Bitcoin Drops Before Halving

And, Live Nation’s day of reckoning.

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Today is Tuesday, April 16, 2024.

The Early Bird Index today is 68.39.

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Bitcoin Drops Before Halving

Bitcoin is down by 13% since reaching an all-time high on March 13.

Price: Monday was another day in the red for Bitcoin, falling 3%.

Zooming Out: Bitcoin slipped even though there was some good news on Monday when regulators in Hong Kong approved the arrival of spot Bitcoin and Ethereum ETFs (exchange-traded funds). In January, United States regulators approved spot Bitcoin ETFs, which give traditional investors direct access to Bitcoin.

Big Picture: Monday’s price drop occurs one week before a major event for Bitcoin known as the halving event.

Definition: Halving reduces the supply of Bitcoin available to mine, which could increase the price. This event happens once every few years.

Final Thoughts: Watch out for next week’s halving event, which could be a positive catalyst for Bitcoin.


Notable Earnings Today: UnitedHealth Group (NYSE: UNH), Bank of America (NYSE: BAC), United Airlines (Nasdaq: UAL), Interactive Brokers (Nasdaq: IBKR), Johnson & Johnson (NYSE: JNJ), J.B. Hunt Transport (Nasdaq: JBHT), Morgan Stanley (NYSE: MS), Omnicom Group (NYSE: OMC), BNY Mellon (NYSE: BK), PNC (NYSE: PNC), Hancock Whitney (Nasdaq: HWC), Northern Trust (Nasdaq: NTRS), Fulton Financial (Nasdaq: FULT), Commerce Bancshares (Nasdaq: CBSH), Equity Bancshares (NYSE: EQBK), Mercantile Bank (Nasdaq: MBWM), Ontrak (Nasdaq: OTRK).

Notable IPOs Today: Top Wealth Group Holding Limited Ordinary Shares (Nasdaq: TWG).

Notable Equity Crowdfunding Campaigns Ending Today: N/A.

Notable Economic Events Today: Housing Starts (8:30 a.m. ET), Building Permits (8:30 a.m. ET), Industrial Production (9:15 a.m. ET), Fed Chair Jerome Powell speaks (1:15 p.m. ET), API Weekly Crude Oil Stock (4:30 p.m. ET).

Live Nation’s Day of Reckoning

There’s some good news for concert-goers and some bad news for investors of Live Nation Entertainment (NYSE: LYV), which fell 8.29% in after-hours trading on Monday.

Details: The Wall Street Journal reported that the Department of Justice is taking action against Live Nation as soon as next month. Live Nation did not comment on the report.

Background: The government has been probing the ticketing giant for reportedly asserting its dominance in a way that might be unfair to the live events market.

Stock Price: Live Nation was up 8% in 2024 before this report.

Final Thoughts: Investors of Live Nation knew that this day was coming, and now it appears the government is ready to take action.

Wintrust Financial Acquires Macatawa Bank

Financial companies consolidated on Monday as Wintrust Financial (Nasdaq: WTFC) acquired Macatawa Bank (Nasdaq: MCBC). Wintrust slipped by 1.21% in after-hours trading while Macatawa Bank jumped 39.48%.

Final Thoughts: Wintrust is up 3.9% this year despite challenges in the financial sector.

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The contents of Early Bird are intended for informational and entertainment purposes only. They do not constitute trade or investment recommendations and they are not financial or legal advice. Readers are encouraged to consult licensed professionals for personalized guidance regarding their financial or legal situations.