Fans of quantum computing stocks are no doubt familiar with quantum computing unit (QCU) maker Rigetti Computing (NASDAQ: RGTI). The quantum chipmaker has won several fans and seen its share price soar over the past year. But Rigetti’s stock is now trading more than 60% off its 2025 high, and it’s even given back all of the gains it’s made so far in 2026.
So is now a good time to buy this up-and-coming quantum computing stock?
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The quantum computing industry is still in its infancy. But that hasn’t stopped companies from jumping into it. Start-ups like Rigetti are competing with tech giants like Alphabet‘s Google and IBM to develop the tech that could become a commercially viable product.
Image source: Getty Images.
Essentially, all these companies are trying to optimize their quantum computers on three separate metrics: speed, accuracy, and scale. Speed refers to the amount of time it takes a quantum system to manipulate a quantum particle at a “quantum gate,” and then to move it to the next gate and prepare it for its next computation.
Accuracy is commonly measured by “two-qubit gate fidelity,” and refers to the percentage of computations that are error-free within the system. Scale is the number of physical qubits in a quantum system. The difficulty for all quantum companies is that as scale and speed increase, accuracy tends to decrease.
It seems likely that the companies able to maximize their systems’ performance through a combination of speed, accuracy, and scale are most likely to be among quantum computing’s big winners. How does Rigetti compare to its rivals in this regard?
The speed of Rigetti’s systems is quite impressive. It claims that its 108-qubit system — roughly the largest-scale system available today — has achieved gate speeds of 50-70 nanoseconds. That’s incredibly fast.
But the median accuracy of that 108-qubit system is only 99% as measured by two-qubit gate fidelity. That may sound like a great rate, but in the world of quantum computing, differences of even 0.01% are significant.
The company’s smaller systems are more accurate, though. Its 36-qubit system has achieved two-qubit gate fidelity of 99.6%, and its 9-qubit system has reached 99.7%. The problem here is that rival IonQ (NYSE: IONQ) boasts that it has achieved 99.99% fidelity in a 100-qubit system. To be fair, though, IonQ’s systems, although much more accurate than Rigetti’s, are much slower.
Rigetti CEO Dr. Subodh Kulkarni said last month in a press release that the company has “a clear understanding of what we need to do to achieve 99.5% median two-qubit gate fidelity” in its Cepheus-1-108Q system, which is set to be released this quarter. But even if it can achieve that benchmark, there’s still a long way to go.
Image source: Getty Images.
For a quantum computer to be commercially viable, it’s estimated to need at least 1 million physical qubits and 99.99% two-qubit gate fidelity (and probably closer to 99.99999%). So we’re still a long way from quantum computing becoming mainstream.
Rigetti believes it’s on track to develop a system with 1,000 qubits by 2027 with 99.7% two-qubit gate fidelity, but hasn’t given longer-term estimates. Rival IonQ is targeting a 10,000-qubit system by 2027 and a 2 million-qubit system by 2030. If Rigetti scaled up on a similar trajectory, it would achieve a 200,000-qubit system by 2030 and surpass the 1 million-qubit threshold by 2031.
But there’s no way to know how accurate such a massive system would be, nor whether Rigetti can beat IonQ to the punch as well as deep-pocketed rivals like Google and IBM.
So, is Rigetti a buy now? Nobody but the most risk-tolerant investors should even consider it: The company is too speculative, and a lot can change between now and 2030.
Image source: Getty Images.
On the bright side, according to data from McKinsey & Company, the quantum computing market could be as large as $72 billion by 2030. If Rigetti can control a large enough piece of that pie, it could be a huge winner from here. But a lot would have to go Rigetti’s way for that to happen, and right now there’s no way to know how things will shake out in this rapidly developing field.
For investors who want to buy into the quantum computing trend early, Rigetti isn’t a bad choice, but it’s probably not a good idea to put all your eggs in one (quantum) basket. I would rather take a small stake in Rigetti alongside other quantum computing companies, or invest in a quantum computing ETF so I could give myself the best odds of picking a winner. And I definitely wouldn’t invest money I couldn’t afford to lose.
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After the glow of the holidays wears off, the gifts have been opened, and the credit card bills arrive, you may be ready for a financial reset. January is a natural time to adopt new financial habits, but if your to-do list is long, it can be tough to know how to start.
Below, we’ll explore the best research-backed financial habits to start in January so you can kick your new year off right.
It’s never a bad time to implement healthy financial habits, but January may be the perfect time to create new ones. That’s because of something called the “fresh start effect.” This is the psychological phenomenon that explains the motivational boost we get from temporal resets — for example, a new week, a new month, or a new year. This type of reset makes it easier to reflect, separate the past from the future, and envision yourself reaching your goals.
With the calendar on your side, use the beginning of the new year to adopt some healthy financial habits. Here are some solid ways to start:
Not only is a new calendar year a good logistical time to set goals, but it can also have emotional benefits, too. According to Fidelity’s 2025 New Year’s Financial Resolutions Survey, 65% of participants felt optimistic about the new year, believing they’d be in a better financial position in the year to come.
To set yourself up for success in 2026, set specific goals and create a plan to reach them. For example, instead of saying you want to “save more money,” your goal might be to increase your savings rate from 5% to 10% by the end of the year. Your plan could involve raising your savings rate by one percentage point every two months until you hit 10%.
Other sample goals to get you thinking include:
Whatever your goal, ensure it’s realistic. Fidelity’s survey results show that among respondents who successfully kept a financial resolution in 2025, the top reason they were successful was that their goal was realistic and easy to maintain.
If you don’t try to negotiate your monthly expenses, you could be missing out on hundreds of dollars of potential savings. According to a 2021 Consumer Reports survey, about 70% of participants who attempted to negotiate their utility bills got a rate reduction or another perk on their bundled plans.
Early January is a great time to see if you can catch a break on any bills, as it’s often a time your expenses will rise (whether due to annual rate increases or, in the case of gas and electricity, winter weather). Make a list of your monthly bills and start negotiating with these tips:
Research competitors so you can cite the lowest prices on the market — and actually be willing to switch providers.
Ask to speak to the cancellations or customer retention department. These are typically the people who have the power to lower your bill.
If you’re a long-time, loyal customer, make it known.
Ask if there are any promotions or discounts you qualify for.
Once you get a deal you’re happy with, get it in writing.
And remember, patience and kindness go a long way when asking for what you want.
With tax season around the corner, January can be the ideal time to increase your retirement contributions. Fidelity’s 2025 quarterly retirement analysis found that 17.4% of participants increased their 401(k) contribution in the first quarter of the year, while only 4.9% cut back.
In this analysis, Fidelity notes that even though Q1 of 2025 “posed challenges for retirement savers,” they largely stayed the course and continued — or even stepped up — their savings behavior.
Often, you can increase your retirement contributions without making a meaningful difference to your current lifestyle — a win-win. When January hits, why not give it a try? At the beginning of the year, increase your contributions by a percentage point. If, in a month or two, you don’t notice a negative impact on your other financial obligations, try increasing it again. The sooner you make these adjustments, the longer you’ll benefit from them.
Along with increasing your retirement contributions, the start of the year is a good time to revisit your budget. Why? As mentioned above, January is a common time for bills and other expenses to increase. At the same time, the first month or quarter of the year is also a popular time to receive a raise. Whether you’re earning more or spending more, your budget will need a refresh.
Here’s how to start:
Review your existing budget. See where you’re spending the most, assess your progress toward savings goals and debt payoff, and look for expenses you no longer need or want.
Update inflows. If you recently got a raise, make sure it’s reflected in your budget. Similarly, if there are any other changes to your paycheck (for example, maybe you increased your retirement contributions), account for that, too.
Add or subtract spending and saving categories. Did you sign up for a gym membership this month, cancel Netflix, or make some other change to your monthly expenses? If so, edit your budget categories so they accurately reflect your expenses moving into the new year.
Plan for savings goals. If you set a new savings goal, it deserves a spot in your budget just like any other expense. For example, say your goal is to save $2,000 for a vacation by June. If you add a line item to save $400 each month, you’ll get to June with $2,000 ready to go.
Recalibrate the numbers. You can’t add or subtract line items in your budget without adjusting the numbers, too. For example, if you add a new expense to your budget — like a $50 gym membership — you’ll have to reallocate $50 from somewhere else to pay for it. Play with the numbers until everything checks out. If things feel tight, you’ll have to prioritize your most important expenses.
Don’t set it and forget it. January isn’t the only time you should revisit your budget. Check in and make any adjustments whenever your income or expenses change, you reach one of your savings goals, or your current plan just isn’t working.
Many financial experts suggest checking your credit report at least once per year to make sure it’s free of mistakes. While you’re already sitting down to negotiate bills, review your budget, and set financial goals at the beginning of the year, you may as well check your credit at the same time.
Don’t skip this task: A recent survey by Consumer Reports and WorkMoney found that of the respondents who successfully checked their credit, 44% found errors. Mistakes on your credit report can have major financial consequences, such as difficulty qualifying for credit cards and loans or renting an apartment. Finding these mistakes allows you to dispute them and make corrections.
Request free reports from each of the three major credit bureaus: Experian, Equifax, and TransUnion. (You’re entitled to free reports weekly.)
Review each report to make sure your personal and account information is correct and up to date.
If you find any mistakes, contact the credit reporting company to file a dispute (you can do this online or over the phone). Then, send a dispute letter to the company that provided the incorrect information. The CFPB provides a sample dispute letter you can use as a template.
Take advantage of the new year’s natural reset to establish financial habits that can serve you all year long. But don’t put yourself under too much pressure. If habits fade — as they sometimes do — don’t give up. Rather than an all-or-nothing mindset, aim to improve your financial situation without requiring perfection. Any step in the right direction will benefit you in 2026.
The total illiquid Bitcoin has reached a new high, providing a bullish outlook for the flagship crypto. This refers to the BTC supply that is unlikely to hit the open, given the long-term holding of the investors who own these coins.
Bitcoin’s Illiquid Supply Hits New High
Glassnode data shows that Bitcoin’s illiquid supply has reached a new high of 14.3 million BTC, marking over 72% of the flagship’s circulating supply. This supply is held by long-term holders (LTHs) who haven’t moved their coins in over seven years, highlighting a strong conviction in the flagship crypto.
Related Reading
A large part of Bitcoin’s supply being in the hands of long-term holders is typically bullish, as it continuously reduces the amount of selling pressure on the coin. It could also lead to a potential supply shock, whereby demand outpaces supply.
Asset manager Fidelity stated in a research report that this new demand for BTC, coupled with a fixed supply and decreasing issuance schedule, was what likely sparked the rally to a new all-time high (ATH) above $124,000. Fidelity further predicted that this upward trend for the Bitcoin price could continue in the years ahead.
Meanwhile, Fidelity highlighted two distinct cohorts that satisfy the threshold of Bitcoin’s illiquid supply. The first is the BTC that was last moved seven or more years ago, while the second is public companies that hold at least 1,000 BTC. Michael Saylor’s Strategy leads the latter as his company currently holds 638,985 BTC, which accounts for over 3% of Bitcoin’s total supply. Strategy hasn’t sold any coin since it began accumulating in 2020.
Fidelity predicts that the combined group will hold over six million Bitcoin by the end of 2025 or over 28% of the crypto’s total supply of 21 million. The asset manager noted that BTC’s illiquid supply has only decreased quarter-over-quarter once in its history.
BTC’s Scarcity May Become Its “Focal Point”
Fidelity predicts that over time, Bitcoin’s scarcity may become the focal point as more entities buy and hold BTC long term. They noted that the illiquid supply could rise drastically if nation-state adoption increases and the regulatory environment continues to evolve. Countries like the U.S. are already looking to establish a Strategic Bitcoin Reserve, which could create a massive supply shock.
Related Reading
On the other hand, Fidelity noted that there is the possibility of large amounts of Bitcoin’s illiquid supply being transferred. This could happen as long-term holders and public companies move to realize gains, possibly due to a significant price appreciation. The asset manager earlier mentioned that early signs of potential capitulation may already be emerging as 80,000 ancient BTC were sold in July 2025.
At the time of writing, the Bitcoin price is trading at around $115,600, down in the last 24 hours, according to data from CoinMarketCap.
BTC trading at $115,963 on the 1D chart | Source: BTCUSDT on Tradingview.com
Featured image from Pixabay, chart from Tradingview.com
“With 95% of total supply soon to be in circulation, the market may be shifting from an era of abundance to one defined by scarcity,” wrote Fidelity Digital Assets researcher Zack Wainwright in a report released on Monday.
The report identified two cohorts that defined the threshold of illiquid supply. These were entities with Bitcoin that last moved seven or more years ago, and public companies holding at least 1,000 BTC.
“We estimate that this combined group will hold over six million Bitcoin by the end of 2025 — or over 28% of the 21 million Bitcoin that will ever exist.”
Illiquid Supply Growing
Public companies currently hold more than 830,000 BTC, or 4% of the circulating supply, with 97% concentrated among companies holding more than 1,000 units. That number could be even higher, as BitcoinTreasuries reports that over 1.3 million BTC is held by public and private companies.
When combining the supply of long-term holders with public company holdings, one can see an accelerating trend of holding Bitcoin versus trading or transacting, the researcher noted. He added that the rise in BTC adoption among public company treasuries has driven an uptick in illiquid supply since Q3 2024.
New research piece from analyst Zack Wainwright where he digs deeper on bitcoin’s increasingly illiquid supply.
One interesting aspect is the analysis of what public company accumulation could do to supply in the future.
The report predicted that nearly 42% of the current circulating supply, or over 8.3 million BTC, will be considered illiquid by 2032. The researcher concluded that over time, the scarcity of Bitcoin may become the focal point as more entities buy and hold the asset long term.
“If nation-state adoption increases and the regulatory environment surrounding Bitcoin continues to evolve, the growth of the illiquid supply could be even more dramatic.”
Although the report did not mention it, the same is likely to be happening with Ethereum, as digital asset treasuries have scooped up more than 4% of the entire supply in just a few months. Since Ether ETFs launched last year, they have hoovered up more than 5.5% of the total supply.
BTC Price Outlook
Bitcoin has been in the red over the past day, falling back from a Monday high of $116,700 to just over $115,000 during the Tuesday morning Asian trading session.
The asset has been consolidating for almost a week and remains 7.2% down from its all-time high, so there has yet to be a major correction that was largely expected this month.
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Some people got an email from Fidelity, myself included, about new benefits on the Fidelity 2% card. I assume everyone will get this email as it goes it in batches:
Receive up to 10,000 Reward Points every four years when you apply for either Global Entry® or TSA PreCheck®. That’s worth up to $100 when deposited into an eligible Fidelity® account, once every four years. Be sure to pay the application fee using your card to be eligible. Learn more about this benefit and review the terms at Fidelity.com/AirportBenefits
My thoughts: cool benefit on a solid no-fee card. There are many cards with this benefit, but not too many no-fee cards in that list. I did TSA PreCheck at the same time as my brother and I was able to cover the fee for him since I have multiple cards with the benefit.
Auto Rental Collision Damage Waiver at no extra cost. Be sure to review complete benefit terms at Fidelity.com/AutoRentalCoverage.
My thoughts: I wasn’t aware that the card didn’t already have this benefit, but if it’s new that’s a nice addition. FYI – coverage is secondary behind your regular auto insurance (if you have that).
No foreign transaction fees for international purchases.
A lot of people like to use the Fidelity Cash Management Account in place of an ordinary checking account. Unfortunately, beginning a few days ago the account has been wonky with deposits, transfers and bill payments.
Many people are seeing recently that their Fidelity Cash Management Account (CMA) is holding funds on their ACH pulls into the account. When initiating from within a Fidelity a pull from an external bank account, Fidelity will quote an availability date of a few weeks later instead of the typical timeframe of a day or a few days. Even funds pushed into the Fidelity account from an outside account are occasionally getting held up for a few people.
Many reports indicate mobile check deposits being even more problematic with long hold times until the checks clear.
Most surprisingly, some people report getting their bill payments cancelled, e.g. if you have your mortgage set up to be paid from within the Fidelity bill payment system it might not actually get paid.
These measures are all likely fraud algorithms trying to keep criminals at bay. That said, it’s frustrating that Fidelity isn’t doing a better job communicating with their customers. If this continues it can render the CMA no longer suitable as a checking account alternative. Note: many have noted that only transfers to the CMA are sometimes slow while transfers to the brokerage account directly don’t seem to have these issues.
All of these issues seem to be affecting more often those CMAs which are on the newer side. You can read more about user experiences in this DoC comments thread and on this long Reddit thread. Let us know your own experiences in the comments below.
NEW YORK (AP) — Several online brokerage firms including Charles Schwab, Fidelity and Vanguard appeared to be down for thousands of users early Monday during one of the biggest stock markets sell-offs of 2024.
User reports appeared to peak around and just before 10 a.m. ET, data from outage tracker Downdectector shows. Some frustrated customers online said that they were unable to log in or access their account balances.
“Due to a technical issue, some clients may have difficulty logging in to Schwab platforms,” Charles Schwab wrote on social media platform X Monday morning. “Please accept our apologies as our teams work to resolve the issue as quickly as possible.”
A Fidelity spokesperson told The Associated Press via email Monday that the company was aware of some customers experiencing “intermittent issues” earlier in the day, but said that this is now resolved.
Vanguard did not immediately return a request for comment.
At its peak, Charles Schwab saw nearly 15,000 outage reports from users around 9:50 a.m. ET, per Downdetector. Fidelity and Vanguard saw another 3,800 and 2,900, respectively, closer to 10 a.m. ET.
User reports appeared to fall notably for all three platforms an hour later, but timelines for full recovery weren’t immediately known for Schwab and Vanguard.
The US spot Bitcoin ETFs recorded a daily net inflow of $301 million on July 15th. This extended their winning streak to seven consecutive days amidst a broader market recovery.
None of the ETFs recorded outflows for the day.
Bitcoin ETFs Rake in $16.11B in Net Inflows Since Jan
According to the data compiled by SoSoValue, BlackRock’s IBIT, the top spot Bitcoin ETF by net asset value, recorded the largest net inflows of the day at $117.25 million. IBIT was also the most actively traded Bitcoin ETF on Monday, with a volume of $1.24 billion. Ark Invest and 21Shares’ ARKB came in close behind with net inflows of $117.19 million.
Fidelity’s FBTC experienced net inflows of $36.15 million on Monday, while Bitwise’s BITB saw $15.24 million in inflows. VanEck’s HODL, Invesco and Galaxy Digital’s BTCO, and Franklin Templeton’s EZBC funds also recorded net inflows. Meanwhile, Grayscale’s GBTC and other ETFs, such as Valkyrie’s BRRR, WisdomTree’s BTCW, and Hashdex’s DEFI, registered no flows for the day.
A total of $2.26 billion was traded on Monday. The trading volume for these ETFs was less than in March when it exceeded $8 billion on some days. Meanwhile, these funds have collectively attracted $16.11 billion in net inflow since their January launch.
What’s Next For Bitcoin?
Earlier this month, bitcoin’s price decline was mainly due to fears of massive selling pressure from Mt. Gox and the German government’s BTC sales.
But the assassination attempt on pro-crypto former US President and presumptive Republican candidate Donald Trump at Saturday’s rally seemed to spark a recovery in the world’s largest digital asset, and experts are bullish on the asset’s price trajectory going forward. Bitcoin surged more than 9% over the past week and was currently trading slightly below $64,000.
Veteran trader Peter Brandt discussed bitcoin’s price outlook, suggesting a potential major rally. He referred to a pattern he terms “Hump->Slump->Bump->Dump->Pump” and highlighted that the July 5 double top attempt was a bear trap, confirmed by the July 13 close. He sees a likely continued upward trend but warned that a close below $56,000 would negate this bullish view.
“Bitcoin $BTC could be unfolding its often-repeated Hump…Slump…Bump…Dump…Pump chart construction. Jul 5 attempt at the double top was a bear trap, confirmed by Jul 13 close. Most likely scenario now is that bears are trapped. Close below $56k negates this interpretation”
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Starting June 15, 2024, Fidelity Cash Management account will offer an elective option to have your default sweep account be the high-yield SPAXX money market fund (4.95% yield at time of this writing). Until now, their default deposit sweep is an FDIC account with an interest rate which is not highly competitive (2.72% at time of this writing).
There were always work-arounds, but now it’ll be simple to have your Fidelity Cash Management Account act like an ordinary checking account and also get top-yield interest rates. The Fidelity CMA has long offered traditional banking features like ACH routing and account numbers, Billpay, mobile check deposit, physical checks, and ATM cards. A lot of travelers like the CMA account due to its unlimited worldwide ATM fee reimbursements.
Fidelity’sBlue Chip Growth Fund cut the value of its position in X by 5.7% in February, implying a 73% decline in the former Twitter Inc. since Elon Musk bought the social-media company.
Fidelity, which gained a stake in X by helping Musk complete his $44 billion purchase in October 2022, valued the position at $5.28 million as of Feb. 29, according to a report posted Saturday listing the fund’s holdings. A month earlier, the value was $5.6 million.
The overall value of the Blue Chip Growth Fund’s X stake has fallen 73% since Musk’s purchase, suggesting a similar drop in the value of the company because the fund hasn’t disclosed any change in its position in X.
X has been trying to lure back advertisers since Musk’s chaotic takeover. Last year, ad sales were estimated to be roughly $2.5 billion, falling short of the company’s $3 billion target, Bloomberg reported.
Fidelity and X didn’t immediately return emails seeking comment sent outside regular business hours.
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The United States Securities and Exchange Commission (SEC) has once more postponed its decision to approve or deny the applications for spot Ethereum exchange-traded funds (ETFs) submitted by BlackRock and Fidelity.
The latest delay comes weeks after the agency greenlighted several Bitcoin ETFs that have since gained massive traction.
SEC Delays Decision on Ethereum ETFs
On March 4, the SEC declared it would postpone the decision for BlackRock’s iShares Ethereum Trust and Fidelity’s Ethereum Fund.
BlackRock’s initial application was lodged in November, with the federal regulator postponing its decision two months later, citing the need for additional time to review. Although a new decision deadline was set for March 10, this date has been discarded, as revealed in the agency filing.
Moreover, the SEC has postponed its decisions on several other applications for spot Ethereum ETFs, including those from Fidelity, Invesco, and Galaxy Digital.
Bloomberg ETF analyst James Seyffart has forecasted that these delays could continue until May 23, the ultimate deadline for the applications submitted by VanEck and Cathie Wood’s Ark Invest.
These particular applications, one of which dates back to 2021 for Fidelity, were initially submitted on September 6, 2023. The SEC first delayed its decisions on these applications two weeks after submission.
The SEC’s recent postponement wasn’t unexpected as market observers and ETF analysts have long anticipated that the agency would decide on approval or denial only as the first conclusive deadline in May approaches.
The growing interest in spot Ethereum ETFs is becoming more pronounced as Bitcoin approaches a new all-time high. The enthusiasm around BTC is largely fueled by the success of spot Bitcoin ETFs, which recorded $1.84 billion in inflows within a week. The anticipation of a similar trend for Ethereum, which has recently achieved its highest price in over a year, is generating high demand.
However, not all analysts are convinced that a spot Ethereum ETF will mirror the performance of its Bitcoin counterparts. Bloomberg ETF analyst Eric Balchunas mentioned that he and Seyffart would soon publish formal odds on an Ethereum ETF approval but referred to the yet-unapproved ETH funds as “small potatoes” compared to Bitcoin-based funds.
Ethereum’s price has been mirroring the broader market’s optimism over potential approval, with a 62% increase over the past month. This rise continued even after the SEC’s announcement of the delay. As of the latest CoinGecko data, ETH is trading at $3,691.84, marking a 4.9% increase over the last 24 hours.
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Bitcoin enthusiasts may need to temper their expectations for a rapid ascent to $70,000. On January 28, a crypto analyst thinks the world’s most valuable coin must fall back to $30,000, a critical support level, before resuming its uptrend.
Bitcoin Must Fall: Path To $30,000?
CryptoCon, a crypto analyst, cites historical price performance to support this assertion. Specifically, the argument is that no Bitcoin cycle has reached its recent high without first revisiting the monthly least square moving average (MA).
Currently, this MA is at $30,358. If past performance guides, CryptoCon believes Bitcoin could likely dip to this level before prices recover sharply.
Historical BTC price performance | Source: Crypto Con on X
The Bitcoin analyst notes that the MA has consistently acted as a floor for Bitcoin prices, even during periods of high volatility. CryptoCon asserts that the only outlier was the 2019 bear market, triggered by the Black Swan event of COVID-19.
The analyst further acknowledges that though some observers say Bitcoin has bottomed, further confirmations might be required. Based on CryptoCon’s analysis, insufficient data supports this claim. The analyst asserts that by how prices have behaved in the past, it is highly likely that the coin will drop to as low as $30,000 by February or March.
A Contrarian Position: Wall Street Accumulating BTC
This prediction may disappoint some Bitcoin holders eagerly anticipating a sharp recovery to $70,000 and beyond. This optimistic preview comes after the United States Securities and Exchange Commission (SEC) recently approved multiple spot Bitcoin Exchange-Traded Funds (ETFs).
Though prices fell, pinned to the massive liquidation of Grayscale Bitcoin Trust (GBTC) shares by, among other investors, FTX–the defunct exchange, prices recovered over the weekend. Spot Bitcoin ETF issuers, including Fidelity and BlackRock, have been buying BTC en-masse over the past weeks. Analysts have interpreted this as a net positive for prices. This development might lift sentiment and drive the coin to January 2023 highs soon.
However, looking at CryptoCon’s preview, it appears the analyst is taking a contrarian position, expecting prices to move against the general public. Whether this retracement will help anchor BTC and build a more sustainable long-term trend remains to be seen.
Crypto Fear and Greed Indicator | Source: Coinstats
From the sentiment chart, Fear-and-Greed Index, bulls expect prices to increase in the sessions ahead. According to Coinstats, the index’s reading is 55, up from 50 last week.
Feature image from Canva, chart from TradingView
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Open a Fidelity Cash Management account, investment account, Roth IRA, or Traditional IRA account and get $100 bonus when you deposit $50 within 15 days. Use promo code GB100.
Starting on November 17, 2022, when you open an eligible account and make a deposit of $50 or more, you’ll receive a $150 cash reward deposited into the eligible account that qualified you for the offer. Fidelity reserves the right to modify the terms and conditions or terminate the offer at any time. Other terms and conditions or eligibility criteria apply. See terms and conditions for more information.
In order to receive the $150 bonus award, users must complete the following:
Fund the account with a minimum of $50 (“net deposit’) from an external, non-Fidelity source.
The net deposit at the end of the 15 calendar days after account opening (“the qualification period”) must be at least $50.
For purposes of this offer, “net deposits” shall mean total external deposits or transfers (including cash, eligible securities and/or margin debit balance transfers) minus assets withdrawn or transferred out of the accounts within the qualification period.
As a confirmation of your registration, an email will be sent to the email address you provided during the account opening process after the eligible account has been established in good order.
Eligible accounts include The Fidelity Account, Fidelity Cash Management Account, Fidelity Roth IRA, or a Fidelity traditional IRA. No other accounts are eligible for this offer.
For individuals who open a Roth or traditional IRA account, in order to be eligible to contribute to the IRA (traditional or Roth) you will need to have earned income at least equal to any IRA contribution made for 2021. Individuals who max out their contribution for the calendar year are also not eligible for the bonus award. If an individual has no earned income, they will not be eligible to make contributions to the Roth or traditional IRA and as a result not eligible for the bonus award.
Account holders must maintain the bonus award (minus any losses related to trading or market volatility, or margin debit balances) in the account for at least 90 days from the date on which the bonus award is credited to the account. Fidelity may charge accounts that fail to comply with this requirement the cost of the bonus award.
Update 5/11/23: new terms added: “Individuals who took advantage of the previous $50 for $100 offer or the previous $50 for $150 offer aren’t eligible.”
The bonus award will be deposited directly to the eligible account within 10 calendar days after the qualification period. Amounts deposited by you to qualify for the offer and by Fidelity in the form of the bonus award will be initially held in the eligible account’s core position. You will be provided information regarding the available core positions for the account type you select during the account opening process. Depending on the account type you select, you may have the option of selecting a money market fund sponsored by a Fidelity affiliate as your core position. No further investment or trading is required to qualify for the offer.
This offer is nontransferable and limited to $150 per individual. Individuals who took advantage of Fidelity’s previous $50 for $100 offer within the last 12 months will not be eligible for this offer.
The promotion is not available for the following account types/products: Rollover IRAs; mutual fund only accounts; business accounts (including those opened by union officials); trust accounts; fiduciary accounts (including custodial accounts, estate accounts); college investment trust accounts; 529 college savings plan accounts; annuities; Fidelity-managed accounts offered by Fidelity Personal and Workplace Advisors LLC; Fidelity Clearing and Custody Solutions (FCCS) clients; clients of registered investment advisors working with Fidelity Investments, and Stock Plan Services accounts. This offer is not valid for non-US residents; persons employed by FINRA or a securities organization in a regulatory capacity; employees of Fidelity, its affiliates, and members of their immediate families and households; or the media who cover financial services.
Certain states and local jurisdictions have laws that limit or restrict public employees from accepting items of value from vendors such as Fidelity that provide services to public institutions. Some public entities such as governments, state universities, health care organizations, etc., also have internal policies that may contain similar restrictions. If you are a public official or employee, you should determine if one of these laws or internal policies applies to you. By accepting the bonus award, Fidelity assumes that you are in compliance with your jurisdiction’s laws and institution’s internal policies.
Cumulative bonus awards credited to taxable accounts associated with your Social Security number or tax identification number, as applicable, including those held at an affiliate of Fidelity, totaling $600 or more within a calendar year will appear on your consolidated Form 1099. You are encouraged to consult with your tax professional about appropriate tax reporting and treatment relating to this bonus award and the deposit of the bonus award in your account. Any taxes resulting from the bonus award are your responsibility.
Avoiding Fees
These accounts have no monthly fees or early termination fees to worry about.
Our Verdict
Fidelity doesn’t typically offer any bonus for opening a cash management account or for opening a brokerage account. We did see a $200 bonus back in 2018, but I wouldn’t hold out for something like that. More recently we saw $100 offer and $50 offer, but both were more complicated. This is a simple $100 $150 bonus with no requirements other than a $50 deposit. Also has a quick bonus payout within 25 days and no fees to worry about. Just be sure to leave the $100 there for 90 days, per terms.
It seems from the fine print that the bonus won’t be reported on a tax form since it’s less than $600, though legally you probably have to self-report this kind of income. (See additional tax discussion related to this from a previous Fidelity deal in the comments at this link.)
If you already have an account with Fidelity, you can open another eligible account and get the bonus, e.g. if you have the Cash Management account, you will be eligible for the $100 $150 bonus if you open an investment account (either open The Fidelity Account – which I believe means a standard investment account – or open a Roth IRA or a traditional IRA) and deposit $50. Readers note that it’s even possible to have two Cash Management accounts, and readers reports being eligible for a similar bonus in the past by opening a second one.
Update 7/25/22: Offer is back at this link. Same promo code FIDELITY100. (ht Chase-ing UR Points and alopez14)
Update 5/30/22: New offer link. Same promo code FIDELITY100; Update 2/1/22: Deal is back at this link. Same promo code FIDELITY100. Hat tip to Chase-ing UR Points
Update 1/2/24: Readers report that the 10% bonus has been renewed for 2024. A simple $300 deposit will get you a $30 bonus match. I believe this is the third round of $30 bonus for those who got the account in 2022. (The signup bonus has expired, unfortunately – there’s no signup bonus for those signing up now.)
Update 1/27/23: Multiple readers arereporting that the 10% back promo, up to $30 back, seems to be working now for a second time. It was initially to be 10% ($30) your first year and then 5% ($15) future years, but they seem to have extended it for everyone to get the 10% again in 2023, even those who got it already in 2022.
Update 12/18/22: A Fidelity rep on Reddit states that Fidelity has extended the window where you can earn $1 per debit transaction of $10+, up to $50 max: previously you had until 12/31/22 for this promotion, they are now extending that through 1/31/23 (still the same $50 max from entire promotion). (ht mangorunner)
Update 12/2/22: Now available on Android as well.
Offer at a glance
Maximum bonus amount: $80 (plus $6)
Availability: Nationwide (requires iOS or Android device for signup; can be managed, for the most part, in your regular Fidelity.com login)
Fidelity launched a new banking app geared toward young adults – but available to anyone 18 years or older – to help them build money-saving habits. As part of launch, they are offering the following signup bonus:
Open a Fidelity Bloom Spend account and Save account, get $50 once you deposit $25 or more within 7 days.
Readers also say you’ll get an extra $6 in offers: $1 for linking an account and $5 for checking out their cash back options.
The account can only be opened via the mobile app which is currently iOS only, Android coming soon. Once you signup the account populates in your regular Fidelity login online and you don’t need an iOS device any longer.
There are a other bonuses available with Fidelity Bloom on an ongoing basis:
Customers receive an annual 5% match on the first $300 into their Fidelity Bloom Save account.
For a limited time, new customers will receive a 10% match on their first $300 (instead of the regular 5% match).
Fidelity Bloom is a free financial app and debit card with automated cash rewards to help you build long-lasting habits.
Fidelity Bloom comes with two accounts, one Spend account and one Save account. Both are brokerage accounts.
Customers can automatically round up purchases to the nearest dollar and have the difference moved to savings from their Fidelity Bloom Spend to their Fidelity Bloom Save account.
Receive up to 25% cash back—deposited into the Fidelity Bloom Save account when customers shop through the app with 1,100+ participating retailers.
The Fine Print
Fidelity Bloom $50 Offer Terms and Conditions: This offer is valid for new or existing Fidelity Brokerage Services LLC (“Fidelity”) customers who open a new Fidelity Bloom Spend account and Fidelity Bloom Save account on or after 6/13/2022 in the Fidelity Bloom app and fund with a minimum of $25. Offer is limited to one cash award per individual.
To receive the $50 cash award, the following must occur:
You register for the offer by opening the Fidelity Bloom Spend and Fidelity Bloom Save accounts and make an initial deposit in either account (your “initial funding date”) on or after 06/13/2022. The Fidelity Bloom accounts must be opened within the Fidelity Bloom app.
The Net Deposit at the end of the 7 calendar days after the initial funding date (“the qualification period”) must be at least $25.
For purposes of this offer, “Net Deposits” shall mean total external deposits or transfers (including cash, eligible securities and/or margin debit balance transfers) minus assets withdrawn or transferred out of the accounts within the qualification period.
The only eligible accounts for this offer are the Fidelity Bloom Spend account and the Fidelity Bloom Save account. Both accounts are opened for Fidelity Bloom customers. Each eligible account has unique features which you should consider prior to opening. This offer does not constitute a recommendation by Fidelity as to which, if any, account is appropriate for your personal situation.
The cash award will be deposited directly to the Fidelity Bloom Save account within 10 calendar days after the qualification period. Amounts deposited by Fidelity in the form of the cash award will be initially held in the eligible account’s core position. You will be provided information regarding the available core positions for the account type you select during the account opening process. You have the option of selecting a money-market fund sponsored by a Fidelity affiliate as your core position. No further investment or trading is required to qualify for the offer.
You could lose money by investing in a money market fund. An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Before opening an account and selecting a money market fund as your core position, read the money market fund’s prospectus for policies specific to that fund. A copy of this prospectus will be made available to you during the account opening process.
This offer is nontransferable and limited to $50 per individual.
This offer is not valid for non-U.S. residents; persons employed by FINRA or a securities organization in a regulatory capacity; employees of Fidelity, its affiliates, and members of their immediate families and households, or the media who cover financial services. Individuals subject to backup withholding may not be eligible for the offer.
Cumulative cash awards credited to taxable accounts associated with your social security number or tax identification number, including this offer, other offers available within the Bloom app and those made by a Fidelity affiliate totaling $600 or more within a calendar year will appear on your consolidated Form 1099. You are encouraged to consult with your tax professional about appropriate tax reporting and treatment relating to this cash award and the deposit of the cash award in your account. Any taxes resulting from the cash award are your responsibility.
Avoiding Fees
There are no monthly fees to worry about and no early termination fees mentioned.
Our Verdict
Easy $50 bonus by opening both the Spend and Save accounts and making a simple $25 deposit into one of them within 7 days. Deposit an additional $275 ($300 total) before the end of 2022 and you’ll get an additional $30 bonus with the match bonus; according to a reader, the match bonus is paid out at the end of the month.
In future years, you can deposit $300 per year and get 5% back – a $15 bonus each year. You can also get 10 cents per debit card swipe; some people might want to keep the card around for small purchases. Maybe the ‘25% back at select retailers’ will turn out useful as well, let us know if you see anything interesting.
Overall a simple $80 bonus for the hassle of opening a new account and app, along with a potential $15/year in future years. This is available even to those who have other Fidelity accounts and who have done other Fidelity bonuses. Sounds like anything less than $600 won’t get a Form 1099, though you probably have to self-report it on your taxes. We’ve added this to our List of Best Bank Bonuses.
Mutual fund company Fidelity has marked down its investment in X holdings — the parent company of X (formerly Twitter) owned by Elon Musk — by 71.5% from the original valuation of shares, according to a new disclosure.
Fidelity spent $19.2 million to acquire a stake in X back in October 2022. The fund manager made a valuation cut of 65% in October 2023. And now in the November 2023 disclosure, the firm has made a further cut in X’s valuation. Notably, Fidelity’s disclosures are one month behind the current date.
The biggest challenge for the company is to convince advertisers to spend money on the platform. A lot of prominent advertisers — including Apple, Comcast/NBCUniversal, Disney, Warner Bros. Discovery, IBM, Paramount Global, Lionsgate, and the European Commission —pulled out from the platform after Musk called an antisemitic conspiracy theory the “actual truth”.
“What this advertising boycott is going to do is kill the company,” Musk continued. “And the whole world will know that those advertisers killed the company, and we will document it in great detail.”
“Small and medium businesses are a very significant engine that we have definitely underplayed for a long time “It [was] always part of the plan — now we will go even further with it,” X told the publication.
Musk has also made controversial decisions to restore accounts of previously banned users such as conspiracy theorist Alex Jones, Kanye West, former U.S. President Donald Trump, far-right influencer Andrew Tat, and right-wing academic Jordan Peterson.
Among retirement rules of thumb, saving 10 times your salary by 67 reigns supreme. But workers should also have another way by planning for their savings to provide 45% of their pretax, preretirement income.
Financial services giant Fidelity has a rule for retirement savings you may have heard of: Have 10 times your annual salary saved for retirement by age 67. This oft-cited guideline can help you identify a retirement savings goal, but it doesn’t fully account for how much of those savings will cover in retirement.
Enter Fidelity’s 45% rule, which states that your retirement savings should generate about 45% of your pretax, pre-retirement income each year, with Social Security benefits covering the rest of your spending needs.
A financial advisor can analyze your income needs and help you plan for retirement. Find an advisor today.
The financial services firm analyzed spending data for working people between 50 and 65 years old and found that most retirees need to replace between 55% and 80% of their pre-retirement income in order to preserve their current lifestyle. Because retirees have lower day-to-day expenses and don’t typically contribute to retirement accounts, their income requirements are lower than people who are still working.
As a result, a retiree who was earning $100,000 a year would need between $55,000 and $80,000 per year in Social Security benefits and savings withdrawals (including pension benefits) to continue their current lifestyle.
Fidelity’s 45% guideline dictates that a retiree’s nest egg should be large enough to replace 45% of their pre-retirement, pretax income each year. Following this rule, the same retiree who was earning $100,000 per year would need enough saved up to spend $45,000 a year, in addition to his Social Security benefits, to fund his lifestyle. Assuming the person lives another 25 years after reaching retirement age, this person would need $1.125 million in savings.
If you’re ready to be matched with local advisors that can help you achieve your financial goals, get started now.
Pre-Retirement Income Plays an Important Role
Among retirement rules of thumb, saving 10 times your salary by 67 reigns supreme. But workers should also have another way by planning for their savings to provide 45% of their pretax, preretirement income.
But all retirement spending plans aren’t equal. Those who earned less money during their careers will have less saved than high earners, and as a result, will need to replace a larger proportion of their pre-retirement income.
“Your salary plays a big role in determining what percentage of your income you will need to replace in retirement,” Fidelity wrote in its most recent Viewpoints. “People with higher incomes tend to spend a small portion of their income during their working years, and that means a lower income replacement goal in percentage terms to maintain their lifestyle in retirement.”
According to Fidelity, a person who makes $50,000 per year would need savings and Social Security to replace approximately 80% of his income in retirement. An individual earning $200,000, however, could get by in retirement by replacing just 60%.
Social Security plays a less significant role in the retirement plans of higher-earning workers. Consider the table below:
Replacing Income Using Fidelity’s 45% Rule Pre-Retirement Income Replacement Rate From Savings Replacement Rate From Social Security Total Replacement Rate $50,000 45% 35% 80% $100,000 45% 27% 72% $200,000 45% 16% 61% $300,000 44% 11% 55%
According to Fidelity, a retiree who made $50,000 per year would receive 35% of that income via Social Security. But a high-earning individual who made $300,000 per year would only see 11% of his income replaced by Social Security benefits. While higher-earning individuals don’t need to replace as much of their pre-retirement income, retirement savings plays a more important role for these types of retirees.
Bottom Line
Among retirement rules of thumb, saving 10 times your salary by 67 reigns supreme. But workers should also have another way of figuring: planning for their savings to provide 45% of their pretax, preretirement income.
Fidelity’s 10x rule of thumb is a nifty guideline to follow as you save for retirement over the course of many decades. But when retirement arrives, Fidelity recommends that your savings should cover 45% of your income needs, with Social Security covering the rest. As a result, the average retiree will need to replace between 55% and 80% of his pre-retirement, pretax income to maintain his current lifestyle.
Tips for Retirement Planning
A financial advisor can be an invaluable resource when it comes to planning for retirement. Whether it’s saving in tax-advantaged accounts or mapping out your income needs, an advisor can help you with your retirement planning needs.
Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
While people can start collecting Social Security benefits at age 62, delaying collection will result in higher benefits. SmartAsset’s Social Security calculator can help you develop a collection plan that enables you to maximize your benefits and enjoy retirement.
US officials announce $4.3B settlement with Binance, plea deal with CZ
Binance and its co-founder, Changpeng “CZ” Zhao, have reached a settlement over criminal and civil cases with the United States Department of Justice. CZ will plead guilty to one felony charge as part of the negotiated agreement. Attorney General Merrick Garland announced the settlement, claiming Binance’s policies allowed criminals involved in illicit activities to move “stolen funds” through the exchange. As part of the settlement, CZ announced on X (formerly Twitter) that he had stepped down as CEO and that Binance’s global head of regional markets, Richard Teng, will assume the position. He added he was “proud to point out” that U.S. officials didn’t allege that Binance misappropriated funds or manipulated markets. CZ was released on bail and is battling government efforts to bar his return to the United Arab Emirates to be with his family. His sentencing is scheduled for February.
BlackRock met with SEC officials to discuss spot Bitcoin ETF
Representatives from BlackRock and Nasdaq met with the U.S. Securities and Exchange Commission (SEC) to discuss the proposed rule allowing the listing of a spot Bitcoin exchange-traded fund (ETF). BlackRock provided a presentation detailing how the firm could use an in-kind or in-cash redemption model for its iShares Bitcoin Trust. Many reports have suggested the SEC could be nearing a decision on a spot BTC ETF for listing on U.S. markets. SEC officials also met with Grayscale representatives this week to discuss the listing of a Bitcoin ETF. BlackRock is one of many firms with spot crypto ETF applications in the SEC pipeline awaiting a response, including Fidelity, WisdomTree, Invesco Galaxy, Valkyrie, VanEck and Bitwise.
Bitcoin user pays $3.1M transaction fee for 139 BTC transfer
A Bitcoin user paid $3.1 million in fees for transferring 139.42 BTC. The transaction fee is the eighth-highest in Bitcoin’s 14-year history. A wallet address tried transferring 139.42 BTC only to pay more than half the actual value of the transaction fee. The destination address received only 55.77 BTC. The mining pool Antpool captured the absurdly high mining fee on block 818087. This is the largest Bitcoin transaction fee ever paid in dollar terms, knocking off Paxos’s September transfer of $500,000.
SEC sues Kraken alleging it’s an unregistered exchange, mixes user funds
The U.S. Securities and Exchange Commission has sued Kraken, alleging it commingled customer funds and failed to register with the regulator as a securities exchange, broker, dealer and clearing agency. Additionally, the SEC alleged Kraken’s business practices and “deficient” internal controls saw the exchange commingle up to $33 billion worth of customer assets with its own. The SEC said this resulted in a “significant risk of loss” for its clients. In a follow-up blog post, Kraken said the SEC’s commingling accusations were “no more than Kraken spending fees it has already earned,” and the regulator doesn’t allege any user funds are missing.
Appeals court rejects Sam Bankman-Fried’s bid for release
Sam Bankman-Fried will stay jailed after failing to convince a United States appellate court that he should be freed while his legal team appeals his conviction. Government prosecutors accused Bankman-Fried of leaking Caroline Ellison’s journals to The New York Times in July, which caused his bail to be revoked by a New York District Court. Bankman-Fried was found guilty of seven fraud and money laundering-related charges on Nov. 2. The former FTX CEO will remain behind bars while he awaits his sentencing on March 28 next year.
Winners and Losers
At the end of the week, Bitcoin (BTC) is at $37,710, Ether (ETH) is at $2,079, and XRP is at $0.62. The total market cap is at $1.43 trillion, according to CoinMarketCap.
Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Blur (BLUR) at 99.25%, FTX Token (FTT) at 39.05% and KuCoin Token (KCS) at 24.82%.
The top three altcoin losers of the week are Celestia (TIA) at -19.89%, ORDI (ORDI) at -17.63% and THORChain (RUNE) at -15.53%.
“We, the employees of OpenAI, have developed the best models and pushed the field to new frontiers, [but] the process through which you terminated Sam Altman […] has jeopardized all of this work and undermined our mission and company.”
‘Enjoy sub-$40K Bitcoin’ — PlanB stresses $100K average BTC price from 2024
Bitcoin buyers should enjoy the chance to add to their stack below $40,000, according to PlanB, pseudonymous creator of the stock-to-flow family of BTC price models. He believes Bitcoin will rise much higher than its recent 18-month highs.
Bitcoin bear market bottoms are characterized by the spot price dipping below the realized price, while bull markets begin once the spot crosses the two-year and five-month realized price levels. BTC/USD is now once again above all three realized price iterations.
“Enjoy sub-$40k bitcoin … while it lasts,” PlanB commented on an accompanying chart.
Asked whether the market should expect lower levels from here, PlanB would not be drawn, saying that he simply expected an average BTC price of at least $100,000 between 2024 and 2028 — Bitcoin’s next halving cycle.
FUD of the Week
HTX to restore services ‘within 24 hours’ after $30M hack
Crypto exchange HTX, formerly known as Huobi Global, resumed deposits and withdrawals within 24 hours after suffering a $30 million exploit on Nov. 22. The exploit was reported to be $13.6 million around the time of the incident, but has since increased in value. HTX’s hot wallets were compromised alongside a coordinated $86.6 million attack against the HTX Eco (HECO) Chain bridge, consisting of HTX, Tron and BitTorrent. The company has promised to fully compensate users for any losses incurred as a consequence of the hack.
CZ an ‘unacceptable risk of flight,’ should stay in US: DOJ
United States prosecutors are trying to stop former Binance boss Changpeng “CZ” Zhao from leaving the country, expressing concern about his potential flight risk. The government requested a review and overturn of a judge’s decision that would allow Zhao to return to his home in the United Arab Emirates (UAE) on a $175 million bond under the condition that he returns to the U.S. two weeks before his February 2024 sentencing. In a proposed order, prosecutors wrote that Zhao “presents an unacceptable risk of flight,” arguing that his ties and favored status in the UAE, along with the country’s lack of an extradition treaty with the U.S., are reasons to block him from leaving the country.
KyberSwap hacker offers $4.6M bounty for return of $46M loot
The decentralized exchange KyberSwap has offered a 10% bounty reward to the hacker who stole $46 million on Nov. 22 and left a note of negotiation. The exchange wants 90% of the loot returned. The hacker made away with roughly $20 million in Wrapped Ether, $7 million in wrapped Lido-staked Ether and $4 million in Arbitrum tokens. The hacker then siphoned the loot across multiple chains, including Arbitrum, Optimism, Ethereum, Polygon and Base.
This is your brain on crypto: Substance abuse grows among crypto traders
According to some addiction experts, the high-stress atmosphere of cryptocurrency trading can provide a perfect environment for substance abuse.
Michael Saylor’s a fan, but Frisby says bull run needs a new guru: X Hall of Flame
Bitcoin enthusiast Dominic Frisby has a wild journey, from penning one of the first-ever Bitcoin books to plastering “Bitcoin fixes this” on the Bank of England.
6 Questions for Alex O’Donnell about financial journalism and the future of DeFi
BlackRock’s competition has heightened as Fidelity – a renowned financial giant with $4.5 trillion in assets under management – has filed for a spot Ethereum exchange-traded fund (ETF).
Fidelity Goes for Ethereum ETF
In a filing submitted to the United States Securities and Exchange Commission (SEC) on November 17, Fidelity outlined its plans to list and trade shares of the Fidelity Ethereum Fund on the Cboe BZX Exchange. According to the Registration Statement, each Share will represent a fractional undivided beneficial interest in the Trust’s net assets, which will consist of ETH held by the Custodian on behalf of the Trust.
There are now seven entrants in the list of filers for a spot Ethereum ETF, which include BlackRock, Hashdex, Grayscale, and VanEck.
The development comes after BlackRock filed for a spot ETH ETF – the iShares Ethereum Trust. Interestingly, Fidelity filed for a spot Bitcoin ETF in June after BlackRock entered the game.
The Need for Exchange-Traded Vehicles for Crypto
Fidelity emphasized the absence of a low-risk avenue for US citizens to expose themselves to ETH and digital assets, citing the lack of such US-regulated exchange-traded vehicles. It compared the situation with Europe, stating that European investors have access to products trading on regulated exchanges, offering exposure to a broad range of spot crypto assets.
According to the firm, this contrast underscores the need for a similar avenue for US investors.
“To this point, approval of a Spot ETH ETP would represent a major win for the protection of US investors in the crypto asset space.”
Fidelity’s proposal seeks to address these challenges by tackling fraudulent and manipulative practices. Referencing Section 6(b) of the Act, particularly Section 6(b)(5), the firm is committed to safeguarding investors, promoting a free and open market, and serving the public interest.
The document also referenced the court ruling involving Grayscale, where the court questioned the SEC’s rationale for rejecting spot crypto ETFs while allowing futures-based products.
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Bitcoin is a store of value currency and inflation hedge likable to “exponential gold,” wrote Jurrien Timmer, Head of Global Macro at Fidelity, in a post to X on Wednesday.
The analyst argued that both Bitcoin and gold boast distinct but attractive risk/reward ratios right now and that both may be players on the “same team” regarding their investment theses.
Gold Versus Bitcoin: A Historic Look
As outlined by Timmer, Bitcoin began is rallying again this year in line with “the pattern of previous boom and bust cycles.”
The asset reclaimed $35,000 per BTC on Wednesday, with market participants excited over a potential spot Bitcoin ETF approval within the next two months. It’s also arguably rallied as a “flight to quality” for savers as the market loses faith in long-dated treasuries, pumping its price alongside that of gold.
“Historically, during structural regimes in which inflation runs hot, real rates are negative, and/or money supply growth is excessive, gold tends to shine and gain market share relative to GDP,” explained Timmer.
Investors have frequently compared Bitcoin to gold for its strong monetary properties, including its reliable scarcity compared to fiat currency. Some, like Michael Saylor, consider Bitcoin an even better alternative for its digital benefits and the early stage of its adoption cycle.
While Bitcoin remains far more volatile than gold today, Timmer noted on Thursday that this works to its advantage during a rally. When comparing the risk-reward of BTC versus other asset classes since 2020, he said that the digital currency “is in a different universe.”
“Yes, Bitcoin is down 54% from its two-year high, but it is also up 84% from its low,” he said. “Government bonds can’t hold a candle to that risk-reward math, and neither can many other asset classes, at least at this moment.”
Fidelity’s Bull Case For Bitcoin
Fidelity has for years run a digital asset unit championing crypto as an investable asset class, offering both custody and trading services for Bitcoin and Ethereum.
The asset manager is actively working with regulators on its application to launch a spot Bitcoin ETF – an investment product expected to invite billions of dollars of institutional capital into Bitcoin. BlackRock is now competing with Fidliety for the offering, which analysts believe may be simultaneously approved for all applicants by early January.
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Marvel’s Spider-Man 2 is finally here, and on the cusp of the PlayStation 5’s third birthday, assumes the throne as the console’s most technically impressive game to date.
I said effectively the same thing last fall about God of War Ragnarök, but in this line of work, there’s always something on the horizon that has the potential to make you look foolish in retrospect. (And hey, I did say that Ragnarök could be the PS5’s most technically impressive game yet — back then. A lot can change in 11 months!)
Insomniac Games has brought to bear all of its experience developing for the PS5 — this is the studio’s fourth project for the platform, following 2021’s Ratchet & Clank: Rift Apart — in delivering an open-world superhero adventure that makes the most of the console’s hardware. It’s the first entry in the franchise built specifically for this system. The two previous games were 2018’s Marvel’s Spider-Man, which debuted on PlayStation 4, and 2020’s PS5 launch title Marvel’s Spider-Man: Miles Morales, which was a cross-generation game, so it had to be designed in a way that would allow it to run on PS4 as well as PS5.
In Rift Apart, which debuted exclusively on PS5, Insomniac showed what it could do when it didn’t have to worry about supporting older hardware: dimension-hopping action that relied on the PS5’s speedy SSD. The studio has built upon that work with Spider-Man 2, making even better use of the SSD to allow for instantaneous fast travel and other remarkable transitions. And the Spider-Mans’ hometown of New York City — three boroughs of which are now available, with Queens and Brooklyn lying across the East River from Manhattan — looks as amazing as our two heroes, rendered with real-time ray tracing in every graphics mode.
You may be wondering about those modes, and about which one is the best option. There’s a lot on offer, but the long and short of it is that you’ll get a great experience at all times.
Spider-Man 2’s graphics modes, explained
Insomniac’s terrific hair strand system is rendered in a somewhat fuzzy way in Spider-Man 2’s Performance mode, as you can see in this screenshot featuring Black Cat. The strands would be clearer and more finely detailed in the Fidelity mode.Image: Insomniac Games/Sony Interactive Entertainment via Polygon
There are two ways to play Spider-Man 2: Fidelity mode and Performance mode. You’ll find them under the “Graphics” area of the settings menu’s Visual section, and unlike in many other games, you’ll also find detailed descriptions of each mode and the associated options.
As you’d expect, the image quality and resolution are at their highest in Fidelity mode, which has a frame rate target of 30 frames per second (and is the default setting). The Performance mode makes trade-offs in resolution and other areas to target 60 fps. Both options use dynamic resolution scaling, adjusting the amount of pixels being rendered in order to hit the frame rate in question.
Neither mode can quite maintain a flawless locked frame rate. Playing the game’s intro sequence in Performance mode, for instance, I noticed some minor hitching during Sandman’s attack in Lower Manhattan as the screen filled up with billowing dust clouds. But across 15 or so hours with the game thus far, I’ve only run into a few instances of this issue, lasting for a couple of seconds at most.
The Fidelity mode operates in a resolution range from 2160p — i.e., native 4K — down to 1440p, and scales the output to 4K using Insomniac’s temporal injection technique for anti-aliasing, according to the studio. That lower end, 1440p, is where the Performance mode tops out; the average resolution there fluctuates between 1080p and 1440p.
Spider-Man 2’s ray-traced reflections do a beautiful job of accurately representing the choppy surface of the East River. (Captured in Fidelity mode.)Image: Insomniac Games/Sony Interactive Entertainment via Polygon
Either way, ray-traced lighting — in the form of reflections (including on water surfaces) and window interiors — is always on in Spider-Man 2. It’s just that in Performance mode, ray-tracing effects are “simplified for some use cases,” according to the game. This is a major development, ensuring a cohesive look no matter how you decide to play; combined with the increased level of detail in the game world, there’s an unmistakable upgrade over the visuals in the previous Spider-Man titles.
Spider-Man 2 also supports 120 Hz output — a feature that Insomniac added to Rift Apart in a post-launch patch — so you’ll have more visual options if your PS5 is hooked up to a 120 Hz panel. Enabling this setting allows the Fidelity mode to run at a target of 40 fps instead of 30 fps, and the improvement in fluidity and input latency is palpable. It’s a great middle ground between the Performance mode and the standard Fidelity mode, delivering the image quality and clarity of the latter setting at a frame rate that feels more responsive. It’s the way to go if you’re lucky enough to be playing on a 120 Hz display like my LG C1 television. The only drawback is that at 40 fps, the resolution (understandably) can drop a bit further, with the average ending up somewhere between 1296p and 4K, according to Insomniac.
The third setting for the visuals in Spider-Man 2 is for variable refresh rate (VRR), which can be used with both graphics modes. It further complicates the picture with two options: “smoothed” and “uncapped.” The former setting keeps the frame rate cap in place (30 fps or 60 fps, depending on the chosen mode) and helps maintain it by smoothing out any drops below the target. The latter setting is for people who want the most responsive possible experience: It unlocks the frame rate, allowing the game to run from 40-60 fps in Fidelity mode and 60-90 fps in Performance mode. (With frame rate prioritized over resolution here, the pixel count can fall as low as 1152p in Fidelity mode and 1008p in Performance mode, but no instances of resolution drops stood out as offensive to my eyes.)
Which Spider-Man 2 graphics mode is better, Fidelity or Performance?
In this scene of Peter Parker’s Spider-Man looking down toward the streets of Midtown Manhattan at dusk, note the increased level of detail in the Fidelity mode (left). There’s more traffic on the roads. Lampposts are visible from this high vantage point, but they’re missing in the Performance mode (right) — as are minor elements such as air conditioning vents on rooftops. But the ray-traced reflections in the windows of the building that Peter is perched on? They look pretty much identical across both graphics modes.Image: Insomniac Games/Sony Interactive Entertainment via Polygon and Image: Insomniac Games/Sony Interactive Entertainment via Polygon
I’ve played Spider-Man 2 in both graphics modes over multiple hours, and I don’t believe there’s an obvious winner here. Granted, I’ve spent the vast majority of my time in Fidelity mode playing with the 120 Hz option enabled. It still feels great at 30 fps, but the ability to get an additional 10 fps — or more, if using VRR with an uncapped frame rate — while keeping all the visual bells and whistles is a meaningful benefit.
If you aren’t playing on a 120 Hz panel, I would lean toward Performance mode. The visual compromises — both in terms of clarity (due to the reduced resolution) and in terms of the game world’s level of detail and density — are notable, but they aren’t severe enough to make a gigantic difference in image quality.
Sure, there are fewer cars and pedestrians on the streets of New York, and the strands of hair on the characters’ heads are less detailed. But this is where the steadfast presence of ray tracing across both graphics modes makes all the difference: Even with its lower-quality ray-tracing effects, the Performance mode upholds the game’s overall visual presentation. And anyway, how much will you really notice the shortcomings when Miles or Peter is flying high above the city at something like 100 mph? I’m already at the point where the combat encounters are getting difficult, and I appreciate Performance mode’s increased responsiveness in those sequences.
Image: Insomniac Games/Sony Interactive Entertainment via Polygon
It’s worth noting that you do kind of have to make a choice and stick with it during a session. While I often swapped between the two options in Horizon Forbidden West, exploring the environment in quality mode and switching into performance mode for combat sequences, Spider-Man 2 forces you to restart from a checkpoint when changing the graphics mode. (I imagine the developers have a good reason for this, but it’s a strange hang-up, since the game appears to switch seamlessly into Fidelity mode as soon as you enter the photo mode.)
Spider-Man 2’s array of graphics options can be confusing, even overwhelming. The great thing is that if you don’t want to worry about the various modes, you can just leave the defaults in place and be secure in the knowledge that you’ll have a terrific-looking and smooth-playing experience regardless of the settings. Insomniac Games has utilized the PS5’s hardware to its fullest extent — that is, until its upcoming Wolverine game, when the studio will surely find ways to top itself again.
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