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Bitcoin Notches New All-time High, US$100,000 in Sight

Investing 3 Mins Read

The price of Bitcoin rallied to nearly US$100,000 on November 22, reaching a new all-time high of US$99,645 as trading wrapped for the week.

The popular cryptocurrency has been rising on the heels of Donald Trump’s victory in the US presidential election, which saw Donald Trump and the Republican Party declare victory after securing all seven swing states and taking control of both the Senate and the House of Representatives.

After a tumultuous start to the week, Bitcoin investors celebrated five new all-time highs, igniting a wave of optimism across the crypto community.

After the US Federal Reserve dampened expectations last week of further interest rate cuts when it meets in December, Bitcoin’s volatility score reached a high of 3.34 on Monday, according to TradingView data, while its price fluctuated between US$89,000 and US$93,800 at the start of the week.

Tuesday’s debut of BlackRock’s Bitcoin ETF( NASDAQ:IBIT) options drove Bitcoin’s value up by over 2 percent as nearly US$2 billion poured into the newly approved funds on their first day. The ratio of call options to put options was 4.4 to 1, indicating more bets on Bitcoin’s price increasing than decreasing.

On Wednesday, Bitcoin broke US$94,000 for the first time in history in pre-market trading, marking the first of five new all-time highs this week.

The rally continued after Bloomberg News reported that Trump’s team was holding discussions with the digital asset industry about whether to create a new White House post solely dedicated to crypto policy. This lead to its next record high of US$97,000 just after midnight EST on Thursday (November 21), followed by an ascent to US$98,310 early on Thursday morning.

It pulled back slightly as trading commenced, then surged to US$99,500 following the news, reported by Reuters around 2:30 p.m. EST on Thursday, that US Securities and Exchange Commission Chairman Gary Gensler would be leaving his position on January 20.

Bitcoin’s opening price on Friday was US$97,915 and it notched its final all-time high price of US$99,645 at around 2:30 p.m. EST. It closed the week with a valuation of around US$99,300 following reports that Trump’s social media company filed for a trademark with the United States Patent and Trademark Office for computer software for use as a digital wallet, payment processing for crypto, fiat and trading in digital assets.

Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

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Top 5 Canadian Mining Stocks This Week: Baru Gold Sparkles with 125 Percent Gain

Investing 10 Mins Read

The S&P/TSX Venture Composite Index (INDEXTSI:JX) increased 1.74 percent on the week to close at 606.17 on Friday (November 8). Meanwhile, the S&P/TSX Composite Index (INDEXTSI:OSPTX) was up 2.16 percent to 25,444.28 and the CSE Composite Index (CSE:CSECOMP) fell 6.17 percent to 138.03.

Statistics Canada released October consumer price index (CPI) numbers on Tuesday (November 19). The data showed that year-on-year inflation came in at 2 percent, up from the 1.6 percent recorded in September and slightly hotter than the 1.9 percent expected by economists.

While prices for goods were up just 0.1 percent, the largest contributing factor was a 6 percent rise in property taxes, the highest yearly increase since 1992.

The data may dull the prospect of a 50-point cut to the Bank of Canada’s benchmark rate some analysts were hoping for when it holds its last policy meeting of the year on December 11.

Across the Atlantic, tensions dramatically increased in the war between Russia and Ukraine on Tuesday after Russian President Vladimir Putin announced a change to the country’s nuclear doctrine. Now, a conventional attack on Russia by any country supported by a nuclear power will be considered a joint attack, allowing Russia to respond to either country with nuclear strikes.

Although this isn’t the first time the Russian President has issued nuclear threats, Russia followed the announcement by launching an experimental nuclear-capable intermediate-range ballistic missile on targets in Ukraine on Thursday (November 20).

The moves come after the US and UK authorized Ukraine to use ATACMS and Storm Shadow long-range missiles to strike military targets deeper into Russian territory.

The escalating tensions pushed investors to safe-haven assets, helping gold recover from post-election losses. It surged 5.78 percent this week to US$2,711.35 on Friday at 4:00 p.m. EST, while silver jumped 3.46 percent to US$31.30. Copper was also up, gaining 0.73 percent to US$4.13 per pound on the COMEX. More broadly, the S&P GSCI (INDEXSP:SPGSCI) climbed 3.79 percent to close the week at 547.18.

Equity markets posted gains this week as well. The S&P 500 (INDEXSP:INX) moved up 1.62 percent to end Friday at 5,969.33, the Nasdaq-100 (INDEXNASDAQ:NDX) saw a 1.59 percent boost to 20,776.23 and the Dow Jones Industrial Average (INDEXDJX:.DJI) increased 1.99 percent to 44,296.52.

Find out how the five best-performing Canadian mining stocks performed against that backdrop.

Data for this article was retrieved at 4:00 p.m. EST on November 22, 2024, using TradingView’s stock screener. Only companies trading on the TSX, TSXV and CSE with market capitalizations greater than C$10 million are included. Companies within the non-energy minerals and energy minerals sectors were considered.

1. Baru Gold (TSXV:BARU)

Weekly gain: 125 percent
Market cap: C$11.35 million
Share price: C$0.045

Baru Gold is a development company working to advance its Sangihe gold project in Indonesia.

The company holds a 70 percent stake in the 42,000 hectare project with the remaining 30 percent interest being held by three Indonesian-based companies.

A mineral resource estimate contained in a 2017 technical report demonstrates an indicated resource of 114,700 ounces of gold and 1.97 million ounces of silver from 3.16 million metric tons of ore with grades of 1.13 grams per metric ton (g/t) gold and 19.4 g/t silver. It also hosts an inferred resource of 105,000 ounces of gold and 1.06 million ounces of silver.

Shares in Baru gained this week following a pair of news releases.

The first came on Tuesday when the company announced it had signed a letter of intent with Indonesian company PT Arsari Tambang, which will become a strategic equity partner and investor with a 10 percent stake in Baru Gold subsidiary PT Tambang Mas Sangihe.

The initial 10 percent stake is being purchased from one of Baru’s private partners, meaning it will not affect Baru’s interest in its Sangihe project. However, PT Arsari will also be granted a five-year option for an additional 15 percent stake in the company; if exercised, Baru’s interest will lower from 70 to 59.5 percent.

The second announcement came on Thursday when Baru Gold announced it had retained the services of a specialist advisory firm to lead fundraising operations. The move comes after Baru received several unsolicited inquiries from investors looking to invest in the Indonesian gold sector, including from companies looking for diversification opportunities.

2. i-80 Gold (TSX:IAU)

Company Profile

Weekly gain: 85.71 percent
Market cap: C$380.5 million
Share price: C$0.91

I-80 Gold is a gold mining company working on expanding its operational footprint in Nevada, US.

The company owns three producing assets, Granite Creek, Ruby Hill and Lone Tree. While Granite Creek is a mining operation, the other two are processing material from heap leach pads. It is also developing its McCoy-Cove project. Construction at Ruby Hill’s Archimedes underground deposit is anticipated in H1 2025.

I-80 has been working to advance exploration and development work at all its properties to expand its production capacity. To this end, the company is refurbishing the autoclave at Lone Tree, which is planned to be the hub of its operations, processing sulfide ore from Granite Creek, Archimedes at Ruby Hill and McCoy-Cove.

In its Q3 report released on November 12, i-80 indicated it sold a lackluster 7,186 ounces of gold from its assets through the first nine months of the year, a steep decline from the 11,263 ounces sold during the same period in 2023. This was in part due to declining recovery from the heap leach pads and increased groundwater in the underground operations at Granite Creek.

However, the company, which changed leadership during the quarter, also outlined an extensive new plan that will focus on the development of assets with the goal of constructing five gold mines by the end of the decade with combined annual production of 400,000 to 500,000 ounces of gold.

While i-80’s share price dropped sharply after the release, it rebounded 85 percent last week.

3. CopperCorp Resources (TSXV:CPER)

Weekly gain: 83.33 percent
Market cap: C$10.46 million
Share price: C$0.165

CopperCorp Resources is an exploration and development company working to advance projects in Western Tasmania.

Its primary work over the past several months has been exploration of the 171 square kilometer Razorback prospect. Razorback hosted a historic mining operation and is home to mineralized deposits of copper, gold and rare earth elements.

The company has identified three high-priority target zones: Jukes, Hyde and Darwin.

The share price of CopperCorp climbed this week following an announcement on Monday (November 18) in which the company reported that it encountered broad zones of visible copper from the Jukes zone.

The company is currently awaiting assay results but said it was encouraged by the results, which include 24.4 meters of visual copper sulphide from 400 meters downhole and 88.7 meters of visual copper sulphide from 463.3 meters downhole. This comes after CopperCorp reported 0.35 percent copper and 0.19 g/t gold over 132 meters from an adjacent hole on October 15.

4. Northcliff Resources (TSX:NCF)

Company Profile

Weekly gain: 60 percent
Market cap: C$21.24 million
Share price: C$0.04

Northcliff Resources is a development and exploration company working to advance its Sisson tungsten and molybdenum project in New Brunswick, Canada.

The 14,140 hectare property has seen extensive exploration dating back to the early 1980s. A 2013 mineral resource estimate demonstrated measured and indicated quantities of 25.7 million metric tons of tungsten oxide and 178 million pounds of molybdenum from 387 million metric tons of ore with average grades of 0.07 percent tungsten oxide and 0.02 percent molybdenum.

The project is currently in the development stage and in 2022 was granted an extension to the construction commencement timeline by New Brunswick’s Department of Environment and Climate Change. Construction is now anticipated to begin in December 2025.

The company has not released news in the past week.

5. Rusoro Mining (TSXV:RML)

Company Profile

Weekly gain: 41.67 percent
Market cap: C$510.91 million
Share price: C$0.87

Rusoro Mining is a gold-mining company that had interests in Venezuela. Up until 2012, the company was operating two mines and two mills in the country, along with two additional projects that were nearing the production stage.

In March 2012, the company announced that the Venezuelan government had nationalized Rusoro’s operations without compensation. Following the appropriation of the company’s operations, Rusoro entered into arbitration proceedings before the World Bank’s International Center for the Settlement of Investment Disputes; in August 2016, Rusoro was awarded US$967.77 million, plus pre- and post-award interest to total more than US$1.2 billion.

After protracted legal battles to receive payment from the Venezuelan government, Rusoro filed a claim to enforce actions against assets of state-owned Petroleos de Venezuela (PDVSA), and in April 2023, the US District Court for Delaware found in favor of Rusoro. Venezuela’s appeal of the decision was rejected by a three judge appellate panel in July 2023.

Venezuela appealed to the Supreme Court of the US, but on January 8, Rusoro announced that the court refused to hear the appeal, making the July 2023 ruling the final hearing on the case.

In its press release, Rusoro noted that the Delaware court designated Rusoro as an “additional judgment creditor,” meaning the company will be entitled to a share of the sale of PDVSA assets when they go to auction.

The auction was supposed to take place earlier in the year but was pushed back in August after a US court agreed to delay the selection of finalists until October. The auction was then further delayed as Venezuelan bondholders put the auction in jeopardy as they filed a parallel claim for a portion of the assets.

Shares in Rusoro climbed this week after the Delaware judge overseeing the auction proposed major procedural changes and wanted the auction opened up to new bidders.

FAQs for Canadian mining stocks

What is the difference between the TSX and TSXV?

The TSX, or Toronto Stock Exchange, is used by senior companies with larger market caps, and the TSXV, or TSX Venture Exchange, is used by smaller-cap companies. Companies listed on the TSXV can graduate to the senior exchange.

How many companies are listed on the TSXV?

As of June 2024, there were 1,630 companies listed on the TSXV, 925 of which were mining companies. Comparatively, the TSX was home to 1,806 companies, with 188 of those being mining companies.

Together the TSX and TSXV host around 40 percent of the world’s public mining companies.

How much does it cost to list on the TSXV?

There are a variety of different fees that companies must pay to list on the TSXV, and according to the exchange, they can vary based on the transaction’s nature and complexity. The listing fee alone will most likely cost between C$10,000 to C$70,000. Accounting and auditing fees could rack up between C$25,000 and C$100,000, while legal fees are expected to be over C$75,000 and an underwriters’ commission may hit up to 12 percent.

The exchange lists a handful of other fees and expenses companies can expect, including but not limited to security commission and transfer agency fees, investor relations costs and director and officer liability insurance.

These are all just for the initial listing, of course. There are ongoing expenses once companies are trading, such as sustaining fees and additional listing fees, plus the costs associated with filing regular reports.

How do you trade on the TSXV?

Investors can trade on the TSXV the way they would trade stocks on any exchange. This means they can use a stock broker or an individual investment account to buy and sell shares of TSXV-listed companies during the exchange’s trading hours.

Article by Dean Belder; FAQs by Lauren Kelly.

Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.

Securities Disclosure: I, Lauren Kelly, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

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Tech 5: Bitcoin’s Price Sets Five New Records, Google Mulls Forced Divestiture

Investing 10 Mins Read

Bitcoin achieved five new all-time high prices this week, boosted by a wave of renewed optimism and growing confidence in the future of the cryptocurrency.

Meanwhile, MicroStrategy (NASDAQ:MSTR) increased its Bitcoin holdings, sending its stock price to record-high valuations, and a major development in Google’s (NASDAQ:GOOGL) anti-trust trial weighed heavily on investors.

1. Bitcoin nears US$100,000, Solana, XRP soar

This week proved to be another dynamic period in the digital asset market. The industry witnessed multiple new all-time highs and regulatory developments, with the total crypto market cap reaching a record-breaking US$3.025 trillion on Monday. The Crypto Fear and Greed Index also hit its highest level since March, a sign that market sentiment is becoming increasingly bullish.

After the US Federal Reserve dampened expectations last week of further interest rate cuts when it meets in December, Bitcoin’s volatility score reached a high of 3.34 on Monday, according to TradingView data, while its price fluctuated between US$89,000 and US$93,800 at the start of the week.

Tuesday’s debut of BlackRock’s Bitcoin ETF (NASDAQ:IBIT) options drove Bitcoin’s value up by over 2 percent as nearly US$2 billion poured into the newly approved funds on their first day. The ratio of call options to put options was 4.4 to 1, indicating more bets on Bitcoin’s price increasing than decreasing.

On Wednesday, Bitcoin broke US$94,000 for the first time in history in pre-market trading, marking the first of five new all-time highs this week.

The rally continued after Bloomberg News reported that Trump’s team was holding discussions with the digital asset industry about whether to create a new White House post solely dedicated to crypto policy. This lead to its next record high of US$97,000 just after midnight EST on Thursday (November 21), followed by an ascent to US$98,310 early on Thursday morning.

It pulled back slightly as trading commenced, then surged to US$99,500 following the news, reported by Reuters around 2:30 p.m. EST on Thursday, that US Securities and Exchange Commission Chairman Gary Gensler would be leaving his position on January 20.

Bitcoin’s opening price on Friday was US$97,915 and it notched its final all-time high price of US$99,645 at around 2:30 p.m. EST. It closed the week with a valuation of around US$99,300 following reports that Trump’s social media company filed for a trademark with the United States Patent and Trademark Office for computer software for use as a digital wallet, payment processing for crypto, fiat and trading in digital assets.

In other crypto news, the biggest gainer was Solana emerged as a significant mover, with its price increasing by 20.2 percent week-over-week to reach US$253.70 on Friday. The cryptocurrency, which outpaced Ethereum in terms of decentralized exchange (DEX) volume this week, hit a record-high valuation of US$262.46 on Thursday.

This substantial change was driven by Bitwise’s registration of a Bitwise Solana ETF on Thursday, indicating the company’s intent to launch a spot Solana ETF. This makes Bitwise the latest institution to file for a Solana spot ETF. Previously, VanEck filed with the SEC for a spot Solana ETF on June 27, 21Shares submitted its Solana ETF application on June 28 and Canary Capital filed on October 30.

By the time the trading day closed Friday, XRP had climbed 33 percent this week to a new all-time high of US$1.48 on Friday morning. Open interest for XRP derivatives also surpassed US$2 billion on Sunday (November 17). Ethereum was also up this week, moving up 8.4 percent for the week to US$3,293.28.

Bitcoin price chart, November 16, 2024, to November 22, 2024.

Chart provided by CoinGecko

2. MicroStrategy scoops up more Bitcoin

MicroStrategy’s Bitcoin buying spree continued this week as the company announced a private offering of US$1.75 billion of convertible senior notes on Monday. In the press release, the company shared its intention to use the proceeds of the sale to purchase more Bitcoin and for general corporate purposes.

On Tuesday, amidst a Bitcoin rally, MicroStrategy’s options open interest exceeded market capitalization, and the stock’s trading volume was comparable to that of Apple and Microsoft. Its share price closed at a record US$430, 24.79 percent above the previous day’s opening price of US$345.15.

On Wednesday, MicroStrategy made the top 100 US publicly traded companies by market capitalization. Boosted by the surging price of Bitcoin, the company increased its offering to US$2.6 billion. Chairman Michael Saylor also said would be presenting a brief pitch to Microsoft’s (NASDAQ:MSFT) board of directors to encourage the company to include Bitcoin in its investment portfolio.

On Thursday MicroStrategy’s share price jumped to US$535.74. However, its week’s gains were reversed after Citron Research said the firm was shorting the software company. “Much respect to @saylor, but even he must know $MSTR is overheated,” the firm tweeted as the markets opened.

Later that day, MicroStrategy announced it had completed its offering, worth US$3 billion, but it wasn’t enough to sway investors. The company’s share price ultimately closed the day at US$397.28, down 25.84 percent from the start of trading, marking its worst single-day loss since April 30.

The company’s share price ultimately ended the week up 22 percent overall after recovering slightly during Friday’s session, which it closed at US$421.88.

3. Judge rules Alphabet must divest its Chrome business

In a court filing released on Thursday morning, antitrust enforcers ordered Google’s parent company, Alphabet, to sell its Chrome browser. According to Bloomberg Intelligence analyst Mandeep Singh, the business could go for as much as US$20 billion.

Alphabet’s share price slid 4.7 percent to a four-week low as markets wrapped on Thursday. It dropped a further 0.38 percent after hours.

This is the latest development in the antitrust lawsuit filed against Alphabet in 2020. In August 2024, following a trial that began in September 2023, a judge ruled that Google’s practice of paying billions of dollars to maintain its position as the default search engine was an illegal monopolization of the search market.

Google will have an opportunity to submit its own views on the matter next month. In a statement, Kent Walker, President of Global Affairs for Google and Alphabet, said, “DOJ’s approach would result in unprecedented government overreach that would harm American consumers, developers, and small businesses — and jeopardize America’s global economic and technological leadership at precisely the moment it’s needed most.”

The Justice Department will also offer additional perspectives in March 2025 before a two-week hearing scheduled for April. However, when President-elect Donald Trump takes office in January, his administration could opt to discard or make changes to the injunction.

In the court filing, the plaintiffs also proposed that Google be prohibited from acquiring, investing in or partnering with any company that influences consumer search behavior, including AI-powered search products.

Sources suggest this provision is aimed at Google’s investment in Anthropic. If the judge accepts the proposal, Google will be forced to unwind a partnership with Anthropic, which was struck in 2022 and made Google Cloud Anthropic’s primary cloud provider.

The two companies are also collaborating to develop AI systems. Google’s investments in Anthropic have been a significant source of funding for Anthropic’s research and development efforts. The deal was subject to regulatory scrutiny in the United Kingdom; however, the Competitions and Markets Authority, the UK’s primary competition regulatory, ultimately decided not to pursue an investigation on Thursday.

Enforcers also recommended the divestiture of the company’s Android operating system in the case that the ‘proposed conduct remedies are not effective in preventing Google from improperly leveraging its control of the Android ecosystem to its advantage, or if Google attempts to circumvent the remedy package.’

Google ended the week with its share price down 4.79 percent for the week at a valuation of US$166.57.

Chart showing Alphabet’s share price performance, November 18, 2024, to November 22, 2024.

Chart via Google Finance.

4. Sky-high expectations dampen Nvidia’s Q3 earnings report

Nvidia’s (NASDAQ:NVDA) share price experienced a turbulent week, starting with a 1.3 percent decline on Monday following a report in the Information alleging that the company’s new Blackwell graphics processing units (GPUs) were overheating servers. Sources claimed that Nvidia had asked suppliers to redesign the server racks due to this issue late in the production process, but did not alert customers of a potential delay.

While the news sparked concerns about the potential impact on Nvidia’s revenue, Business Insider reported the following day that the issues had largely been resolved.

Amidst this backdrop, Nvidia’s Q3 2025 results on Wednesday were eagerly anticipated. Nvidia reported total revenue of US$35.1 billion for Q3, up 17 percent quarter-over-quarter and up 94 percent year-over-year. This was higher than both Nvidia’s own Q3 revenue guidance of US$32.5 billion from its Q2 2025 report and LSEG analysts’ estimates of US$33.1 billion.

Data center revenue came in at US$30.8 billion, up 17 percent from Q2 and up 112 percent from a year ago. GAAP earnings per diluted share were US$0.78, up 16 percent from the previous quarter and 111 percent from a year ago. The consensus estimate for earnings per share was US$0.75.

Despite an objectively positive Q3 performance, Nvidia’s stock price fell in after-hours trading. The company’s Q4 sales forecast of US$37.5 billion, while strong, disappointed investors that projected the first quarter to count sales of its anticipated Blackwell chips to be between US$37.1 billion and US$41 billion.

This lower-than-expected forecast represents the company’s slowest revenue growth projection in seven quarters, even considering Big Tech’s multi-billion dollar spending plans on AI.

Additionally, the company remained silent on whether it anticipates sales of its Hopper chips to increase as Blackwell chips become available. A slowdown in Hopper sales could negatively impact Q4 revenues, particularly if production issues continue.

By Thursday morning it had recovered slightly, opening 2.3 percent above Wednesday’s close and over 7 percent higher than its valuation on Monday. Nvidia ultimately closed the week up 1.84 percent at US$141.95.

5. Super Micro Computer hires new auditor, submits plan of compliance

Shares of Super Micro Computer (NASDAQ:SMCI) jumped on Tuesday after the company revealed it hired a new auditor, BDO USA and submitted a compliance plan to the Nasdaq Exchange (INDEXNASDAQ:.IXIC) with regards to the delayed filing of its reports, Form 10-K for the fiscal year ended June 30, 2024, and Form 10-Q for the period ended September 30, 2024.

Both were delayed due to concerns raised by the company’s former auditor, Ernst & Young, about its financial reporting, governance and internal controls.

Its share price rose to US$27.16 at the opening bell on Tuesday, over 26 percent higher than Monday’s closing price.

Super Micro may be able to extend its deadline for filing the required document until February if the Nasdaq accepts its plan. The company’s listing on the exchange would be maintained during this period until a final decision is reached regarding its compliance. In the event the plan is not approved, Super Micro has the option to appeal the decision.

Its share price was US$33.15 on Friday’s close, up over 65 percent for the week.

Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

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CFPB expands oversight of digital payments services including Apple Pay and Cash App

Business 3 Mins Read

The Consumer Financial Protection Bureau on Thursday issued a finalized version of a rule saying it will soon supervise nonbank firms that offer financial services likes payments and wallet apps.

Tech giants and payments firms that handle at least 50 million transactions annually will fall under the review, which is meant to ensure the newer entrants adhere to the laws that banks and credit unions abide by, the CFPB said in a release.

The CFPB said that seven nonbanks qualify for the new scrutiny. That would include payments services from Apple, Google and Amazon, as well as fintech firms, including PayPal and Block, and the peer-to-peer services Venmo and Zelle.

While the CFPB already had some authority over digital payment companies because of its oversight of electronic fund transfers, the new rule allows it to treat tech companies more like banks. It makes the firms subject to “proactive examinations” to ensure legal compliance, enabling it to demand records and interview employees.

“Digital payments have gone from novelty to necessity and our oversight must reflect this reality,” said CFPB Director Rohit Chopra. “The rule will help to protect consumer privacy, guard against fraud, and prevent illegal account closures.”

A year ago, the CFPB said it wanted to extend its oversight to tech and fintech companies that offer financial services but that have sidestepped more scrutiny by partnering with banks. Americans are increasingly using payment apps as de facto bank accounts, storing cash and making everyday purchases through their mobile phones.

The most popular apps covered by the rule collectively process more than 13 billion consumer payments a year, and have gained “particularly strong adoption” among low- and middle-income users, the CFPB said on Thursday.

“What began as a convenient alternative to cash has evolved into a critical financial tool, processing over a trillion dollars in payments between consumers and their friends, families, and businesses,” the regulator said.

The initial proposal would’ve subjected companies that process at least 5 million transactions annually to some of the same examinations that the CFPB conducts on banks and credit unions. That threshold got raised to 50 million transactions in the final rule, limiting the expanded powers from roughly 17 companies to just seven, the agency said Thursday.

Payment apps that only work at a particular retailer, like Starbucks, are excluded from the rule.

The new CFPB rule is one of the rare instances where the U.S. banking industry publicly supported the regulator’s actions; banks have long felt that tech firms making inroads in financial services ought to be more scrutinized.

The CFPB said the rule will take effect 30 days after its publication in the Federal Register.

It is not known whether the incoming Trump administration will decide to change or kill the new rule, but it is possible that expanded oversight of tech companies aligns with future CFPB leadership.

This post appeared first on NBC NEWS

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SEC Chair Gary Gensler will step down Jan. 20, making way for Trump replacement

Business 2 Mins Read

Securities and Exchange Commission Chair Gary Gensler will resign on Jan. 20, the agency announced Thursday, paving the way for President-elect Donald Trump to select a replacement immediately.

Gensler took over the SEC in 2021, and under his leadership the commission has taken an ambitious but controversial approach to several regulatory issues, including cryptocurrencies. Trump has not announced his pick to lead the SEC, but the expectation is that the next chair will be friendlier to Wall Street and crypto.

SEC commissioners serve five-year terms, so Gensler could have in theory stayed on until at least 2026. Instead, he is leaving the agency completely, as was widely expected.

“The staff and the Commission are deeply mission-driven, focused on protecting investors, facilitating capital formation, and ensuring that the markets work for investors and issuers alike. The staff comprises true public servants. It has been an honor of a lifetime to serve with them on behalf of everyday Americans and ensure that our capital markets remain the best in the world,” Gensler said in a press release.

Under Gensler, the SEC pushed to require more disclosures from publicly traded companies and financial advisors for investors. The agency also sped-up settlement times for stock trades to just one day, a change spurred in part by the meme-stock trading in early 2021.

Gensler’s SEC has had several high profile disputes with the crypto industry, including a legal fight with Grayscale to block bitcoin ETFs. Grayscale won in court, and billions of dollars have flowed into those new funds since they launched in January. The SEC also sued several large digital asset companies in recent years over how they were handling or selling crypto, including Coinbase, with mixed results.

Trump could have the opportunity to quickly reshape the SEC. In addition to Gensler’s soon-to-be vacant seat, the terms for two of the other four commissioners expire in either 2024 or 2025.

Commissioners can serve up to 18 months beyond the end of their term. Presidential appointments to the SEC are subject to the advice and consent of the Senate.

This post appeared first on NBC NEWS

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Be ALERT for Warning Signs – S&P 500 Downturn

Stock 1 Min Read

In this exclusive StockCharts video, Joe goes into detail on the S&P 500 ETF (SPY), sharing why using MACD and ADX together can be beneficial — especially in the current environment. He touches on Sentiment, Volatility and Momentum, pointing to reasons why we need to be on alert at this time for signs of a downturn. Joe covers the QQQ and IWM since both are at critical levels right now. Finally, he goes through the symbol requests that came through this week, including AMZN, CVNA, and more.

This video was originally published on November 20, 2024. Click this link to watch on StockCharts TV.

Archived videos from Joe are available at this link. Send symbol requests to stocktalk@stockcharts.com; you can also submit a request in the comments section below the video on YouTube. Symbol Requests can be sent in throughout the week prior to the next show.

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Financial Upswing: Understanding the Stock Market Rally and Yield Rise

Stock 5 Mins Read

The afternoon turnaround seems to be more the norm than the exception. Thursday’s stock market action followed the trend. What makes Thursday’s turnaround more pronounced is a possible resumption of the uptrend in equities. But not all stocks are created equal.

A look at the day’s MarketCarpet of the S&P 500 stocks shows an interesting mix. While there was more green than red, some of the heavier-weighted S&P 500 stocks—Microsoft Corp. (MSFT), Apple, Inc. (AAPL), Alphabet, Inc. (GOOGL), Amazon.com, Inc. (AMZN), Meta Platforms, Inc. (META), and Tesla, Inc. (TSLA)—were trading lower. NVIDIA Corp. (NVDA) managed to eke out a slightly higher close despite its sharp drop after reporting earnings after Wednesday’s close. Earnings and revenues beat expectations, but the market may have had higher expectations. NVDA’s 0.53% gain didn’t move the needle much in Thursday’s positive move.

FIGURE 1.  MARKETCARPET FOR THURSDAY, NOVEMBER 21. A lot of green, but not from the heavily weighted large-cap stocks.Image source: StockCharts.com. For educational purposes.

An initial glance at the MarketCarpet screams the need to view the chart of the S&P 500 Equal Weighted Index ($SPXEW).

Technical Support Holds

Comparing the chart of $SPX with $SPXEW shows that the latter made a bigger move on Thursday. Regardless, both indexes bounced above their 25-day simple moving averages (SMAs).

FIGURE 2. S&P 500 VS. S&P 500 EQUAL-WEIGHTED INDEX. The S&P 500 rebounded and closed higher toward the top end of the day’s range. Most of the heavily weighted stocks in the index closed lower, so it’s no surprise that the S&P 500 Equal-Weighted Index made a more significant move.Chart source: StockChartsACP. For educational purposes.

The positive slope of both indicates the uptrend is still in play. Both are close to their 52-week highs (see lower panel). The $SPXEW is only 0.54% from its high whereas the $SPX is 0.88% away.

It’s a similar scenario with the Nasdaq Composite ($COMPQ) and Nasdaq 100 Equal-Weighted Index ($NDXE), although Thursday’s upside move was much smaller than that of the S&P 500 (see chart below).

FIGURE 3: NASDAQ COMPOSITE VS. NASDAQ 100 EQUAL-WEIGHTED INDEX. Both indexes are above their 25-day SMAs, which have a positive slope. Both are also close to their all-time highs.Chart source: StockChartsACP. For educational purposes.

$COMPQ and $NDXE are trending higher (their 25-day SMAs are trending higher), but the last bar in $NDXE shows more upside movement. Both indexes are approaching their 52-week highs—$COMPQ is 1.72% away, while $NDXE is 0.99% away.

The Nasdaq Composite chart shows some selling pressure, but it’s trading above its July high. If it maintains that position, going forward, it will be bullish for the index.

Even though the Dow Jones Industrial Average ($INDU) may not be as popular as it once was, it, out of the three major equity indexes, rose the most, closing up by 1.06%. It, too, had a turnaround day, bouncing off its 25-day SMA on Tuesday, and is also approaching an all-time high.

The biggest winners were small and mid-caps. The S&P 400 Mid Cap Index ($MID) and S&P 600 Small Cap Index ($SML) are both above their November lows and approaching their all-time highs (see chart below).

FIGURE 4. MID CAPS VS. SMALL CAPS. Both indexes had significant moves on Thursday. The trend continues to be bullish and both are approaching their all-time highs.Chart source: StockChartsACP. For educational purposes.

The Extended Factors Dashboard panel shows the mid-cap revenue and momentum ETFs were Thursday’s top percentage movers.

FIGURE 5. EXTENDED FACTORS DASHBOARD PANEL. Mid-cap revenue and momentum were the largest percentage winners on Thursday.Image source: StockCharts.com. For educational purposes.

The big-picture view of the equity markets: After the post-election pullback, equities seem to be making a comeback. The big question is whether they will have the momentum to break above their all-time highs.

The Bond Market’s Narrative

While equities are rising, you can’t ignore what’s happening in the bond market. Treasury yields are climbing in tandem with equities. This is mainly due to strong economic growth and concerns of possible inflation with the new administration’s implementation of tariffs and tax cuts. We’ve already heard the CEO of Walmart chime in with his concerns about consumers having to pay more due to tariffs.

As yields rise, bond prices fall. The daily chart of the iShares 20+ Year Treasury Bond ETF (TLT) below shows that since September 17, TLT has fallen over 12%. That was around the time the Federal Reserve announced a 50 basis point interest rate cut.

FIGURE 6. DAILY CHART OF TLT. TLT fell over 12% since September 17, which is around the time the Fed cut interest rates by 50 basis points.Image source: StockCharts.com. For educational purposes.

Closing Bell

While the macroeconomic picture is positive, investors are concerned about the possibility of reinflation, especially if tariffs are implemented. We’re still a few months away from January 20, so it wouldn’t be surprising to see more choppiness in the stock and bond market from now until the end of the year.

Geopolitical tensions could also rise. If the trend in equities continues to be bullish, just stay your course and hold on to your positions. But if there’s any change, such as a negative slope in your preferred moving average or a decline in market breadth, it may be time to unload some of your positions and have some cash sitting on the sidelines.

Disclaimer: This blog is for educational purposes only and should not be construed as financial advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional.

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Stock

Bonds Get Death Cross SELL Signal

Stock 3 Mins Read

Today the 20-Year Bond ETF (TLT) 50-day EMA crossed down through the 200-day EMA (Death Cross), generating an LT Trend Model SELL Signal. This was the result of a down trend lasting over two months. We note that the PMO has been running flat below the zero line for a month, which tells us that steady downward pressure has been applied to price.

On the weekly chart we observe a bullish reverse head and shoulders pattern, which executed when price broke above the neckline and rallied for a couple of weeks. Next it performed a technical pullback to the support line. If the support fails, the pattern will abort, and we will assume a bearish outlook in this time frame.

We have been watching this 46-year monthly chart of the 30-Year Bond for a few years now. An extremely long-term (40-year) rising trend line was violated in 2022. At the time we asserted that bonds had turned bearish and that condition would most likely persist for many years. We have not changed our outlook. There may be encouraging rallies from time to time, but we believe they will fail.

Conclusion: The LT Trend Model SELL Signal was triggered by a persistent two-month decline. In the longer-term, bonds appear to be attempting a rally. Our outlook is bearish, but we need to see how far the rally can go. In any case, we believe the ultimate outcome will be bearish.

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Disclaimer: This blog is for educational purposes only and should not be construed as financial advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.

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Operator XR – Sales Update November 24

Investing 2 Mins Read

xReality Group Limited (ASX:XRG) (xReality) is pleased to provide the following sales update for Operator XR, a wholly owned subsidiary of xReality Group Ltd. Operator XR provides Military and Law Enforcement agencies around the world with a unique, integrated Mission Planning & Rehearsal System, which is portable, secure, and highly immersive.

In light of the XRG AGM being held today, the board would like to provide the market with the latest sales performance information on Operator XR since the last market update on the 31st October 2024 contained within the Quarterly Activities Report and Appendix 4C.

Highlights

  • Total Contract Value of $7.13m in FY25 YTD vs $4.1M EOFY24
  • Annual Recurring Revenue $3.54m increase of 59% from EOFY24
  • United States Department of Defence Project ($5.6m) on track

Operator XR Annual Recurring Revenue (ARR)

  • Total ARR = $3,538,580
  • ARR increase since 1st October = $496,885 (+16%)

Operator XR Total Contract Value (TCV)

  • Total TCV YTD = $7,130,955
  • Total TCV increase since 1st October = $882,351 (+14%)

XRG CEO Wayne Jones said, “The remarkable penetration of Operator XR across both the Law Enforcement and Military markets, particularly in the United States of America, has continued throughout the early stages of the financial year. The exposure gained through major customers, including the US Department of Defence, is beginning to open new opportunities to other federal agencies and brings further validation to the Operator XR software.”

Click here for the full ASX Release

This post appeared first on investingnews.com

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xReality Group Limited Chairman’s Address 2024 Annual General Meeting – 22 November 2024

Investing 3 Mins Read

xReality Group Limited (ASX:XRG) (xReality) is pleased to present xReality Group Limited’s 2024 Annual General Meeting.

2024 Financial Performance

In FY24 the company achieved a total income of $10.24m plus deferred revenue of $4.48m which is considerably more than previous years. The company achieved $4.1m in total contract value through Operator XR, however the revenue from these sales will be recognised over a 36-month period as Annual Recurring Revenue. Given the timing of most of the Operator XR sales in FY24, only $691k is included as recognised revenue this financial year. The remainder is reflected on the balance sheet as deferred revenue which has increased by 138% from $1.89m to $4.48m.

Delivering on Strategy and Outperforming Expectations

XRG’s achievements in FY24, particularly in validating and expanding the Operator XR software products, underscore a pivotal year of strategic execution and market penetration. The company not only met but also surpassed its strategic milestones, demonstrating effective growth management and the appeal of its innovative solutions in global markets. This success has set a strong precedent for continued growth and innovation throughout FY25 and beyond.

Enterprise Sector

Throughout FY24, xReality Group Limited made substantial strides in expanding its customer base for the Operator XR platform. The year saw a marked increase in the number of new customers, from 3 at the end of June 2023 to 39 currently, particularly in the U.S. and Australian markets.

FY24 proved Operator XR product market fit and validated Operator XR as the go- forward growth platform for XRG, as proven by:

  • The Speed and quality of top tier customer acquisition, typified by the contract win with $5.6m US Department of Defense. The Board are highly encouraged by this, noting XRG has overcome generally longer defence sales cycle times and a contract win against incumbent US competitors.
  • Material, multi-year contract commitments from top tier customers spanning federal and state levels in the USA and ANZ, including the FBI, LA SWAT and other key US agencies .
  • Rapid expansion in the US has been boosted through customer word-of- mouth, demonstratring a compelling product proposition, whilst maintaining product growth and penetratrion in ANZ market. We now serve 25 State Police and County Sherriffs departments in the US.
  • Operator XR has attracted significant internal XRG investment priority and management focus, and quickly generated cashflows to sustain continued and increasing investment.
  • FY25 strong demand outlook and existing pipeline for the USA and Rest of the World, including additional top tier national prospects.
  • Outlook to profitability for the Operator XR business in FY25 is encouraging, after ongoing product and sales investment, as pipeline opportunities continue to convert.

The significant growth, market penetration, and commercial success of Operator XR warrants increasing focus and priority within XRG, as management and Board seek to capitalise on this major opportunity to create substantial value for shareholders.

Entertainment Sector

The Entertainment Segment of the business comprises Indoor Skydiving and Freak Entertainment. Positive Cashflow from this sector played an important role in the expansion of the rest of the company. Both iFLY and FREAK Entertainment performed steadily in a soft retail market. The iFLY facilities in Western Sydney and Surfers Paradise provided $7.3m cash receipts throughout the year with the four FREAK Entertainment facilities located in NSW and QLD contributing a combined further $1.3m in cash.

Click here for the full ASX Release

This post appeared first on investingnews.com

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