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Bitcoin Reaches All-Time High

Bitcoin Reaches All-Time High

And, Oracle partners iith Nvidia.

Photo by Kanchanara on Unsplash

Today is Tuesday, March 12, 2024.

The Early Bird Index today is 72.59.

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Bitcoin Reaches All-Time High

Days after nearing an all-time high in price, the cryptocurrency Bitcoin reached a new all-time high of over $72,000 on Monday.

Details: On Monday, a U.K. financial body said that it would not block the creation of Bitcoin and Ethereum ETNs (exchange-traded notes) for institutional investors, which allows more investors to invest in crypto.

Also: The Bitcoin frenzy continued in the U.S. on Monday as more investors stashed cash in spot Bitcoin exchange-traded funds (ETFs), which were approved in January. Overall, sentiment surrounding Bitcoin and other alternative investments is strong due to hopes that interest rates will drop later this year.

Price: Bitcoin is already up 64% in 2024. In the past year, it is up 250%.

Final Thoughts: Bitcoin has become a mainstream investment. But will it continue to grow at this rate in the short term?

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Notables

Notable Earnings Today: Archer-Daniels-Midland (NYSE: ADM), On Holding (NYSE: ONON), The Beauty Health Company (Nasdaq: SKIN), Kohl's (NYSE: KSS), IHS Holding (NYSE: IHS), International Game Technology (NYSE: IGT), Allbirds (Nasdaq: BIRD), Ascend Wellness Holdings (OTCMKTS: AAWH), Blade Air Mobility (Nasdaq: BLDE), Clover Health Investments (Nasdaq: CLOV), Cryoport (Nasdaq: CYRX), Energy Vault Holdings (NYSE: NRGV), Guild Holdings (NYSE: GHLD), Hagerty (NYSE: HGTY), Heron Therapeutics (Nasdaq: HRTX), Kanzhun (Nasdaq: BZ), Latham Group (Nasdaq: SWIM), Manchester United (NYSE: MANU), Phunware (Nasdaq: PHUN), PHX Minerals (NYSE: PHX), Purple Innovation (Nasdaq: PRPL), Qifu Technology (Nasdaq: QFIN), Workhorse Group (Nasdaq: WKHS).

Notable IPOs Today: Nature's Miracle Holding Inc. Common Stock (Nasdaq: NMHI).

Notable Equity Crowdfunding Campaigns Ending Today: Palomino The Movie (Rise Up Crowdfunding), Spoutible (Wefunder).

Notable Economic Events Today: Consumer Price Index (8:30 a.m. ET), Core CPI (8:30 a.m. ET), EIA Short-Term Energy Outlook (12:00 p.m. ET), Federal Budget Balance (2:00 p.m. ET), API Weekly Crude Oil Stock (4:30 p.m. ET).

Oracle Partners With Nvidia

Photo by Growtika on Unsplash

Technology company Oracle (NYSE: ORCL) jumped 14.43% in after-hours trading on Monday after posting mixed financial results.

Financials: Oracle posted earnings of $1.41 per share in the past quarter, which was better than expected. But revenue was $13.3 billion, which was in line.

Quote: “Large new cloud infrastructure contracts signed in Q3 drove Oracle's total Remaining Performance Obligations up 29% to over $80 billion—an all-time record. We expect to continue receiving large contracts reserving cloud infrastructure capacity because the demand for our Gen2 AI infrastructure substantially exceeds supply.” - CEO Safra Catz.

Powering the Story: Oracle also said that it is going to make a joint announcement with Nvidia (Nasdaq: NVIDIA) soon.

Final Thoughts: Oracle is up 34% in the last 12 months, which lags behind other tech players. There are still concerns about the integration of Cerner, the healthcare organization acquired by Oracle, but the company seems to be setting up for a good 2024 so far. The Nvidia news is huge.

NYCB Closes Equity Investment

New York Community Bancorp (NYSE: NYCB) jumped 5.84% in after-hours trading on Monday after announcing the close of a previously disclosed $1.05 billion equity investment.

Background: NYCB has faced hard times lately due to its exposure to commercial real estate lending. It needs extra cash.

Final Thoughts: NYCB has been an awful stock for investors in 2024. It is down 68%.