated growth.
Binance CEO Richard Teng interprets Trump’s victory as a “golden era” for the crypto industry and is expecting the arrival of new U.S. regulators who are open to digital currencies. The crypto sector, previously under strain from the preceding Democrat administration, now anticipates a substantial policy shift in Washington.
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NextEra Energy CEO Says NuScale Energy's Business Model Isn't Worthwhile
NuScale Power (NYSE: SMR) is an upstart looking to be at the forefront of what could be a massive overhaul of the nuclear power industry. That’s the hope, anyway. However, at least one notable utility industry veteran doesn’t think NuScale Power’s approach to nuclear energy will work out as well as investors seem to hope right now, given the stock’s rapid ascent of late (the stock is up 400% in a year!). Here’s how investors should be thinking about NuScale Power.
It’s important to recognize right up front that NuScale Power is not for the faint of heart. First you need to believe in the long-term future of nuclear power. You also need to believe that an untested approach to generating nuclear power is likely to succeed. Then, you need to be willing to own a company that’s incurring losses as it works to build a business around that untested approach. Only the most aggressive investors should be looking at NuScale Power.
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The big story here is that NuScale Power is attempting to build small scale modular nuclear reactors (SMRs). Although theoretically attractive, the technology hasn’t been tested in any meaningful way. However, if it can be developed, there are a lot of potential benefits. For example, building small reactors is likely to be easier and, at scale, cheaper than building large nuclear reactors. Small reactors are also likely to be safer than large ones. Given the modular design, they will likely also be easier to place where they are needed.
However, getting from a concept to a full-fledged product is not an easy or cheap process. It’s even harder when you add in the justifiably heavy regulation around nuclear energy companies. These are all parts of the problem that NextEra Energy (NYSE: NEE) CEO John Ketchum was highlighting when he questioned the opportunity of small scale modular nuclear reactors during his company’s third-quarter 2024 earnings conference call.
To be clear, Ketchum isn’t suggesting that small scale reactors are a dead end. In fact, he noted that NextEra Energy is closely monitoring the technology. But, at this point, he doesn’t see it playing a material role in the energy market until the “end of the next decade.” That means the technology will need to continue developing for another 10 to 15 years before it is ready for prime time.
Pelosi Faults Biden's Late Withdrawal For Trump's Victory
Rep. Nancy Pelosi (D-Calif.) says that Donald Trump‘s victory in the presidential race is due in large part to President Joe Biden‘s reluctance to withdraw.
What Happened: In an interview with the The New York Times on Friday, Pelosi, the former House speaker, suggested that an earlier exit by Biden might have paved the way for a more competitive primary.
During the interaction with the outlet, Pelosi said that Biden’s delayed withdrawal from the race obstructed the potential for an open primary.
“Had the President gotten out sooner, there may have been other candidates in the race,” Pelosi said.
She further noted that Biden’s swift endorsement of Vice President Kamala Harris after his withdrawal made it exceedingly difficult for other potential candidates to compete.
“Because the President endorsed Kamala Harris immediately, that really made it almost impossible to have a primary at that time. If it had been much earlier, it would have been different,” Pelosi added in the interview.
Also Read: Pelosi Claims Trump Will Double Down On Tariffs And Benefits For Donors
Additional comments provided by Pelosi’s office from the interview emphasized her belief that Harris could have emerged stronger from an open primary.
Pelosi also underscored Harris’s strengths, stating, “I don’t think that any review of the election should be predicated on weaknesses, but strengths of Kamala Harris. She gave people hope. She caused a great deal of excitement in all this.”
Despite her critique of Biden’s political strategy, Pelosi recognized his administration’s legislative accomplishments. She also secured her 20th term representing California, despite the Democratic Party’s nationwide setbacks.
Why It Matters: Pelosi’s critique of Biden’s late withdrawal and swift endorsement of Harris highlights the potential impact of these decisions on the competitiveness of the primary.
The Speaker’s comments suggest that an open primary could have led to a stronger candidate emerging, potentially changing the course of the election.
This development underscores the importance of strategic decision-making in political races and the potential implications of such decisions on election outcomes.
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'The Worst Idea I've Ever Heard In My Life,' Suze Orman Responds To Listener About Selling Everything Within IRA And Reinvesting
Suze Orman had some strong words for a listener who considered drastically changing her IRA’s investment strategy. In a recent episode of the Women & Money podcast, a listener named Jane shared her concerns about the current state of the market and asked Orman if it would be smart to sell all her current IRA investments.
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Jane said the idea behind this would be to place the proceeds into a money-market fund within the IRA, then dollar-cost average back into the market over time, assuming prices might decline shortly.
Orman responded directly: “It’s the worst idea I’ve ever heard in my life.”
“Jane, don’t do it,” KT, Orman’s wife and co-host, echoed Orman’s sentiments. They quickly explained why they advised against this strategy.
The biggest flaw in Jane’s idea, according to Orman, was her assumption that the market would drop. No one can predict this with certainty. “You don’t know that they’re going to come down,” Orman said. “They could continue to go up and up and there you are sitting on the sideline waiting for them to come down.”
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By selling all of her holdings within the IRA, Jane would, in effect, be trying to time the market. Orman says this carries considerable risk, as there’s no guarantee the market will drop and Jane could miss out on potential gains while she waits for a dip that might never happen. Orman highlighted that staying invested allows for continued growth opportunities, even during uncertain market conditions.
Orman suggested that Jane focus on a more traditional approach by maintaining her current investments while adding new money to her IRA. She recommended that Jane apply dollar-cost averaging to her contributions, which involves investing fixed amounts regularly, regardless of market conditions. Many investment experts state that this approach can help reduce the impact of volatility over time and doesn’t require trying to anticipate market highs or lows.
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MGX DEADLINE NOTICE: ROSEN, TOP RANKED GLOBAL COUNSEL, Encourages Metagenomi, Inc. Investors with Losses in Excess of $100K to Secure Counsel Before Important Deadline in Securities Class Action – MGX
NEW YORK, Nov. 09, 2024 (GLOBE NEWSWIRE) —
WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of stock of Metagenomi, Inc. MGX pursuant and/or traceable to the Company’s initial public offering conducted between February 9 and 13, 2024 (the “IPO”), of the important November 25, 2024 lead plaintiff deadline.
SO WHAT: If you purchased Metagenomi stock you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.
WHAT TO DO NEXT: To join the Metagenomi class action, go to https://rosenlegal.com/submit-form/?case_id=29254 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email case@rosenlegal.com for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than November 25, 2024. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.
WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company at the time. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.
DETAILS OF THE CASE: According to the lawsuit, Metagenomi introduced itself to investors during its IPO as a “genetic medicines company” having a long-standing business relationship with Moderna, one of the leading Covid-19 vaccine companies. Integral to Metagenomi’s collaboration with Moderna was the claim that the two companies had entered into a Strategic Collaboration and License Agreement on October 29, 2021, which included multiple four-year research programs and a subsequent licensed product-by-licensed product agreement. Metagenomi completed its initial public offering on February 13, 2024, selling 6.25 million shares at $15 per share. However, less than three months later, on May 1, 2024, Metagenomi announced that it and Moderna had “mutually agreed to terminate their collaboration” agreement. When the true details entered the market, the lawsuit claims that investors suffered damages.
To join the Metagenomi class action, go to https://rosenlegal.com/submit-form/?case_id=29254 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email case@rosenlegal.com for information on the class action.
No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.
Attorney Advertising. Prior results do not guarantee a similar outcome.
——————————-
Contact Information:
Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
case@rosenlegal.com
www.rosenlegal.com
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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Foreign Firms Pull More Money From China’s Slowing Economy
(Bloomberg) — Foreign companies pulled more money from China last quarter, a sign that some investors are still pessimistic even as Beijing rolls out stimulus measures aimed at stabilizing growth.
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China’s direct investment liabilities in its balance of payments dropped $8.1 billion in the third quarter, according to data from the State Administration of Foreign Exchange released late Friday. The gauge, which measures foreign direct investment in China, was down almost $13 billion for the first nine months of the year.
Foreign investment into China has slumped in the past three years after hitting a record in 2021, a casualty of geopolitical tensions, pessimism about the world’s second-largest economy and stronger competition from Chinese domestic firms in industries such as cars. Should the decline continue for the rest of the year, it would be the first annual net outflow in FDI since at least 1990, when comparable data begins.
Companies that have pulled back some China operations this year include automakers Nissan Motor Co. and Volkswagen AG, along with others like Konica Minolta Inc. Nippon Steel Corp. said in July it was exiting a joint venture in China, while International Business Machines Corp. is shutting down a hardware research team in the country, a decison affecting about 1,000 employees.
The prospect of an expanded trade war and deteriorating relations with Beijing during US President-elect Donald Trump’s second term may further weigh on investment. “Geopolitical tension” is the topmost concern for members of the American Chamber of Commerce in Shanghai, according to the group’s chair, Allan Gabor.
“It makes it difficult to plan big investments, but on the contrary, we see a lot of members making small and medium-sized investments,” Gabor said in an interview with Bloomberg TV last week during the China International Import Expo. “It’s a much more surgical investment environment.”
Still, government efforts in late September to stimulate the economy has already benefited one group of foreign investors, with the value of stocks held by foreigners jumping more than 26% from August, according to separate data from the central bank. The Chinese benchmark stock index gained almost 21% in September after the start of a coordinated stimulus effort, although it has since given up some of those gains.
PACS Group, Inc. ANNOUNCEMENT: If You Have Suffered Losses in PACS Group, Inc. (NYSE: PACS), You Are Encouraged to Contact The Rosen Law Firm About Your Rights
NEW YORK, Nov. 09, 2024 (GLOBE NEWSWIRE) —
Why: Rosen Law Firm, a global investor rights law firm, announces an investigation of potential securities claims on behalf of shareholders of PACS Group, Inc. PACS resulting from allegations that PACS Group may have issued materially misleading business information to the investing public.
So What: If you purchased PACS Group securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law Firm is preparing a class action seeking recovery of investor losses.
What to do next: To join the prospective class action, go to https://rosenlegal.com/submit-form/?case_id=30617 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email case@rosenlegal.com for information on the class action.
What is this about: On November 4, 2024, Hindenburg Research issued a report entitled “PACS Group: How To Become A Billionaire In The Skilled Nursing Industry By Systematically Scamming Taxpayers.” The report stated “[d]espite operating in a highly competitive and highly regulated industry, PACS claims to have discovered a winning ‘turnaround’ formula for transforming poorly performing [skilled nursing facilities] into cash spigots”, and the “5-month investigation, including interviews with 18 former employees, competitors, and an analysis of 900+ detailed facility-level cost reports, revealed that PACS’ ‘turnaround’ strategy largely boils down to systematically scamming taxpayer-funded healthcare programs.”
On this news, PACS Group’s stock fell 27.7% on November 4, 2024.
Why Rosen Law: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm achieved the largest ever securities class action settlement against a Chinese Company at the time. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.
Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.
Attorney Advertising. Prior results do not guarantee a similar outcome.
——————————-
Contact Information:
Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
case@rosenlegal.com
www.rosenlegal.com
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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.