Early gains erased in late sell-off 📉

Good Afternoon! 

Hey, everyone. It's Adam from Elite Trade Club. 

Here’s what moved the market today.

Markets 📈

The market plummeted late Thursday after running in the green for most of the session. The Nasdaq underperformed, while small-caps fared slightly better than their large-cap cohorts.

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Market-Moving News 🔎 

🚀 Ripple to Introduce Dollar-Backed Stablecoin

Ripple Labs, under the leadership of CEO Brad Garlinghouse, is set to launch a new stablecoin tethered to the U.S. dollar, promising a significant development in the crypto landscape. This initiative aims to provide a stable digital currency option, backed by tangible financial assets including dollars, Treasurys, and other cash equivalents.

Backing and Transparency 📊
To ensure trust and transparency, Ripple has announced that the stablecoin's reserves will be audited by a third-party accounting firm, yet to be named. Furthermore, Ripple plans to release monthly attestations detailing the stablecoin's financial health, offering a clear view of its reserves and liabilities.

Tech Integration and Accessibility 🔗
The forthcoming stablecoin is slated for initial release on two major blockchain platforms: the XRP Ledger and Ethereum. This strategic choice facilitates broader access and integration within the existing digital finance ecosystem.

Regulatory Hurdles ⚖️
Ripple faces ongoing legal scrutiny, with the SEC recently proposing a nearly $2 billion fine over allegations of investor-protection law violations. Garlinghouse has publicly contested the unprecedented nature of the fine, especially given the absence of investor harm, highlighting the legal challenges Ripple continues to navigate.

Stablecoin Outlook 🌐
As Ripple prepares to expand its offerings with the dollar-backed stablecoin, the crypto community watches closely, anticipating the impact on digital currency stability and regulatory engagement in the burgeoning sector.

Candel Therapeutic [CADL] $6.40 (+280.9%)
published positive interim data from a Phase 2 trial of CAN-2409 in non-metastatic pancreatic cancer patients..

Allurion Tech [ALUR] $3.08 (+78.0%)
announced its Virtual Care Suite is now available to license in the U.S. for providers offering GLP-1 and other anti-obesity treatments.

TC BioPharm [TCBP] $1.95 (+50.0%)
announced a non-binding letter of intent to acquire NK Platform Technologies; no financial details disclosed.

Effector Therapeutics [EFTR] $2.96 (82.0%)
announced disappointing toppling results from a Phase 2 KICKSTART trial of PD-L1 for non-small cell lung cancer.

Keyarch Acquisition [KYCH] $4.10 (54.9%)
fell a day before it will begin trading as ZOOZ Power [ZOOZ] starting tomorrow, after closing its SPAC merger earlier this week. . 

NewGenIVF [FAAS] $1.50 (50.1%)
fell in its stock market debut after closing on its merger with A SPAC I on Wednesday.

That's it for today! Please, write us back, and let us know what you think of the Closing Bell Roundup. We're always eager to hear feedback from our members!

Thanks for reading. I'll see you at the next open! 

Best Regards,
— Adam G.
Elite Trade Club

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