Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
The House Always Wins
Or so Caesar’s Entertainment Corp. (NASDAQ: CZR) would like to believe. The company sought Chapter 11 bankruptcy protection for its biggest unit on Thursday, the largest bankruptcy filing since Energy Future Holdings Corp.’s filing last year.
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The filing will essentially allow Caesar’s to maintain its hotel and casino chain operating in Las Vegas by converting it into a real estate trust. However, the filing has been fraught with tension as several junior lenders are fighting to have the bankruptcy filing made in Delaware rather than Chicago.
They claim that the change is necessary, saying that the company’s restructuring plans are a case of “brazen corporate looting and abuse.” The opposed creditors are asking that an examiner be appointed to monitor the company’s leadership throughout the process.
Price Pressure Could Knock Down Biotech Stocks
Amid talk of product pipelines and groundbreaking research at the JP Morgan Health Care Conference, pharmaceutical firms also discussed the impact of price pressure on their companies’ ability to continue growing.
Historically, drug-makers were able to set prices for their products at their own discretion, but a new push from insurers to lower prices has firms focusing on how to make their products stand out from the pack. By playing companies that produce similar drugs against each other, health-care providers can secure lower prices for their customers.
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This week, Express Scripts Holding Company (NASDAQ: ESRX) said it would work to lower the price of cancer-fighting treatments, a worry for drug companies who rely on current price levels to offset the cost of research and development for other drugs.
Iraq Ramps Up Oil Exports, Bottom Appears To Deepen
In spite of the fact that oil prices have settled below $50, Iraq announced on Thursday that it plans to increase its oil exports in February to 3.3 million barrels per day from 2.7 million barrels per day in January.
The announcement came on the heels of UAE officials’ comments that Gulf producers are firm in their strategy to maintain output, and that non-OPEC producers will likely fall apart before their own operations were affected.
The developments led many to worry that the bottom may be further away than previously believed, with some lowering their estimates to below $40 per barrel.
Scrap The Cap
On Thursday, Switzerland’s central bank announced that it was doing away with the nation’s policy of capping the franc at 1.20 to the euro, causing the euro to plummet against the Swiss currency. The Swiss National Bank decided to implement the cap back in 2011 in order to keep the franc from rising too high against the euro.
The move itself sent shockwaves throughout currency markets, as there was no prior rhetoric to hint that the decision was on its way. Many say the decision was likely tied to growing speculation that the European Central Bank is going to announce a new quantitative easing program at next week’s meeting.
Image Credit: Andreas Matern, Wikimedia
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.