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Stocks fell on Tuesday, marking the Dow Jones' first nine-day losing streak since 1978, with the index down over 250 points. Investors are anticipating the Federal Reserve's final interest rate decision of the year, with expectations of a quarter-point cut amid mixed signals from retail sales data. Nvidia's stock continued to decline, nearing bear market territory, while Tesla reached a new record high.
U.S. stocks fell on Tuesday, with the Dow experiencing its longest losing streak since February 1978, dropping for the ninth consecutive session. Investors are cautious ahead of the Federal Reserve's policy announcement, anticipating a 25 basis point rate cut, while economic data shows solid consumer spending. The S&P 500 and Nasdaq also declined, though Tesla's stock rose significantly after a price target increase.
Dennis Porter, founder of the Satoshi Action Fund, has proposed a draft executive order for President-elect Donald Trump to create a Strategic Bitcoin Reserve within the Exchange Stabilization Fund (ESF). The plan suggests allocating 2% of the ESF's portfolio, utilizing approximately 200,000 BTC currently held by the US government, and aims to treat Bitcoin as a foreign reserve asset while ensuring robust oversight and transparency.The proposal emphasizes that this initiative would not interfere with the Federal Reserve's independence and seeks to position the US as a leader in financial innovation, potentially stabilizing the dollar and hedging against macroeconomic risks.
The Dow Jones Industrial Average closed lower for the ninth consecutive session, marking its longest losing streak since 1978, as investors await the Federal Open Market Committee's interest rate decision. Despite a mixed economic outlook, a rate cut is expected, with a 95.4% probability of a 25 basis point reduction. Apple and Tesla stocks are on the rise, with Apple reclaiming its title as the world's largest company and Tesla experiencing significant gains post-election, driven by optimistic projections for future growth.
US stocks fell across the board on Tuesday, with the Dow logging its longest losing streak since 1978, down about 0.6% for nine consecutive days. The S&P 500 and Nasdaq also declined, as investors awaited a likely 0.25% rate cut from the Fed amid persistent inflation concerns.Retail sales rose 0.7% in November, exceeding expectations, while Nvidia shares dropped over 1%, continuing a decline of more than 10% from their November peak. Bitcoin prices briefly surpassed $108,000 before retreating to just above $106,500.
Strike CEO Jack Mallers is bullish on Bitcoin, predicting it could soar to $1 million, representing an 871% increase from its current price of $106,994. He attributes this potential surge to the U.S. purchasing four million Bitcoin and the prevailing fiscal challenges, suggesting that further currency debasement and asset inflation will favor Bitcoin as a scarce asset.
The TRON blockchain has achieved an all-time high of $587.2 billion in USDT transfers in November 2024, marking significant growth from previous months. This surge is attributed to low transaction fees and fast processing times, with TRX token rising over 160% in the past year. Meanwhile, Ethereum is also gaining traction, having minted $20 billion in USDT, positioning itself as a leading platform for stablecoin supply.
European Parliament member Sarah Knafo has proposed establishing a Bitcoin strategic reserve for the EU, echoing optimism from the US under President-elect Donald Trump, who plans a similar initiative. Knafo criticized the European Central Bank's digital euro plans, advocating for Bitcoin as a means to protect against inflation and promote financial freedom. This proposal has contributed to a Bitcoin price rally, reaching an all-time high of $107,780.58, with expectations of continued growth amid increasing institutional interest.
US stocks fell on Tuesday, with the Dow Jones Industrial Average on track for its longest losing streak since 1978, down about 0.8% after eight consecutive days of losses. The S&P 500 and Nasdaq also declined as investors awaited a likely 0.25% rate cut from the Fed.Retail sales rose 0.7% in November, exceeding expectations, while Nvidia's shares dropped over 10% from their November peak. Bitcoin prices briefly surpassed $108,000 before retreating to just above $106,500.
Crypto analyst Tony Severino suggests that Bitcoin could surge to $190,000, drawing parallels with the 2017 bull run's Elliott Wave count. He predicts a potential retracement to $104,000 before a rally, while other analysts foresee Bitcoin reaching $125,000 by year-end amid growing optimism about its status as a US reserve asset. Currently, Bitcoin trades around $106,559.
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