Latest news for FRNT Finl (OTC:FRFLF) Stock

FRNT Financial Inc is a next-generation institutional sales and trading platform. The company aims to offer new opportunities to permitted clients and institutional investors while maintaining a lean, technology-driven operation. It is focused on providing expertise and products that help institutional clients gain access to cryptocurrency trade opportunities. It has one segment focused around developing and offering its capital market trading platform to institutional investors.

FRNT Financial Inc

The Securities and Exchange Commission or SEC has set a new record in financial penalties, with a significant portion resulting <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40809382/terraform-labs-historic-4-5b-settlement-with-sec-makes-2024-the-most-penalized-year-for-cr">from a settlement with</a> Terraform Labs.
What Happened: The regulator has gathered $8.2 billion in monetary penalties for the fiscal year 2024, marking the highest amount in the agency&#8217;s history.
This figure represents a 67% increase from the $4.9 billion collected in fiscal year 2023.
Despite the record penalty collection, the SEC saw a 26% decline in enforcement actions during the year, with 583 actions taken.
The regulator also barred 124 individuals from serving as officers and directors of public companies, marking the second-highest number in a decade.
See Also: <a href="https://www.benzinga.com/news/global/24/11/42148498/wall-street-rebounds-without-its-ai-darlings-boost-king-dollar-maintains-dominance-while-bitcoin-defies-gravity-this-week-in-the-markets?itm_source=parsely-api">Wall Street Rebounds Without Its AI Darling&#8217;s Boost, King Dollar Maintains Dominance While Bitcoin Defies Gravity: This Week In The Markets</a>
Moreover, the SEC returned $345 million to investors who had been impacted, bringing the total amount returned since fiscal year 2021 to over $2.7 billion.
The agency also processed 45,130 tips, complaints, and referrals during the year — a record high — including over 24,000 whistleblower submissions.
Notably, more than 14,000 of those submissions came from just two individuals. The regulator has awarded whistleblowers a total of $255 million.
Why It Matters: The SEC has been cracking down on companies for misleading public disclosures related to cybersecurity risks and breaches.
The record-breaking total was largely influenced by a significant monetary judgment against cryptocurrency company Terraform Labs and its former CEO Do Kwon, following a successful SEC jury trial.
The case was one of the largest securities frauds in U.S. history.
Another notable financial <a href="https://www.benzinga.com/markets/equities/24/01/36649969/morgan-stanley-to-pay-249m-penalty-in-block-trade-case-how-leaks-cost-blackstone-oaktree-million">penalty was a $249 million</a> settlement with Morgan Stanley, resolving SEC charges related to the disclosure of confidential information about large stock sales.
In October, the regulator also <a href="https://www.benzinga.com/government/24/10/41470706/sec-charges-four-companies-over-solarwinds-hacks-issues-millions-in-penalties">charged four major companies</a> over the SolarWinds hacks, issuing millions in penalties.
Earlier this month, JPMorgan Chase &amp; Co. also agreed to <a href="https://www.benzinga.com/news/large-cap/24/11/41685913/jpmorgan-to-pay-investors-151-million-after-sec-flags-various-law-violations">pay investors $151 million</a> following SEC charges for various law violations.
The stringent regulatory approach, particularly towards cryptocurrencies, has been a hallmark of SEC Chair Gary Gensler&#8217;s tenure, who <a href="https://www.benzinga.com/government/regulations/24/11/42120607/gary-gensler-to-step-down-as-sec-chair-on-trumps-inauguration-day">announced that he will step down</a> in January.
During his tenure, the SEC pursued <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40568347/after-binance-and-coinbase-gary-gensler-led-sec-set-to-lock-horns-with-crypto-exchange-kra">several enforcement actions</a> against prominent cryptocurrency firms, including filing lawsuits against Coinbase and Binance for allegedly running unregistered securities exchanges.
In July, President-elect Donald Trump had stated, "I will <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/40018935/trumps-bitcoin-conference-pledge-can-he-really-fire-sec-chair-gensler">fire Gary Gensler</a> on day one." His statement was an indication of a possible change in the SEC's stance on digital assets with the new administration.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/24/11/42134031/markets-got-it-wrong-after-elections-prospects-of-tariffs-not-good-for-equities-vs-dollar-says-ex-goldman-sachs-analyst?itm_source=parsely-api">Markets Misread Trump Win, Says Ex-Goldman Sachs Analyst: &#8216;Prospects Of Tariffs Not Good For Equities&#8217;</a></li>
</ul>
Disclaimer: This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock

News

SEC Shatters Record With $8.2B In Penalties For 2024, Led by Terraform Labs' Massive Settlement

Eric Jackson, the founder and portfolio manager at EMJ Capital, has shared his thoughts on the potential catalysts that could drive Bitcoin&#8217;s (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) value to $100,000.
What Happened: On Friday, Jackson appeared on CNBC&#8217;s Closing Bell and suggested that the upcoming Thanksgiving holiday, new SEC policies, and global adoption could spark Bitcoin&#8217;s next bull run.
During the interview, Jackson stated, &#8220;I think a lot of people that I talk to say, well, it&#8217;s just going to kiss $100,000 and pull back.&#8221;&nbsp;
Adding, &#8220;But I do think there&#8217;s a chance like that $100,000 milestone could be a rethink for a lot of investors both institutional, sovereign retail, and there are a bunch of catalysts ahead I think.&#8221;
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42052184/will-shiba-inu-coin-reach-1-cent-by-2025-47-of-benzinga-readers-say?itm_source=parsely-api">Will Shiba Inu Coin Reach 1 Cent By 2025? 47% Of Benzinga Readers Say…</a>
He went on to explain that the new SEC regime and the potential for a strategic reserve could be significant catalysts for Bitcoin.
Jackson also said that the Thanksgiving period often acts as a springboard for bullish crypto periods, rather than a setback.
He concluded by saying, &#8220;I think those names, you know, and the fact that they … there&#8217;s a real structure that&#8217;s going to be coming into place, around crypto and Bitcoin, I think those will be catalysts in and of themselves.&#8221;
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> hitting an all-time high again today on the path to $100K. How much longer can the supportive action continue? <a href="https://twitter.com/ericjackson?ref_src=twsrc%5Etfw">@EricJackson</a> discusses:<a href="https://t.co/Z3PZanYx4F">https://t.co/Z3PZanYx4F</a>
&mdash; CNBC&#39;s Closing Bell (@CNBCClosingBell) <a href="https://twitter.com/CNBCClosingBell/status/1860091069284962733?ref_src=twsrc%5Etfw">November 22, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Why It Matters: Earlier, Galaxy Digital Holdings Ltd. CEO Mike Novogratz warned of a potential pullback due to excessive market leverage, but maintained that Bitcoin <a href="https://www.benzinga.com/24/11/42130693/bitcoins-path-to-100k-inevitable-but-leverage-to-the-gills-warns-mike-novogratz-predicts-80k-correction-ahead">reaching $100,000 is &#8220;inevitable.&#8221;</a>
Meanwhile, MicroStrategy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>) executive chairman Michael Saylor has predicted that Bitcoin could hit $13 million by 2045, a valuation that would put Bitcoin's market <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42116183/michael-saylor-predicted-bitcoin-to-hit-13-million-if-it-happens-it-will-entail-massive-hyperinflation-analyst-warns">cap at around $250 trillion</a>.
Companies like MicroStrategy, which <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42121936/bitcoin-boom-20-microstrategy-gains-traction-as-a-leveraged-bet-on-crypto-growth">owns more than 150,000 Bitcoins</a>, are emerging as key players in this evolving market, effectively operating as a leveraged bet on the cryptocurrency.
In a note to Benzinga, Sumit Gupta, co-founder of CoinDCX, highlighted the surge in <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42135905/bitcoin-nears-100000-momentum-could-continue-well-beyond-the-milestone-experts-note">trading activity as a key driver</a>. He also pointed to developments in the U.S. political landscape as a contributing factor.
The digital asset market has already benefited from the <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42131449/with-gary-gensler-preparing-to-quit-in-2025-secs-crypto-cases-likely-to-quietly-go-away-amid-trumps-pro-bitcoin-stance-says-pantera-capitals-katrina-paglia">incoming administration</a> of President-elect Donald Trump, with many speculating that a potential second term could bring more favorable regulatory policies for crypto.
Gupta added that speculation over SEC Chair Gary Gensler's resignation and the possibility of crypto-friendly leadership has further fueled investor optimism.
Price Action: At the time of writing, Bitcoin was trading at $98,816, up nearly 0.2% in the last 24 hours, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/general/education/24/11/42098422/heres-how-much-100-invested-in-cardano-today-could-be-worth-if-ada-hits-new-all-time-highs?itm_source=parsely-api">Here&#8217;s How Much $100 Invested In Cardano Today Could Be Worth If ADA Hits New All-Time Highs</a></li>
</ul>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Pixabay

Analyst Color

Coverage of Bitcoin, Etherum, Ripple and all the latest digital currencies.

Cryptocurrency

Markets

$BTC

MSTR

Bitcoin's Road To $100K: Why Thanksgiving, New SEC Policies, And Global Adoption Could Spark The Next Bull Run, According To This Portfolio Manager

President-elect Donald Trump has picked hedge fund executive Scott Bessent as the U.S. Treasury Secretary.
What Happened: Bessent, 62 and founder of Key Square Group, was a leading candidate, <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42091821/could-donald-trumps-potential-treasury-secretary-be-out-of-his-depth-on-crypto-policy-polymarket-traders-just-cant-decide-on-a-favorite">competing with</a> former Fed Governor Kevin Warsh and private equity executive Marc Rowan.
While sharing the decision on Friday via his social media platform Truth Social, Trump lauded Bessent as "one of the World's foremost International Investors and Geopolitical and Economic Strategists."
<figure class="wp-block-image size-large"><img decoding="async" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/22205557/Screenshot-2024-11-23-at-7.25.49%E2%80%AFAM-900x1024.png" alt="" class="wp-image-661913" /><figcaption class="wp-element-caption">Source: Truth Social</figcaption></figure>
See Also: <a href="https://www.benzinga.com/news/legal/24/11/42147981/trumps-hush-money-sentencing-delayed-as-legal-immunity-debate-escalates">Trump&#8217;s Hush Money Sentencing Delayed As Legal Immunity Debate Escalates</a>
Bessent is known for his support of gradual tariffs and deregulation, aligning with Trump&#8217;s economic vision, which includes reviving manufacturing and achieving energy independence.
Despite his previous role as chief investment officer for George Soros' fund, Trump expressed confidence in Bessent&#8217;s ability to improve U.S. competitiveness and address trade imbalances.
Why It Matters: As Treasury Secretary, Bessent will replace outgoing Secretary Janet Yellen, overseeing financial institutions and combating financial crimes at a time when <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/42140842/sp-500-faces-volatile-2025-as-inflation-boom-could-return-bank-of-america-strategist">the national debt has ballooned to $36 trillion</a>.
According to <a href="https://www.benzinga.com/government/regulations/24/11/41909846/trumps-treasury-pick-frontrunner-scott-bessent-could-shift-wall-street-crypto">betting markets</a>, Bessent was a frontrunner with an 82% probability of securing the nomination. His appointment could significantly impact Wall Street and the crypto sector.
In October, Bessent assured that a new Trump administration would <a href="https://www.benzinga.com/economics/macro-economic-events/24/10/41308042/trump-adviser-defends-ex-presidents-economic-policies-strong-dollar-would-natural">support a strong dollar</a>, countering previous suggestions of a weaker dollar to boost exports.
Despite Elon Musk&#8217;s support for Howard Lutnick, <a href="https://www.benzinga.com/etfs/24/11/42044642/trump-appears-frustrated-as-elon-musk-chimes-in-on-treasury-secretary-adds-more-names-to-a-list-of-potential-picks">Trump favored Bessent&#8217;s</a> business-as-usual approach.
In July, Bessent gained attention for his optimistic stance on cryptocurrency, suggesting he might support digital assets if confirmed. &#8220;Crypto is about freedom and the crypto economy is here to stay,&#8221; he stated at the time.
The latest 13F filing from Bessent&#8217;s Key Square Group fund shows a highly concentrated portfolio, with equal investments in two banking-focused ETFs: the SPDR S&amp;P Regional Banking ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KRE#NYSE">KRE</a>) and the SPDR S&amp;P Bank ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KBE#NYSE">KBE</a>), each making up 50% of the fund.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/24/11/42146895/are-you-rich-enough-to-benefit-from-trumps-tax-breaks-heres-how-much-youd-need-to-be-part-of-the-top-5">Are You Rich Enough To Benefit From Trump&#8217;s Tax Breaks? Here&#8217;s How Much You&#8217;d Need To Be Part Of The Top 5%</a></li>
</ul>
Disclaimer:&nbsp;This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock

Government

Regulations

Politics

Economics

Trump Picks Hedge Fund Exec Scott Bessent As Treasury Secretary: What President-Elect's Choice Means For America's Economic Future

APLMW

Trading Halt: Halted at 7:50:00 p.m. ET - Trading Halt: Halt News Pending

APLM

UBS analyst Jay Sole maintains Gap (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GAP#NYSE">GAP</a>) with a Sell and raises the price target from $14 to $16.

Price Target

Analyst Ratings

UBS Maintains Sell on Gap, Raises Price Target to $16

UBS analyst Mark Carden maintains BJ's Wholesale Club (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BJ#NYSE">BJ</a>) with a Buy and raises the price target from $102 to $108.

UBS Maintains Buy on BJ's Wholesale Club, Raises Price Target to $108

UBS analyst Steven Fisher maintains Deere (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DE#NYSE">DE</a>) with a Neutral and raises the price target from $404 to $462.

UBS Maintains Neutral on Deere, Raises Price Target to $462

UBS analyst Karl Keirstead maintains Salesforce (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRM#NYSE">CRM</a>) with a Neutral and raises the price target from $275 to $360.

UBS Maintains Neutral on Salesforce, Raises Price Target to $360

Jefferies analyst Lloyd Byrne maintains Bloom Energy (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BE#NYSE">BE</a>) with a Hold and raises the price target from $12 to $22.

Jefferies Maintains Hold on Bloom Energy, Raises Price Target to $22

Jefferies analyst Jonathan Petersen maintains SL Green Realty (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SLG#NYSE">SLG</a>) with a Hold and raises the price target from $70 to $72.

Jefferies Maintains Hold on SL Green Realty, Raises Price Target to $72

Ocean Biomedical, Inc. (NASDAQ: OCEA), today announced that on November 18, 2024, it received a notice from The Nasdaq Stock Market LLC ("Nasdaq") stating that because the Company has not yet filed its Quarterly Report on Form 10-Q for the period ended September 30, 2024 (the "Form 10-Q"), the Company is not in compliance with Nasdaq Listing Rule 5250(c)(1), which requires listed companies to timely file all required periodic reports with the Securities and Exchange Commission (the "SEC").
Ocean Biomedical is delayed in filing the Form 10-Q as a result of previously disclosed developments with respect to filing of its 10-K for the year ended December 31, 2023.
The current notice will have no immediate effect on the listing or trading of Ocean Biomedical's common stock on Nasdaq, although there can be no assurances that further delays in the filing of the Form 10-Q will not have an impact on the listing or trading of the company's common stock. On October 16, 2024, Staff notified the Company that since it failed to timely file its Form 10-K for the year ended December 31, 2023, and its Forms 10-Q for the periods ended March 31, 2024 and June 30, 2024, the Company's securities were subject to delisting. The Company is now delinquent in the filing its form 10-Q for the period ended September 30, 2024. Accordingly, this matter serves as an additional basis for delisting the Company's securities from The Nasdaq Stock Market. This is formal notification that the Nasdaq Hearings Panel (the "Panel") will consider this matter in their decision regarding the Company's continued listing on The Nasdaq Capital Market, which hearing is scheduled for December 16, 2024. The Company intends to file the delinquent Forms 10-Q and 10-K as soon as practicable.

OCEA

Ocean Biomedical Announces Receipt Of Notice From Nasdaq Regarding Late Filing Of Quarterly Report

DA Davidson analyst Gil Luria maintains Procore Technologies (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PCOR#NYSE">PCOR</a>) with a Neutral and raises the price target from $60 to $70.

PCOR

DA Davidson Maintains Neutral on Procore Technologies, Raises Price Target to $70

Chesapeake Utilities Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CPK#NYSE">CPK</a>) ("Chesapeake Utilities" or the "Company") today announced that it has established an at-the-market equity offering program (the "ATM Program") under which it may, from time to time, sell shares of its common stock having an aggregate sales price of up to $100,000,000 (the "Shares"). Chesapeake Utilities has entered into an equity distribution agreement with each of RBC Capital Markets, LLC, Barclays Capital Inc., Janney Montgomery Scott LLC, Ladenburg Thalmann &amp; Co. Inc., Guggenheim Securities, LLC, Citizens JMP Securities, LLC, M&amp;T Securities, Inc., Maxim Group LLC, PNC Capital Markets LLC, and Siebert Williams Shank &amp; Co., LLC (collectively, the "Sales Agents"), as sales agents. Pursuant to the equity distribution agreement, sales of the Shares may be made in transactions deemed to be "at-the-market offerings," as defined in Rule 415 under the Securities Act of 1933, as amended, including by sales made directly on or through the New York Stock Exchange. Chesapeake Utilities intends to use the proceeds from the sales, if any, of the Shares for general corporate purposes, including, but not limited to, financing of capital expenditures, repayment of short-term debt, financing acquisitions, investing in subsidiaries, and general working capital purposes.

Offerings

Chesapeake Utilities Corporation Announces $100M At-The-Market Equity Offering Program

DA Davidson analyst Gil Luria maintains NVIDIA (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) with a Neutral and raises the price target from $90 to $135.

NVDA

DA Davidson Maintains Neutral on NVIDIA, Raises Price Target to $135

DA Davidson analyst Gil Luria maintains Elastic (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ESTC#NYSE">ESTC</a>) with a Neutral and raises the price target from $75 to $115.

ESTC

DA Davidson Maintains Neutral on Elastic, Raises Price Target to $115

<a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42131449/with-gary-gensler-preparing-to-quit-in-2025-secs-crypto-cases-likely-to-quietly-go-away-amid-trumps-pro-bitcoin-stance-says-pantera-capitals-katrina-paglia">President-elect Donald Trump</a> needs to find someone else to replace US Securities and Exchange Commission chair Gary Gensler. 
The Details: According to <a href="https://www.bloomberg.com/news/articles/2024-11-22/robinhood-s-gallagher-drops-out-of-sec-chair-consideration?sref=TBDibEcD">Bloomberg</a>, Dan Gallagher, chief legal officer at Robinhood Markets, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HOOD#NASDAQ">HOOD</a>) has removed himself from consideration as head of the SEC.
Gallagher expressed his intention to remain at Robinhood in an emailed statement. 
&#8220;It is always an honor to have your name in the mix for an incredibly important job like SEC Chairman. However, I have made it clear that I do not wish to be considered for this position,&#8221; Gallagher said.&nbsp;
&#8220;I am committed to Robinhood and our millions of customers who represent the new generation of retail investors.&#8221;
Read More: <a href="https://www.benzinga.com/general/social-media/24/11/42119493/rumble-eyes-buying-bitcoin-could-it-be-the-next-microstrategy">Rumble CEO Considers Bitcoin Investment, Engages Michael Saylor As Shares Rally</a>
Gallagher has been Robinhood's chief legal officer since 2020. He steered the company through the GameStop Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GME#NYSE">GME</a>) meme stock saga and Trump considered him a top <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41212008/trump-considers-robinhood-exec-dan-gallagher-for-sec-chair-if-re-elected">contender for the position</a>. He was a Republican SEC commissioner from 2011 to 2015, and previously served in other senior roles in the agency. 
The crypto community favored Gallagher, feeling he would <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41876266/bitcoin-blasts-past-82000-buy-everything-you-can-says-bernstein">help to advance</a> pro-crypto regulatory change.
Among the other names being floated for SEC chair include: Robert Stebbins, the SEC's former general counsel; Paul Atkins, former SEC commissioner; and Brian Brooks, former <a href="https://www.benzinga.com/trading-ideas/movers/24/11/42053981/trump-sec-pick-speculation-sends-this-altcoin-soaring-past-bitcoin-and-ethereum-in-daily-gains">cryptocurrency executive</a> and former acting comptroller of the currency. 
As for Gallagher, he will stay on as head legal counsel at Robinhood.&nbsp;
"I will remain a vocal and consistent advocate for positive change in our markets,&#8221; Gallagher said. He added that he is &#8220;excited to work with the incoming Trump Administration, including the next SEC Chairman and the SEC staff, to promote innovation and provide more opportunity for retail investors.&#8221;
Price Action: According to <a href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw">Benzinga Pro</a>, Robinhood shares ended Friday's session up 4.45% at $36.65. 
Read Next:&nbsp;
<ul>
<li><a href="https://www.benzinga.com/trading-ideas/movers/24/11/41949068/bitcoin-could-reach-1-million-by-2037-economist-says-buy-of-a-lifetime-opportunity">Bitcoin Could Reach $1 Million By 2037, Economist Says: &#8216;Buy Of A Lifetime&#8217; Opportunity</a></li>
</ul>
Image: Shutterstock

Fintech news covering the emerging Financial Technology services sector

Fintech

Legal

HOOD

MKTX

Robinhood's Gallagher Bows Out Of SEC Chair Consideration Under Incoming Trump Administration

Jefferies analyst Omar Nokta maintains Navigator Holdings (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NVGS#NYSE">NVGS</a>) with a Buy and maintains $20 price target.

NVGS

Jefferies Maintains Buy on Navigator Holdings, Maintains $20 Price Target

Despite widespread anticipation that NVIDIA Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>)'s quarterly results would dictate Wall Street's year-end trajectory, the stock market delivered a robust weekly rebound — even in the absence <a href="https://www.benzinga.com/quote/NVDA/news">of its AI darling.</a>
While the semiconductor titan beat analyst expectations on both earnings and revenue for the third quarter, Nvidia's stock remained flat for the week.
Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>)(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>), the parent company of Google, faced sharp turbulence. Shares tumbled after the U.S. Department of Justice called for the divestiture of Chrome in a bid to curb Google's dominance in search and digital advertising.
The sell-off wiped out over $120 billion in market capitalization on Thursday alone.
A <a href="https://www.benzinga.com/tech/24/11/42140450/doj-targets-google-chrome-poll-shows-64-oppose-alphabet-breakup-youtube-seen-as-top-prize">recent Benzinga poll indicates</a> 64% of respondents oppose breaking up Alphabet, with YouTube viewed as the company's most valuable asset.
On the economic front, <a href="https://www.benzinga.com/economics/macro-economic-events/24/11/42141413/us-business-activity-soars-to-31-month-highs-in-november-small-caps-rally-dow-tops-44000">U.S. private sector activity expanded significantly</a> in November, as reflected in S&amp;P Global's Purchasing Managers' Index surveys. The services sector, in particular, surged at its fastest pace since March 2022, while price pressures continued to recede, creating less headwinds for the Federal Reserve.
Bitcoin&#8217;s (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) rally shows no signs of cooling, with the cryptocurrency notching its fourth consecutive week of gains and hovering around the <a href="https://www.benzinga.com/24/11/42130693/bitcoins-path-to-100k-inevitable-but-leverage-to-the-gills-warns-mike-novogratz-predicts-80k-correction-ahead">historic $100,000 threshold.</a>
The U.S. dollar also maintained its upward momentum, rising for the eighth straight week to <a href="https://www.benzinga.com/news/econ-s/24/11/42138717/dollar-hits-2-year-highs-as-europes-recession-signals-spark-euro-pound-sell-offs">reach two-year highs.</a> This latest rally, however, stemmed largely from external turmoil, as escalating geopolitical tensions between Russia and Ukraine, coupled with worsening economic momentum in Europe, triggered sharp weekly sell-offs in the euro and the British pound.
<h1 class="wp-block-heading">You might have missed…</h1>
<h1 class="wp-block-heading">Trump Backs Drilling</h1>
President-elect Donald Trump advocates for increased fossil fuel production with his &#8220;drill, baby, drill&#8221; policy. In contrast, Elon Musk, co-leader of the proposed Department of Government Efficiency (DOGE), envisions a future dominated by solar energy. UBS analysts recommend investors consider renewable energy stocks following their <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/42130859/as-trump-backs-drill-baby-drill-his-doge-co-lead-elon-musk-believes-all-energy-generation-will-be-solar-heres-what-ubs-recommends-after-election-dip">election-induced market dip.</a>
<h1 class="wp-block-heading">Trump Crypto Clarity</h1>
Cathie Wood of Ark Invest anticipates the Trump administration will provide regulatory clarity for Bitcoin and other digital assets, potentially incorporating them into <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42136536/ark-invests-cathie-wood-says-team-trump-would-give-regulatory-clarity-for-bitcoin-and-other-digital-assets-which-they-may-put-in-the-treasurys-strategic-reserve">the Treasury&#8217;s strategic reserve</a>.
<h1 class="wp-block-heading">GM Eyes F1</h1>
General Motors (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>) is reportedly preparing to enter Formula One in 2026, potentially partnering with Andretti Autosport. This move would mark GM&#8217;s first foray into F1, aligning with its global <a href="https://www.benzinga.com/24/11/42135392/general-motors-gears-up-for-potential-f1-entry-in-2026-report">motorsport expansion strategy.</a>
Read Now:
<ul>
<li><a href="https://www.benzinga.com/economics/macro-economic-events/24/11/42137929/2025-us-economy-outlook-cloudier-than-normal-jpmorgan-says-boom-bust-scenarios">2025 US Economy Outlook &#8216;Cloudier Than Normal,&#8217; JPMorgan Says: Boom, Bust Scenarios</a></li>
</ul>
Photo: Shutterstock

Large Cap

Forex

Global

Tech

GOOG

GOOGL

Wall Street Rebounds Without Its AI Darling's Boost, King Dollar Maintains Dominance While Bitcoin Defies Gravity: This Week In The Markets

<a href="https://investorplace.com">InvestorPlace - Stock Market News, Stock Advice &amp; Trading Tips</a>
The surge in meme coins has prompted plenty of debate in both crypto circles as well as among more conservative investors. Indeed, the <a href="https://twitter.com/TheStalwart/status/1766868841332637850?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1766868841332637850%7Ctwgr%5Eccfe9d6a502e54a519cd8f932ab8e61140f5af49%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fwww.cryptotimes.io%2F2024%2F03%2F11%2Fmeme-coin-mania-speculation-vs-opportunity%2F">unique appeal</a> these tokens have for investors looking for high-risk, high-reward bets has many speculators and traders attracted to these assets. Most conservative investors tend to view these tokens as not worth investing in. In many respects, I find myself in this camp.



That said, there&rsquo;s no denying the sort of impact Bitcoin&rsquo;s (<a href="https://investorplace.com/cryptocurrency/btc-usd/">BTC-USD</a>) recent rise has had on all digital assets. Meme tokens are surging, and the meme mania we saw in 2021 appears to be back in full force.



For those who may be looking for signs that this mania can continue, let&rsquo;s dive into what signs exist that suggest it is as rampant as many suggest right now.



<h2>Capital Inflows Into ETFs Are Soaring</h2>



In the recent crypto frenzy, an astounding <a href="https://www.linkedin.com/pulse/crypto-mania-fuels-record-inflows-520-million-floods-blackrock-lloyd-toa3e?trk=article-ssr-frontend-pulse_more-articles_related-content-card">$520 million flooded</a> into BlackRock&rsquo;s (NYSE:<a href="https://investorplace.com/stock-quotes/blk-stock-quote/">BLK</a>) Bitcoin ETF in one day, fueling the digital currency&rsquo;s surge past $72,000. The influx into the fund underscores the significant role ETFs play in Bitcoin&rsquo;s soaring rally, attracting a diverse group of investors. The influx of capital broadened access to Bitcoin, aligning with predictions and providing new investment opportunities for various market players.



Stephane Ouellette, CEO of FRNT Financial (OTCMKTS:<a href="https://investorplace.com/stock-quotes/frflf-stock-quote/">FRFLF</a>), <a href="https://fortune.com/2024/02/28/what-is-price-of-bitcoin-etf-blackrock-record-high/">noted the significant impact</a> of BTC ETFs on the rally. Around 20% of investment advisers had approval to include the product, a process expected to unfold over a year. Now sitting at $69,000, it took about five days for the token to reach its two-year peak and close the gap between its all-time high. The vigorous activity caused outages at crypto exchange Coinbase (NASDAQ:<a href="https://investorplace.com/stock-quotes/coin-stock-quote/">COIN</a>) and signaled just how impressive institutional investor interest is in digital assets.



Bitcoin has surged over 55% year-to-date, outperforming other assets, even after its remarkable rise last year. According to JPMorgan (NYSE:<a href="https://investorplace.com/stock-quotes/jpm-stock-quote/">JPM</a>) strategists, including Kenneth Worthington, the approval of new funds contributed significantly to its 2023 surge. In tandem with Bitcoin&rsquo;s rally, the $6.5 billion IBIT has witnessed 32 consecutive days of inflows. 



At the same time, Fidelity&rsquo;s FBTC has also <a href="https://fortune.com/2024/03/03/bitcoin-etf-mania-blackrock-fidelity/">seen consistent daily inflows since its launch,</a> accumulating $4.48 billion in net inflows overall. These inflows underscore the increasing demand for spot Bitcoin ETFs, emphasizing the appeal of trading assets through ETFs and the longstanding investor interest in Bitcoin funds.



It&rsquo;s unclear how much of the interest around higher-risk and more speculative meme coins is being driven by institutional investors. But with more capital flowing into this sector and greater liquidity seen on various exchanges, it&rsquo;s a broadly bullish sign mainstream investors are catching onto the crypto trade. For meme coin traders and speculators, that&rsquo;s a good thing.



<h2>Simple Price Appreciation From the Top Down</h2>



Bitcoin has <a href="https://qz.com/bitcoin-price-record-halving-event-etfs-1851304695">continued to surge to record highs</a> ahead of its upcoming halving event, surging above $72,000 for the first time this week. I would argue this incredible momentum seen from the world&rsquo;s largest cryptocurrency is driving top-down interest for all cryptocurrencies right now. 



As Bitcoin and other mega-cap cryptos continue to surge, investor interest in other high-growth digital assets continues to grow. We&rsquo;re seeing pretty broad-based positive moves in this space, suggestive of the idea that capital is flowing to all corners of the crypto market. For meme coin investors, this flood of interest has certainly been a good thing.



Now, not all investors will want to move out on the risk spectrum to the corner of the market that meme coins occupy. Indeed, these assets are best viewed as trading and speculative vehicles. Accordingly, the ties between this sort of top-down behavior may be weak, at best.



But I think it&rsquo;s true that there&rsquo;s something to the idea that &ldquo;crypto go up&rdquo; reflects some of the broad-based sentiment driving these meme coins higher right now. It&rsquo;s party on, and meme coin investors are partying the hardest right now.



<h2>Leveraged Short Liquidations</h2>



Some of the recent volatility we&rsquo;ve seen across the board in the crypto sector can certainly be tied to buying and selling activity in this space. Indeed, that&rsquo;s what moves most markets, though leveraged positions play a role in shaping how quickly a given asset moves (its volatility). In the crypto world, leverage is rampant, and it&rsquo;s partly what makes these assets so darn volatile over short timeframes.



Recent data from <a href="https://www.coinglass.com">Coinglass</a> shows just how rampant this leverage has been across various digital assets. Short liquidations have exceeded long liquidations during this recent rally, meaning short-sellers are seeing their leveraged bets blow up. This leads to higher prices, spurring further short liquidations and an upward spiral in prices.



To a large degree, these sorts of liquidations are a key driver many investors aren&rsquo;t necessarily focused on. Yes, there&rsquo;s a flood of capital coming into this sector. But when traders are levering up their positions up to 100x, near-term moves can be significant, especially when these bets unwind.



<h2>Bottom Line on Meme Coins</h2>



I&rsquo;m remaining on the sidelines for now when it comes to meme coins. I&rsquo;m going to acknowledge that meme coin mania is alive and well, and wish all speculators and traders well. But this just isn&rsquo;t an asset class for investors who value capital preservation. So, take out the popcorn and enjoy the action. This year is shaping up to be an interesting one, that&rsquo;s for sure.



On the date of publication, Chris MacDonald did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com <a href="https://investorplace.com/corporate/investorplace-publishing-guidelines/">Publishing Guidelines.</a>
<div>Chris MacDonald&rsquo;s love for investing led him to pursue an MBA in Finance and take on a number of management roles in corporate finance and venture capital over the past 15 years. His experience as a financial analyst in the past, coupled with his fervor for finding undervalued growth opportunities, contribute to his conservative, long-term investing perspective.</div><h3>More From InvestorPlace</h3>
		<ul><li>
						<a href="https://investorplace.com/2023/10/no-1-ai-investment-might-be-this-company-youve-never-heard-of/?cid=MKT764787&amp;eid=MKT793992">The #1 AI Investment Might Be This Company You&rsquo;ve Never Heard Of</a>
					</li>
																<li>
						<a href="https://investorplace.com/2024/02/wall-street-legend-issues-urgent-ai-code-red/?cid=MKT781156&amp;eid=MKT793990">&ldquo;America&rsquo;s Top Trader&rdquo; Issues A.I. Code Red: Act Now or Miss Out</a>
					</li>
																<li>
						<a href="https://investorplace.com/2021/01/one-percenter-issues-urgent-warning/?cid=MKT499868&amp;eid=MKT793999">It doesn&rsquo;t matter if you have $500 or $5 million. Do this now.</a>
					</li>
									</ul><div>
			<div></div>
						<div></div>
					</div>
	The post <a href="https://investorplace.com/2024/03/crypto-trends-2024-3-signs-that-meme-coin-mania-is-back/">Crypto Trends 2024: 3 Signs That Meme Coin Mania Is Back</a> appeared first on <a href="https://investorplace.com">InvestorPlace</a>.

Crypto Trends 2024: 3 Signs That Meme Coin Mania Is Back

<a href="https://investorplace.com">InvestorPlace - Stock Market News, Stock Advice &amp; Trading Tips</a>
The surge in meme coins has prompted plenty of debate in both crypto circles as well as among more conservative investors. Indeed, the <a href="https://twitter.com/TheStalwart/status/1766868841332637850?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1766868841332637850%7Ctwgr%5Eccfe9d6a502e54a519cd8f932ab8e61140f5af49%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fwww.cryptotimes.io%2F2024%2F03%2F11%2Fmeme-coin-mania-speculation-vs-opportunity%2F">unique appeal</a> these tokens have for investors looking for high-risk, high-reward bets has many speculators and traders attracted to these assets. Most conservative investors tend to view these tokens as not worth investing in. In many respects, I find myself in this camp.



That said, there&rsquo;s no denying the sort of impact Bitcoin&rsquo;s (<a href="https://investorplace.com/cryptocurrency/btc-usd/">BTC-USD</a>) recent rise has had on all digital assets. Meme tokens are surging, and the meme mania we saw in 2021 appears to be back in full force.



For those who may be looking for signs that this mania can continue, let&rsquo;s dive into what signs exist that suggest it is as rampant as many suggest right now.



<h2>Capital Inflows Into ETFs Are Soaring</h2>



In the recent crypto frenzy, an astounding <a href="https://www.linkedin.com/pulse/crypto-mania-fuels-record-inflows-520-million-floods-blackrock-lloyd-toa3e?trk=article-ssr-frontend-pulse_more-articles_related-content-card">$520 million flooded</a> into BlackRock&rsquo;s (NYSE:<a href="https://investorplace.com/stock-quotes/blk-stock-quote/">BLK</a>) Bitcoin ETF in one day, fueling the digital currency&rsquo;s surge past $72,000. The influx into the fund underscores the significant role ETFs play in Bitcoin&rsquo;s soaring rally, attracting a diverse group of investors. The influx of capital broadened access to Bitcoin, aligning with predictions and providing new investment opportunities for various market players.



Stephane Ouellette, CEO of FRNT Financial (OTCMKTS:<a href="https://investorplace.com/stock-quotes/frflf-stock-quote/">FRFLF</a>), <a href="https://fortune.com/2024/02/28/what-is-price-of-bitcoin-etf-blackrock-record-high/">noted the significant impact</a> of BTC ETFs on the rally. Around 20% of investment advisers had approval to include the product, a process expected to unfold over a year. Now sitting at $69,000, it took about five days for the token to reach its two-year peak and close the gap between its all-time high. The vigorous activity caused outages at crypto exchange Coinbase (NASDAQ:<a href="https://investorplace.com/stock-quotes/coin-stock-quote/">COIN</a>) and signaled just how impressive institutional investor interest is in digital assets.



Bitcoin has surged over 55% year-to-date, outperforming other assets, even after its remarkable rise last year. According to JPMorgan (NYSE:<a href="https://investorplace.com/stock-quotes/jpm-stock-quote/">JPM</a>) strategists, including Kenneth Worthington, the approval of new funds contributed significantly to its 2023 surge. In tandem with Bitcoin&rsquo;s rally, the $6.5 billion IBIT has witnessed 32 consecutive days of inflows. 



At the same time, Fidelity&rsquo;s FBTC has also <a href="https://fortune.com/2024/03/03/bitcoin-etf-mania-blackrock-fidelity/">seen consistent daily inflows since its launch,</a> accumulating $4.48 billion in net inflows overall. These inflows underscore the increasing demand for spot Bitcoin ETFs, emphasizing the appeal of trading assets through ETFs and the longstanding investor interest in Bitcoin funds.



It&rsquo;s unclear how much of the interest around higher-risk and more speculative meme coins is being driven by institutional investors. But with more capital flowing into this sector and greater liquidity seen on various exchanges, it&rsquo;s a broadly bullish sign mainstream investors are catching onto the crypto trade. For meme coin traders and speculators, that&rsquo;s a good thing.



<h2>Simple Price Appreciation From the Top Down</h2>



Bitcoin has <a href="https://qz.com/bitcoin-price-record-halving-event-etfs-1851304695">continued to surge to record highs</a> ahead of its upcoming halving event, surging above $72,000 for the first time this week. I would argue this incredible momentum seen from the world&rsquo;s largest cryptocurrency is driving top-down interest for all cryptocurrencies right now. 



As Bitcoin and other mega-cap cryptos continue to surge, investor interest in other high-growth digital assets continues to grow. We&rsquo;re seeing pretty broad-based positive moves in this space, suggestive of the idea that capital is flowing to all corners of the crypto market. For meme coin investors, this flood of interest has certainly been a good thing.



Now, not all investors will want to move out on the risk spectrum to the corner of the market that meme coins occupy. Indeed, these assets are best viewed as trading and speculative vehicles. Accordingly, the ties between this sort of top-down behavior may be weak, at best.



But I think it&rsquo;s true that there&rsquo;s something to the idea that &ldquo;crypto go up&rdquo; reflects some of the broad-based sentiment driving these meme coins higher right now. It&rsquo;s party on, and meme coin investors are partying the hardest right now.



<h2>Leveraged Short Liquidations</h2>



Some of the recent volatility we&rsquo;ve seen across the board in the crypto sector can certainly be tied to buying and selling activity in this space. Indeed, that&rsquo;s what moves most markets, though leveraged positions play a role in shaping how quickly a given asset moves (its volatility). In the crypto world, leverage is rampant, and it&rsquo;s partly what makes these assets so darn volatile over short timeframes.



Recent data from <a href="https://www.coinglass.com">Coinglass</a> shows just how rampant this leverage has been across various digital assets. Short liquidations have exceeded long liquidations during this recent rally, meaning short-sellers are seeing their leveraged bets blow up. This leads to higher prices, spurring further short liquidations and an upward spiral in prices.



To a large degree, these sorts of liquidations are a key driver many investors aren&rsquo;t necessarily focused on. Yes, there&rsquo;s a flood of capital coming into this sector. But when traders are levering up their positions up to 100x, near-term moves can be significant, especially when these bets unwind.



<h2>Bottom Line on Meme Coins</h2>



I&rsquo;m remaining on the sidelines for now when it comes to meme coins. I&rsquo;m going to acknowledge that meme coin mania is alive and well, and wish all speculators and traders well. But this just isn&rsquo;t an asset class for investors who value capital preservation. So, take out the popcorn and enjoy the action. This year is shaping up to be an interesting one, that&rsquo;s for sure.



On the date of publication, Chris MacDonald did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com <a href="https://investorplace.com/corporate/investorplace-publishing-guidelines/">Publishing Guidelines.</a>
<div>Chris MacDonald&rsquo;s love for investing led him to pursue an MBA in Finance and take on a number of management roles in corporate finance and venture capital over the past 15 years. His experience as a financial analyst in the past, coupled with his fervor for finding undervalued growth opportunities, contribute to his conservative, long-term investing perspective.</div><h3>More From InvestorPlace</h3>
		<ul><li>
						<a href="https://investorplace.com/2023/10/no-1-ai-investment-might-be-this-company-youve-never-heard-of/?cid=MKT764787&amp;eid=MKT771245">The #1 AI Investment Might Be This Company You&rsquo;ve Never Heard Of</a>
					</li>
																<li>
						<a href="https://investorplace.com/2023/07/elon-musks-project-omega-stuns-silicon-valley-insiders/?cid=MKT738510&amp;eid=MKT771236">Musk&rsquo;s &ldquo;Project Omega&rdquo; May Be Set to Mint New Millionaires. Here&rsquo;s How to Get In.</a>
					</li>
																<li>
						<a href="https://investorplace.com/2021/01/one-percenter-issues-urgent-warning/?cid=MKT499868&amp;eid=MKT793997">It doesn&rsquo;t matter if you have $500 or $5 million. Do this now.</a>
					</li>
									</ul><div>
			<div></div>
						<div></div>
					</div>
	The post <a href="https://investorplace.com/2024/03/crypto-trends-2024-3-signs-that-meme-coin-mania-is-back/">Crypto Trends 2024: 3 Signs That Meme Coin Mania Is Back</a> appeared first on <a href="https://investorplace.com">InvestorPlace</a>.

Comments

FRNT Finl

News

Latest news for FRNT Finl (OTC:FRFLF) Stock

Popular Channels

Tools & Features

Partners & Contributors

About Benzinga