Bitcoin Jumps Above $82,000 After Trump Announcement
The largest cryptocurrency stood at $82,290 as of 4 p.m. ET, after hitting its lowest levels since just after President Trump's election victory.
Smaller digital currencies including ether, solana and Ripple-linked XRP posted double-digit gains. Ether, the second-largest cryptocurrency, recently traded at around $1,650.
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CNBC
18 minutes ago
- CNBC
Crypto may be coming to 401(k) plans, but it'll be a while before it's easily accessible
The crypto market this week cheered as President Donald Trump signed an executive order meant to open retirement plans to alternative assets including cryptocurrencies. The move from the White House has the potential to be a game changer for the adoption of digital assets. It could help turn them into mainstays of the U.S. financial market by expanding access and encouraging longer-term investing in crypto. Bitcoin , which has been riding a big wave of institutional acceptance and adoption since last year's debut of U.S. bitcoin ETFs , could one day become more established within financial services. It probably won't happen soon based on the White House's greenlight alone. It's even more unlikely investors will be directing BONK , Pudgy Penguins or other meme coins to their retirement accounts. "On the surface, it's exciting to see digital assets getting presidential-level attention," said Doug Boneparth, certified financial planner and founder of Bone Fide Wealth. "It signals continued legitimization of the space and shows how far we've come since bitcoin was just an internet curiosity. But the reality is a lot more nuanced." Employer adoption is key First of all, under the Employee Retirement Income Security Act of 1974 (better known as ERISA), major changes to investment menus require thoughtful guidance and buy-in from plan sponsors – especially if they involve volatile and still-maturing asset classes like crypto, Boneparth noted. For example, Fidelity in 2022 became the first retirement plan provider to give savers the option of putting bitcoin in their 401(k)s. However, employers must be willing to adopt the offering in the first place. That "came down to employers' risk tolerance and fiduciary responsibility. That's not changing overnight with an [executive order]," Boneparth said. Employers' fiduciary duty requires them to comply with ERISA and to run the plan in the best interest of the participants and beneficiaries. Further, too many investment options can be a barrier to participation, said Preston Cherry, CFP and founder of Concurrent Financial Planning. While increased access to crypto may be a plus, "people become overwhelmed with the investment menu options" which leads to a "lack of participation," he said. Even when there is education available on these investment options, employees have to elect to receive it — and those participation rates are typically low, Cherry added. Combine those considerations with high-risk assets, and employers' fiduciary responsibility has to kick in. "What happens with all the other altcoins?" Cherry said, separating out bitcoin, ether and the Solana token. "There should be oversight on that from the investment committee or plan sponsor overseeing what digital currencies actually get accepted and should for sure be educating on it." "There's potential upside in digital currencies, but a lot of folks can't understand 30%, 40%, 50% drawdowns – and it could be destructive," he added. "I'm not saying don't invest in crypto, but be crypto cautious." It depends on recordkeepers and 401(k) plan providers The retirement market had $43 trillion in assets in the first quarter, almost $9 trillion of which was held in 401(k) plans, according to the Investment Company Institute. The crypto market cap is nearly $4 trillion today. The executive order is the latest in a series of efforts under the Trump administration to make the U.S. the "crypto capital of the world." In July, he signed stablecoin legislation known as the GENIUS Act into the first official U.S. crypto law . The Securities and Exchange Commission recently debuted " Project Crypto ," an initiative to modernize securities regulations to allow for crypto-based trading. "The plan providers, the third-party providers, the recordkeepers, are going to decide the end result here, if they want to put crypto in or not," said Tyrone Ross, CEO of registered investment advisor 401 Financial. "This is part of this administration's goal to make crypto the epicenter of the world and to have it grow here," he added. "They're all-in, but the Fidelities of the world, the Schwabs, the MassMutuals, the Vanguards of the world – I don't know if they're just going to go, 'OK, we're going to do it.'" Boneparth echoed that the order is more "more symbolic than structural right now." However, this shouldn't diminish the significance of Washington's blessing of the crypto industry. Further, an education opportunity has just opened up in the retirement sector. "As someone who believes in the long-term role of bitcoin in a diversified portfolio, I'm hopeful," Boneparth said. "But as a fiduciary, I know our job is to help clients weigh the opportunity and the risk." "If we do this right, the door opens a little wider to the future of retirement investing," he said. "If we don't? Well then, who knows what meme coin we're going to see on a retirement plan statement."
CNBC
19 minutes ago
- CNBC
Zelenskyy rejects Trump's proposal that Ukraine could swap territories with Russia
Ukraine's President Volodymyr Zelenskyy defiantly declared Saturday that his countrymen "will not give their land to occupiers," after President Donald Trump suggested that a peace deal would include some "swapping" of territories with Russia. "The answer to Ukraine's territorial question is already in the constitution of Ukraine," Zelenskyy said in a message on Telegram early Saturday. "No one will and no one can deviate from it. Ukrainians will not give their land to the occupier." His comments came after Trump announced on Truth Social that a long-awaited meeting with Russian President Vladimir Putin had been scheduled for next Friday in Alaska. Further details and logistics of the meeting are still unclear and remain very fluid, including whether Zelenskyy will be involved. Trump did not mention the Ukrainian President in the post announcing the meeting with Putin. Later Friday, at the White House, Trump suggested that there have been talks about Russia and Ukraine potentially "swapping" territory as part of a ceasefire deal. "There'll be some swapping of territories to the betterment of both and ... we'll be talking about that either later or tomorrow, or whatever." A White House official also said Friday that the Russians have provided a list of demands for a potential ceasefire for the war in Ukraine, and the U.S. is trying to get buy-in from Ukrainians and European allies. But in his message Saturday, Zelenskyy said any decision taken without Ukraine were "decisions against peace," adding, "They will not achieve anything." The White House had not commented on Zelenskyy's message by early Saturday. Russia's demands have previously included Ukraine ceding all the land that Putin claims to have annexed and accepting permanent neutrality, with a ban on Ukraine ever joining NATO. Putin claims four Ukrainian regions — Luhansk, Donetsk, Zaporizhzhia and Kherson — as well as the Black Sea peninsula of Crimea, which he annexed in 2014. Russian forces do not fully control all the territory in each region. It remains unclear whether Trump's reference to "swapping" territories means formal cession of land or a withdrawal from areas currently under each side's control. Zelenskyy and Ukrainian officials have long said they would not concede any territory that Russia illegally annexed. Ukraine has also insisted that any agreement must include "security guarantees" from its allies so that Moscow is not able to launch future aggression. The meeting in Alaska will be Trump and Putin's first encounter since the invasion of Ukraine, the deadliest conflict in Europe since World War II, and comes after the relationship between the two leaders has wavered. In Trump's first term, the president called Putin a strong and smart leader and said he "got along great" with him. But after promising to solve the conflict within 24 hours during his presidential campaign, Trump has since extended that deadline and has expressed his frustration at the Russian president's seeming unwillingness to end the war. Trump had threatened to impose new sanctions and tariffs from Friday against Moscow and countries that buy its exports unless Putin agreed to end the conflict. It was unclear by Saturday morning whether those sanctions would take effect or be delayed or canceled. Trump's ultimatums have not prompted the Kremlin to move one inch on its war in Ukraine so far, other than to give the president a meeting. Although Trump's agreement to a meeting suggested a chance for progress, it was far from certain anything substantial would be achieved, Peter Watkins, an associate fellow at Chatham House, a London-based think tank, told NBC News Saturday. "The underlying issues have not changed," he said. "For Russia, this isn't just about territory, it's about controlling Ukraine as a whole." He also noted that Trump would likely want to leave the summit with something to show for it, but the outcome might be only "another step" in a protracted process rather than a decisive deal. Promises of talks between Trump and Putin have done little to quiet the violence on the ground since their announcement. The last time Alaska hosted a high-stakes diplomatic gathering was in March 2021, when senior officials from the administration of Democratic former President Joe Biden met with top Chinese officials in Anchorage. On the ground, the Kremlin's larger army is slowly advancing deeper into Ukraine at great cost in troops while it relentlessly bombards Ukrainian cities. Overnight, Russian drone strikes hit a minibus in a suburb of Kherson, killing two and leaving six injured, the region's prosecutor's office said Saturday. Ukraine's Air Force Command said Saturday that Russia launched 47 drone strikes overnight in multiple Ukrainian regions, with 31 of them making landfall.
CNBC
19 minutes ago
- CNBC
These are the most overbought stocks in the market, including Apple and Alphabet
Stocks including Apple and Alphabet may be among some of Wall Street's most overbought stocks — and could be soon due for a pullback, according to one widely used technical metric. The three major averages all climbed higher this week, with the tech-heavy Nasdaq Composite 's 3.9% gain leading the way. The S & P 500 rose 2.4%, and the Dow Jones Industrial Average gained 1.4% in the same period. Investors seemed to shake off trade war worries , despite President Donald Trump's "reciprocal" tariffs coming into effect on Thursday. CNBC Pro used its stock screener tool to identify the most overbought and oversold stocks on Wall Street as measured by their 14-day relative strength index, or RSI. Stocks with a 14-day RSI above 70 are considered overbought, meaning that a pullback could be on the horizon. Conversely, a reading below 30 indicates that a stock is oversold and may be soon due for a potential rebound. The table below shows stocks with an RSI above 70 that have also risen at least 5% week to date, as of Friday morning. With an RSI of 72, one standout name on the list was Apple. The iPhone maker led this week's rally higher, gaining 13.3% on the week — its biggest weekly gain in more than five years — after announcing it will increase its U.S. investment by $100 billion . This comes after Apple already made a $500 billion commitment in February, taking its total combined investment to $600 billion. Apple's pledge to increase its domestic production has seemingly made it exempt from Trump's plans to impose a 100% tariff on imports of semiconductors and chips . On Wednesday, the president said that companies that are "building in the United States" would be spared from the new duties. "We're going to be putting a very large tariff on chips and semiconductors," Trump said in the Oval Office on Wednesday afternoon. "But the good news for companies like Apple is if you're building in the United States or have committed to build, without question, committed to build in the United States, there will be no charge." This announcement was made after Apple's third-quarter earnings and revenue, released July 31, once again topped Wall Street's expectations . Overall revenue grew 10%, marking the company's largest quarterly revenue growth since December 2021. Alphabet, up 6.5% this week and with an RSI of 75, was another name on the most overbought list. In late July, the company reported a second-quarter earnings and revenue beat , with its overall revenue rising 14% year over year. Alphabet also said it would increase its 2025 capital investments by $10 billion due to "strong and growing demand for our Cloud products and services." On the other hand, this week's most oversold names include Airbnb. The table below shows stocks with an RSI below that have also slipped at least 5% week to date, as of Friday morning. Coming in with an RSI of 29, Airbnb fell 5.3% this week. While the company's second-quarter results came in above expectations , Airbnb is forecasting a weaker second half of the year. In its third quarter, Airbnb guided for revenue to come in the range of between $4.02 billion to $4.10 billion, or a midpoint of $4.06 billion. Analysts surveyed by LSEG were expecting $4.05 billion for the current quarter. Similarly, investors are bearish around The Trade Desk . The ad-tech company cratered 37% this week and now has an RSI of 25. Shares of The Trade Desk plunged 39% on Friday , notching its worst day ever. While the company posted a second-quarter earnings and revenue beat Thursday afternoon, investors grew concerned about rising competition from Amazon in the online ad market and the departure of CFO Laura Schenkein. During an earnings call, CEO Jeff Green also hinted at inflationary pressures stemming from Trump's tariffs. On Friday, a slew of analysts from shops such as Citi, Wedbush Securities, Bank of America and MoffettNathanson downgraded the stock. "We downgrade TTD to Neutral from Buy as growth is coming in below our expectations and we have less visibility in the near-term growth algorithm," wrote Citi analyst Ygal Arounian. "We still don't believe Amazon is the main factor here, but results will inevitably raise more investor questions around the competitive environment and will remain an overhang."
