CryptoCurrency
Goldman says the party’s over, Tesla stock soars, and Microsoft’s Bitcoin bet: Markets news roundup
The stock market party is over, Goldman Sachs says
The era of double-digit growth in the stock market may be coming to an end.
Goldman Sachs (GS) strategists led by David Kostin estimate that the S&P 500 index will deliver an annualized return of 3% over the next decade — well below the 13% returns in the last 10 years and the long-term average of 11%.
The Dow drops 250 points as McDonald’s stock slumps with Tesla earnings up next
The Dow Jones Industrial Average and other major indexes opened lower on Wednesday as the yield on the benchmark 10-year U.S. Treasury note continued its upward climb, reaching 4.23%—a level not seen since July. However, there was some relief for investors as oil prices eased, with West Texas Intermediate (WTI) futures trading around $70.65 per barrel.
Crypto is getting hammered today and Bitcoin has dropped to $65,000
The cryptocurrency market is experiencing a downturn, closely mirroring the decline in the stock market. On Wednesday, Bitcoin saw a significant drop of over 2.5% in the past 24 hours, with its price hovering around $65,000. This decline has dashed hopes of breaking the $70,000 threshold, which had gained traction just a week prior. The downward trajectory underscores the growing volatility in the crypto market and highlights the interconnectedness between cryptocurrencies and traditional financial markets.
The Dow drops 200 points but the Nasdaq pops after Tesla’s blockbuster earnings
It was a mixed day for investors, as the Dow dropped over 200 points and the Nasdaq jumped after Tesla’s better-than-expected earnings report. In the afternoon, the Dow dropped 203 points, or 0.4%, to 42,311. Meanwhile, the Nasdaq and S&P 500 popped up 0.6% and 0.1%, respectively.
The SEC greenlit Bitcoin ETF options trading. Here come the big fish
The Securities and Exchange Commission (SEC) has granted approval for the NYSE American LLC and CBOE to list options on spot Bitcoin exchange-traded funds (ETFs), marking a significant development in cryptocurrency history. This approval paves the way for institutional investors, or “big fish,” to gain greater access to Bitcoin through more traditional financial products.
The Dow closes 400 points lower, marking its worst performance in more than a month
The Dow Jones Industrial Average and other major indexes suffered a steep decline on Wednesday as the yield on the benchmark 10-year U.S. Treasury note continued its upward climb, reaching 4.23%—a level not seen since July.
Dogecoin, ApeCoin, Solana, and more: Cryptocurrencies to watch
The crypto market is currently bullish, with growing anticipation around when bitcoin will surpass the $70,000 mark. And coming tech earnings reports could further boost the overall market sentiment.
Betting on Bitcoin? Microsoft’s shareholders will decide soon
Microsoft (MSFT) will soon determine whether to invest in Bitcoin, although the board has recommended voting against the proposal, citing that the company already considers a wide range of investable assets, including Bitcoin.
Expect the stock market ‘fear index’ to spike heading into the election, strategist says
A contested election could cause volatility in the stock market. Peter Repetto, investment strategist at iCapital, breaks down what investors can expect
GM earnings could be a great sign for Tesla and the Magnificent 7, strategist says
Peter Repetto, investment strategist at iCapital, breaks down what GM’s big earnings beat means
Bitcoin price rallies within $200 of a new all-time high as several fundamentals point to the crypto bull marking picking up pace.
A former IRS special agent and Binance’s head of financial crime compliance, Tigran Gambaryan had been in Nigerian custody with reports of deteriorating health since February.
UK based foreign exchange brand Travelex has announced that the company has undertaken a major expansion in the UAE, with the launch of 13 new stores across Abu Dhabi and Dubai airports.
At Zayed International Airport, Travelex is doubling its store footprint from seven to 14 stores, including six new on-the-move kiosk (OTM) locations at arrivals baggage, airside departures and pre-immigration, and one new traditional landside store. The new landside store will offer both a cash management service that will enable the airport’s businesses to process cash, as well as traditional consumer cash services, including access to 62 currencies.
Travelex initially entered Zayed International Airport in late 2023 with seven stores and eight ATMs. The new stores reflect the growing passenger demand and customer requirements of the UAE’s newest airport. As a dominant force in the capital’s aviation sector, Zayed International Airport rapidly affirmed itself as a key hub for air travel, solidifying its position as a vital player in the global travel landscape.
At Dubai International (DXB), Travelex is in the process of launching six new stores across all three terminals, including new traditional stores and stores upgraded from OTMS. Two ATMS dispensing AED were also installed at Terminal 3 Arrivals earlier this year. DXB has also seen a considerable post-pandemic growth in pax numbers, reinforcing its status as a leading hub for international travel.
The 13 new stores across Abu Dhabi and Dubai means Travelex will be operating 60 locations across the country. The latest IATA figures show that Middle Eastern airlines saw a 9.6% year-on-year increase in demand for June 2024, while capacity increased 9.4% year-on-year.
Batu Dölay, Managing Director, Travelex Middle East and Türkiye said:
“We’re delighted to be expanding our presence at two of the most exciting and dynamic airports in the world. This investment reflects the growing global reach and passenger numbers of our UAE airport partners, and our commitment to providing even greater access to international travel money than ever before.”
About Travelex
Founded in 1976 Travelex has grown to become one of the market leading specialist providers of foreign exchange products, solutions, and services, operating across the entire value chain of the foreign exchange industry in more than 20 countries. We have developed a growing network of ATMs and stores in some of the world’s top international airports, major transport hubs, premium shopping malls and city centres.
Travelex has built a growing online and mobile foreign exchange platform, and we also process and deliver foreign currency orders for major banks, travel agencies, supermarkets and hotels worldwide. In addition, we source and distribute sizeable quantities of foreign currency banknotes for customers on a wholesale basis – including central banks and international financial institutions. We also offer a range of remittance and international money transfer products around the world.
Solana price hits $180 as Bitcoin storms toward a new all-time high. Data suggests SOL can go higher.
Miners including Cormint and TeraWulf are among the lowest-cost producers of Bitcoin, an important advantage amid tightening margins, CoinShares said.
Having contributed roughly $12 million to PACs supporting Kamala Harris, Chris Larsen said he hoped to see “bipartisan support and weight” for crypto in government starting in 2025.
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