Quick Look at Crypto and Global Markets 03.01.2024
Below, you can find a 1-minute financial summary covering daily significant news related to cryptocurrency markets, global market developments, and domestic markets.
Cryptocurrencies
- Morgan Stanley is set to allocate $140 million for investment in Bitcoin.
- BlackRock provided details to Fox Business regarding the potential green light for spot Bitcoin ETFs. The investment firm anticipates that the SEC might announce its decision as soon as January 3rd or 4th.
- On January 2nd, Domo, the originator of the BRC-20 token standard, declared its opposition to a proposed fork by Unisat Wallet in an official statement.
- The stocks of companies concentrated on Bitcoin experienced an uptick in response to Bitcoin surpassing $45,000 and optimistic sentiments surrounding ETF approval.
- Nest’s co-founder and CEO, Bill Lou, incurred a loss of $125,000 when he mistakenly accessed a site nearly identical to the official one, aiming for an airdrop but ultimately losing 52 stETH due to the incident.
- In 2024, CleanSpark Inc., a U.S.-based Bitcoin mining company, intends to set up an in-house trading desk to enhance the efficiency of capitalizing on profits generated from its Bitcoin (BTC) holdings.
- OKX has announced its commitment to ensure compliance with regulatory guidelines for its user base in the United Kingdom.
- As per the details revealed in a Fortune report, Fidelity and Galaxy have established the annual management fees they will require in the event of approval for their proposed spot Bitcoin ETF products. Fidelity Investments is set to request an annual management fee of 0.39%, while Galaxy plans to seek a slightly higher annual management fee of 0.59%.
FED
- Although the Federal Reserve is expected to maintain the current interest rate during its January meeting, market pricing indicates a 77 percent probability of the first interest rate reduction occurring in March.
Global Markets
- Global stock markets approached the initial week of the new year with caution, as analysts noted that macroeconomic data set to be released throughout the week could potentially spur increased activity within the markets.
- In addition to underscoring the significance of the upcoming employment report on the final trading day of the week in the USA, analysts highlighted the potential insights that could be gleaned from the announcement of JOLTS vacancies at 18:00 CET today, shedding light on the employment market.
- After experiencing a 6 basis points surge to reach 3.94 percent yesterday, the US 10-year bond interest is presently maintaining a stable, horizontal position.
- The USA index futures contracts kicked off the new day with a diverse trajectory.
- In Europe, a varied pattern was noted on the inaugural trading day of the new year.
- The Purchasing Managers’ Index (PMI) for the manufacturing industry surpassed expectations but remained below the 50 threshold, coming in at 43.3 in Germany and 44.4 in the Eurozone.
- Amid a holiday in Japan resulting in no trading activities today, an adverse trend dominated other Asian stock markets.
- Gold is currently priced at $2,065 per ounce, marking a 0.3 percent increase compared to its closing value from the previous day.
- Brent oil, extending its downward trajectory for the fifth consecutive trading day, is presently being traded at $75.8 per barrel, reflecting a marginal decrease of 0.1 percent.
