Rally rolls on in Monday opener 📈

Good Afternoon! 

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

Here’s what moved the market today.

Markets 📈

The stock markets extended its hot streak on Monday, with modest fractional gains for most large-cap indexes. However, the small-cap Russell 2K outperformed with a two-point spike.

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Market-Moving News 🔎 

📉 Bitcoin Falls Past $40K as ETF Hype Fades

The buzz surrounding the launch of the first U.S. exchange-traded funds holding bitcoin is diminishing, causing a notable dip in the cryptocurrency's value.

🤕 BTC Beatdown
Bitcoin's price slipped under the crucial $40,000 mark, indicating a weakening in investor confidence.

As of Monday afternoon, bitcoin was trading around $39,936, marking a decline of over 4% in just 24 hours, as per CoinDesk.

📉 Broad Declines
Not just bitcoin, but Ether, the second-largest cryptocurrency by market cap, also experienced a downturn, dropping by 6% to $2,327.

☄️ Fading Hype 
Despite high hopes that the new spot bitcoin ETFs would inject fresh enthusiasm into the crypto market, the reality has been somewhat underwhelming.

Last year witnessed a more than doubling in bitcoin's value, but the post-ETF-launch period has seen a trend of profit-taking among investors.

This recent development indicates a shift in investor sentiment, possibly reflecting concerns over the long-term impact of these ETFs on the cryptocurrency market.

Sagimet Bio [SGMT] $18.42 (+170.8%)
reported positive results from a Phase 2b trial of denifanstat to treat non-alcoholic steatohepatitis.

Digital World SPAC [DWAC] $49.69 (+88.3%)
surged after GOP presidential hopeful Ron DeSantis ended his campaign, boosting former Pres. Donald Trump’s reelection odds.

Rail Vision Unit [RVSN] $2.25 (+64.2%)
obtained formal certifications that will meet critical European railway standards.

Processa Pharma [IRBT] $2.505 (44.3%)
proposed a $6.2 million equity offering of 1.75 million common shares priced at roughly $4 apiece.

Panbela Therapeutics [PBLA] $4.34 (+36.8%)
registered for a “best efforts public offering” of up to 9 million shares of common stock and accompanying warrants, priced at $6.65 apiece.

Archer-Daniels-Midland [ADM]
$51.69 (24.2%)
placed its CFO on leave amid a sweeping accounting probe into the company’s financial practices.

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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