๐ป๐๐ ๐พ๐๐๐๐๐ ๐ด๐๐๐๐๐ ๐ฐ๐๐๐๐๐๐๐ - ๐ญ9 ๐๐ผ 26 ๐ ๐ฎ๐ ๐ฎ๐ฌ๐ฎ๐ฐ
Everything you need to know about the highlights of this week!
1. Trump Endorses Crypto!
At the Libertarian National Convention (where apparently the crowd didnโt forgot his pandemic-date orders), Trump ensured โthat the future of crypto and Bitcoin will be made in the USA.โ He also added โI will support the right to self custody to the nationโs 50 million crypto holders." This comes after the bitcoin ETFs were approved this year and amidst rumors of Ethereum ETFs!
2. Ethereum ETF Around the Corner?
The ETF applications Ethereum (ETH) have not yet been approved by the U.S. Securities and Exchange Commission (SEC), chaired by the crypto adverse Gary Gensler. However, crypto exchanges have been abruptly asked to update their 19b-4 filings on an accelerated basis by the SEC (next step is the S-1 applications), which pave the way to listed ETFs for ETH. The price soared from below $3,000 to above 3,800.
3. Nvidia Earnings Smashed Expectations Once Again!
Nvidia reported significant revenue growth, driven by the booming demand for its AI chips. The companyโs data center revenue surged by 171% from the previous year, reaching $10.32 billion, far exceeding analystsโ expectations. The company announced a $25 billion share buyback, which, alongside its robust earnings, pushed its stock price to new highs, making it the best-performing stock in the S&P 500 and the fifth-largest U.S. company by market capitalisation. Also, there will be a 10-1 stock split to make the shares more accessible! Bullish news for Nvidia that sent the stock above a whopping $1,000 per share!
4. Biden Announced the Release of Oil Barrels from the Strategic Reserve
Joe Biden, the U.S. President announced the release of one billion barrels of oil from the natural disaster strategic reserve. This decision comes ahead of the traditional demand peak season which is usually the time before the national U.S. holiday of July 4th. The announcement brings some downward pressure on the currently high oil prices.
5. GameStop Update
GameStop (ticker: GME) continues its descent, trading at Friday close below the crucial psychological $20. This shows the stock was a mere pump and dump scheme the week prior. We took 30% and 56% profits on non-leverage shorting positions on the stock, betting on its rapid fall.
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