Financial Analyst/Content Writer, RADEX MARKETS
Lawrence J. came from a strong technical and engineering background before pivoting into a more financial role later on in his career. Always interested in international finance, Lawrence is experienced in both traditional markets as well as the emerging crypto markets. He now serves as the financial writer for RADEX MARKETS.
AKTIEN
In a massive win for the cryptocurrency industry, the Senate Banking Committee finally pushed through the Clarity Act bill on Thursday after months of delays. It was an easy 15-9 vote in the end, with two Democrat Senators joining the 13 committee Republicans to advance the bill. The legislation will now head to the Senate floor, where it will need to be merged with a companion version before facing a full vote. Analysts are expecting the vote to proceed either in June or early July, with many suspecting the White House of pushing for a symbolic 4th of July deadline to get the bill signed into law. While the crypto industry has been waiting for years for such measures to pass, it may be too early to celebrate. The vote is by no means a sure bet, with many democrat Senators expressing discontent with the wording of the text. Nevertheless, yesterday’s decision removes one of the last hurdles for the Clarity Act to be signed into law. Crypto-related stocks rose cautiously on the news, with Coinbase (COIN) and Robinhood (HOOD) both gaining 5% and Gemini Space Station (GEMI) closing the day 7% higher. All three stocks remain far below their record highs, with GEMI in particular still 80% down from its IPO price.
US stock markets hit fresh record highs yesterday, amid renewed optimism in the AI sector and a promising start to trade negotiations in China. The S&P 500 hit a new milestone of 7,500 points, while the Dow Jones successfully reclaimed 50,000 for the first time since February. Nvidia (NVDA) rallied 4% on news that the US government had approved the sale of its H200 chips to a number of Chinese firms, raising the firm’s market cap to an eye-watering $5.7 trillion. Concurrently, a new competitor in the chip manufacturing scene launched on the Nasdaq: California-based company Cerebras Systems. The company filed for an IPO last month and went public on Thursday under the ticker CBRS. The stock closed the day at $311 per share, significantly above its IPO price of $185. The firm has adopted a completely novel approach to chip manufacturing, developing individual chips built on entire semiconductor wafers. A typical Nvidia chip is roughly the size of a postage stamp, while those made by Cerebras are around the size of a dinner plate. The larger chips are much more powerful, at the expense of being exponentially harder to construct and resulting in a more fragile product.
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