Bitcoin is making a notable rebound today, climbing higher after experiencing a dip below the $90,000 mark earlier in the week. This movement comes as crypto traders assess the potential impact of the Federal Reserve’s expected rate cut on Wednesday. For the past month, Bitcoin has been trading within a narrow range between $85,000 and $95, particularly following a substantial liquidation wave that took place in October. Analysts are currently evaluating the market’s ability to sustain its modest uptrend, with $88,000 identified as a crucial support level.
In the electric vehicle sector, Rivian is witnessing a significant uptick, with shares soaring after Needham raised its price target from $14 to $23. The firm attributed this bullish outlook to Rivian’s advancements in artificial intelligence and autonomous driving technologies. Notably, Needham highlighted the company’s deep vertical integration, which is expected to provide a competitive advantage as vehicles become increasingly reliant on software. This strategy allows for faster iterations on driver interfaces and autonomous functionalities. Additionally, the firm pointed to Rivian’s robust liquidity position, consisting of ample cash reserves and manageable debt, amplifying excitement surrounding the impending launch of its R2 model in 2026. Despite a 6% drop in share price the previous day due to news of developing in-house vehicle chips, Rivian has rebounded impressively, currently boasting an 18% increase.
Meanwhile, shares of UBS have surged to a 17-year high following proposals from a group of senior Swiss lawmakers aimed at easing stringent capital regulations the government intends to impose on the bank. These recommendations would permit UBS to utilize Additional Tier 1 (AT1) bonds, rather than solely relying on pure equity, to satisfy capital requirements for its foreign subsidiaries. This adjustment is anticipated to significantly reduce the bank’s funding costs. Furthermore, lawmakers suggested that UBS should be allowed to continue counting certain software assets and tax credits towards its capital requirements, which has been positively received by investors. This proposed compromise is viewed as a favorable development, propelling UBS’s stock upward by as much as 5%, although it has currently settled at an increase of just under 2%.
