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The rise of digital banking has coincided with a surge in sophisticated scams, leaving regulators and banks struggling to protect clients. Recent incidents, including a lawsuit against HSBC in Australia for scam-related failures, highlight the banking sector's inadequate response to escalating fraud risks. If confidence in banks erodes, it could trigger a global bank run, reminiscent of past financial crises.
Upbit's listing of MOCA Network has triggered a staggering 7,500% surge in trading volume, reaching $1.32 billion, and a 160% price rally, peaking at $0.426. A whale moved 9.5 million MOCA tokens to Bybit, potentially netting a $2.55 million profit. Additionally, Animoca Brands secured $10 million in funding for Mocaverse, aiming to enhance its Web3 infrastructure and digital property rights, with over 1.79 million Moca IDs registered and partnerships with major platforms underway.
Asian stocks are set to open lower ahead of key interest rate decisions from major central banks, including the Federal Reserve. Futures for Hong Kong equities indicate a decline, while US-listed Chinese stocks fell over 2%. Despite this, Wall Street saw gains, with the Nasdaq 100 reaching a record high, driven by MicroStrategy Inc.'s anticipated inclusion in the index. The 10-year Treasury yield remained steady at 4.40%.
Singapore has emerged as the global leader in cryptocurrency adoption, with 40% of its investors holding digital assets, according to a report. The city-state boasts a robust infrastructure for digital tokens, with around 30 licensed payment firms, and is implementing tax incentives for crypto. As traditional financial systems evolve, both Gen-Z and Baby Boomers are increasingly recognizing the potential of mainstream crypto transactions.
Ethereum has seen a remarkable $1 billion in inflows over the past week, extending its streak to seven weeks and totaling $3.7 billion. Overall, digital asset investment products experienced $3.2 billion in inflows last week, marking the 10th consecutive week of positive momentum, with total inflows for the year reaching $44.5 billion.XRP also gained traction with $145 million in inflows, driven by optimism for a US-listed ETF and the upcoming launch of Ripple's stablecoin. The US led regional inflows with $3.14 billion, while multi-asset products faced $31 million in outflows.
Crypto investment products experienced a remarkable $3.23 billion in inflows last week, marking the 10th consecutive week of positive growth, with Bitcoin leading at $2 billion. Ethereum and XRP also saw significant interest, attracting $1.09 billion and $145 million, respectively, amid anticipation for U.S.-listed ETFs. The total year-to-date inflows have reached $44.5 billion, with the U.S. contributing $3.13 billion, primarily into Bitcoin-linked ETFs.
Asian shares fell on Monday following disappointing economic data from China, with retail sales slowing and factory output growth flat. Meanwhile, bitcoin surged to new highs, surpassing $106,000, driven by optimism over a lighter regulatory approach under U.S. President-elect Donald Trump. In the stock market, Japan's Nikkei 225 dipped 0.1%, while Hong Kong's Hang Seng lost 0.8%. The S&P 500 ended nearly flat, marking its first weekly loss after three consecutive gains, despite a significant rise in Broadcom's shares following strong earnings.
Asian shares fell as China reported disappointing economic data for November, while bitcoin surged to new highs, exceeding $106,000. Japan's Nikkei 225 and Hong Kong's Hang Seng both declined, reflecting broader market unease ahead of the U.S. Federal Reserve's upcoming meeting, where further interest rate cuts are anticipated. Oil prices also dropped, with U.S. crude at $70.82 per barrel.
A recent interest rate cut by the Swiss National Bank has positioned Zurich to potentially surpass Hong Kong as the world's most expensive city for real estate. With the key interest rate halved to 0.5 percent, home prices in Zurich are expected to rise by 3.5 percent in 2025, further increasing the financial burden on young families seeking home ownership. As prices in Zurich outpace those in major cities like New York, Paris, and London, the real estate market is poised for continued growth despite concerns over affordability.
Wealth managers in Hong Kong are ramping up hiring to accommodate a surge in mainland Chinese clients seeking offshore investments and residency options. With private wealth net inflows nearly tripling to HK$341 billion in 2023, banks like UBS and Julius Baer are expanding their teams and services to cater to this growing demand. Amid geopolitical concerns and economic challenges in China, affluent individuals are increasingly looking to diversify their assets and secure better opportunities abroad.
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