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Norsk Hydro (OTC:<a class="ticker" href="https://www.benzinga.com/stock/NHYDY#OTC">NHYDY</a>) reported quarterly earnings of $0.09 per share which beat the analyst consensus estimate of $0.07 by 30 percent. This is a 44.85 percent decrease over earnings of $0.17 per share from the same period last year. The company reported quarterly sales of $4.78 billion which beat the analyst consensus estimate of $4.74 billion by 0.91 percent. This is a 4.53 percent decrease over sales of $5.01 billion the same period last year.

Earnings

News

NHYDY

Norsk Hydro Q2 EPS $0.09 Beats $0.07 Estimate, Sales $4.78B Beat $4.74B Estimate

Amazon.com Inc.&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) strategy of selling its Echo devices at low prices in the hope of generating profits elsewhere within the company has not yielded the expected results. The company has incurred billions in losses as a result.
What Happened: Amazon&#8217;s Echo devices, which feature the Alexa voice assistant, have been a popular choice for millions of customers. However, the company&#8217;s plan to capitalize on the devices&#8217; popularity by driving sales on its e-commerce platform has not panned out, <a href="https://www.wsj.com/tech/amazon-alexa-devices-echo-losses-strategy-25f2581a?mod=latest_headlines">reported</a> The Wall Street Journal on Monday, citing internal documents and people familiar with the business.
Customers primarily utilized the Echo for free applications like setting alarms and checking the weather. "We worried we've hired 10,000 people and we've built a smart timer," remarked a former senior employee, according to the report.
Amazon&#8217;s devices business, which includes Echos, Kindles, Fire TV Sticks, and video doorbells, has incurred losses of over $25 billion between 2017 and 2021. This is a significant miscalculation made under the leadership of founder Jeff Bezos, which current CEO Andy Jassy is working to rectify, according to the documents.
As part of the plan to reverse these losses, Amazon is set to launch a paid tier of Alexa this month. This move, however, is met with skepticism by some of the engineers working on the project.
An Amazon spokesperson stated that the devices division has created several profitable ventures and is well-positioned for continued success, adding: "Hundreds of millions of Amazon devices are used by customers around the world, and to us, there is no greater measure of success."&nbsp;
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39872368/mark-cuban-says-trumps-re-election-wont-impact-bitcoins-price-dogecoin-killer-shiba-inus-b?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Mark Cuban Says Trump&#8217;s Re-Election Won&#8217;t Impact Bitcoin&#8217;s Price, &#8216;Dogecoin Killer&#8217; Shiba Inu&#8217;s Burn Rate Increases And More: This Week In Cryptocurrency</a>
Jassy is also re-evaluating the obscure Bezos-era metric called &#8220;downstream impact&#8221; inside Amazon, which assigns a financial value to a product or service based on how customers spend within Amazon&#8217;s ecosystem after they buy it, according to the report. 
This metric, developed in 2011, has been used across Amazon&#8217;s business lines and has been successful in some instances, such as with the Kindle e-reader. However, it has not worked as intended for devices like the Echo.
Why It Matters: Amazon&#8217;s struggles with its devices business come at a time when the company is making significant changes to its Alexa service. In June, it was reported that Amazon was planning a <a href="https://www.benzinga.com/markets/equities/24/06/39433128/amazon-plans-major-alexa-overhaul-with-ai-powered-features-report">major overhaul of its Alexa service</a>, integrating conversational generative AI. This project, known internally as &#8220;Banyan,&#8221; was set to introduce a two-tier system with a premium version potentially costing around $5 monthly.
The Seattle-based company planned to <a href="https://www.benzinga.com/news/24/05/38965886/amazons-generative-ai-upgrade-for-alexa-what-investors-need-to-know">launch a more conversational version of Alexa</a> later in the year, potentially positioning it to better compete with new generative AI-powered chatbots from companies including Alphabet Inc.&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) subsidiary Google, and OpenAI.
Additionally, Amazon&#8217;s original book business has seen a resurgence, generating $16.9 billion in gross merchandise sales in the <a href="https://www.benzinga.com/markets/equities/24/06/39427936/jeff-bezos-original-book-business-at-amazon-garnered-16-9b-in-10-months-with-more-than-half-of-i">first 10 months of 2022</a>. This success contrasts with the financial struggles of its devices business, highlighting the diverse performance across Amazon&#8217;s various sectors.
Read Next: 
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39875607/bitcoin-ethereum-hold-steady-dogecoin-spikes-as-biden-bows-out-of-presidential-race-king-c?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Bitcoin, Ethereum Hold Steady, Dogecoin Spikes As Biden Bows Out Of Presidential Race: King Crypto Might Have A Chance To Reclaim $71.5K, Forecasts Analyst</a></li>
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Image Via Shutterstock 
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

Equities

Management

Markets

Tech

AMZN

GOOG

GOOGL

Jeff Bezos-Era 'Downstream Impact' Losing Its Mojo? Amazon CEO Andy Jassy Is Reportedly Rethinking Alexa Devices Business Model Resulting In Billions Worth Of Losses

<ul>
<li>Released as part of this year&#39;s global Barbie Fashionistas lineup, Barbie partnered with the American Foundation for the Blind and National Down Syndrome Society to ensure doll designs accurately reflect the community they are designed to represent</li>
</ul>

Mattel Unveils First-Ever Blind Barbie And Black Barbie With Down Syndrome, Promoting Diversity And Inclusion In Children's Toys

A week before the <a href="https://www.benzinga.com/markets/equities/24/07/39789294/alibabas-ai-tool-powers-paris-olympics-carbon-neutral-efforts-report">2024 Summer Olympics</a> commences,&nbsp;Apple Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) announced <a href="https://www.benzinga.com/news/24/03/37950998/apple-might-finally-introduce-this-much-requested-maps-feature-in-ios-18">significant updates</a> to its Maps app and other features.
What Happened: Apple has revamped its Maps app for Paris, the host city of&nbsp;the 2024 Summer Olympics, scheduled to commence on July 26. 
The update includes 3D landmarks of all permanent venues and detailed renderings of iconic sites. The Maps&nbsp;app will also display pop-up locations, including&nbsp;temporary venues, souvenir shops, and&nbsp;public gathering sites.
See Also:&nbsp;<a href="https://www.benzinga.com/top-stories/24/07/39883235/can-tesla-q2-earnings-spark-a-golden-cross-heres-what-the-charts-indicate?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Can Tesla Q2 Earnings Spark A Golden Cross? Here&#8217;s What The Charts Indicate</a>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Apple Maps has just been updated for <a href="https://twitter.com/hashtag/Paris2024?src=hash&amp;ref_src=twsrc%5Etfw">#Paris2024</a> Summer Olympics. &#x1f633; New update includes stunning 3D models of Olympic venues, including temporary ones. Here are my favorites &#x1f447; <a href="https://t.co/UC0mooAPQl">pic.twitter.com/UC0mooAPQl</a>
&mdash; Nikias Molina (@NikiasMolina) <a href="https://twitter.com/NikiasMolina/status/1815328485864325228?ref_src=twsrc%5Etfw">July 22, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Apple Maps will also provide real-time&nbsp;updates on road closures, advisories due to the games, and&nbsp;curated Maps Guides for restaurants,&nbsp;hotels, and shopping.
The tech giant plans to spotlight&nbsp;popular events like gymnastics and swimming in the App Store and recommends users&nbsp;download the official Paris 2024&nbsp;Olympics app.
Subscribe to the&nbsp;<a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a>&nbsp;to get all the latest tech developments delivered to your inbox.
Why It Matters: This move by Apple comes after a series of significant developments in its mapping services. Last year in September, during the antitrust trial against Google, it was revealed that <a href="https://www.benzinga.com/news/23/09/34745455/googles-map-dominance-crumbles-as-apple-maps-surges-on-iphones-reveals-finance-vp">Apple Maps saw a surge in usage on iPhones</a>.
This led to a significant decline in Google&#8217;s map usage on Apple devices. This shift resulted from Apple replacing Google Maps with its native app on iPhones.
The Summer Olympics are set to commence next Friday with the Opening Ceremony scheduled for 1:30 p.m. Eastern Time (7:30 p.m. Paris time). The competitions will run through August 11.
Check out more of Benzinga&#8217;s Consumer Tech coverage by <a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Image via CardMapr/ Unsplash
Read Next:&nbsp;
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<li><a href="https://www.benzinga.com/news/24/07/39875506/crowdstrikes-faulty-microsoft-windows-update-gets-slammed-by-us-cybersecurity-official-was-a-huge-de?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Crowdstrike&#8217;s Faulty Microsoft Windows Update Gets Slammed By US Cybersecurity Official: &#8216;Was A Huge Deal…&#8217;</a></li>
</ul>
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

AAPL

Apple Maps Adds 'Wow' Factor To 2024 Summer Olympics By Adding 3D Models Of All Venues In Paris

Independent presidential candidate Robert F. Kennedy Jr. reportedly engaged in discussions with former President Donald Trump about endorsing his campaign and potentially taking up a senior role in a second Trump administration.
What Happened: Kennedy, who is running as an independent candidate, held talks with Trump about endorsing his campaign and potentially taking up a senior role in a Trump administration, The Washington Post <a href="https://www.washingtonpost.com/politics/2024/07/22/rfk-jr-floated-job-trump-white-house-he-weighed-endorsing-trump/">reported</a>, citing four people familiar with the matter. 
These discussions took place shortly after an assassination attempt on Trump during a rally on Jul. 13.
Despite the talks, no formal agreement was reached, with concerns within Trump&#8217;s circle about the implications of offering a job in exchange for a political endorsement. Kennedy, a vocal critic of vaccines, expressed his willingness to discuss children&#8217;s health and the chronic disease epidemic with any political party.
Trump and Kennedy also discussed the possibility of Kennedy leaving the presidential race and endorsing Trump. However, Trump&#8217;s advisers expressed reservations about appointing Kennedy, given his stance on vaccines.
Kennedy stated his willingness to discuss children&#8217;s health with any political party, noting that Trump has been more receptive to him than the Democratic National Committee. &#8220;I have a lot of respect for President Trump for reaching out to me,&#8221; Kennedy said in an interview on Monday.
Trump&#8217;s campaign spokeswoman, Danielle Alvarez, confirmed the meeting, stating "President Trump met with RFK and they had a conversation about the issues just as he does regularly with important figures in business and politics because they all recognize he will be the next president of the United States."
Team Kennedy did not immediately respond to&nbsp;<a href="http://pro.benzinga.com/" target="_blank" rel="noreferrer noopener">Benzinga</a>'s request for comment.
See Also: <a href="https://www.benzinga.com/news/24/07/39875181/trump-wants-republicans-reimbursed-after-biden-quits-we-have-to-start-all-over-again?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump Wants Republicans Reimbursed After Biden Quits: &#8216;We Have To Start All Over Again&#8217;</a>
Why It Matters: Kennedy&#8217;s campaign has reportedly faced <a href="https://www.benzinga.com/markets/equities/24/07/39871966/kennedys-campaign-still-in-the-red-despite-running-mate-shanahans-2-5m-boost-will-he-exit-the-pr">significant financial challenges</a>, despite a $2.5 million boost from his running mate, Nicole Shanahan. The campaign raised nearly $5.4 million but spent over $6.2 million, highlighting ongoing financial hurdles. 
Additionally, President Joe Biden recently announced his withdrawal from <a href="https://www.benzinga.com/news/24/07/39874154/bidens-exit-from-presidential-race-sparks-massive-reactions-from-first-lady-gavin-newsom-marjorie-ta">the 2024 presidential race</a>, sparking reactions from various political figures and introducing new uncertainties into the election.
Biden&#8217;s exit has introduced new uncertainties into the election, causing traders to reassess their market positions. This has implications for the so-called &#8220;Trump trade,&#8221; which refers to market strategies <a href="https://www.benzinga.com/news/24/07/39883677/investors-anticipate-unraveling-of-trump-trade-as-biden-exits-presidential-race-but-analyst-says-its">banking on stocks</a> that would likely benefit from a potential return of Trump to the White House.
Last week, a video of a phone call between Trump and Kennedy was posted on social media and later verified by Kennedy. Trump is heard saying, "I would love you to do something – and I think it would be so good for you and so big for you," seemingly <a href="https://www.benzinga.com/news/24/07/39807224/trump-told-robert-kennedy-jr-over-the-phone-that-the-bullet-felt-like-the-worlds-largest-mosquito">referring to the 2024 election race</a>.
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</ul>
Image Via Shutterstock 
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

Politics

Robert Kennedy Jr. Eyes Role In Trump's Administration Amid Endorsement Chatter: Report

Outlook
Logitech raised its full-year&nbsp;outlook&nbsp;for Fiscal Year 2025:
<table cellspacing="0">
<tbody>
<tr>
<td colspan="1" rowspan="1">
&nbsp;
</td>
<td colspan="1" rowspan="1">
Previous FY25&nbsp;outlook
</td>
<td colspan="1" rowspan="1">
New FY25&nbsp;outlook
</td>
</tr>
<tr>
<td colspan="1" rowspan="1">
Sales
</td>
<td colspan="1" rowspan="1">
$4.3&nbsp;-&nbsp;$4.4 billion
</td>
<td colspan="1" rowspan="1">
$4.34&nbsp;-&nbsp;$4.43 billion
</td>
</tr>
<tr>
<td colspan="1" rowspan="1">
Sales growth (in US dollars, year over year)
</td>
<td colspan="1" rowspan="1">
0%&nbsp;-&nbsp;2%
</td>
<td colspan="1" rowspan="1">
1%&nbsp;-&nbsp;3%
</td>
</tr>
<tr>
<td colspan="1" rowspan="1">
Non-GAAP operating income
</td>
<td colspan="1" rowspan="1">
$685&nbsp;-&nbsp;$715 million
</td>
<td colspan="1" rowspan="1">
$700&nbsp;-&nbsp;$730 million
</td>
</tr>
<tr>
<td colspan="1" rowspan="1">
Non-GAAP op. inc. growth / (decline) (year over year)
</td>
<td colspan="1" rowspan="1">
(2)% -&nbsp;2%
</td>
<td colspan="1" rowspan="1">
0%&nbsp;-&nbsp;4%
</td>
</tr>
</tbody>
</table>

Guidance

LOGI

Logitech Raises 2025 Outlook, Now Expects Sales Of $4.34B-$4.43B (Prior $4.3B-$4.4B) Vs. $4.369B Consensus And Non-GAAP Operating Income Of $700M-$730M (Prior $685M-$715M)

Logitech International (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LOGI#NASDAQ">LOGI</a>) reported quarterly earnings of $1.13 per share which beat the analyst consensus estimate of $0.86 by 31.4 percent. This is a 73.85 percent increase over earnings of $0.65 per share from the same period last year. The company reported quarterly sales of $1.088 billion which beat the analyst consensus estimate of $1.035 billion by 5.14 percent. This is a 11.65 percent increase over sales of $974.500 million the same period last year.

Earnings Beats

Logitech International Q1 2025 Adj EPS $1.13 Beats $0.86 Estimate, Sales $1.088B Beat $1.035B Estimate

Tesla and SpaceX CEO Elon Musk has spoken about his stance against what he calls <a href="https://www.benzinga.com/news/24/03/37885051/elon-musk-says-google-infected-with-woke-mind-virus-after-search-engine-user-points-to-bloodbath-def">the &#8220;woke mind virus,&#8221;</a> sharing his experience with his son&#8217;s transition to a female identity.
What Happened: On Monday, during an interview with Dr. Jordan Peterson at his <a href="https://www.benzinga.com/news/24/06/39404789/drone-footage-reveals-tesla-giga-texas-expansion-work-to-house-50-000-nvidia-gpus-ceo-elon-musk-says" target="_blank" rel="noreferrer noopener">Tesla Gigafactory in Texas</a>, Musk <a href="https://www.benzinga.com/news/22/06/27787063/one-of-elon-musks-children-fighting-to-change-last-name-and-legally-declaring-gender-identity-report">expressed his disapproval</a> of one of his children, born Xavier Alexander Musk transitioning to Vivian Jenna Wilson. 
He labeled the practice of sex change procedures on children as &#8220;evil,&#8221; stating that he was &#8220;tricked&#8221; into consenting to puberty blockers for his child, which he described as &#8220;sterilization drugs.&#8221;
See Also: <a href="https://www.benzinga.com/top-stories/24/07/39883235/can-tesla-q2-earnings-spark-a-golden-cross-heres-what-the-charts-indicate?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Can Tesla Q2 Earnings Spark A Golden Cross? Here&#8217;s What The Charts Indicate</a>
&#8220;My son Xavier is dead, killed by the woke mind virus,&#8221; he stated, adding, &#8220;I vowed to destroy the woke mind virus after that&#8230; and we are making some progress.&#8221;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">JUST IN: Elon Musk says his son is &quot;dead&quot; thanks to the woke mind virus after he was put on puberty blockers, says he vowed to &quot;destroy the woke mind virus after that.&quot; &#x1f525;&#x1f525; &quot;I was essentially tricked into signing documents for one of my older boys&#8230; This was before I had… <a href="https://t.co/wfWztIziTs">pic.twitter.com/wfWztIziTs</a>
&mdash; Collin Rugg (@CollinRugg) <a href="https://twitter.com/CollinRugg/status/1815496170334204202?ref_src=twsrc%5Etfw">July 22, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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Why It Matters: Vivian publicly identified as transgender in June 2022 and legally changed her name. She has also previously expressed a desire to sever all ties with her biological father.
Musk&#8217;s ex-wife, Justine Wilson, publicly supported their daughter&#8217;s decision, <a href="https://www.benzinga.com/news/22/06/27801710/elon-musks-ex-wife-speaks-out-on-daughters-name-change-heres-what-she-said">expressing her pride in Vivian&#8217;s courage</a>.
The relocation of SpaceX&#8217;s headquarters from California to Texas earlier this month may have been influenced by Musk&#8217;s <a href="https://www.benzinga.com/news/24/07/39804744/spacex-x-to-move-headquarters-from-california-to-texas-musk-calls-it-the-final-straw-criticizes-gov">opposition to the &#8220;woke&#8221; left</a>. 
The tech mogul criticized California Gov. Gavin Newsom (D-Calif.) following a new law that prevents schools from informing parents if their child identifies with a different gender or uses different pronouns than what&#8217;s on school records.
&#8220;I did make it clear to Governor Newsom about a year ago that laws of this nature would force families and companies to leave California to protect their children,&#8221; the tech billionaire said at the time.
Read Next: <a href="https://www.benzinga.com/news/24/07/39873131/apple-skips-tsmcs-2nm-chip-for-iphone-17-unveils-first-ios-18-public-beta-and-more-this-week-in-appl?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Apple Skips TSMC&#8217;s 2nm Chip For iPhone 17, Unveils First iOS 18 Public Beta And More: This Week In Appleverse</a>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Elon Musk Vowed To Destroy 'Woke Mind Virus' After Being 'Tricked' Into Signing Puberty Blocker Documents For His Child

In the run-up to the upcoming 2024 elections, analysts from research and brokerage firm Bernstein have suggested that Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) traders may not have fully considered the possible victory of former President Donald Trump, an event that could significantly shake up the cryptocurrency market.
What Happened: The Bernstein team, led by Gautam Chhugani, posits that the market has not accounted for a potential positive shift in cryptocurrency regulations if Trump is reelected in November, a Decrypt <a href="https://decrypt.co/240859/potential-trump-victory-bitcoin-not-priced-bernstein">report </a>stated Monday. They anticipate significant growth stemming from institutional investors allocating to cryptocurrency and associated stocks.
Bernstein analysts are keeping a close eye on seven key cryptocurrency stocks as Trump gears up to speak at the Bitcoin Nashville conference on July 27. The research firm has a positive outlook on the cryptocurrency sector, forecasting considerable upside potential for select companies in light of a potentially improved regulatory environment.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39872368/mark-cuban-says-trumps-re-election-wont-impact-bitcoins-price-dogecoin-killer-shiba-inus-b?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Mark Cuban Says Trump&#8217;s Re-Election Won&#8217;t Impact Bitcoin&#8217;s Price, &#8216;Dogecoin Killer&#8217; Shiba Inu&#8217;s Burn Rate</a>
The report flagged seven stocks across three categories: Bitcoin mining consolidators including Riot Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIOT#NASDAQ">RIOT</a>), CleanSpark Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CLSK#NASDAQ">CLSK</a>), and Marathon Digital Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MARA#NASDAQ">MARA</a>), hybrid Bitcoin/AI data centers including Core Scientific Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CORZ#NASDAQ">CORZ</a>) and Iris Energy Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IREN#NASDAQ">IREN</a>), and cryptocurrency broking/exchange platform Robinhood Markets Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HOOD#NASDAQ">HOOD</a>), as well as the Bitcoin corporate treasury, MicroStrategy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>).
Why It Matters: Trump&#8217;s upcoming speech at the Bitcoin 2024 Conference in Nashville and his recent enthusiasm for cryptocurrency have been making headlines. Trump&#8217;s event, scheduled for July 27, aims to raise funds for his presidential campaign while highlighting his newfound support for crypto. The invitation for his exclusive event <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39889133/trump-fundraiser-at-bitcoin-conference-reaches-845k-asking-price-per-seat">boasts a staggering $844,600 ticket price, equivalent to the price of 13 Bitcoins</a>.
Analyst have warned traders about <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39891040/shorting-btc-before-trumps-bitcoin-conference-speech-is-a-dangerous-game-10x-research">the risks of shorting Bitcoin before Trump&#8217;s forthcoming speech</a> at the conference. There are widespread rumors that Trump might announce Bitcoin as a <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39866338/bitcoin-as-a-strategic-reserve-asset-for-the-us-expert-details-how-trump-could-make-it-hap" target="_blank" rel="noreferrer noopener">strategic reserve asset</a> for the U.S. during his speech on July 27.
Price Action: At the time of writing, Bitcoin was exchanging hands at $67,565.13, dropping marginally by 0.57% in the last 24 hours, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA..">data from Benzinga Pro</a>. 
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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.

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

Cryptocurrency

$BTC

CLSK

Core Scientific, Inc. - Class A Common Stock

CORZ

HOOD

IREN

MARA

MSTR

RIOT

Potential Trump Victory Could Stir Bitcoin Market, Bernstein Analysts Predict —  Implications For These Seven Crypto Stocks Outlined

Wiz, a cloud security startup, has decided to forgo a $23 billion acquisition deal with Google&#8216;s parent company 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>) and will instead focus on an initial public offering.
What Happened: The acquisition, which would have been Google&#8217;s largest, was called off due to antitrust and investor concerns, according to a CNBC <a href="https://www.cnbc.com/2024/07/23/google-wiz-deal-dead.html">report</a> on Monday. 
"Saying no to such humbling offers is tough," Wiz co-founder Assaf Rappaport informed employees of the decision in a memo, emphasizing the company&#8217;s commitment to its pre-existing goals, including an IPO and reaching $1 billion in annual recurring revenue. The report cited a person familiar with the company's thinking.
The deal would have nearly doubled Wiz&#8217;s $12 billion valuation from its most recent funding round. The startup, founded in 2020, has experienced rapid growth under Rappaport&#8217;s leadership.
Wiz&#8217;s cloud security products, which include prevention, active detection, and response, have attracted significant interest from large firms and would have bolstered Google&#8217;s competition with Microsoft Corp, which also offers security software.
Alphabet&#8217;s cloud division, which has been facing strong competition from Microsoft and Amazon.com, Inc., reached profitability in 2023 after years of substantial investment.
Wiz and Google did not immediately respond to&nbsp;<a href="http://pro.benzinga.com/" target="_blank" rel="noreferrer noopener">Benzinga</a>'s request for comment.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39872368/mark-cuban-says-trumps-re-election-wont-impact-bitcoins-price-dogecoin-killer-shiba-inus-b?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Mark Cuban Says Trump&#8217;s Re-Election Won&#8217;t Impact Bitcoin&#8217;s Price, &#8216;Dogecoin Killer&#8217; Shiba Inu&#8217;s Burn Rate</a>
Why It Matters: The potential acquisition of Wiz by Google was first reported in mid-July, with analysts predicting that this deal could set the stage for a significant shift in the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39779768/googles-poker-move-with-wiz-could-be-the-kick-off-for-big-tech-m-a-in-2025-analyst">Big Tech M&amp;A landscape</a>. The acquisition was seen as a strategic move that could enhance Google&#8217;s cloud security capabilities and help it compete with major rivals such as Amazon and Microsoft.
However, the collapse of this deal reflects the current climate, where exits in the technology industry have been rare. Startups are waiting for more <a href="https://www.benzinga.com/news/24/07/39820669/google-parent-alphabets-q2-expected-to-shine-with-ai-youtube-shorts-cloud-strength-analyst">receptive markets before going public</a>, and cash-rich companies are wary of not winning regulatory clearance for transactions.
Price Action: Alphabet Inc Class A stock closed at $181.67 today, up 2.26%. In after-hours trading, the stock increased by 0.14%. Year to date, Alphabet Inc Class A has risen by 31.48%. Meanwhile, Alphabet Inc Class C stock closed at $183.35 today, up 2.21%. In after-hours trading, the stock gained 0.11%, according to <a href="https://pro.benzinga.com/dashboard">data from Benzinga Pro</a>.
Read Next: 
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<li><a href="https://www.benzinga.com/markets/equities/24/07/39870083/black-swan-investor-says-greatest-bubble-in-human-history-is-on-the-verge-of-bursting-calls-stoc?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Black-Swan Investor Says &#8216;Greatest Bubble In Human History&#8217; Is On The Verge Of Bursting, Calls Stocks &#8216;Mega-Tinderbox-Time Bomb&#8217;</a></li>
</ul>
Image Via Shutterstock 
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

IPOs

Global

Startups

Google's $23B Acquisition Of Wiz Falls Through, Startup To Pursue IPO Instead: Report

The first-ever Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) spot ETFs have been <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39897440/ethereum-etfs-get-final-go-ahead-from-the-sec-what-happens-next">greenlighted by the SEC and are set to begin trading tomorrow morning</a>. Interestingly, two relatively lesser-known Ethereum-branded coins seem to have outperformed the marquee asset in 24-hour gains.
What Happened: Ethereum Name Service popped more than 5%, emerging as the best-performing cryptocurrency in the last 24 hours. The coin's trading volume jumped 66% to $191 million, signaling significant buying activity.
Similarly, Ethereum Classic popped 3% to hit a monthly high. ETC's trading volume nearly exploded 184% to $452 million in the last 24 hours.
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Gains +/-</td>
<td>Price (Recorded at 10:44 p.m. EDT)</td>
</tr>
<tr>
<td>Ethereum Name Service (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">ENS</a>)</td>
<td>+5.63%</td>
<td>$28.08</td>
</tr>
<tr>
<td>Ethereum Classic (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/etc/usd">ETC</a>)</td>
<td>+3.06%</td>
<td>$24.78</td>
</tr>
</tbody>
</table>
</figure>
These increases come despite a drop in Ethereum, which has lost 1.47% in the last 24 hours.&nbsp;
Ethereum Classic was created as a hard fork of the original Ethereum chain back in 2016 over disagreements within the community following a hack. The new chain inherited the name Ethereum as we know it, while the original one functions as Ethereum Classic.
Additionally, ENS is a token associated with Ethereum Name Service, a decentralized naming system that converts complex, machine-readable names to ones easily understandable by humans.
See Also:<a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39359780/dogecoin-shiba-inu-floki-are-dino-coins-says-trader-he-likes-these-3-other-meme-coins-as-b?itm_source=parsely-api"> </a><a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39891725/dogecoin-up-15-in-7-days-and-one-indicator-shows-it-may-be-primed-for-an-aggressive-up-mov">Dogecoin Up 15% In 7 Days And One Indicator Shows It May Be &#8216;Primed For An Aggressive Up Move&#8217;</a>
Why It Matters: ENS and ETC are fundamentally different from Ethereum, but many retail investors see them as cheaper alternatives. 
It is worth noting that both ENS and ETC have much lower unit prices than ETH. So, while ETH gains popularity among institutions, individual investors may be tempted to shift their focus to lower-cap &#8216;Ethereum&#8217; coins
Price Action: At the time of writing, Bitcoin was exchanging hands at $67,503 trading mostly flat in the last 24 hours, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA..">data from Benzinga Pro</a>.&nbsp;
Read Next:&nbsp;
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39891040/shorting-btc-before-trumps-bitcoin-conference-speech-is-a-dangerous-game-10x-research">Shorting BTC Before Trump&#8217;s Bitcoin Conference Speech Is A Dangerous Game: 10x Research</a></li>
</ul>

Movers

Trading Ideas

$ENS

$ETC

$ETH

Why Are Ethereum Classic And Ethereum Name Service Shooting Up On Spot ETH Approval Day?

Major U.S. indices closed higher on Monday, with the Dow Jones Industrial Average increasing by 0.3% to 40,415.44, the S&amp;P 500 advancing 1.1% to 5,564.41, and the Nasdaq climbing 1.6% to 18,007.57.
These are the top stocks that gained the attention of retail traders and investors throughout the day:
Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>)
Nvidia&#8217;s shares rose by 4.76% to close at $123.54. The company is reportedly developing a new AI chip, provisionally named &#8220;B20&#8221;, <a href="https://www.benzinga.com/news/24/07/39877062/nvidia-reportedly-developing-a-new-version-of-its-flagship-ai-chip-for-chinese-market-amid-us-export">designed to comply</a> with U.S. export controls for the Chinese market. This move comes in response to Washington&#8217;s decision to tighten its controls on semiconductor exports to China in 2023. 
CrowdStrike Holdings Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRWD#NASDAQ">CRWD</a>)
CrowdStrike shares fell by 13.46% to close at $263.91. The cybersecurity company experienced a significant global IT outage last week, which led to a sharp drop in its stock price. The company&#8217;s CEO, George Kurtz, <a href="https://www.benzinga.com/trading-ideas/long-ideas/24/07/39888488/jim-cramer-applauds-crowdstrikes-response-to-global-it-outage-sees-swift-recovery-ahead-">quickly took responsibility</a> for the outage, stating it was due to &#8220;a defect found in a single content update&#8221; and was not a result of a cyberattack. 
See Also: <a href="https://www.benzinga.com/general/entertainment/24/07/39891426/amc-entertainment-stock-halted-movie-theater-chain-announces-restructuring-of-debt-load-ada?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">AMC Entertainment Announces Restructuring Of Debt Load, Adam Aron Says Box Office Challenges Are In &#8216;Rearview Mirror&#8217; (UPDATED)</a>
AMC Entertainment Holdings Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AMC#NYSE">AMC</a>)
AMC shares increased by 5.39% to close at $5.28. The company announced plans to restructure its debt load, which led to a temporary halt in trading of its shares. AMC is reportedly moving its U.S. theaters into a <a href="https://www.benzinga.com/general/entertainment/24/07/39891426/amc-entertainment-stock-halted-movie-theater-chain-announces-restructuring-of-debt-load-ada">different unit of the company</a> to exchange its existing debt for new obligations backed by those theater locations. 
Verizon Communications Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VZ#NYSE">VZ</a>)
Verizon&#8217;s stock fell by 6.08% to close at $39.09. The company reported its fiscal <a href="https://www.benzinga.com/news/earnings/24/07/39883078/verizon-q2-earnings-wireless-revenue-and-broadband-subs-gain-traction-sales-fall-short-of-expectati">second-quarter results</a>, with sales increasing by 0.6% year over year to $32.8 billion, slightly missing the analyst consensus estimate of $33.1 billion. 
Tesla, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>)
Tesla&#8217;s shares rose by 5.15% to close at $251.51. The electric vehicle company is expected to release its <a href="https://www.benzinga.com/news/24/07/39890904/whats-going-on-with-tesla-stock-monday">quarterly financial earnings</a> on Tuesday after the market closes. 
Photo by Jirapong Manustrong on Shutterstock
Prepare for the day&#8217;s trading <a href=""Premarket">with top premarket movers and news</a> by Benzinga.
Read Next: 
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39871849/analyst-predicts-bitcoin-to-soar-by-83-but-theres-one-major-catch-were-going-to-get-that-c?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Analyst Predicts Bitcoin To Soar By 83%, But There&#8217;s One Major Catch: &#8216;We&#8217;re Going To Get That Continuation As Long As &#8230;&#8217;</a></li>
</ul>
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

CRWD

NVDA

TSLA

Nvidia, CrowdStrike, AMC, Verizon, Tesla: Why These 5 Stocks Are On Investors' Radars Today

In a bid to bolster the artificial intelligence industry in Saudi Arabia, Saudi Aramco&#8217;s venture arm, Wa&#8217;ed Ventures, has invested $15 million in South Korean AI chipmaker Rebellions Inc.
What Happened: Rebellions is collaborating with Samsung Electronics Co. to develop its proprietary AI chips. The startup recently announced its intention to merge with Sapeon Korea Inc., a subsidiary of SK Telecom Co., and is considering an initial public offering in South Korea, <a href="https://www.bloomberg.com/news/articles/2024-07-23/aramco-s-venture-arm-backs-south-korea-s-ai-chipmaker-rebellions">reported</a> Bloomberg.
Wa&#8217;ed Ventures, with a $500 million investment fund, is a key player in the Saudi Arabian tech investment scene. This investment in Rebellions is the second in the AI industry in less than a week, following a $6.5 million funding round for California-based AI platform aiXplain.
Fahad Alidi, managing director at Wa&#8217;ed Ventures, sees these investments as a strategic move to advance Saudi Arabia&#8217;s position in the global technology and innovation race.
Rebellions plans to use the funding to establish a new subsidiary in Saudi Arabia and commence business operations there.
See Also: <a href="https://www.benzinga.com/news/24/07/39859372/fbi-reportedly-used-israel-based-security-firms-unreleased-technology-to-crack-trump-shooters-phone?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">FBI Reportedly Used Israel-Based Security Firm&#8217;s Unreleased Technology To Crack Trump Shooter&#8217;s Phone</a>
Why It Matters: The investment in Rebellions is a part of Saudi Arabia's broader strategy to diversify its economy away from oil. Recently, Saudi Aramco announced an <a href="https://www.benzinga.com/markets/equities/24/06/39219771/saudi-aramcos-11-2b-stock-sale-to-fuel-mohammed-bin-salmans-economic-transformation-plans-for-th">$11.2 billion stock sale</a> to fuel Crown Prince Mohammed bin Salman's economic transformation plans for the Kingdom. This stock sale, the largest global offering in three years, aims to fund various initiatives under the Vision 2030 plan.
Moreover, the investment in AI technology aligns with Saudi Arabia's increasing need for data centers and semiconductors. As noted by Lumida Wealth co-founder Ram Ahluwalia, "<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/38577767/semiconductors-are-the-new-oil-wealth-manager-says-saudi-arabias-need-for-data-cent">Semiconductors are the New Oil</a>," highlighting the Kingdom's strategic pivot towards technology.
Additionally, the U.S. government has recently slowed down the issuance of <a href="https://www.benzinga.com/general/politics/24/05/39098684/us-taps-brakes-on-ai-chip-sales-to-middle-east-over-national-security-concerns">licenses for the export of AI chips</a> to the Middle East, citing national security concerns. This move could have significant implications for the global tech industry and underscores the importance of Saudi Arabia developing its own AI capabilities.
Despite earlier reports suggesting a potential scaling back of the ambitious $1.5 trillion NEOM project, Saudi Arabia has confirmed that the <a href="https://www.benzinga.com/general/politics/24/04/38512268/mohammed-bin-salman-scaling-back-ambitious-1-5-trillion-neom-project-saudi-economy-minister-says-the">NEOM megaprojects</a> will proceed as initially planned. This is part of the broader Vision 2030 initiative to diversify the Saudi economy away from oil.
Read Next: 
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<li><a href="https://www.benzinga.com/news/24/07/39881748/elon-musks-xai-flips-the-switch-on-100k-nvidia-h100-gpus-worth-up-to-4b-in-memphis-supercluster-most?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk&#8217;s xAI Flips The Switch On 100K Nvidia H100 GPUs Worth Up To $4B In Memphis Supercluster: &#8216;Most Powerful AI Training Cluster In The World&#8217;</a></li>
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Image Via Shutterstock 
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

Mohammed Bin Salman's AI Ambitions Get A Boost As Saudi Aramco's Venture Arm Invests $15M In South Korean AI Chipmaker

The CEO of CrowdStrike Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRWD#NASDAQ">CRWD</a>), George Kurtz, has been called upon by a U.S. congressional panel to testify regarding the <a href="https://www.benzinga.com/news/24/07/39861744/microsoft-outage-what-states-services-companies-saw-the-blue-screen-of-death">recent worldwide tech outage</a>. The panel has requested Kurtz to appear before the Subcommittee on Cybersecurity and Infrastructure Protection.
What Happened: The U.S. House of Representatives Homeland Security Committee has formally asked Kurtz to testify on the global tech outage that occurred last week, Reuters reported. 
The outage was a result of a faulty update to CrowdStrike&#8217;s security software, which affected millions of devices running on Microsoft Corp&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) Windows operating system.
The incident caused widespread <a href="https://www.benzinga.com/markets/equities/24/07/39854612/windows-pcs-crash-worldwide-with-users-experiencing-blue-screen-of-death-issue-crowdstrike-updat">disruptions across various industries</a>, including aviation, finance, and healthcare. Although services were gradually restored, the episode raised concerns about the concentration of critical software in the hands of a few companies and the potential for future incidents.
See Also: <a href="https://www.benzinga.com/news/24/07/39883677/investors-anticipate-unraveling-of-trump-trade-as-biden-exits-presidential-race-but-analyst-says-its?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Investors Anticipate Unraveling Of &#8216;Trump Trade&#8217; As Biden Exits Presidential Race, But Analyst Says &#8216;It&#8217;s A Bit Too Early For The Markets To Declare Victory For Trump&#8217;</a>
The congressional panel, in its letter to Kurtz, acknowledged CrowdStrike&#8217;s response and coordination with stakeholders but emphasized the gravity of the situation, which some have labeled as the most significant IT outage in history. The panel has asked Kurtz to schedule a hearing with the subcommittee by Wednesday.
&#8220;CrowdStrike is actively in contact with relevant Congressional Committees. Briefings and other engagement timelines may be disclosed at members&#8217; discretion,&#8221; a company spokesperson said.
Why It Matters: The recent global outage has had significant repercussions for CrowdStrike . Shares of the company fell sharply, dropping over 11% on Friday and continuing to decline on Monday. Analysts from Guggenheim and BTIG downgraded the stock from Buy to Neutral, <a href="https://www.benzinga.com/news/24/07/39890295/why-crowdstrike-shares-are-trading-lower-by-around-13-here-are-other-stocks-moving-in-mondays-mid-da">reflecting concerns over the company&#8217;s handling</a> of the incident.
Experts predict that the financial impact of the outage could exceed $1 billion, with potential <a href="https://www.benzinga.com/news/24/07/39879895/if-youre-a-lawyer-for-crowdstrike-youre-probably-not-going-to-enjoy-the-rest-of-your-summer-say-dan">demands for compensation</a> and legal actions looming. Dan Ives, a tech analyst for Wedbush Securities, noted that CrowdStrike&#8217;s legal team might face a challenging summer as they navigate the fallout.
Despite the negative impact, some analysts, including Jim Cramer, have praised CrowdStrike&#8217;s <a href="https://www.benzinga.com/trading-ideas/long-ideas/24/07/39888488/jim-cramer-applauds-crowdstrikes-response-to-global-it-outage-sees-swift-recovery-ahead-">response to the crisis</a>. CEO George Kurtz promptly acknowledged the issue, attributing it to a defect in a single content update and clarifying that it was not a security breach or cyberattack.
The outage has also raised concerns about CrowdStrike&#8217;s <a href="https://www.benzinga.com/news/24/07/39886199/crowdstrike-faces-downgrades-amid-concerns-over-pricing-and-renewals-following-disruption">pricing and renewal strategies</a>. The company&#8217;s stock faced further downgrades amid worries about its ability to retain customers and maintain competitive pricing following the disruption.
Price Action: Crowdstrike stock closed at $263.91 on Monday, down 13.46%. In after-hours trading, the stock dipped further 0.34%. Over the past five days, the stock has dropped by 30.23%. However, year to date, Crowdstrike has gained 6.89%, according to <a href="https://pro.benzinga.com/dashboard">data from Benzinga Pro</a>. 
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39872368/mark-cuban-says-trumps-re-election-wont-impact-bitcoins-price-dogecoin-killer-shiba-inus-b?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Mark Cuban Says Trump&#8217;s Re-Election Won&#8217;t Impact Bitcoin&#8217;s Price, &#8216;Dogecoin Killer&#8217; Shiba Inu&#8217;s Burn Rate Increases And More: This Week In Cryptocurrency</a></li>
</ul>
Image Via Shutterstock 
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

MSFT

CrowdStrike CEO George Kurtz To Testify Before Congress On Faulty Update Causing Global Disruptions

Leading cryptocurrencies traded broadly flat Monday as the SEC gave a final nod to spot ETFs tracking the price movement of Ethereum.
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Gains +/-</td>
<td>Price (Recorded 9:30 p.m. EDT)</td>
</tr>
<tr>
<td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td>
<td>-1.00%</td>
<td>$67,359.39</td>
</tr>
<tr>
<td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td>-1.55%</td>
<td>$3,483.31</td>
</tr>
<tr>
<td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td>-1.64%</td>
<td>$0.1387</td>
</tr>
</tbody>
</table>
</figure>
What Happened: Bitcoin meandered in the $67,000 &#8211; $68,000 region, while Ethereum started to witness selling as the <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39897440/ethereum-etfs-get-final-go-ahead-from-the-sec-what-happens-next#:~:text=Price%20Action%3A%20At%20the%20time,during%20Monday's%20regular%20trading%20session.">news of spot ETF approvals</a> started rolling in.
A whale transferred more than $30 million in Ether to Binance after the news, raising suspicions of a dump.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">After the <a href="https://twitter.com/hashtag/SEC?src=hash&amp;ref_src=twsrc%5Etfw">#SEC</a> approved 9 spot <a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw">#Ethereum</a> <a href="https://twitter.com/hashtag/ETF?src=hash&amp;ref_src=twsrc%5Etfw">#ETF</a> applications, a whale deposited 8,762 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a>($30.4M) into <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw">#Binance</a>. The whale withdrew the 8,762 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> from <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw">#Binance</a> at $3,876 between May 27 and May 29. If he sold, he would lose ~$3.6M.<a href="https://t.co/f6yQTgQYsv">https://t.co/f6yQTgQYsv</a> <a href="https://t.co/i3fn3S7AMs">pic.twitter.com/i3fn3S7AMs</a>
&mdash; Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1815566392558830014?ref_src=twsrc%5Etfw">July 23, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
The market witnessed more than $105 million in liquidations in the last 24 hours, with nearly $75 million in upside bets getting wiped out.&nbsp;
Ethereum's Open Interest rose marginally by 0.25%. An increase in OI, coinciding with a drop in price, is construed as the opening of new short positions, in turn signaling a continuation of the downtrend.
Bitcoin's OI fell 1.11% in the last 24 hours, indicating the liquidation of long-position traders.
The Cryptocurrency Fear &amp; Greed Index showed a reading of 71, increasing from 70 the previous day. The values implied the prevalence of "Greed" sentiment in the market.
Top Gainers (24-Hours)
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Gains +/-</td>
<td>Price (Recorded at 9:30 p.m. EDT)</td>
</tr>
<tr>
<td>Helium (HNT)</td>
<td>+4.18%</td>
<td>$5.10</td>
</tr>
<tr>
<td>cat in a dogs world (MEW)</td>
<td>+3.63%</td>
<td>$0.007637</td>
</tr>
<tr>
<td>XRP (XRP)</td>
<td>+2.16%</td>
<td>$0.6076</td>
</tr>
</tbody>
</table>
</figure>
The global cryptocurrency market stands at $2.44 trillion, down 1.44% in the last 24 hours.
Stocks started the week with a bang. The S&amp;P 500 rose 59.41 points, or 1.08%, to end at 5,564.41, marking its best performance since early June. The Nasdaq Composite surged 1.58% to finish at 18,007.57, while the blue-chip index, Dow Jones Industrial Average, added 0.32% to hit 40,415.44 at the closing bell.
The rally was spurred by AI chip giant NVIDIA Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) which bounced 4.76% during the day, wiping out some losses from the previous week.
Last week, major indices like the S&amp;P 500 and the Nasdaq Composite registered their biggest weekly losses since April.
According to the CME FedWatch tool, traders are anticipating a 91% chance of the Fed lowering interest rates during September's FOMC meeting.
See More: <a href="https://www.benzinga.com/money/best-crypto-scanners">Best Cryptocurrency Scanners</a>
Analyst Notes: Widely-followed cryptocurrency trader KALEO anticipates a higher probability of pullback after the spot Ether ETFs are approved.
That said, they believed buying the dip was the "best" position to enter as Ether looked bullish on a higher time frame.
"We&#8217;re still early enough into this bull market that shorting is a greedy play if you&#8217;re giga-bullish on a higher time frame (ETH hasn&#8217;t even touched a new ATH yet)," the trader emphasized.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw">#Ethereum</a> / <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> Still see there being a high likelihood we see some type of pullback after the spot ETF launches. We&#39;re still early enough into this bull market that shorting is a greedy play if you&#39;re giga-bullish on a higher time frame (ETH hasn&#39;t even touched a new ATH… <a href="https://t.co/iitD2l7QCe">pic.twitter.com/iitD2l7QCe</a>
&mdash; K A L E O (@CryptoKaleo) <a href="https://twitter.com/CryptoKaleo/status/1815496997115171183?ref_src=twsrc%5Etfw">July 22, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Another well-known trader, going by the pseudonym Moustache noted that the apex cryptocurrency has retested its previous all-time high of $69,000 for five months, something which they interpreted as bullish.
"The longer the better, because the stronger the support. Much higher in 2024. Be ready fam," the trader enthusiastically remarked.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> Did you know that <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> has already retested it&#39;s 2021 ATH for 5 months now? That&#39;s so bullish tbh. The longer the better, because the stronger the support.&#x1f4af; Much higher in 2024. Be ready fam. <a href="https://t.co/vALWKcY1pr">pic.twitter.com/vALWKcY1pr</a>
&mdash; 
</blockquote></div></figure>

$DOGE

Bitcoin, Dogecoin Trade Flat, Ethereum Drops As Spot ETFs Get Approved:  The Altcoin King Might Retrace But Analyst Thinks Dip Buying Is The 'Best' Position

In the wake of President Joe Biden&#8217;s decision to <a href="https://www.benzinga.com/general/politics/24/07/39874057/biden-drops-out-of-2024-race-in-bombshell-announcement-it-has-been-the-greatest-honor-of-my-life">withdraw from the presidential race</a> and endorse Vice President Kamala Harris, Senator Ted Cruz (R-Texas) has warned his party not to underestimate her potential as a formidable candidate.
What Happened: Cruz voiced his concerns on his podcast, &#8220;The Verdict&#8221;. He noted that Republicans often dismiss Harris as a joke, a perception he believes could be detrimental given the potential impact of substantial free media coverage that could portray Harris as a strong contender, <a href="https://thehill.com/homenews/campaign/4787242-ted-cruz-warns-against-underestimating-kamala-harris/">reported</a> The Hill.
&#8220;Republicans, I worry, vastly underestimate Kamala Harris. They don't think very highly of her. They don't think she's terribly bright. When you or I bring up Kamala Harris' name in Republican circles, people laugh. It's immediately a punchline,&#8221; said Cruz.
Following Biden&#8217;s endorsement, Harris managed to raise $81 million within the first 24 hours of her campaign. Despite this, Cruz maintains his belief that former President Donald Trump will win the November election, but cautioned that it won&#8217;t be an easy victory.
&#8220;Now I still think Trump wins in November. But this is not a layup. It is not given,&#8221; cautioned Cruz.
Cruz also expressed concern about overconfidence within the Republican party, especially following the Republican National Convention. He urged his party members to focus on working hard towards the election, rather than premature celebrations.
See Also: <a href="https://www.benzinga.com/general/education/24/07/39871374/mark-cuban-reflects-on-visiting-trump-at-the-white-house-hes-talking-nonsense-about-a-lot-of-th?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Mark Cuban Reflects On Visiting Trump At The White House: &#8216;He&#8217;s Talking Nonsense About a Lot of Things&#8217;</a>
Why It Matters: The political landscape underwent a significant shift when Biden announced his decision not to run for re-election in the 2024 presidential race.
Meanwhile, Harris received <a href="https://www.benzinga.com/news/24/07/39875041/gavin-newsom-backs-kamala-harris-calls-vp-tough-fearless-and-tenacious-the-ideal-candidate-to-counte">strong support</a> from Democrats, including California Governor Gavin Newsom, who praised her as &#8220;tough&#8221;, &#8220;fearless&#8221;, and &#8220;tenacious&#8221;, as reported by <a href="https://www.benzinga.com/news/24/07/39875041/gavin-newsom-backs-kamala-harris-calls-vp-tough-fearless-and-tenacious-the-ideal-candidate-to-counte">Benzinga</a>. 
Harris herself confidently expressed her readiness to confront Trump, <a href="https://www.benzinga.com/news/24/07/39896965/kamala-harris-says-shes-taken-on-perpetrators-of-all-kinds-before-i-know-donald-trumps-type">drawing on her prosecutorial experience</a>.
Photo by Consolidated News
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<li><a href="https://www.benzinga.com/news/24/07/39872063/political-strategist-says-these-three-democrats-could-replace-biden-in-the-presidential-race-and-vp?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Political Strategist Says These Three Democrats Could Replace Biden In The Presidential Race — And VP Harris Isn&#8217;t One Of Them</a></li>
</ul>
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

General

Ted Cruz Says Trump Victory In November Not A Given, Cautions Republicans Against Underestimating Kamala Harris: 'This Is Not A Layup'

Tesla and SpaceX CEO Elon Musk has announced the timeline for the chatbot <a href="https://www.benzinga.com/news/24/05/39027735/elon-musks-xai-raises-6b-heres-where-it-stands-against-openai-anthropic-and-other-ai-rivals">models of his AI company</a> xAI scheduled to be released later this year.
What Happened: On Monday, while speaking with Dr. Jordan B. Peterson at his <a href="https://www.benzinga.com/news/24/06/39404789/drone-footage-reveals-tesla-giga-texas-expansion-work-to-house-50-000-nvidia-gpus-ceo-elon-musk-says">Gigafactory in Texas</a>, Musk said that Grok 2 has &#8220;finished training&#8221; and is now in the bug-fixing stage. The official release is planned for next month.
&#8220;It should be on par, or close to GPT-4,&#8221; he said, comparing Grok 2&#8217;s capabilities with OpenAI&#8217;s model. The tech billionaire <a href="https://www.benzinga.com/news/24/05/38862733/openai-chief-scientist-that-quit-months-after-participating-in-coup-against-sam-altman-likely-to-joi">co-founded OpenAI</a> in 2015 and left the startup in 2018 over some differences. 
The tech mogul went on to say that Grok 3 is currently being trained at the Memphis Data Center and is expected to be released by December.
See Also: <a href="https://www.benzinga.com/news/24/07/39855896/how-to-fix-crowdstrike-issue-causing-blue-screen-of-death-on-your-windows-pc?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">How To Fix CrowdStrike Issue Causing Blue Screen Of Death On Your Windows PC</a>
&#8220;What we're doing in the Memphis Data Center is we're actually training Grok 3. So that'll probably finish training in about three or four months and then there'll be some fine-tuning and bug fixing and whatnot. And we're hoping to release Grok 3 by December,&#8221; he stated, adding, &#8220;And Grok 3 should be the most powerful AI in the world at that point.&#8221;
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">My conversation with <a href="https://twitter.com/elonmusk?ref_src=twsrc%5Etfw">@elonmusk</a>. Live today at 3pm ET. <a href="https://t.co/RyaZFmvC8i">https://t.co/RyaZFmvC8i</a>
&mdash; Dr Jordan B Peterson (@jordanbpeterson) <a href="https://twitter.com/jordanbpeterson/status/1815427698703090085?ref_src=twsrc%5Etfw">July 22, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Why It Matters: Musk&#8217;s AI company, xAI, has made significant strides in enhancing Grok. In May earlier it was reported that xAI plans to integrate multimodal inputs into Grok, allowing users to <a href="https://www.benzinga.com/news/24/05/38957813/elon-musks-xai-to-equip-grok-with-multimodal-ai-users-can-soon-get-text-based-answers-for-uploaded-p">upload images and receive text-based</a> responses.
Earlier this month, Musk disclosed that <a href="https://www.benzinga.com/news/24/07/39594885/elon-musk-reveals-the-staggering-amount-of-nvidia-h100-gpus-that-will-be-used-to-train-xai-chatbot-g">Grok 3 would be trained on</a> a massive 100,000 Nvidia H100 chips. These chips are crucial for handling data processing in large language models (LLMs) and are highly sought after in Silicon Valley.
The tech billionaire has also been using Grok to make fun of his adversaries and competitors. He previously used the AI <a href="https://www.benzinga.com/news/24/05/39004738/elon-musk-uses-grok-to-throw-shade-at-googles-fumbling-ai-powered-search-how-many-rocks-should-i-eat">platform to critique</a> Google&#8217;s AI-powered search feature, which was receiving backlash from users over <a href="https://www.benzinga.com/news/24/05/38826439/at-google-io-2024-sundar-pichai-and-team-announces-new-gemini-models-project-astra-ai-fraud-protecti">its poor performance</a>.
Check out more of Benzinga's Consumer Tech coverage by <a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next: 
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<li><a href="https://www.benzinga.com/news/24/07/39830453/days-after-elon-musk-deemed-university-of-tokyos-idea-pointless-scientists-develop-smiling-robot-wit?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Days After Elon Musk Deemed University Of Tokyo&#8217;s Idea &#8216;Pointless,&#8217; Scientists Develop Smiling Robot With Living Skin</a></li>
</ul>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Elon Musk Says 'Grok 3 Should Be The Most Powerful AI' Upon Its Release, Gives Timeline For xAI Models Aiming To Beat Gemini, ChatGPT

Rep. Alexandria Ocasio-Cortez (D-N.Y.) has called for the resignation of Secret Service Director Kimberly Cheatle, questioning the agency&#8217;s handling of the <a href="https://www.benzinga.com/news/24/07/39761846/trump-left-bloodied-after-shots-fired-at-pennsylvania-rally-evacuated-by-secret-service">recent assassination attempt</a> on former President Donald Trump.
What Happened: On Monday, Ocasio-Cortez took to X to express her concerns. She questioned the Secret Service&#8217;s protective measures during the incident, particularly the range of their protective perimeter. She also criticized the agency&#8217;s lack of public response to questions from Congress.
Ocasio-Cortez asked, &#8220;Why was the Secret Service's protective perimeter in Butler shorter than the range of an AR-15?&#8221; She said it didn&#8217;t take 60 days to answer that question.
She told Cheatle at a House Oversight Committee hearing that irrespective of the party it was unacceptable to wait that long for the report to come out.
<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">Why was the Secret Service's protective perimeter in Butler shorter than the range of an AR-15? It does not take 60 days to answer that question. The agency's failure to publicly account for these questions and others from Congress is unacceptable. Dir. Cheatle should resign. <a href="https://t.co/5C50Qi5EJS">pic.twitter.com/5C50Qi5EJS</a>
&mdash; Rep. Alexandria Ocasio-Cortez (@RepAOC) <a href="https://twitter.com/RepAOC/status/1815539179910058208?ref_src=twsrc%5Etfw">July 23, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
The post comes in the wake of a failed assassination attempt on Trump during a rally in Pennsylvania. The incident, which occurred on July 13, led to widespread criticism of the Secret Service&#8217;s security measures.
See Also: <a href="https://www.benzinga.com/news/24/07/39878848/trump-vs-harris-first-poll-after-bidens-exit-shows-majority-approve-of-decision-but-heres-how-it-mig?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump Vs. Harris: First Poll After Biden&#8217;s Exit Shows Majority Approve Of Decision, But Here&#8217;s How It Might Affect Ex-President&#8217;s Chances</a>
Why It Matters: The Secret Service has faced scrutiny following the assassination attempt. Cheatle, who appeared before the House Oversight Committee, admitted that the agency had <a href="https://www.benzinga.com/general/politics/24/07/39892168/we-failed-during-trump-assassination-attempt-secret-services-kimberly-cheatle-grilled-by-oversig">failed in its duty</a> to protect the former president. Despite this, she has <a href="https://www.benzinga.com/news/24/07/39784760/secret-service-director-kimberly-cheatle-says-the-buck-stops-with-me-on-trump-assassination-attempt">refused to step down</a> from her position.
Reports suggest that Trump had been requesting additional security measures for two years before the incident, but these requests were repeatedly ignored by high-ranking officials. The Secret Service cited a lack of resources as the reason for this.
Ocasio-Cortez is not the first to call for Cheatle&#8217;s resignation. Earlier, Rep. Marjorie Taylor Greene (R-Ga.) also <a href="https://www.benzinga.com/news/24/07/39830256/marjorie-taylor-greene-slams-absolute-security-failure-over-attempted-trump-assassination-secret-ser">demanded</a> Cheatle step down, citing the security failure during the assassination attempt.
Photo via Shutterstock
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<li><a href="https://www.benzinga.com/news/24/07/39896965/kamala-harris-says-shes-taken-on-perpetrators-of-all-kinds-before-i-know-donald-trumps-type">Kamala Harris Says She&#8217;s Taken On Perpetrators Of All Kinds Before: &#8216;I Know Donald Trump&#8217;s Type&#8217;</a></li>
</ul>
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

'Why Was The Secret Service's Protective Perimeter In Butler Shorter Than The Range Of An AR-15?' — AOC Asks Kimberly Cheatle On Trump Assassination Attempt

In a landmark development, the SEC has approved the commencement of trading for spot Ethereum (CRYPTO: ETF) exchange-traded funds Monday, exposing mainstream investors to the price moves of the world&#8217;s second-largest cryptocurrency.
What Happened: Bloomberg senior ETF analyst Eric Balchunas confirmed the news, as the 424(b) forms are now available on the SEC site, meaning the regulator has cleared them for trading from tomorrow.
The SEC has given its approval to registration forms from 21Shares, Bitwise, BlackRock, Fidelity, Franklin Templeton, VanEck and Invesco Galaxy. The only funds that don&#8217;t have effective documents from the SEC are Grayscale&#8217;s Trust and Mini Trust, which analysts <a href="https://x.com/JSeyff/status/1815509442890453141">expected </a>to come tomorrow morning before trading commences.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">It's official: Spot Eth ETFs have been made effective by the SEC. The 424(b) forms are rolling in now, the last step = all systems go for tomorrow's 930am launch. Game on. <a href="https://t.co/9MaBDBA8co">pic.twitter.com/9MaBDBA8co</a>
&mdash; Eric Balchunas (@EricBalchunas) <a href="https://twitter.com/EricBalchunas/status/1815489137484722333?ref_src=twsrc%5Etfw">July 22, 2024</a></blockquote>
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</figure>
Coinbase Global Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>), which happens to be the custodian for 8 of the 9 newly approved ETFs,also announced the clearance, describing it as an important milestone for cryptocurrencies.
<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">ETH ETFs have arrived. Today, the SEC approved 9 spot ETH ETF applications. Their much celebrated arrival marks another important milestone for crypto in expanding access to and diversifying our cryptoeconomy. Here's why &#x1f9f5; <a href="https://t.co/o6KfgGlUDn">pic.twitter.com/o6KfgGlUDn</a>
&mdash; Coinbase &#x1f6e1;&#xFE0F; (@coinbase) <a href="https://twitter.com/coinbase/status/1815525645318778894?ref_src=twsrc%5Etfw">July 22, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
The websites of the new investment products, including Blackrock&#8217;s ishares Ethereum Trust, also went live, unlocking a new era of trading for cryptocurrency-based funds.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39877439/elon-musk-jokes-hes-an-alien-scientist-with-a-japanese-pseudonym-but-dogecoin-designer-cla?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Jokes He&#8217;s An &#8216;Alien Scientist With A Japanese Pseudonym,&#8217; But Dogecoin Designer Clarifies Tesla CEO Is &#8216;Not Satoshi Nakamoto&#8217;</a>
Why It Matters: Despite an initial lack of engagement between the SEC and issuers, the approvals were granted unexpectedly. Firms had received <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38995513/sec-approves-spot-ethereum-etfs-opening-door-for-mainstream-investors">approval of 19b-4 forms in May</a> but needed their registration statements to go effective before launching.
Prior to the anticipated launch of spot Ethereum ETFs in the U.S., <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39795530/ethereum-etfs-to-attract-over-5b-in-inflows-but-returns-could-be-lower-than-expected-citi">Citi projected up to $5.4 billion in inflows within the first six months</a>. The bank cautioned that actual inflows and returns could be lower than projected.
Analysts led by Alex Saunders noted that Ethereum offers long-term diversification benefits due to its varied use-cases. However, these benefits are not currently reflected in the market.
Furthermore, Michaël van de Poppe, a widely-followed cryptocurrency analyst, anticipated a <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39876688/top-crypto-trader-reveals-why-hes-more-interested-in-these-ethereum-linked-coins">surge in activity</a> and value of tokens in the Ethereum ecosystem after the approval.
Price Action: At the time of writing, Ethereum was exchanging hands at $3,470.06, down 1.42% in the last 24 hours, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA..">data from Benzinga Pro</a>. Shares of Coinbase closed 2.86% higher at $265.15 during Monday&#8217;s regular trading session.
Photo Courtesy: Shutterstock.com
Read Next: 
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39884149/michelle-obama-for-democratic-nominee-crypto-bettors-think-her-odds-have-just-tripled?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Michelle Obama For Democratic Nominee? Crypto Bettors Think Her Odds Have Just Tripled</a></li>
</ul>

ETFs

COIN

Ethereum ETFs Get Final Go-Ahead From The SEC: What Happens Next?

Reuters Reports Harris Campaign Secures Enough Delegates To Clinch Democratic Presidential Nomination, Citing Campaign Sources

Membership Int Ser 1986 Nes Donkey Kong 3 Video Game

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