NBA Hall of Fame inductee Grant Hill talks sport investing at American Century Golf Tournament
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Yahoo
27 minutes ago
- Yahoo
Bitcoin To Hit $150K This Year, But Bear Market Will Follow: Fund Manager
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. Bitcoin could surge as high as $150,000 this year, but a bear market is likely to follow in 2026, says Canary Capital CEO Steven McClurg. "I think there's [sic] greater than 50% chance that Bitcoin goes to the $140,000 to $150,000 range this year before we see another bear market next year," McClurg told CNBC last week. McClurg said Bitcoin's potential last-gasp rally will be driven by anticipated interest rate cuts from the Federal Reserve in September and October, with lower borrowing rates sparking an inflow of capital into risk markets. At last look, market participants are anticipating an 86.8% and 43.6% chance of a 25-basis-point interest rate cut in September and October, respectively, according to the CME Group's FedWatch Tool. Don't Miss: The same firms that backed Uber, Venmo and eBay are investing in this pre-IPO company disrupting a $1.8T market — — no wallets, just price speculation and free paper trading to practice different strategies. But McClurg said the Fed is likely to stop quantitative easing after the anticipated 50-basis-point cut this year. He said a broad market downturn will follow, citing macroeconomic conditions. "I think it's gonna be bear market across the board," he told CNBC. "I don't like the economic standing at all." McClurg said this while citing record student loan debt and defaults exceeding levels seen in 2009, as well as similar credit card and mortgage defaults. "We're starting to see a credit crunch for consumers right now, and that credit crunch is certainly going to lead to lower consumer demand, lower consumer confidence, and probably lower GDP," he said. Meanwhile, McClurg is even more pessimistic about Ethereum. Trending: 'Scrolling To UBI' — Deloitte's #1 fastest-growing software company allows users to earn money on their phones. No ETH All-Time Highs? Ethereum has taken center stage following the passage of the GENIUS Act. The stablecoin and tokenization narrative has driven record inflows into exchange-traded funds. So-called Ethereum treasury companies are also scooping up the asset en masse. Against this backdrop, ETH's price has gathered significant momentum and edged towards record highs. According to McClurg, however, this run of form will not continue. He also said ETH will not reach its all-time high. He attributed this outlook to market competition. "It is an older technology, and there's a lot of other protocols that have come in that are faster, that are cheaper to transact, that are fundamentally more secure, and I think it had a great run over about a five-year period, and now other protocols have taken over," he told CNBC. "A lot of the market is moving towards ether because of the ETFs, but I do expect it to wane and not see all-time highs."A Contrarian? McClurg's remarks contradict recent narratives in cryptocurrency circles. For one, Bitcoin bull and MicroStrategy (NASDAQ:MSTR) Chair Michael Saylor has repeatedly said "winter is not coming back," referring to an extended period of Bitcoin drawdowns. Meanwhile, Bitwise investment chief Matt Hougan has recently said that he expects 2026 to be "an up year" for cryptocurrencies, adding "I broadly think we're in for a good few years." These views come as many now believe Bitcoin is no longer influenced by its four-year halving cycle and passive flows from ETFs will be enough to give it greater stability. Meanwhile, analysts like Fundstrat investment chief and Bitmine (NYSE:BMNR) Chair Tom Lee sees Ethereum surging to over $7,500 by year-end and over $20,000 in the long-term. At last look, Bitcoin is trading at $115,000 while Ethereum trades at $4,200. Read Next: 2,000 High Earners Manage $6B With This AI Platform — Image: Shutterstock This article Bitcoin To Hit $150K This Year, But Bear Market Will Follow: Fund Manager originally appeared on
USA Today
29 minutes ago
- USA Today
Sixers star big man Joel Embiid has NBA 2K26 overall rating revealed
The popular video game, NBA2K26, will be released very soon as everybody prepares for the 2025-26 NBA season. The game promises to add new features and continue to upgrade graphics and things of the like as the game's production team looks for improvements. A big topic everybody looks for is ratings. The masses want to know what their favorite player's 2K rating is in the game and the official Twitter account released the top 100 rated players in the game. The Philadelphia 76ers have an entry on the list in the form of Joel Embiid. The big fella has received an overall rating of 92 which is the same as New York Knicks big man Karl-Anthony Towns, Detroit Pistons star Cade Cunningham, and Los Angeles Clippers star Kawhi Leonard. Embiid is coming off a tough 2024-25 season in which he was limited to only 19 games as a bothersome left knee hobbled him whenever he was able to give it a go. The Sixers hope that the 2023 MVP winner can return to his dominant form in the upcoming season.
CNBC
30 minutes ago
- CNBC
Disney CEO Bob Iger: We believe the new app will ‘contribute nicely' to ESPN's bottom line over time
Bob Iger, Disney CEO, and Jimmy Pitaro, ESPN chairman, join CNBC's 'Squawk on the Street' to discuss ESPN's new direct-to-consumer platform, how the success of the app will be measured, and much more.
