Bitcoin surges above $30,000 after a wild week for crypto investors – Yahoo Finance

0

Bitcoin (BTC-USD) briefly surged above $30,000 Friday after the Securities and Exchange Commission dropped legal charges against two cryptocurrency executives from Ripple Labs, another victory for the industry as it fights regulatory threats on several fronts.
The rise in bitcoin, which jumped 5% over the last day, pushed it above the $30,000 marker for the first time since August. Other digital assets also pushed higher, including the XRP (XRP-USD) token issued by Ripple. Year to date, bitcoin has rallied more than 80%.
The rally punctuated the end of a volatile week for crypto investors, who found reasons to cheer a series of legal developments, market chatter, and rumors involving the SEC, which is attempting a widespread crackdown on the crypto industry. The regulator has sued a number of big players, including Coinbase (COIN) and Binance.
The first development came last Friday when media reports suggested the SEC wouldn’t appeal a court ruling that improves the chances that asset manager Grayscale Investments will be able to launch a spot bitcoin exchange-trade fund.
Asset managers have for years been trying to convince the SEC to approve a spot bitcoin ETF, which would allow investors to get exposure to the world’s largest cryptocurrency without having to own it. The SEC had denied the various applications, arguing the products were vulnerable to market manipulation.
"Once the SEC announced that they would not be pursuing an appeal, we saw a very compelling bid," Sean Farrell, a digital asset analyst with Fundstrat, told Yahoo Finance.
Then on Monday a rumor circulated that giant money manager BlackRock (BLK) had received new SEC approval for a spot bitcoin ETF, and that pushed bitcoin near $30,000. Prices pulled back when BlackRock denied it.
The SEC is still considering applications from BlackRock, Grayscale, and a number of other asset managers; investors expect the agency to rule on the applications by Jan. 10.
"The time is right for a spot bitcoin ETF,” Bitwise chief investment officer Matt Hougan said on Yahoo Finance Live earlier this week. Bitwise is among the companies seeking SEC approval.
"The SEC has previously been worried about market manipulation, about a lack of maturity in the market, but the bitcoin market of today is not the bitcoin market of a few years ago."
The new rally in digital assets over the last 24 hours was triggered by an SEC decision on Thursday to dismiss its charges against Ripple co-founders Brad Garlinghouse and Chris Larsen, who were sued for helping Ripple sell XRP.
SEC had argued that the sale of the token amounted to a violation of US law because XRP was not registered as a security with the SEC.
The US judge overseeing the case, Analisa Torres, resolved some claims against the executives and Ripple in mid-July when she ruled that XRP was not a security when it was purchased by the general public.
But she also partly ruled in the SEC’s favor by stating that XRP was in fact a security when sold to institutional investors. She later rejected an attempt by the SEC to appeal her split ruling.
The SEC’s claims against Garlinghouse and Larsen over the sale of XRP to those investors were still scheduled to be tried before a jury, but the SEC said Thursday it no longer wanted to pursue those charges.
The SEC asked the court to give the agency three weeks to confer with Ripple in the hope of establishing a financial settlement tied to its sale of XRP to institutional investors. The SEC declined comment.
David Hollerith is a senior reporter for Yahoo Finance covering banking and crypto.
Click here for the latest stock market news and in-depth analysis, including events that move stocks
Read the latest financial and business news from Yahoo Finance
The executive order will bring AI systems from the likes of Microsoft, Google and Amazon under the scrutiny of a range of government departments and steer the sector away from a path of self-regulation.
Southwest canceled 16,700 flights impacting more than 2 million passengers during the period after its crew scheduling software failed to handle staffing changes. A probe by the Department of Transportation found the airline failed to provide "adequate customer service assistance, prompt flight status notifications, and proper and prompt refunds." The department notified Southwest on Oct. 27 that the assessment of a civil penalty for its December flight upheaval was warranted, the carrier revealed in a securities filing on Monday.
(Bloomberg) — A century after the US set aside a broad swath of northwest Alaska to be used as an emergency oil supply, the Biden administration is pursuing changes that could make it impossible to harvest crude from new leases in the 23 million-acre site.Most Read from BloombergIsrael Latest: War Deepens as Concerns Mount Over Gaza CiviliansPutin Calls Meeting to Discuss Anti-Israel Mob in DagestanIsrael Latest: Biden, Netanyahu Plan to Talk Within HoursIsrael-Hamas War Escalation Puts Qatar’s
The Republican presidential front-runner wants to fire federal employees, assert control over independent agencies and wrest spending authority from Congress.
(Bloomberg) — President Joe Biden is directing the US government to take a sweeping approach to artificial intelligence regulation, his most significant action yet to rein in an emerging technology that has sparked both concern and acclaim. Most Read from BloombergIsrael Latest: War Deepens as Concerns Mount Over Gaza CiviliansPutin Calls Meeting to Discuss Anti-Israel Mob in DagestanIsrael Latest: Biden, Netanyahu Plan to Talk Within HoursIsrael-Hamas War Escalation Puts Qatar’s Clout to the T
U.S. President Joe Biden will take wide ranging action on artificial intelligence (AI) on Monday by seeking to increase safety while protecting consumers, workers, and minority groups from the technology's related risks. The executive order he will unveil is the latest step by the administration to set parameters around AI as it makes rapid gains in capability and popularity in an environment of, so far, limited regulation. The new executive order, which Biden will highlight at an event on Monday, goes further than those commitments.
The Biden White House unveiled its ambitious next steps to guide national AI development on Monday backed by "the force of law."
An individual can protect their assets from Medicaid, including their home, by placing them into a trust. Essentially, the assets become owned by the trust and not by the individual. This mechanism can decrease the individual’s asset count for Medicaid eligibility, presenting a way to potentially conserve wealth and secure necessary medical care. However, like all […] The post Does Putting Your Home in a Trust Protect It From Medicaid? appeared first on SmartReads by SmartAsset.
Jordan Belfort, known for his best-selling book, "The Wolf of Wall Street," shares some simple investing advice to build a large retirement nest egg.
The Detroit automakers’ labor-cost disadvantage to rivals such as Toyota and Tesla is about to get worse just as many aspects of their growth plans get cloudier.
DETROIT (Reuters) -United Auto Workers leaders approved a tentative deal on Sunday with Ford that includes a pay hike of at least 30% for full-time workers and could more than double pay for others, in a victory for the union's fight to roll back 15 years of concessions. Bargaining continued at General Motors without any deal. UAW President Shawn Fain on Saturday ordered a walkout at GM's Spring Hill, Tennessee, engine and assembly plant.
Exxon’s $60 billion deal to buy Pioneer and Chevron’s $53 billion tie up with Hess sends a clear message to investors — the world may be shifting to clean energy but big oil is doubling down on fossil fuel.
Florida's insurance crisis threatens homebuyers who are trying to secure financing.
CEO Chris Kempczinski said 2023 "is unfolding in line with our expectations."
(Bloomberg) — Investors are missing a big opportunity to profit from the energy transition because they have an outdated view of the metals and mining industry, according to one of the sector’s most influential investors.Most Read from BloombergIsrael Latest: War Deepens as Concerns Mount Over Gaza CiviliansPutin Calls Meeting to Discuss Anti-Israel Mob in DagestanIsrael Latest: Biden, Netanyahu Plan to Talk Within HoursIsrael-Hamas War Escalation Puts Qatar’s Clout to the TestHSBC Plans $3 Bil
Can a nursing home seize your savings? What if your money is in a trust or a Roth IRA? For married and single retirees alike, these are important questions with nuanced answers. First for the good news: A nursing home cannot simply take your retirement accounts or savings. Short of legal action due to an […] The post Can a Nursing Home Take Our Assets? We Have a $500k IRA and a Trust to Protect Us appeared first on SmartReads by SmartAsset.
Half a million dollars might sound like a lot of money, but if you’re approaching retirement, is it enough? If you have $500,000 in a pre-tax IRA and expect $2,000 per month from Social Security, you may have enough money to retire at age 67. A half million dollars is a relatively modest nest egg, […] The post I Have $500k in an IRA and Will Receive $2,000 Monthly From Social Security. Can I Retire at 67? appeared first on SmartReads by SmartAsset.
I will be 72 years old on Feb. 10, 2023. I have a traditional individual retirement (IRA) account. Most of the money is tied in stocks, and the stocks this year are way down. If I sell to pay the … Continue reading → The post Ask an Advisor: When Taking RMDs, How Do I Avoid Locking in Losses? I'll Be 72 Years Old Soon, and My Stocks Are ‘Way Down' This Year appeared first on SmartAsset Blog.
Stock market futures rose early Monday ahead of this week's Fed rate decision. The S&P 500 fell into a correction last week. Can stocks recover?
Treasury yields have surged, bringing the ultra-safe investments in line with the highest dividend yields among S&P 500 firms.

source

Leave a Reply

Your email address will not be published. Required fields are marked *