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Asian shares mostly rose, buoyed by a Wall Street rally led by Nvidia, with Japan's Nikkei 225 up 2.4%. U.S. Steel surged 8.1% after filing a lawsuit against President Biden's merger block, while investors await potential policy shifts under President Trump. The S&P 500 gained 0.6%, and the Federal Reserve's upcoming minutes and jobs report are anticipated to impact markets.
Asia shares experienced an uptick on Tuesday, buoyed by positive momentum from Wall Street. Investor optimism grew as some speculated that President-elect Donald Trump might adopt a less aggressive approach to tariffs than previously indicated.
Gemini co-founders Tyler and Cameron Winklevoss have agreed to pay a $5 million fine to settle CFTC allegations of misleading regulators during their attempt to launch the first US-regulated Bitcoin futures contract. The settlement avoids a trial set for January 21, following accusations of providing false assurances about safeguards against price manipulation.In a separate development, Gemini plans to exit the Canadian market by September 30, 2024, amid increasing regulatory challenges, while securing a license in Singapore to offer cross-border money transfer and digital payment services.
Experts are warning of a potential bear market in 2025, predicting a decline of 20% or more due to the stock market's current 'frothy' conditions, which could severely impact millions of 401(K)s and the broader economy. Analysts highlight that high valuations, particularly among major tech stocks, are unsustainable and could lead to significant corrections. Concerns about asset bubbles and the influence of retail investors further exacerbate the situation, with some predicting a market drop this year, though long-term investors may view it as a temporary setback.
Michael Barr, the Federal Reserve's Vice Chair for Supervision, announced his resignation effective February 28, a move seen as favorable by crypto advocates amid a shift towards pro-digital asset policies. His departure follows SEC Chair Gary Gensler's impending resignation, signaling a potential change in regulatory attitudes towards the crypto industry as the U.S. prepares for a pro-crypto administration under President-elect Trump. Industry insiders express hope that these changes will alleviate the challenges faced by crypto businesses in accessing banking services.
Canadian stocks fell 0.3% as Prime Minister Justin Trudeau announced plans to resign, creating uncertainty in the market. The S&P/TSX composite index dropped 73.75 points, with eight of ten sectors declining, while the loonie rose 0.8% against the U.S. dollar, reaching a near three-week high. Economic data indicated a downturn in the services sector, influenced by a postal workers' strike.
Former U.S. prosecutor John Deaton has proposed leading an investigation into the rumored Operation Chokepoint 2.0, which allegedly aims to restrict banking services for the crypto industry. He expressed concerns over regulatory overreach and its implications for institutional integrity, emphasizing the need for transparency. This proposal follows Deaton's recent loss in the Massachusetts Senate race, where he criticized Senator Elizabeth Warren's anti-crypto stance.
Chainlink (LINK) is experiencing a recovery, with a 14.9% weekly gain and a 117% increase over 90 days, currently trading at $24.1 and a market cap of $15.3 billion. Whale investors have accumulated over 1.4 million tokens recently, indicating growing market confidence. Analysts predict LINK could surpass Ethereum's market cap, potentially reaching $600 or even $1,000 in the future, driven by its robust blockchain features and significant DeFi involvement.
Ripple has shifted its focus back to the US, with 75% of its job openings now based domestically, following Donald Trump's election victory in November 2024, which has sparked optimism in the crypto market. CEO Brad Garlinghouse noted that the company signed more US deals in six weeks than in the previous six months, highlighting a significant turnaround after years of regulatory challenges. The anticipated pro-crypto stance of the incoming administration and the newly seated 119th Congress, described as the most pro-crypto legislature in US history, further fuels this optimism.
In 2025, the crypto market is witnessing a resurgence, with Solana's price rallying amid ETF speculations and SUI aiming for a $10 target through strategic partnerships and Bitcoin integration. Meanwhile, Remittix's PayFi protocol has gained traction, raising $1 million in a week, offering seamless crypto-to-fiat transactions and attracting investors.
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asian shares rise as technology stocks lead wall street rally
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