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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
Leading cryptocurrencies, including Bitcoin, Ethereum, and Dogecoin, experienced significant sell-offs as economic data dampened rate cut expectations. Bitcoin fell to $96,200, while Ethereum dropped nearly 9% to $3,880, contributing to a $559 million liquidation in the crypto market.The global cryptocurrency market cap decreased by 5.29% to $3.39 trillion, mirroring declines in major stock indices. Analysts suggest that Bitcoin's support at $97,000 is crucial; a break below could lead to further declines, while a rebound may follow if support holds.
U.S. stock indexes faced pressure as positive economic reports led to rising bond yields, diminishing hopes for further interest rate cuts by the Federal Reserve. The S&P 500 fell 0.3%, with Nvidia dropping 5.1% after a strong product announcement, while Cintas and UniFirst saw significant stock movements due to a proposed acquisition. In international markets, notable Chinese companies declined following their addition to a U.S. Defense Department list linked to military ties.
Nvidia is expanding its influence in AI, focusing on integrating technology into the physical world, as CEO Jensen Huang announced new gaming chips and the Cosmos foundational model at CES 2025. BofA analysts named Nvidia their "top pick" in AI, maintaining a buy rating with a $190 price target.In other news, Bank of America saw a stock boost after UBS upgraded it to a "buy," citing potential for strong financial performance amid high interest rates. Meanwhile, Getty and Shutterstock announced a merger valued at $3.7 billion, aiming to compete with AI-generated image services, though they may face antitrust scrutiny.
Russian authorities are set to ban cryptocurrency mining in 10 regions starting January 1, 2025, due to energy shortages, with the prohibition lasting until March 15, 2031. Regions affected include Dagestan, Chechnya, and annexed territories like Donetsk and Lugansk. Additionally, three Siberian regions will face seasonal mining restrictions during peak energy consumption periods, following legislation aimed at preventing power shortages and blackouts.
The global wealth of billionaires surged by 17% over the past year, reaching $14 trillion, driven primarily by gains in the U.S., where the number of billionaires rose from 751 to 835. In contrast, China's billionaire count dropped from 520 to 427, with total wealth declining from $1.8 trillion to $1.4 trillion. Most new billionaires are self-made, expressing concerns over geopolitical risks and inflation, while North America is seen as the top region for investment returns in the coming year.
Gold remains a top choice for risk hedging, with prices expected to reach USD 2,900/oz by September 2025, driven by geopolitical uncertainties and economic conditions. Silver, benefiting from industrial demand and a strong correlation with gold, is projected to rise to USD 36-38/oz in 2025, with a declining gold-silver price ratio indicating potential outperformance. Investors are advised to maintain long positions in silver for both defensive and growth opportunities.
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