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The SEC has approved Hashdex and Franklin Templeton's Bitcoin and Ether index ETFs, allowing them to trade on Nasdaq and Cboe BZX Exchange, respectively. Both ETFs will hold spot Bitcoin and Ether, meeting regulatory criteria to protect investors. This approval may encourage other firms, like BlackRock, to launch similar products in the growing crypto market.
The SEC has approved two groundbreaking ETFs: the Hashdex Nasdaq Crypto Index US ETF and the Franklin Crypto Index ETF, which combine spot Bitcoin and Ethereum for balanced exposure. This approval marks a significant step for crypto investing, reflecting regulators' growing recognition of the market's potential. By linking futures to spot prices and adhering to strict guidelines, these ETFs aim to enhance investor security and accessibility in the evolving digital currency landscape.
Jerome Powell, chair of the US Federal Reserve, ruled out the possibility of the Fed holding Bitcoin, citing legal restrictions under the Federal Reserve Act. His comments led to a 5.7% drop in Bitcoin's price, reflecting market concerns amid ongoing discussions about Bitcoin as a potential reserve asset, particularly following Donald Trump's pro-crypto stance and proposals from policymakers like Senator Cynthia Lummis. The broader cryptocurrency market also suffered losses, with Ethereum and Solana dropping significantly.
The SEC has approved combined Bitcoin and Ethereum ETFs from Hashdex and Franklin Templeton, enhancing institutional access to these cryptocurrencies. The Hashdex Nasdaq Crypto Index US ETF and Franklin Templeton Crypto Index ETF received regulatory clearance, with the latter benefiting from an expedited review.Analysts suggest that upcoming leadership changes in Washington may have influenced these approvals, with a launch expected in January. Meanwhile, predictions indicate that Litecoin ETFs could be next, although demand among institutional investors remains uncertain.
Wall Street experienced a significant decline on December 19, 2024, with the Dow Jones Industrial Average dropping 1,123.03 points, or 2.6%, marking its longest losing streak since 1974. The Nasdaq Composite and S&P 500 also fell sharply by 3.6% and 3%, respectively, as the Federal Reserve's cautious outlook for rate cuts in 2025 spooked investors. All sectors closed in the red, with consumer discretionary, real estate, and technology stocks hit hardest.
Michael Saylor, co-founder and Chairman of MicroStrategy, has expressed his willingness to advise President-elect Trump on digital asset policies. MicroStrategy's shares have surged nearly 500% in 2024, driven by its aggressive Bitcoin acquisition strategy, raising questions about its long-term sustainability. The firm has also attracted significant interest from hedge funds, facilitating the issuance of $6.2 billion in convertible securities this year, while its market capitalization has surpassed $90 billion, leading to its inclusion in the Nasdaq 100 Index.
The Australian dollar is under pressure, hitting a year low due to the strong US dollar and weak housing data from China, with potential further declines if key support levels are breached. Meanwhile, the Nasdaq shows bullish momentum, with traders eyeing a resistance level around 22,350, while the ASX 200 benefits from a Santa Claus rally. Bitcoin continues to rise, surpassing $108,000, although traders should be cautious of potential pullbacks, while gold faces pressure from anticipated interest rate cuts and a stronger dollar, with critical support at $2600.
MicroStrategy has significantly increased its Bitcoin holdings to over 439,000 BTC, valued at approximately $46 billion, despite concerns about its financial stability. CEO Ki Young Ju warns that a drop in Bitcoin to $16,500 could trigger bankruptcy, although this scenario is deemed highly unlikely given the current price floor of $30,000. The firm continues to purchase Bitcoin, recently joining the Nasdaq 100, which may enhance its capital access for further acquisitions.
Michael Zinn, a senior portfolio manager at UBS Global Wealth Management, noted that the Santa Claus rally is experiencing a pause after a significant post-election surge, describing it as "indigestion." He highlighted concerns over the market's narrow breadth, with only 40% of S&P stocks above their 50-day moving average, despite rising indexes. However, Zinn remains optimistic about long-term prospects due to factors like AI advancements and economic growth, supported by strong consumer demand reflected in November retail sales hitting an 11-month high.
Dow futures are rising as investors await the final rate decision and economic forecast of the year. Intraday data is provided by FACTSET, with all quotes reflecting local exchange time. Real-time U.S. stock quotes are based on trades reported through Nasdaq, while intraday data may be delayed by at least 15 minutes.
Nasdaq 100 Dec 24
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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