Welcome to 10 Things Before the Opening Bell.
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1. Recent momentum may point to bitcoin thawing from crypto winter. A 20% rise in the price of the world's largest cryptocurrency over the last week may suggest that bitcoin is entering a period of sustained gains. That's according to Bespoke Investment Group, which said technical readings suggest the coin may be climbing out of the slump it's been in for the first few weeks of this year.
As is often the case with crypto though, there is a divergence in opinion on where prices are headed next.
JPMorgan noted bitcoin's "fair value" is 12% below its current levels. Meanwhile, Bank of America analysts threw cold water on the "bitcoin as inflation hedge" thesis in a note, saying the world's most popular crypto isn't a hedge against rising prices as it has a near-zero correlation with gold and is seeing its correlation to stocks approach an all-time high.
Bitcoin has also garnered attention for other reasons this week, notably the seizure of about $3.6 billion worth of it by the Justice Department in connection with the 2016 Bitfinex hack. Billionaire crypto fan Mike Novogratz thinks this is bullish, as it reinforces the strengths of the blockchain.
The arrest of the couple charged with laundering the stolen money has also unearthed a trove of colorful social media material.
2. US stocks closed higher in Wednesday's session ahead of key consumer inflation data. The Nasdaq Composite put in the strongest performance, with tech shares finding relief as bond yields eased. Here are the latest moves on the market.
3. Goldman Sachs shared its list of small-cap stocks with the most attractive sales growth, profit margins, and valuations. Fed policy tightening could mean a rough year for small-caps — but these 26 stocks offer the best chance for outperformance.
4. Earnings on deck: Moody's Corp, Kellogg, and Expedia Group, all reporting.
5. The SEC wants to overhaul a rule that was at the center of the meme-stock episode. The agency proposed shortening the settlement time for securities trades from two days to one. CEO Vlad Tenev blamed T+2 for forcing the app to restrict meme stock trading last year.
6. Rumble SPAC plummeted 19% after Joe Rogan reinforced his loyalty to Spotify. After offering the podcaster $100 million over four years, recent comments from the embattled comedian dashed Rumble's hopes of luring him to a new platform.
7. NFT sales hit $535 million over the past week. Total NFT sales volume surged over $20 billion over the past year — here are the five best-selling collections from the previous seven days.
8. High-yield bonds are flashing a warning that the stock market might break lower, according to Bank of America. It noted that the market could retest its January bottom. The leading indicator is a risk-off sign that the credit markets are bracing for volatility.
9. Criminals see flashy crypto owners as easy targets, and it's led to a disturbing string of violent robberies. The crypto boom has created a culture of flaunting wealth and success — but security experts say it's opened the door to kidnappings, home invasions, torture, and even murder.
10. Gerry Frigon returned 20% annually for the past five years by picking the right growth stocks. The fund manager is now warning that investors might be playing the tech sell-off dead wrong — he told Insider what he recommends investors do instead.
Compiled by Phil Rosen. Feedback? Email [email protected] or tweet @philrosenn.
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