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Bitcoin Sets New Price Record, Surpasses Market Cap of Silver

2 years 6 months ago
Bitcoin has hit a new milestone, surpassing the US$72,000 mark in the early hours of Monday (March 11).The world’s leading cryptocurrency has surpassed analysts' expectations quite a few times over the last two weeks, steadily rising as anticipation of the Bitcoin halving builds and as more investors gain exposure to the popular cryptocurrency through spot Bitcoin exchange-traded funds (ETFs), which were recently approved in the US. “Major financial institutions are now actively involved in holding and trading BTC, catering to high-net-worth clients, thereby enhancing the significance and acceptance of digital assets within the financial industry," said research analyst Matteo Greco of Fineqia International (CSE:FNQ) in an emailed note."Following the introduction of ETFs, the market promptly experienced increased liquidity and trading volumes, indicating greater capital efficiency. This is further underscored by the notable increase in the average size of BTC transactions during 2024, reflecting heightened institutional activity in the market," he added. Since spot Bitcoin ETFs were approved on January 10, Bitcoin has risen approximately 57 percent, according to data gathered from CoinDesk. The CoinDesk 20 Index (INDEXNYSEGIS:CDI20) has risen as well, jumping about 50 percent since the approval. Not only that, but the notional open interest in the Chicago Mercantile Exchange's Bitcoin futures market rose past US$10 billion for the first time on Monday, bringing it above the market cap of over 25 other cryptocurrencies. According to CoinDesk, the Web3 community LondonCryptoClub has pegged Bitcoin’s most recent surge to the news that the London Stock Exchange will begin accepting applications for Bitcoin and Ether exchange-traded notes (ETNs) in Q2, as well as to low trading volumes and illiquidity in the Asian cryptocurrency market. The Asian session is typically the first major market to open, and price movements there can influence sentiment and trading activity in other regions.While last week’s Bitcoin price surges were followed by swift retreats, with some retractions occurring within just 30 minutes, the most recent market activity has exhibited reduced volatility, demonstrating a more tempered and less erratic price movement. This is indicative of investors' confidence and continued institutional interest in Bitcoin. This morning, Michael Saylor, a well-known Bitcoin commentator and the founder of tech company MicroStrategy (NASDAQ:MSTR), told CNBC’s Squawk Box that he believes that Bitcoin’s popularity will only grow, eventually diverting investments away from gold and coming to be viewed as a safer alternative to other risky assets. Furthermore, Saylor predicted that investor interest in Bitcoin ETFs could eventually surpass that of conventional ETFs, such as the SPDR S&P 500 ETF Trust (ARCA:SPY), which tracks the S&P 500 (INDEXSP:.INX). He also forecast that Bitcoin will be integrated as an asset class within regular ETFs, not just those exclusively focused on cryptocurrencies.Indeed, BlackRock (NYSE:BLK) is reportedly considering adding Bitcoin exchange-traded products (ETPs) to its Global Allocation Fund, a managed fund with a diverse range of assets spanning global equities and money market securities. A filing with the US Securities and Exchange Commission shows that on March 7, amendments were made to BlackRock's original August 2023 filing. BlackRock also filed an amendment to include spot Bitcoin ETPs in its Strategic Income Opportunities Fund on March 4. This fund is described as having a "flexible bond strategy." In keeping with Saylor’s stance on Bitcoin’s long-term potential, MicroStrategy purchased 12,000 Bitcoin, worth an estimated US$821.7 million, after completing a US$800 million offering of 0.625 percent convertible senior notes. MicroStrategy is now ahead of BlackRock in terms of holdings, with 205,000 Bitcoin against BlackRock’s 195,985. Along with increased institutional interest, Cointelegraph has also reported that Google Trends data suggests retail traders have taken a renewed interest in crypto assets, with online searches for Bitcoin rising in tandem with the number of addresses with at least US$10 worth of Bitcoin. In the context of Bitcoin, an address is a unique identifier that represents a possible recipient — or destination — for a Bitcoin transaction. Also benefiting from the crypto boom, Ether surpassed the US$4,000 threshold, and shares of Coinbase (NASDAQ:COIN), the biggest US cryptocurrency exchange, surged 5.8 percent last Friday (March 8), closing at US$256.62. This marked the platform’s highest valuation since December 2021 and was slightly above the company's original listing price of US$250. Over the past 24 hours, Bitcoin has recorded a 4.32 percent increase, reaching US$72,349.80 and surpassing silver in terms of market capitalization. This upward trend has been consistent, with the leading cryptocurrency demonstrating a one year surge of 199.1 percent and a year-to-date increase of 63.75 percent at the time of this writing. Over the past week alone, Bitcoin has experienced a 13.4 percent rise, contributing to its impressive overall growth.As the crypto market continues to witness remarkable growth, experts like Max Keiser remain optimistic about Bitcoin's future prospects — the advocate tweeted, “#Bitcoin will 100 percent catch Gold. $750,000 is a done deal." As Bitcoin surpasses yet another significant milestone, the cryptocurrency's journey continues to captivate investors, financial analysts, and observers alike. The digital asset's ability to overcome hurdles and maintain its growth trajectory underscores its resilience and potential. With an ever-evolving landscape of technological innovations, regulatory developments, and market dynamics, Bitcoin's future remains a subject of great interest and speculation.Don't forget to follow us @INN_Technology for real-time news updates!Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.
Investing News Network

ASX Robotics Stocks: 3 Biggest Companies in 2024

2 years 6 months ago
Robotics is a growing area of engineering and science technology. Although Australia is hoping to lead the way in robotics, the number of pure-play ASX-listed robotics companies currently isn't very long.Robotics is a broad term covering everything from design to the construction and operation of robots. It also includes the use of robots in roles normally played by humans, often to reduce errors or speed up processes.The list below provides an overview of the three largest ASX-listed companies that employ robotics. Data was sourced using TradingView's stock screener on March 7, 2024, and stocks are listed in descending market cap order. 1. WiseTech Global (ASX:WTC) {"@context":"http://schema.org","@type":"Corporation","name":"WISETECH FPO [WTC]","url":"https://investingnews.com/stocks/asx-wtc/wisetech-fpo-wtc/","description":"WiseTech is a founder-led technology company that provides logistics software.","tickerSymbol":"ASX:WTC","sameAs":[],"image":"https://investingnews.com/media-library/image.jpg?id=51431875&width=980","logo":"https://investingnews.com/media-library/image.jpg?id=51431875&width=210"} Company Profile Market cap: AU$30.88 billion; current share price: AU$94.22WiseTech Global provides software solutions to logistics businesses in 173 countries. Its CargoWise platforms are designed using workflows, automation and robotics. The WiseTech Global Group includes more than 30 businesses.The tech powerhouse has performed positively over the past year, with its share price rising about 25 percent since the start of 2024. In its most recent half-year report, which covers the first half of its 2024 financial year, the company reported a 32 percent increase in total revenue compared to the year-ago period. Buy now , 2. Altium (ASX:ALU) Market cap: AU$8.6 billion; current share price: AU$65.29Altium is a leading global software company that focuses on 3D-printed circuit board (PCB) design. Although seemingly obscure, the PCB design tool Altium Designer is used by robotics companies like iRobot (NASDAQ:IRBT). The company also sponsors student robotics design competitions that focus on PCB design.The half-year segment ended on December 31, 2023, was strong for Altium. The company reported revenue of US$138.6 million, a 16 percent increase over the previous period, and announced a final dividend of AU$0.30 per share. 3. FBR (ASX:FBR) Market cap: AU$102.15 million; current share price: AU$0.023FBR designs, develops and builds dynamically stabilised robots for the global construction market. The robots are made to work outdoors and employ FBR's Dynamic Stabilisation Technology.This technology was first used in the Hadrian X, a brick-laying robot that can build structural walls more efficiently than traditional methods and with less waste. The robots have built both residential and commercial buildings since their launch in 2018. In March of this year, the next-generation Hadrian X construction robot successfully completed its factory acceptance test, and will be shipped to the US for a site acceptance test. This is an updated version of an article first published by the Investing News Network in 2021.Don't forget to follow us @INN_Australia for real-time updates!Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article
Investing News Network

5 Small Biotech ETFs to Watch (Updated 2024)

2 years 6 months ago
Thanks to exchange-traded funds (ETFs), investors don’t have to be tied to one specific stock. Biotech ETFs allow market participants to gain leverage in multiple biotech companies via one investment vehicle.The life science sector can certainly be risky, and ETFs are a good way to enter more safely than by investing in standalone stocks. A key advantage is that even if one company in the ETF takes a hit, the impact will be less direct.Below the Investing News Network takes a look at five small biotech ETFs for investors to consider. They were selected using ETFdb.com, and their total assets under management (AUM) were under US$100 million as of March 8, 2024. All other figures were also current as of that date. Read on to learn more about these investment vehicles. 1. Global X Genomics & Biotechnology ETF (NASDAQ:GNOM) {"@context":"http://schema.org","@type":"Corporation","name":"Global X Genomics & Biotechnology ETF","url":"https://investingnews.com/stocks/nsd-gnom/global-x-genomics-biotechnology-etf/","description":"The investment seeks to provide investment results that correspond generally to the price and yield performance before fees and expenses of the Solactive Genomics Index underlying index.","tickerSymbol":"NSD:GNOM","sameAs":[],"image":"https://investingnews.com/media-library/image.jpg?id=50422119&width=980","logo":"https://investingnews.com/media-library/image.jpg?id=50422119&width=210"} Company Profile AUM: US$100.17 millionThe Global X Genomics & Biotechnology ETF tracks genomic science stocks, such as companies focused on gene editing, genomic sequencing, genetic medicine and therapy, computational genomics and biotechnology. This fund was first introduced to the market in April 2019 and invests at least 75 percent of its assets in mid- and small-cap companies.There are 42 holdings in this biotech fund. Its top holdings include Natera (NASDAQ:NTRA), weighing in at 6.79 percent; CRISPR Therapeutics (NASDAQ:CRSP) with a weight of 6.22 percent; and Ultragenyx Pharmaceutical (NASDAQ:RARE) at a 4.71 percent weightage. Buy now , 2. ProShares Ultra NASDAQ Biotechnology (NASDAQ:BIB) {"@context":"http://schema.org","@type":"Corporation","name":"PROSHARES TRUST","url":"https://investingnews.com/stocks/nsd-bib/proshares-trust/","description":"The investment seeks daily investment results that correspond to two times (2x) the daily performance of the Nasdaq Biotechnology Index.","tickerSymbol":"NSD:BIB","sameAs":[],"image":"https://investingnews.com/media-library/image.jpg?id=50422160&width=980","logo":"https://investingnews.com/media-library/image.jpg?id=50422160&width=210"} Company Profile AUM: US$96.8 millionThe ProShares Ultra NASDAQ Biotechnology ETF was launched in April 2010 and is leveraged to the broad-based NASDAQ Biotechnology Index, which currently tracks 220 holdings. ETFdb.com says the fund is ideal “for investors with a bullish short-term outlook for biotechnology or pharmaceutical companies.”The top biotech stocks in this ETF are Regeneron Pharmaceuticals (NASDAQ:REGN) at a 5.98 percent weight; Vertex Pharmaceuticals (NASDAQ:VRTX) at a 5.86 percent weight; and Amgen (NASDAQ:AMGN) at a 5.12 percent weight. Buy now , 3. Tema Cardiovascular and Metabolic ETF (NASDAQ:HRTS) {"@context":"http://schema.org","@type":"Corporation","name":"Tema Cardiovascular and Metabolic ETF","url":"https://investingnews.com/stocks/nasdaq-hrts/tema-cardiovascular-and-metabolic-etf/","description":"Addressing the metabolic and heart disease epidemic","tickerSymbol":"NASDAQ:HRTS","sameAs":[],"image":"https://investingnews.com/media-library/image.jpg?id=51692223&width=980","logo":"https://investingnews.com/media-library/image.jpg?id=51692223&width=210"} Company Profile AUM: US$49.86 millionLaunched in November 2023, the Tema Cardiovascular and Metabolic ETF tracks biotech stocks with a focus on diabetes, obesity and cardiovascular diseases. More than three-quarters of its holdings are based in the US.There are 45 holdings in this biotechnology fund, with about a 50/50 split between small- to mid-cap stocks and large-cap companies. Its top holdings include Eli Lilly (NYSDE:LLY) at a weight of 5.02 percent; Vertex Pharmaceuticals at 4.91 percent; and Viking Therapeutics (NASDAQ:VXTK), weighing in at 3.29 percent. Buy now , 4. Principal Healthcare Innovators ETF (NASDAQ:BTEC) {"@context":"https://schema.org","@type":"Corporation","name":"Principal Healthcare Innovators Index ETF","url":"https://investingnews.com/stocks/nsd-btec/principal-healthcare-innovators-index-etf/","description":"The investment seeks to provide investment results that closely correspond, before expenses, to the performance of the Nasdaq Healthcare Innovators Index (the index). Under normal circumstances, the fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of companies that compose the index at the time of purchase. The index uses a quantitative model designed to identify equity securities in the Nasdaq US Benchmark Index that are small and medium capitalization U.S. healthcare companies.","tickerSymbol":"NSD:BTEC","sameAs":[]} Company Profile AUM: US$48.6 millionThe Principal Healthcare Innovators ETF tracks US-listed healthcare stocks with a focus on companies that are researching and developing innovative medicines and therapies. This fund was first introduced to the market in August 2016 and invests at least 88 percent of its assets in mid- and small-cap companies.There are 219 holdings in this biotechnology fund. Its top holdings are Karuna Therapeutics (NASDAQ:KRTX) at 2.81 percent; Sarepta Therapeutics (NASDAQ:SRPT) at a 2.54 percent weightage; and Exact Sciences (NASDAQ:EXAS) at 2.45 percent. Buy now , 5. Range Cancer Therapeutics ETF (NASDAQ:CNCR) {"@context":"http://schema.org","@type":"Corporation","name":"Range Cancer Therapeutics ETF","url":"https://investingnews.com/stocks/nasdaq-cncr/range-cancer-therapeutics-etf/","description":"The investment seeks to track the total return performance, before fees and expenses, of the Loncar Cancer Immunotherapy Index. The index is composed of the common stock of approximately 25 pharmaceutical or biotechnology companies identified by the funds index provider, as having a high strategic focus on the development of drugs that harness the bodys own immune system to fight cancer. The adviser attempts to invest all, or substantially all, of its assets in the component securities and ADRs that make up the index. Normally it will invest at least 80% of its total assets in the component securities of the index. The fund is non-diversified.","tickerSymbol":"NASDAQ:CNCR","sameAs":[],"image":"https://investingnews.com/media-library/image.jpg?id=51692252&width=980","logo":"https://investingnews.com/media-library/image.jpg?id=51692252&width=210"} Company Profile AUM: US$21.88 millionLaunched in October 2013, the Range Cancer Therapeutics ETF provides exposure to biotech companies focused on a wide range of cancer therapeutic modalities. Its broad basket of holdings includes companies across nearly the entire lifecycle of cancer drug development and distribution.There are 82 holdings in this biotechnology fund, with about 77 percent being small- to mid-cap stocks. Its top holdings include MacroGenics (NASDAQ:MGNX) at a weight of 3.85 percent; Janux Therapeutics (NASDAQ:JANX) at a weight of 3.57 percent; and Mersana Therapeutics (NASDAQ:MRSN) at 3.38 percent. Buy now , This is an updated version of an article originally published by the Investing News Network in 2015. Don’t forget to follow us @INN_LifeScience for real-time news updates! Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
Investing News Network

WhatsApp Introduces End-to-end Chat Encryption Feature

2 years 6 months ago
(RTTNews) - WhatsApp, the instant messaging platform owned by Meta Platforms, Inc. (META), has rolled out a new feature that enhances the visibility of end-to-end encrypted conversations. The update was released on March 9 exclusively for the Google Play Beta Program users.
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