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Bitcoin bubblin': Bitcoin's surge is bringing the rest of crypto with it

Bitcoin bubblin': Bitcoin's surge is bringing the rest of crypto with it

David Crowther
3/5/24 7:00PM

Bitcoin bubblin’

‍Having endured the "crypto winter", Bitcoin has once again climbed over the $69,000 threshold, trading at a new record high on Tuesday — a milestone mirroring a number of major stock indices in the US, Europe, and Japan, all of which have reached new peaks in 2024.

Part of the recent surge is attributed to the approvals of Bitcoin exchange-traded funds, greenlit by US regulators in January, which have widened access to the world’s largest cryptocurrency, with the 10 US Bitcoin funds currently available ballooning in size to nearly $50 billion since then. Another potential factor is the upcoming “halving” — a predetermined schedule that cuts the reward for mining the cryptocurrency in half approximately every 4 years, limiting the growth of new supply of Bitcoin.

‍Rising tide lifts all coins

‍Whether it’s the ETFs, the halving event, or just a renewed enthusiasm for digital currency, Bitcoin continues to drive the wider crypto economy. Indeed, the 15-year-old coin remains by some distance the largest in the crypto universe, with its market capitalization exceeding the value of the 99 next most valuable cryptocurrencies combined, most of which have also gained in value during the latest surge.

The argument for Bitcoin playing the role of “digital gold” as a store of value gains credence with every year that the asset remains relevant. But, as though a reminder of how volatile it can be, Bitcoin suffered a mini crash after reaching its new peak, slipping more than 10% in the space of a few hours.

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Paramount Skydance reportedly preparing an Ellison-backed Warner Bros. Discovery takeover bid, sending shares soaring

Paramount Skydance is preparing a majority cash bid for Warner Bros. Discovery, The Wall Street Journal reported, sending shares of both companies surging. The Journal’s sources say the deal is backed by the Ellison family, led by David Ellison.

WBD shares were up 30% on the report, while Paramount Skydance jumped 8%.

The offer would cover WBD’s entire business — cable networks, movie studios, the whole enchilada. That comes after WBD announced plans last year to split into two divisions: one for streaming and studios, the other for its traditional cable and TV assets. A recent Wells Fargo note gave WBD a price target hike, primarily because the analysts viewed it as a prime takeover candidate.

If the deal goes through, it would bring together HBO, CNN, DC Studios, and Warner Bros.’ film library with Paramount+, Nickelodeon, and MTV, all under one umbrella.

Exclusive | Paramount Skydance Prepares Ellison-Backed Bid for Warner Bros. Discovery

Exclusive | Paramount Skydance Prepares Ellison-Backed Bid for Warner Bros. Discovery

The offer would cover WBD’s entire business — cable networks, movie studios, the whole enchilada. That comes after WBD announced plans last year to split into two divisions: one for streaming and studios, the other for its traditional cable and TV assets. A recent Wells Fargo note gave WBD a price target hike, primarily because the analysts viewed it as a prime takeover candidate.

If the deal goes through, it would bring together HBO, CNN, DC Studios, and Warner Bros.’ film library with Paramount+, Nickelodeon, and MTV, all under one umbrella.

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As tariffs take root, August new vehicle prices climb by the most in more than 2 years

According to data from Cox Automotive, 17 vehicle brands raised prices of their new vehicles by more than 3% in August.

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Netflix taps Amazon to sell streaming ads in new partnership

Starting this fall, brands will be able to access Netflix’s premium ad slots using Amazon’s buying tech.

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Bank branches are still closing at breakneck speed in the US

Institutions like Chase and Wells Fargo closed 76 locations in just six weeks over the summer, per the OCC.

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Fox and News Corp slide as investors digest $3.3 billion Murdoch succession settlement

Fox and News Corp shares dropped on Tuesday after Rupert Murdoch’s heirs agreed to a $3.3 billion settlement to resolve a long-running succession drama.

Under the deal, Prudence, Elisabeth, and James Murdoch will each receive about $1.1 billion, paid for in part by Fox selling 16.9 million Class B voting shares and News Corp selling 14.2 million shares. The stock sales will raise roughly $1.37 billion on behalf of the three heirs.

The new trust for Lachlan Murdoch will now control about 36.2% of Fox’s Class B shares and roughly 33.1% of News Corp’s stock, granting him uncontested voting authority over both companies for the next 25 years. Originally, the Murdoch trust was designed to hand over voting control of Fox and News Corp to Prudence, Elisabeth, Lachlan, and James after his death.

Investors are weighing the trade-off. Clear leadership under Lachlan may resolve conflict internally, but the share dilution, executed at a roughly 4.5% discount, means long-term investors now hold slightly less clout than before.

Both companies’ stocks were trading close to all-time highs prior to the announcement.

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