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US stocks declined on Friday following a robust jobs report, with the Dow Jones falling 0.5%, the S&P 500 down 0.6%, and the Nasdaq Composite dropping 0.9%. The report revealed over 250,000 jobs added in December and a decrease in the unemployment rate to 4.1%, raising concerns about potential interest rate hikes by the Fed.Despite the market pullback, companies like Walgreens and Delta reported strong earnings, with Walgreens shares rising over 20% and Delta's stock jumping more than 9%. However, Nvidia faced pressure due to anticipated chip export restrictions from the White House.
US stock futures declined as investors awaited the crucial December jobs report, which is expected to show a cooling labor market with 165,000 jobs added and an unemployment rate steady at 4.2%. The Dow Jones Industrial Average futures fell 0.2%, while the S&P 500 and Nasdaq 100 futures dropped 0.3% and 0.4%, respectively. Amidst this, Nvidia's stock faced pressure due to anticipated chip export curbs from the White House.
Cryptocurrency prices have sharply declined, with Bitcoin dropping over 4% to around $97,856, while Ethereum and Dogecoin fell by approximately 7%. The downturn follows unexpected job openings data in the U.S. and a shift in investor expectations regarding interest rate cuts from the Federal Reserve. Liquidations surged, totaling $385 million in the past 24 hours, predominantly affecting long positions.
Michael S. Barr has resigned as Vice Chair for Supervision at the Federal Reserve, a move expected to alleviate concerns over stringent crypto regulations during President Biden's final months. Known for his anti-crypto stance, Barr's departure may signal a shift towards more balanced policies, as the Fed will not pursue major new regulations until a successor is appointed. This change comes amid a broader regulatory overhaul anticipated under President-elect Trump, who aims for a friendlier approach to digital assets.
Michael S. Barr, the anti-crypto Vice Chair for Supervision at the Federal Reserve, will resign effective February 28, 2025, potentially shifting U.S. cryptocurrency regulation. His departure may pause major Fed rulemaking, allowing a new administration to reshape digital asset policies. Known for restricting banks' engagement with digital assets and opposing a U.S. central bank digital currency, Barr's exit raises hopes for a more balanced regulatory approach as the crypto landscape evolves.
The S&P 500 index surged over 40% in two years, driven by high-tech stock hype and expectations of favorable policies from the incoming Trump administration. However, concerns about inflation, global economic stagnation, and opaque private equity markets raise alarms about potential systemic risks in the financial system.
The stock market reached new highs in late 2024, but recent declines raise concerns about potential challenges ahead. Historically, the absence of a Santa Claus Rally has preceded market corrections, suggesting investors may face a tough January and year. Despite this, factors like favorable tax policies, reduced regulations, and ongoing economic growth could support market gains in 2025.
US investors are showing renewed interest in Bitcoin following a significant shift in market dynamics after the last FOMC meeting. Despite initial outflows exceeding $1.5 billion from Bitcoin ETFs, net inflows surged to $908.1 million on January 3, with Fidelity's FBTC leading the way. Additionally, the Coinbase Premium Index, which had hit a yearly low, has returned to neutral territory, indicating a positive sentiment among US and institutional investors.
Bitcoin's recent rally has stalled as Federal Reserve Chair Jerome Powell confirmed that the Fed cannot hold Bitcoin and is not advocating for legal changes. Investors remain optimistic about potential strategic Bitcoin reserves in the U.S., despite profit-taking and possible price dips below $90,000 as year-end liquidity wanes. The critical $100,000 mark is seen as essential for maintaining an upward trend.
Bitcoin (BTC) recently fell below $96,000 after over 33,000 BTC, valued at approximately $3.2 billion, was sent to exchanges, indicating potential sell-offs. Despite this dip, analysts remain optimistic, with predictions suggesting a rebound to $110K by year-end and over $320K by 2025. Concerns over inflation and the Federal Reserve's stance on interest rates have added to market volatility.
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