Cryptocurrencies, including Bitcoin, Ethereum, and Dogecoin, experienced significant declines following the Federal Reserve's interest rate cut, which raised concerns about inflation and unemployment. Bitcoin fell 6.2% to below $100,000, while Ethereum and Dogecoin dropped 9.7% and 16.8%, respectively. The market's reaction reflects a broader trend where cryptocurrencies behave like traditional risk assets, with speculation and FOMO driving recent valuations.
US stocks closed mostly unchanged, with the Dow Jones Industrial Average ending a 10-day losing streak, its longest in 50 years. The S&P 500 and Nasdaq Composite fell about 0.1% amid a hawkish outlook from the Federal Reserve, which scaled back expected rate cuts for next year. The 10-year Treasury yield rose to 4.57%, the highest since May, as the economy showed growth at an annualized rate of 3.1% in the third quarter.
UBS warns that the Federal Reserve is the only barrier preventing investors from facing a significant stock market bubble. The central bank's actions are crucial in maintaining market stability amid rising concerns over inflated asset prices.
UBS analysts warn that a looser monetary policy from the Federal Reserve could trigger a stock market bubble, with six of the seven necessary conditions already in place. They predict a 35% chance of a bubble forming by 2025, contingent on further interest rate cuts. To hedge against this risk, UBS recommends investing in reasonably priced stocks in Gen AI and electrification, including TSMC, Meta, National Grid, PG&E, and Vistra.
Binance will delist several tokens, including #SUI, #HMSTR, #BNT, #CYBER, and #AEUR, from its spot trading pairs on December 20, 2024, due to liquidity and trading volume standards. Following the announcement, affected tokens experienced price drops of nearly 10%, highlighting Binance's significant market influence. Spot Trading Bots for these tokens will also be discontinued, prompting users to adjust their trading strategies to mitigate potential losses.
Ilya Lichtenstein, serving a five-year sentence for the $10.8 billion Bitfinex hack, claims his wife, Heather "Razzlekhan" Morgan, who received 18 months for laundering the stolen funds, was unaware of the hack. In a recent video, he expressed love for her and criticized a Netflix documentary portraying them negatively. Morgan has yet to report to prison and continues to engage with fans through Cameo while addressing the situation in her music.
Bitcoin has dropped below $100,000, currently priced at $97,000 after a 6.4% decline, amid market reactions to Fed Chairman Jerome Powell's cautious remarks on interest rates and a looming government shutdown. Major altcoins like Ethereum and Solana also experienced significant losses, contributing to a 9% decrease in the total crypto market cap to $3.63 trillion. With only two days left for Congress to pass a spending bill, uncertainty looms as President-elect Donald Trump rejects a bipartisan funding measure, potentially leading to a government shutdown on December 21.
Meme coins have surged in popularity, overtaking Bitcoin and Binance Coin among crypto holders, with 16% of respondents in a recent survey reporting ownership. Bitcoin follows at 14.4%, while BNB is at 14.23%. The survey also indicates a growing interest in AI tokens and a significant influx of new investors into the crypto market.
DelveInsight's report highlights the ongoing development of therapies for Cryopyrin-Associated Periodic Syndromes (CAPS) by key companies such as Novartis and Zydus Lifesciences. The pipeline includes several promising candidates in various clinical trial phases, with VTX2735 showing significant efficacy in a recent Phase 2 trial. CAPS, caused by NLRP3 gene mutations, leads to severe inflammatory episodes and requires effective treatment to prevent long-term damage.
Germany's Free Democratic Party (FDP) is prioritizing Bitcoin and crypto policy ahead of the February parliamentary elections, advocating for a strategic Bitcoin reserve within the European Central Bank and the German Bundesbank. Their election manifesto emphasizes modernizing financial regulations to support FinTech innovations while ensuring competitiveness with European standards. The FDP also calls for a digital euro that respects user privacy and remains voluntary, reflecting a balanced approach to embracing digital assets alongside traditional monetary practices.
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