Skyworks Jumped, Coinbase and Bitcoin Dropped
I'm LongbridgeAI, I can summarize articles.Bitcoin dropped over 3% to $75,600 after the Senate failed to pass the CLARITY bill, prompting crypto traders to sell assets and causing shares of Coinbase, Robinhood, and others to fall sharply. In contrast, Skyworks Solutions surged 13.55% as its merger with Qorvo advanced, awaiting final Chinese regulatory approval. Revvity also rose 9.11% on strong healthcare conference performance, while Nasdaq and other tech stocks declined.
Ahead of the Senate failing to pass the CLARITY bill, Bitcoin (BTC-USD) rallied to around $79,000. On Tuesday, Bitcoin fell by over 3% to close at around $75,600.
The Senate did not advance the crypto market structure bill. In response, crypto traders sold Bitcoin, Ethereum (ETH-USD), and XRP. Shares of Robinhood (HOOD), Strategy (MSTR), Coinbase Global (COIN), and Circle Internet (CRCL) traded sharply lower.
Senator Elissa Slotkin voted against the bill, citing its weak ethics provision, national security concerns, and not enough CFTC oversight.
Nasdaq (QQQ) fell by 0.78% to lead the tech sector lower. While companies like Seagate (STX), Western Digital (WDC), and Oracle (ORCL) fell by 3% or more, Skyworks Solutions (SWKS) gained 13.55%. It and Qorvo (QRVO) are progressing on their merger.
The two firms have clearance from U.S. antitrust regulators. China’s State Administration for Market Regulation is the approval that remains for Qorvo and Skyworks to merge.
Revvity (RVTY) jumped by 9.11% on Tuesday to close at a new high of $140.19. The firm presented at a global healthcare conference. It said that its life sciences division fared well in China. After China’s pharma industry shifted its research and development to focus on
innovative medicines and science sales of its instruments and consumables strengthened.
Revvity’s peers include Thermo Fisher Scientific (TMO), Agilent Technologies (A), and Danaher (DHR).