Closing Bell Roundup: Nov. 21st, 2023

Good Afternoon! 

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

Today is Tuesday, November 21st. I hope you had a great trading session.

Here’s what moved the market today.

Markets 📈

U.S. markets turned south on Tuesday, snapping their recent hot streak. The Nasdaq [-0.5%], Dow [-0.1%] and S&P 500 [-0.2%] nudged lower, while the small-cap Russell 2K [-1.3%] sold off.

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Market-Moving News 🔎 

📉 Crypto World Rocked by Binance CEO's Legal Woes

Crypto enthusiasts are reeling after news broke that Binance's founder, Changpeng Zhao, would step down from the CEO position as part of a sweeping settlement with U.S. regulators.

In addition to his resignation as CEO, the crypto maven will reportedly plead guilty to money laundering violations and, I assume, pay a sizeable fine.

The crypto market is not taking the news well. Here’s what you need to know:

📊 Crypto Downturn: 

Major cryptocurrencies felt the heat:

• Bitcoin Slid 1.5%, dropping to $37,016.

• Ether Took a 2.5% hit, landing at $1,987.

• Binance Coin Suffered a steeper fall of 6.3%, tumbling to $242.

As did crypto-related stocks….

• Coinbase Global [COIN -0.7%]

• Marathon Digital [MARA -3.3%]

• Riot Platforms [RIOT -1.6%]

🔮 Looking Ahead: 

This development casts a shadow over the crypto landscape, highlighting the sensitivity of digital currencies to regulatory and legal actions.

Investors and enthusiasts alike are bracing for the ripple effects this could have across the broader crypto ecosystem.

Anghami [ANGH] $3.11 (+96.8%) agreed to combine with OSN Group, a streaming platform in the Middle East-North Africa region.

Mountain Crest Acquisition [MIRA] $10.59 (+51.2%) rebounded from a steep loss on Monday after shareholders approved its business combination with CH Auto Technology Corp.

Symbotic [SYM] $52.08 (+40.1%) reported stronger than expected fiscal Q4 results after Monday’s closing bell.

LogicMark [LGMK] $1.18 (45.8%) suddenly pulled back after a big rally on Monday.

Connect Biopharma [CNTB] $1.26 (38.8%) released new data from a China-based Stage 2 trial of rademikibart for atopic dermatitis.

ReAlpha Tech [AIRE] $4.41 (38.6%) continued a pullback that began on Friday, immediately after a the stock experienced a big rally.

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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