Global Water Resources Azioni (NASDAQ: GWRS)

Global Water Resources (NASDAQ:GWRS) Azioni

Global Water Resources

Global Water Resources Inc operates as a water resources management company that owns, operates, and manages water, wastewater, and recycled water utilities in strategically located communities, principally in metropolitan Phoenix, Arizona. It operates within the State of Arizona.

Global Water Resources, Inc. - common stock

Global Water Resources Inc

Proceeds intended to support Hims &amp; Hers' global expansion through organic growth and strategic acquisitions, while also fueling deeper investment in AI, diagnostics, and personalized treatments to scale access and meet rising demand for high-quality, personalized care

News

Hims & Hers Health, Inc. Class A Common Stock

HIMS

Reported Earlier, Hims & Hers Prices Upsized $870M Notes Due 2030 To Fuel Global Growth And AI-Driven Healthcare Expansion

During its first-quarter earnings call on Thursday, 10x Genomics Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TXG#NASDAQ">TXG</a>) withdrew its full-year guidance, opting instead to provide quarterly forecasts. 
What Happened: The company cited policy uncertainty stemming from recent U.S. government budget cuts for academic research as the reason for the shift.
&#8220;Approximately 40% to 50% of our revenue is supported by U.S. academic and government research funding,&#8221; CEO Serge Saxonov said as he announced the decision to move to quarterly guidance.
He says, &#8220;The U.S. policy changes have introduced increased uncertainty into purchasing behavior for many of our customers,&#8221; adding that the company is &#8220;highly exposed to ongoing uncertainty.&#8221; 
See More: <a href="https://www.benzinga.com/25/05/45305930/elon-musk-said-bill-gates-has-no-clue-after-gates-claimed-electric-trucks-may-never-be-practical-because-they-cant-cover-long-distances">Elon Musk Said Bill Gates &#8216;Has No Clue&#8217; After Gates Claimed Electric Trucks May &#8216;Never Be Practical&#8217; Because They Can&#8217;t Cover Long Distances</a>
Saxonov noted that in the face of actual and looming budget cuts, many of their customers have become hesitant to commit to new projects.
Saxonov did not hold back on his critique of the recent federal actions, which he says are undermining America&#8217;s leadership. He said, &#8220;We are indeed on the threshold of a golden age, but we are shooting ourselves in the foot, right when we should be pressing on the accelerator.&#8221;
Saxonov also called the National Institutes of Health (NIH) &#8220;the foundational jewel of biomedical progress&#8221; and warned that the broader U.S. research enterprise is at risk. 
&#8220;Our university system is the global engine of scientific discovery and the envy of the world,&#8221; he said. &#8220;Current funding challenges risk fundamentally dismantling their ability to support research,&#8221; an outcome he described as &#8220;a tragedy.&#8221;
Why It Matters: Since the funding cuts were announced, the NIH has issued several <a href="https://benzinga.com/25/03/44200499/national-institutes-of-health-terminates-some-research-grants-amid-political-and-policy-shift">grant termination letters</a>, with hundreds more expected in the coming months.
France and the European Union have seized on the uncertainty to <a href="https://benzinga.com/25/05/45193766/france-and-eu-lure-us-researchers-with-nearly-567-million-incentives-amid-trumps-academic-funding-cuts">attract American researchers</a>, announcing more than $500 million in incentives in recent months to lure talented researchers to their respective nations. 
10x Genomics reported $155 million in revenue during its first quarter, up 9.92% year-over-year, with a loss of $34.35 million, or $0.28 per share, down from $59.9 million, or $0.50 per share a year ago.
Price Action: The stock was up 3.85% on Thursday, and is up another 4.28% after hours following its first quarter results. 
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="135" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/09015823/Screenshot-2025-05-09-at-11.28.13-AM-1024x135.png" alt="" class="wp-image-909495" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/09015823/Screenshot-2025-05-09-at-11.28.13-AM-1024x135.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/09015823/Screenshot-2025-05-09-at-11.28.13-AM-300x40.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/09015823/Screenshot-2025-05-09-at-11.28.13-AM-768x101.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/09015823/Screenshot-2025-05-09-at-11.28.13-AM-1536x203.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/09015823/Screenshot-2025-05-09-at-11.28.13-AM.png 1590w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
According to Benzinga Edge Stock Rankings, the stock scores poorly and has an unfavorable price trend in the short, medium, and long term. For more insights, sign up for <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">Benzinga Edge</a>. 
Photo Courtesy: Tada Images on Shutterstock.com
Read More: 
<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/25/05/45307499/cathie-woods-21-5-million-shopify-grab-defies-post-earnings-dip-ark-continues-dumping-palantir-also-chops-jack-dorseys-block">Cathie Wood&#8217;s $21.5 Million Shopify Grab Defies Post-Earnings Dip, Ark Continues Dumping Palantir, Also Chops Jack Dorsey&#8217;s Block</a></li>
</ul>

Earnings

Health Care

Markets

10x Genomics CEO Calls NIH The 'Foundational Jewel' Of Biomedical Progress, Says 40% To 50% Of Revenue Supported By Academic And Government Research Funding — Pulls Full Year Revenue Guidance

OpenAI chief Sam Altman told a Senate Commerce panel that the artificial-intelligence boom "will be at least as big as the internet, maybe bigger," a shift so profound that even its architects "can't quite wrap our heads around" where it leads.
What Happened: Pressed by Sen. John Fetterman about the so-called singularity — the moment machines outstrip human intelligence — Altman replied, "I am incredibly excited about the rate of progress, but I also am cautious … I feel small next to it," calling AI "among the biggest, maybe the biggest technological revolutions humanity will have ever produced."
He stressed that society will adapt, "figure how to use these tools to do things we could never do before," yet must approach the new era "with humility and some caution."
<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"> 
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<iframe loading="lazy" title="OpenAI CEO Sam Altman testifies on AI competition before Senate committee — 5/8/2025" width="500" height="281" src="https://www.youtube.com/embed/jOqTg1W_F5Q?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
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For Altman, the path remains thrilling but opaque: "These are going to be tools capable of things we can't quite wrap our heads around … some people call that singularity … it feels like a new era of human history."
See also: <a href="https://www.benzinga.com/personal-finance/25/05/45301579/elon-musk-says-we-didnt-come-up-with-the-name-tesla-bought-it-for-75k-after-sending-the-nicest-guy-to-camp-out-at-the-owners-doorstep">Elon Musk Says &#8216;We Didn&#8217;t Come Up With The Name Tesla&#8217;—Bought It For $75K After Sending &#8216;The Nicest Guy&#8217; To Camp Out At The Owner&#8217;s Doorstep</a>
Why It Matters: The remarks came during a hearing on U.S. competitiveness in AI that also featured executives from Microsoft, AMD and CoreWeave, according to Reuters, urging lighter regulation and heavy infrastructure spending to keep pace with China. According to a <a href="https://www.washingtonpost.com/politics/2025/05/08/openai-ceo-sam-altman-congress-senate-testify-ai/3f52b0b6-2c34-11f0-a724-3bc879c9f843_story.html">separate report</a> by The Washington Post, lawmakers of both parties echoed those fears while probing skyrocketing power demands from data centers and the risk of AI-generated deepfakes.
Altman's uncertainty highlights a broader debate over super-intelligence once <a href="https://www.theguardian.com/technology/article/2024/jun/29/ray-kurzweil-google-ai-the-singularity-is-nearer">championed</a> by futurists like Ray Kurzweil and, more recently, <a href="https://www.benzinga.com/25/04/44856587/former-google-ceo-predicts-that-ais-sprint-toward-super-intelligence-could-put-a-smartest-human-in-every-pocket-by-2031">flagged</a> by ex-Google chief Eric Schmidt, who predicted AI could put a "smartest human in every pocket" by 2031.
Former OpenAI employees <a href="https://www.benzinga.com/government/24/07/39912332/senators-press-sam-altman-for-safety-transparency-at-openai-vulnerable-ai-is-not-acceptable">warned last year</a> that the company was sidelining safety, a worry that soon echoed in Washington. Five senators wrote to Altman at the time demanding details on how the firm plans to keep its powerful AI models in check. The lawmakers flagged alleged retaliation against internal whistleblowers and pressed Altman to prove safety remains a priority as OpenAI partners with the U.S. government. 
Their letter joined a growing chorus of experts, including co-founder Elon Musk, who say <a href="https://www.benzinga.com/news/23/05/32270606/elon-musks-latest-warning-the-eerie-consequences-of-a-society-completely-dependent-on-technology">unchecked AI</a> could carry grave risks for humanity.
Sam Altman &#x7C; Photo courtesy: jamesonwu1972 / Shutterstock.com
Read next: <a href="https://www.benzinga.com/tech/25/05/45309175/nvidia-modifies-h20-chip-for-china-after-us-restrictions-block-sales-aims-to-deliver-new-version-by-july-report">Nvidia Modifies H20 Chip For China After US Restrictions Block Sales, Aims To Deliver New Version By July: Report</a>

Tech

Sam Altman Says 'Can't Wrap Our Heads Around' The Size Of The AI Revolution, Calls For 'Humility And Caution' To Guide The Future

Rumble Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RUM#NASDAQ">RUM</a>) reported first-quarter 2025 earnings, where the company highlighted significant progress in its advertising business, securing brand campaigns with major players like Netflix Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NFLX#NASDAQ">NFLX</a>), Crypto.com, and Chevron Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVX#NYSE">CVX</a>).
What Happened: CEO Chris Pawlowski expressed optimism, stating, &#8220;While it is still very early, I can now confidently say we are starting to see traction [in advertising].&#8221; He specifically noted the successful completion of a campaign with Netflix and ongoing campaigns with Crypto.com and Chevron, spanning various media formats on the platform.
The company also reported a 34% year-over-year revenue growth, driven by audience monetization. Despite this, the platform maintained over 50 million monthly active users for the seventh consecutive quarter, with an 87% user retention rate from the previous quarter.
See Also: <a href="https://www.benzinga.com/news/earnings/25/05/45308042/monsters-ceo-we-dont-always-win-on-hedging-as-aluminum-tariffs-bite-into-q2-margins">Monster&#8217;s CEO: &#8216;We Don&#8217;t Always Win&#8217; On Hedging—As Aluminum Tariffs Bite Into Q2 Margins</a>
Why It Matters: Rumble&#8217;s Chief Financial Officer, Brandon Alexandroff, noted a 14% improvement in adjusted EBITDA loss to $22.7 million compared to the previous year, reiterating the goal of reaching EBITDA breakeven in 2025. 
Looking ahead, Rumble aims to launch its &#8220;RumbleWallet&#8221; in the third quarter of 2025, intending to compete with platforms like Coinbase in the cryptocurrency space and facilitate international monetization. The company is also exploring crypto exchange partnerships.
Price Action: Rumble&#8217;s stock closed at $7.78 on Thursday, up 2.37% for the day. In after-hours trading, the stock rose further to $7.95, gaining an additional 2.19%. Year to date, however, the stock is down 37.26%.
Rumble shows positive momentum and strong long-term price trends, but the stock lags in growth metrics and short- to medium-term performance, according to Benzinga Edge Stock Ranking. <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">Sign up to learn more</a>.
Photo Courtesy: Tada Images On Shutterstock.com
Read Next: 
<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/25/05/45308114/warner-bros-discovery-pulls-back-on-streaming-flood-betting-big-on-premium-hits-and-letting-scooby-doo-sniff-out-new-fans-on-netflix">Warner Bros. Discovery Pulling Back From &#8216;More Is Better&#8217; Streaming Strategy, Bets Big On Premium Content — And Letting Scooby-Doo Sniff Out New Fans On Netflix</a></li>
</ul>
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Equities

NFLX

Rumble Touts Ad Traction With Netflix, Crypto.com, Chevron As Q1 Revenue Jumps 34%

HIVE

HIVE Digital Mines 102 Bitcoin In April, Surpasses 7.3 EH/s With Accelerated Paraguay Expansion, Targets 11.5 EH/s By June And Achieves 10% Hashrate Growth

Future Fund LLC's managing partner, Gary Black, thinks ride-hailing service Lyft Inc.'s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LYFT#NASDAQ">LYFT</a>) performance, as well as increased adoption of AVs, warrants more investment in the company.
What Happened: Following Lyft's Earnings Call, Black took to the social media platform X to share his thoughts on the company's results for Q1 2025 on Thursday.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/search?q=%24LYFT&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$LYFT</a> +8% AH after delivering higher than expected EBITDA, FCF, and turning a surprise earnings profit (+$.01 vs -$.02 exp loss). 1Q Gross bookings and # Rides beat. 2Q gross bookings and EBITDA were in line. LYFT announced a larger than expected share buyback ($750M, $500M in…
&mdash; Gary Black (@garyblack00) <a href="https://twitter.com/garyblack00/status/1920583819750449286?ref_src=twsrc%5Etfw">May 8, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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"$LYFT +8% AH after delivering higher than expected EBITDA, FCF, and turning a surprise earnings profit (+$.01 vs -$.02 exp loss)," Black said. The company beat Wall Street expectations on EPS, but missed out on quarterly revenue estimates as Lyft announced $1.45 billion in revenue.
"LYFT trades at just 14.0x FY'25 Adj EPS and 10.4x FY'26 est eps while growing bookings, revs, and trips at 12% and EBITDA growth of 25%," Black said in the post.
"Both $UBER and $LYFT seem worthy of increased investment given the high probability of cost per mile reductions as autonomous vehicles become more commonplace," he shared.
Why It Matters: The news comes in as Lyft <a href="https://www.benzinga.com/news/buybacks/25/05/45302278/lyft-shares-drive-higher-after-mixed-q1-report-stock-buyback-program-raised-to-750-million">announced surprise results </a>during its earnings call as the company turned in a 1-cent EPS, which beat analyst expectations.
The company's board also authorized an increase to its stock repurchase program to $750 million, of which Lyft intends to utilize $500 million within the next 12 months.
Lyft also recently acquired European <a href="https://www.benzinga.com/25/04/44841871/lyft-expands-to-europe-with-e175m-freenow-acquisition-targets-bookings-by-e1b-annually">ride-sharing service Freenow</a> in a cash deal that's worth over $197 million. The deal would allow Lyft to operate in over 9 European countries.
Elsewhere, rival Uber Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UBER#NYSE">UBER</a>) is increasing its presence in the autonomous driving sector as the company signed deals <a href="https://www.benzinga.com/markets/25/05/45162888/uber-heats-up-robotaxi-battle-against-tesla-waymo-with-may-mobility-deal">with May Mobility </a>as well as Volkswagen Group (OTC:<a class="ticker" href="https://www.benzinga.com/stock/VWAGY#OTC">VWAGY</a>) to operate their vehicles on its platform.
LYFT has poor Momentum and Value scores, but scores well on the Growth metric. For more such insights, sign up for<a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"> Benzinga Edge</a> today!
Check out more of Benzinga's Future Of Mobility coverage by<a href="https://www.benzinga.com/topic/mobility"> following this link.</a>
Read Next:
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<li><a href="https://www.benzinga.com/25/05/45283323/gary-black-thinks-uber-could-have-an-advantage-over-elon-musk-and-tesla-in-the-robotaxi-race">Uber Could Outpace Elon Musk&#8217;s Tesla In Robotaxi Race, Says TSLA Bull Gary Black</a></li>
</ul>
Image Via Shutterstock

General

LYFT

UBER

VWAGY

Gary Black Bullish On Lyft, Sees Investment Opportunity As Uber Rival Surprises With Q1 Profit And AV Adoption Plans

IDACORP will not initially receive any proceeds from the sale of shares of its common stock by the forward sellers (or their respective affiliates) to the underwriters. If IDACORP elects physical settlement of the forward sale agreements, it expects to use any net proceeds for general corporate purposes, which may include capital expenditures.

IDACORP Prices Upsized Public Offering Of ~4.5M Common Shares At $111 Each

Highlights
<ul>
<li>Total number of Bitcoin mined during 2024 was 755, or 2.1 Bitcoin per day (2023: 1,760, or 4.8 Bitcoin per day).</li>
<li>Revenues of $47.1 million (2023: $50.6 million), a decrease of 7% from 2023, driven primarily by the reduced hashprice resulting from the Bitcoin halving.</li>
<li>Mining margin of 33%, down from 43% in 2023. Similar to revenue, this decrease was largely attributable to the reduced hashprice resulting from the Bitcoin halving in April 2024.</li>
<li>Reduced non-mining operating costs by 34% in 2024 compared to the prior year.</li>
<li>Adjusted EBITDA of $5.7 million, compared to $7.7 million in 2023.</li>
<li>Net loss of $55.1 million, compared to a net loss of $34.6 million in 2023. The net loss was primarily the result of a $31.5 million asset impairment, $15.0 million of amortization and $6.8 million of interest expense.</li>
<li>Reduced interest expense by 41%, as a result of fully repaying the Galaxy debt during 2024.</li>
<li>Net debt (cash less debt obligations) was reduced by $24.1 million from $55.1 million at 31 December 2023 to $31.0 million at 31 December 2024.</li>
</ul>

ARBK

Argo Blockchain FY24 Revenue $47.1M Down From $50.6M YoY, Net Loss $55.1M Down From $34.6M YoY

Alex Mashinsky, the founder and former CEO of the now-collapsed cryptocurrency lender&nbsp;Celsius Network, was sentenced to a 12-year prison term for securities and commodities fraud on Thursday.
What Happened: The sentencing was delivered&nbsp;by U.S. District Judge John&nbsp;Koeltl in Manhattan, according to a Reuters report. Federal prosecutors charged Mashinsky with deceiving customers about the safety of Celsius and artificially boosting the value of the exchange&#8217;s native token, Celsius (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">CEL</a>).
The prosecution had pushed for a minimum 20-year prison term, claiming it was a &#8220;just punishment&#8221; for Mashinsky&#8217;s actions that caused thousands of victims and led to billions in losses. They said Mashinsky personally profited more than $48 million from the scheme.
See Also:&nbsp;<a href="https://benzinga.com/25/05/45294428/wall-street-rallies-after-us-seals-first-trade-deal-you-better-go-out-and-buy-stock-trump-says" target="_blank" rel="noreferrer noopener">Wall Street Rallies After US Seals First Trade Deal: &#8216;You Better Go Out And Buy Stock,&#8217; Trump Says U.S. Stocks Rally as Trump Strikes Trade Deal With U.K.; Bitcoin Tops $100K</a>
Mashinsky had proposed a sentence of&nbsp;one year and one day, expressing regret and a wish to reconcile with&nbsp;his family and former Celsius&nbsp;customers, the report said. His sentence also&nbsp;includes three years of supervised&nbsp;release and a $48.4 million&nbsp;forfeiture.
The sentencing follows his <a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42307121/celsius-network-founder-alex-mashinsky-pleads-guity-to-two-counts-of-fraud-including-manipulating-in-house-cryptos-price">admission of guilt</a> to two counts of fraud in December 2024. Mashinsky admitted to&nbsp;providing Celsius customers with "false comfort" by falsely claiming in a 2021 interview that Celsius had received regulatory approval for its "Earn" program.
His arrest in 2023 followed the collapse of Celsius and a Department of Justice inquiry into the company's downfall. The company applied for bankruptcy protection in 2022. 
However, the firm exited bankruptcy in early 2024, beginning a $3 billion repayment to its creditors. 
Photo Courtesy: ARTEMENKO VALENTYN on Shutterstock.com
Read Next:&nbsp;
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<li><a href="https://benzinga.com/markets/cryptocurrency/21/10/23673989/heres-how-one-crypto-investor-made-more-than-5b-with-shiba-inu" target="_blank" rel="noreferrer noopener">Here&#8217;s How One Crypto Investor Made More Than $5B With Shiba Inu</a></li>
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Disclaimer:&nbsp;This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.<a href="https://www.benzinga.com/apis?utm_source=benzinga.com&amp;utm_campaign=article-bottom" rel="noreferrer noopener" target="_blank"></a>

Coverage of Bitcoin, Etherum, Ripple and all the latest digital currencies.

Cryptocurrency

$CEL

Celsius Founder Alex Mashinsky Gets 12-Year Prison Sentence For Securities and Commodities Fraud

Macro Economic Events

Econ #s

Economics

Reported Earlier, China Trade Balance (USD) For April 96.18B Vs. 97.00B Est.; 102.64B Prior

Reported Earlier, China Imports (YoY) For April -0.2% Vs. -5.9% Est; -4.3% Prior

Reported Earlier, China Exports (YoY) For April 8.1% Vs. 1.9% Est.; 12.4% Prior

BBJP

WisdomTree Trust Japan Total Dividend Fund

Reported Earlier, Japan Household Spending (MoM) For March 0.4% Vs. -0.5% Est.; 3.5% Prior

Reported Earlier, Japan Household Spending (YoY) For March 2.1% Vs. 0.2% Est.; -0.5% Prior

Coinbase Global Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>) CEO Brian Armstrong, on Thursday, touched on the wisdom of traditional banks launching their own stablecoins in light of their foray into the cryptocurrency industry.
What Happened: During the first quarter earnings call, Armstrong was asked about the growing interest of traditional banks in the cryptocurrency industry after regulatory relaxations. 
The top executive acknowledged the increased momentum, stating that Coinbase has held talks and forged partnerships with some players.
Armstrong specifically mentioned some institutions wanting to develop their own dollar-pegged stablecoins, an idea with which he differed.
&#8220;Our view is that that's not necessarily the best path because we think stablecoins have network effects. You want interoperability with other financial institutions to be able to settle payments and do all kinds of things,&#8221; Armstrong said.
He suggested that banks should consider partnering with existing stablecoins like USD Coin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">USDC</a>). 
Note that Coinbase has an <a href="https://www.benzinga.com/markets/cryptocurrency/23/08/33972625/coinbase-acquires-equity-stake-in-circle-a-new-era-for-usdc">equity stake</a> in Circle, the issuing company behind USDC. In fact, USDC was launched by Centre, a consortium formed through a joint venture between&nbsp;Circle&nbsp;and&nbsp;Coinbase.
See Also:&nbsp;<a href="https://benzinga.com/markets/cryptocurrency/25/05/45295626/bitcoin-breaks-100000-ethereum-xrp-dogecoin-roar-10-higher-what-do-experts-predict-next" target="_blank" rel="noreferrer noopener">Bitcoin Breaks $100,000, Ethereum, XRP, Dogecoin Roar 10% Higher </a>
Why It Matters: Barriers to TradFi&#8217;s entry into the space <a href="https://www.benzinga.com/markets/cryptocurrency/25/01/43181875/sec-repeals-sab-121-policy-that-restricted-banks-from-providing-custody-services-for-bitcoin-crypto-mom-says-bye-bye">have been eased</a>, with directives preventing them from custodying cryptocurrencies getting repealed after President Donald Trump took over.
This development follows&nbsp;<a href="https://www.benzinga.com/news/earnings/25/05/45302422/coinbase-q1-earnings-highlights-revenue-eps-miss-2025">Coinbase&#8217;s first-quarter earnings report</a>, where the company missed revenue and EPS expectations. 
Before the earnings,&nbsp;Coinbase <a href="https://www.benzinga.com/markets/cryptocurrency/25/05/45287050/coinbase-acquires-deribit-in-2-9b-deal-to-expand-crypto-derivatives-business">announced the acquisition</a> of Deribit, a crypto options exchange, for approximately $2.9 billion, marking the firm&#8217;s largest push into the global crypto derivatives market. 
Price Action:&nbsp; Shares of Coinbase fell 2.67% in after-hours trading after closing 5.06% higher at $206.50 during Tuesday's regular trading session, according to&nbsp;<a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA.." target="_blank" rel="noreferrer noopener">data from Benzinga Pro</a>. 
As of this writing, the stock ranked high on growth, a measure of a stock's combined historical expansion in earnings and revenue across multiple periods.&nbsp; To check how other cryptocurrency-related stocks stack up against COIN, visit <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound" target="_blank" rel="noreferrer noopener">Benzinga Edge Stock Rankings</a>.
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="502" height="193" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/08233952/Screenshot-2025-05-09-090934.png" alt="" class="wp-image-909408" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/08233952/Screenshot-2025-05-09-090934.png 502w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/08233952/Screenshot-2025-05-09-090934-300x115.png 300w" sizes="(max-width: 502px) 100vw, 502px" /></figure>
Photo Courtesy: David Esser On Shutterstock.com
Read Next:&nbsp;
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/25/05/45277600/trumps-crypto-policy-like-a-large-buffet-says-anthony-scaramucci-you-have-to-eat-everything-at-the-table">Anthony Scaramucci Compares Trump&#8217;s Crypto Policy To Mar-A-Lago Buffet: &#8216;You Have To Eat Everything At The Table&#8217;</a></li>
</ul>
Disclaimer:&nbsp;This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.<a href="https://www.benzinga.com/apis?utm_source=benzinga.com&amp;utm_campaign=article-bottom" rel="noreferrer noopener" target="_blank"></a>

Movers

Trading Ideas

$USDC

COIN

Coinbase CEO Brian Armstrong Believes Traditional Banks Launching Own Stablecoins 'Not Necessarily The Best' Path— Pitches USDC As Option

Editor's Note: This article has been updated to clarify that Amazon and Inventec received AMD shares as part of AMD's acquisition of ZT Systems, not through a direct investment or strategic stake.
Recent regulatory filings with the Securities and Exchange Commission show that Amazon.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) now holds 822,234 shares of Advanced Micro Devices Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>), valued at approximately $84.4 million.&nbsp;
What Happened: According to AMD's recent SEC filing, the company acquired ZT Group International, a server manufacturer, as part of its ongoing business expansion.&nbsp;
As part of the acquisition, AMD issued shares to former ZT Group shareholders-including Amazon, who held an equity stake in ZT Group prior to the acquisition.
"We are registering the offer and sale of the shares of common stock owned by the selling stockholders to satisfy registration rights we granted to them pursuant to a stock purchase agreement…We are not selling any shares of our common stock under this prospectus and will not receive any proceeds from the sale or other disposition of our common stock by the selling stockholders," AMD said in the regulatory filing. 
See Also: <a href="https://www.benzinga.com/markets/equities/25/05/45276805/disneys-30-billion-theme-park-bet-pays-off-as-bob-iger-touts-all-time-high-returns-stock-rallies-10-after-q2-earnings">Disney&#8217;s $30 Billion Theme Park Bet Pays Off As Bob Iger Touts &#8216;All-Time High&#8217; Returns, Stock Rallies 10% After Q2 Earnings</a>
Why It Matters: Aside from Amazon, major recipients of AMD shares in the ZT Systems acquisition include Inventec, set to receive 883,954 shares.
In total, over 8.3 million AMD shares are being distributed among ZT Systems' former shareholders as part of the $4.9 billion cash-and-stock deal.
AMD on Tuesday <a href="https://www.benzinga.com/news/earnings/25/05/45237261/amd-q1-earnings-revenue-eps-beat-driven-by-expanding-data-center-ai-momentum-chipmaker-expects-strong-growth-in-2025">reported first-quarter revenue</a> of $7.44 billion, with its data center segment growing 57% year-over-year to $3.7 billion.
Read Next: 
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<li><a href="https://www.benzinga.com/markets/equities/25/05/45275248/uber-ceo-dara-khosrowshahi-says-average-waymo-in-austin-is-busier-than-99-of-human-drivers">Uber CEO Dara Khosrowshahi Says &#8216;Average Waymo In Austin Is Busier Than 99%&#8217; Of Human Drivers</a></li>
</ul>
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: sdx15 / Shutterstock.com

AMZN

NVDA

Amazon Now Holds AMD Stake Worth $84.4 Million After Lisa Su-Led Chipmaker Acquires ZT Systems (CORRECTED)

Nvidia Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) is <a href="https://www.benzinga.com/25/05/45182565/nvidia-designing-new-ai-chips-for-alibaba-bytedance-tencent-after-warning-us-export-ban-on-h20-could-cost-the-company-55-billion-report">reportedly redesigning</a> its H20 artificial intelligence chip for the Chinese market after U.S. export controls effectively blocked the original version, with plans to launch the modified chip as early as July.
What Happened: Nvidia has notified major Chinese customers, including top cloud service providers, that it intends to release a downgraded H20 chip within the next two months, reported Reuters, citing sources familiar with the matter.
The move comes after the U.S. government <a href="https://www.benzinga.com/25/04/44830406/nvidia-to-take-55-billion-hit-over-china-chip-export-restrictions-but-top-analyst-dan-ives-says-hes-not-overly-concerned-all-part-of-the-high-game-of-poker">informed Nvidia last month</a> that the original H20 would require an export license, effectively banning it from sale in China under tightened national security rules.
Following this, Nvidia revealed that export restrictions might lead to a revenue loss of $5.5 billion.
See Also:&nbsp;<a href="https://benzinga.com/news/25/04/45090231/elon-musk-says-will-come-as-a-surprise-to-most-as-chinas-economy-surpasses-us-and-eu-amid-rising-tariffs-and" target="_blank" rel="noreferrer noopener">Elon Musk Says Will Come As A ‘Surprise To Most&#8217; As China&#8217;s Economy Surpasses US And EU Amid Rising Tariffs And Growing Recession Fears</a>
The company has since developed new technical thresholds to guide the modified design, which will include substantial reductions in memory capacity and potentially other performance adjustments, the report noted.
Nvidia did not immediately respond to <a href="https://pro.benzinga.com/dashboard">Benzinga's</a> request for comments.
Why It's Important: Chinese tech giants such as Tencent Holdings (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TCEHY#OTC">TCEHY</a>), Alibaba Group (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>) and ByteDance earlier this year <a href="https://www.benzinga.com/25/02/43931074/chinese-tech-giants-like-tencent-alibaba-and-bytedance-rush-to-buy-nvidias-h20-ai-chips-as-deepseeks-low-cost-models-fuel-massive-demand-surge">ramped up H20 orders to fuel</a> a growing demand for cost-effective AI solutions, especially from startups like DeepSeek.
Since January, Nvidia has reportedly accumulated $18 billion worth of H20 orders. However, in March, Chinese server maker H3C warned of a <a href="https://www.benzinga.com/25/03/44519562/nvidia-faces-fresh-china-setback-as-chip-shortages-and-sanctions-disrupt-supply">possible shortage</a> of Nvidia's H20 chips.
Earlier this month, Nvidia CEO Jensen Huang informed U.S. lawmakers that AI chip <a href="https://www.benzinga.com/25/05/45157365/nvidia-ceo-jensen-huang-warns-us-lawmakers-that-export-bans-are-backfiring-fueling-huaweis-rise-in-global-ai-chip-race">export restrictions might be giving</a> China's Huawei Technologies a competitive advantage.
That same day, <a href="https://www.benzinga.com/25/05/45160136/nvidia-blasts-anthropic-for-backing-stricter-chip-bans-on-china-focus-on-innovation-than-tell-tall-tales">Nvidia also criticized</a> AI startup Anthropic for supporting tighter U.S. export controls on AI chips to China.
Price Action: Nvidia shares dipped by 0.27% to $117.05 in after-hours trading, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>.
Benzinga Edge Stock Rankings gave Nvidia a strong growth score of 94.76%. <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">Click here to see how it stacks up against other major tech players</a> like Alibaba and Tencent.
Photo Courtesy: Hepha1st0s On Shutterstock.com
Read Next:
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<li><a href="https://benzinga.com/25/04/45071155/mild-recession-is-best-case-outcome-jpmorgan-ceo-jamie-dimon" target="_blank" rel="noreferrer noopener">JPMorgan CEO Jamie Dimon Warns Recession Is Best-Case Outcome Of Trump Trade War</a></li>
</ul>
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

BABA

TCEHY

Nvidia Modifies H20 Chip For China After US Restrictions Block Sales, Aims To Deliver New Version By July: Report

On Thursday, Cardinal Robert Prevost, now Pope Leo XIV, became <a href="https://www.benzinga.com/25/05/45298795/who-is-new-pope-leo-xiv-francis-appointee-first-american-pope-has-supported-workers-rights">the first American pope</a> — despite previously using social media to push back on Donald Trump-era policies, the president says he looks forward to their historic meeting.
What Happened: A review of Pope Leo XIV&#8217;s social media history on X, formerly Twitter, revealed that Prevost had shared or reposted messages over the years that criticized several Trump administration policies, <a href="https://thehill.com/policy/international/5290441-pope-leo-social-media-criticism-trump-vance/">reported</a> The Hill.
Among his posts were:
Articles disputing Vice President JD Vance's interpretations of Christian teachings.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">JD Vance is wrong: Jesus doesn&#39;t ask us to rank our love for others <a href="https://t.co/hDKPKuMXmu">https://t.co/hDKPKuMXmu</a> via <a href="https://twitter.com/NCRonline?ref_src=twsrc%5Etfw">@NCRonline</a>
&mdash; Robert Prevost (@drprevost) <a href="https://twitter.com/drprevost/status/1886469097560719594?ref_src=twsrc%5Etfw">February 3, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
See Also: <a href="https://www.benzinga.com/25/04/44916290/pope-francis-the-peoples-pope-dies-at-88-tributes-pour-in-from-trump-king-charles-tim-cook-joe-biden-jimmy-fallon-and-more">Pope Francis, The People&#8217;s Pope, Dies At 88: Tributes Pour In From Trump, King Charles, Tim Cook, Joe Biden, Jimmy Fallon, And More</a>
Links criticizing anti-immigrant rhetoric.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Pope Francis' letter, JD Vance's ‘ordo amoris' and what the Gospel asks of all of us on immigration <a href="https://t.co/Ikk8gqOMzn">https://t.co/Ikk8gqOMzn</a>
&mdash; Robert Prevost (@drprevost) <a href="https://twitter.com/drprevost/status/1889907998753173882?ref_src=twsrc%5Etfw">February 13, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Cardinal Dolan: Why Donald Trump's anti-immigrant rhetoric is so problematic <a href="http://t.co/GVEbTbOVwu">http://t.co/GVEbTbOVwu</a>
&mdash; Robert Prevost (@drprevost) <a href="https://twitter.com/drprevost/status/627250553718996992?ref_src=twsrc%5Etfw">July 31, 2015</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Messages opposing the death penalty and reposting a post on migrant deportations
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">It&#39;s time to end the death penalty.
&mdash; Robert Prevost (@drprevost) <a href="https://twitter.com/drprevost/status/573543286377484288?ref_src=twsrc%5Etfw">March 5, 2015</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">As Trump &amp; Bukele use Oval to &#x1f923; Feds' illicit deportation of a US resident (<a href="https://t.co/t80iDMbBKf">https://t.co/t80iDMbBKf</a>), once an undoc-ed Salvadorean himself, now-DC Aux +Evelio asks, "Do you not see the suffering? Is your conscience not disturbed? How can you stay quiet?" <a href="https://t.co/jTradMfr0v">https://t.co/jTradMfr0v</a>
&mdash; Rocco Palmo (@roccopalmo) <a href="https://twitter.com/roccopalmo/status/1911914220850946211?ref_src=twsrc%5Etfw">April 14, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
He also highlighted Congress's inaction on gun laws following deadly shootings by reposting a post.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">To my colleagues: your cowardice to act cannot be whitewashed by thoughts and prayers. None of this ends unless we do something to stop it.
&mdash; Chris Murphy &#x1f7e7; (@ChrisMurphyCT) <a href="https://twitter.com/ChrisMurphyCT/status/914883285473513472?ref_src=twsrc%5Etfw">October 2, 2017</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
In a 2023 interview with the Vatican News Service, Prevost acknowledged the influence — and risk — of using social media as a religious leader, the report noted.&nbsp;
"Social media can be an important tool to communicate the Gospel message, reaching millions of people," he said. "At the same time… we really have to think several times before speaking or before writing a message… to answer or even just to ask questions in a public form, in full view of everyone."
He added, "Sometimes there is a risk of fueling divisions and controversy."
Why It's Important: On Thursday, Trump posted on Truth Social that he looked forward to meeting the new pontiff, writing, "It will be a very meaningful moment!"
<figure class="wp-block-image size-large"><img decoding="async" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/08233825/Screenshot-2025-05-09-at-9.08.14%E2%80%AFAM-1024x665.png" alt="" class="wp-image-909401" /><figcaption class="wp-element-caption">Source: Truth Social</figcaption></figure>
Vice President Vance, who converted to Catholicism in 2019, had been among the last to meet Pope Francis before his <a href="https://www.benzinga.com/news/25/04/44892537/pope-francis-first-south-american-pontiff-and-peoples-pope-dies-at-88">death on April 21</a> and called the experience "a great honor and a sign from God."
Photo Courtesy: Joshua Sukoff On Shutterstock.com
Read Next:
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<li><a href="https://www.benzinga.com/trading-ideas/movers/25/05/45307459/pope-leo-xiv-themed-memecoins-surge-after-us-born-robert-francis-prevost-becomes-romes-new-bishop">Pope Leo XIV-Themed Memecoins Surge After US-Born Robert Francis Prevost Becomes Rome&#8217;s New Bishop</a></li>
</ul>
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Government

Global

Media

Pope Leo XIV Didn't Spare Trump Administration Criticism On Social Media — Now The President Says He's 'Excited' And Looking Forward To Meeting The First American Catholic Pontiff

According to the latest data, zero-day-to-expiration (0DTE) options hit record high volumes this week, a sign that &#8220;risk appetite is skyrocketing,&#8221; say market observers.
What Happened: On Thursday night, popular investment newsletter The Kobeissi Letter shared a chart on X, made by options research firm Tier1 Alpha, illustrating the sharp rise in zero-day-to-expiration (0DTE) S&amp;P 500 option volumes in recent years.
The chart shows 0DTE volumes as a share of the total S&amp;P 500 option volumes, touching a staggering new high of 67% on Tuesday this week, &#8220;an all-time high.&#8221;
Zero-day-to-expiration (0DTE) options are contracts on stocks or indexes that expire on the same day they are traded, making them a popular tool for short-term speculation and intraday strategies.
See More: <a href="https://www.benzinga.com/25/05/45308114/warner-bros-discovery-pulls-back-on-streaming-flood-betting-big-on-premium-hits-and-letting-scooby-doo-sniff-out-new-fans-on-netflix">Warner Bros. Discovery Pulling Back From &#8216;More Is Better&#8217; Streaming Strategy, Bets Big On Premium Content — And Letting Scooby-Doo Sniff Out New Fans On Netflix</a>
The post highlights the growing popularity of these risky, ultra-short-term trading instruments, stating that their volume share has more than doubled over the past three years. 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Risk appetite is skyrocketing: 0DTE options volume reflected 67% of total options volume on Tuesday, an all-time high. Over the last 3 years, the volume share of these risky trading instruments has more than DOUBLED. In Q1 2025, the average daily trading volume of 0DTE… <a href="https://t.co/LQF7mLEf5i">pic.twitter.com/LQF7mLEf5i</a>
&mdash; The Kobeissi Letter (@KobeissiLetter) <a href="https://twitter.com/KobeissiLetter/status/1920621989342892423?ref_src=twsrc%5Etfw">May 8, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
During the first quarter of 2025, the average daily volumes of 0DTE options contracts exceeded 2 million, &#8220;for the first time in history,&#8221; it says. The post notes that average daily 0DTE volumes stood at just 400,000 in the first quarter of 2022, not 400 million (which is a typo), marking a fivefold increase over the past three years.
It ends by stating that &#8220;Risk appetite has completely flipped.&#8221;
Why It Matters: The Vice President of Derivatives Market Intelligence at CBOE Global Markets Inc. (BATS:<a class="ticker" href="https://www.benzinga.com/stock/CBOE#BATS">CBOE</a>), Henry Schwartz, recently said <a href="https://www.benzinga.com/partner/news/25/05/45222085/zero-day-options-priced-appropriately-despite-market-volatility-insights-from-cboe-webinar-with-benz">during a Benzinga Webinar</a> this week that 0DTE options tend to be priced appropriately for current market conditions. &#8220;The options market is a pretty efficient marketplace, things are generally priced right,&#8221; he said.
Others, such as JPMorgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) analysts, <a href="https://www.benzinga.com/analyst-ratings/analyst-color/23/03/31230564/jpmorgan-analysts-believe-these-options-could-turn-a-5-market-fall-into-a-deadly-di">have expressed concerns</a> that the rising popularity of 0DTE options could potentially exacerbate intraday market declines.
Photo Courtesy: Gsign76 On Shutterstock.com
Read More: 
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<li><a href="https://www.benzinga.com/news/earnings/25/05/45308042/monsters-ceo-we-dont-always-win-on-hedging-as-aluminum-tariffs-bite-into-q2-margins">Monster&#8217;s CEO: &#8216;We Don&#8217;t Always Win&#8217; On Hedging—As Aluminum Tariffs Bite Into Q2 Margins</a></li>
</ul>

Options

CBOE

A Sign Of 'Skyrocketing' Risk Appetite? One-Day Option Trades Explode In Popularity

The cryptocurrency market rallied sharply on Thursday after the Trump administration inked a trade deal with the United Kingdom.
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Gains +/-</td>
<td>Price (Recorded at 9:00 p.m. ET)</td>
</tr>
<tr>
<td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td>
<td>+4.81%</td>
<td>$102,675.77</td>
</tr>
<tr>
<td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td>+20.05%</td>
<td>$2,195.20</td>
</tr>
<tr>
<td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td>+10.98%</td>
<td>$0.1948</td>
</tr>
</tbody>
</table>
</figure>
What Happened: Bitcoin breached the $100,000 milestone after a wait of three months, catalyzing a broader market uptick. The apex cryptocurrency nearly tapped $104,000 in a volatile session, with trading volume increasing by 59% in the last 24 hours.
Bitcoin&#8217;s gains were overwhelmed by its younger sibling, Ethereum, which burst out after weeks of sideways trading around the $1,800 range. The second-largest cryptocurrency breached $2,200, a level not seen in over two months.
The rally pushed Ethereum's market dominance past 8% for the first time in over a month.
Bearish leveraged traders took in huge losses as the rally wiped out nearly $800 million in short positions.
Interestingly, Bitcoin's Open Interest dropped 0.20% in the last 24 hours, indicating that the rally may have been driven by short covering. On the other hand, Ethereum's Open Interest surged 20%.
The "Greed" sentiment prevailed in the market, according to the Crypto Fear and Greed Index.
Top Gainers (24-Hours)
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Gains +/-</td>
<td>Price (Recorded at 9:00 p.m. ET)</td>
</tr>
<tr>
<td>Eos (VIRTUAL)</td>
<td>+16.78%</td>
<td>$0.8168</td>
</tr>
<tr>
<td>Stacks (STX)</td>
<td>+9.62%</td>
<td>$0.892</td>
</tr>
<tr>
<td>Zcash (ZEC)</td>
<td>+5.10%</td>
<td>$40.32</td>
</tr>
</tbody>
</table>
</figure>
The global cryptocurrency market capitalization soared 6.91% in the last 24 hours to $3.22 trillion.
Stocks also climbed on Wednesday. The Dow Jones Industrial Average rose 254.48 points, or 0.62%, to end at 41,368.45. The S&amp;P 500 lifted 0.58% to close at 5,663.94, while the tech-heavy Nasdaq Composite gained 1.07% to finish at 17,928.14.
The risk-on sentiment was bolstered after the Trump administration signed its <a href="https://www.benzinga.com/25/05/45294428/wall-street-rallies-after-us-seals-first-trade-deal-you-better-go-out-and-buy-stock-trump-says">first major trade agreement with the</a> UK, fueling confidence about further global deals.
This comes ahead of Treasury Secretary Scott Bessent's <a href="https://www.benzinga.com/25/05/45242461/donald-trumps-trade-war-sparks-first-major-us-china-talks-scott-bessent-jamieson-greer-to-meet-chinese-delegation-in-geneva">meeting with top Chinese officials for trade negotiations</a>.
See More: <a href="https://www.benzinga.com/money/best-crypto-scanners">Best Cryptocurrency Scanners</a>
Analyst Notes: Cryptocurrency analytics firm Santiment said the ongoing bullish sentiment could be a "double-edged sword" for upcoming price moves.
"On one hand, retail FOMO can add a bit of extra fuel to this rally as major media outlets spam Bitcoin&#8217;s 3-month milestone and bring in many new entries to the space. On the other hand, we typically see rallies put on the brakes when there is an overwhelming amount of calls related to &#8216;higher&#8217; or &#8216;above,&#8217;" the firm added.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">&#x1f973; Cryptocurrency has continued its rally, with Bitcoin breaching the all-important $100K psychological resistance for the first time since Feb. 3rd. Sentiment is quite bullish at the moment, which can be a double-edged sword for upcoming price movement from here. On one hand,… <a href="https://t.co/iGcLsY1cxN">pic.twitter.com/iGcLsY1cxN</a>
&mdash; Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1920514782823920113?ref_src=twsrc%5Etfw">May 8, 2025</a></blockquote>
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Cryptocurrency analyst and trader Rekt Capital weighed in on Ethereum's stratospheric gains during the day, emphasizing the significance of $2,200.
"Reclaim ~$2200 and Ethereum will resynchronise with its $2200-$3900 macro range," the analyst said
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> That was quick Ethereum has reached ~$2200 Going forward, ETH will need to reclaim ~$2200 via a similar reclaim to what occurred in late 2023 (blue circle) Reclaim ~$2200 and Ethereum will resynchronise with its $2200-$3900 Macro Range<a href="https://twitter.com/hashtag/ETH?src=hash&amp;ref_src=twsrc%5Etfw">#ETH</a> <a href="https://twitter.com/hashtag/Crypto?src=hash&amp;ref_src=twsrc%5Etfw">#Crypto</a> <a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw">#Ethereum</a> <a href="https://t.co/sQYXDeG1ZB">https://t.co/sQYXDeG1ZB</a> <a href="https://t.co/ecJBvDkpQ6">pic.twitter.com/ecJBvDkpQ6</a>
&mdash; Rekt Capital (@rektcapital) <a href="https://twitter.com/rektcapital/status/1920592869263323633?ref_src=twsrc%5Etfw">May 8, 2025</a></blockquote>
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Shutterstock: Yalcin Sonat
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