North American News
Equity Rollercoaster: NASDAQ and S&P Take a Dip, Dow Stays the Course in a Day of Market Divergence
- Major US stock indices end with mixed results as NASDAQ and S&P close lower, while Dow holds small gains. For the trading week, indices are little changed.
The day concludes with a diverse performance among major US stock indices. Despite initial gains, both the S&P and NASDAQ relinquished their earlier advances, ultimately closing the day in negative territory. The Dow Industrial Average managed to secure a modest uptick, yet concluded the session near its daily lows.
Final numbers shows:
- Dow industrial average up 13.44 points or 0.04% at 35430.41
- S&P index -4.33 points or -0.10% at 4550.57
- NASDAQ index -23.28 points or -0.16% at 14258.48
Looking at the weekly data,, the major indices are little changed above and below unchanged:
- Dow industrial average is up 0.11%
- S&P index is down -0.19%
- NASDAQ index is up 0.05%
The small-cap Russell 2000 index advanced by 11 points or 0.61% at 1803.80.For the trading week, the index is up 0.05%.
Looking at the 11 sectorsof the S&P index, six showed gains.The winners were led by real estate:
- S5REAS (Real Estate): +0.73% (Value: 231.10)
- SPF (Financials): +0.70% (Value: 589.08)
- S5MATR (Materials): +0.38% (Value: 512.26)
- S5INDU (Industrials): +0.33% (Value: 893.40)
- S5HLTH (Health Care): +0.02% (Value: 1508.20)
- S5INFT (Information Technology): +0.01% (Value: 3275.71)
The 5 losing sectors saw telecommunication services bring up the rear:
- S5C0ND (Consumer Discretionary): -0.35% (Value: 1339.15)
- S5UTIL (Utilities): -0.78% (Value: 315.30)
- S5C0NS (Consumer Staples): -0.81% (Value: 738.14)
- SPN (Energy): -0.88% (Value: 637.22)
- S5TELS (Telecommunication Services): -1.11% (Value: 237.18)
US wholesale inventories for October -0.2% versus 0.1% expected
- US wholesale inventories for October 2023
- Prior month +0.2% revised to 0.1%
- Advance Wholesale Inventories:
- October wholesale inventories were $899.4 billion, a decrease of 0.2% from September 2023. The expectations was a 0.1% rise
- This represents a 2.0% decrease from October 2022.
- The change from August 2023 to September 2023 was revised from an increase of 0.2% to 0.1%.
- Advance Retail Inventories:
- October retail inventories were $796.6 billion, essentially unchanged from September 2023.
- This is a 5.4% increase from October 2022.
- The change from August 2023 to September 2023 was revised from an increase of 0.9% to 0.4%.
- Retail inventories ex autos -0.9% versus -0.4% prior revised from +0.3
US Q3 GDP (second estimate) 5.2% vs 5.0% expected
- The second look at US Q3 GDP for 2023
- Advanced reading was +4.9%
- Q2 final reading was +2.1%
- Personal consumption +3.6 vs +4.0% advance reading
- Core PCE prices +2.3 vs +2.4% expected
- PCE prices +2.8% vs +2.9% advance
- GDP deflator +3.5% vs +3.5% expected
- GDP final sales +3.7% vs +3.5% advanced
- Corporate profits after tax +4.1% vs +0.5% in Q2
Percentage point changes:
Net trade -0.04 pp vs -0.08 pp advance
Inventories +1.40 pp vs +1.32 pp advance
Govt +0.94 pp vs +0.79 pp advance
“The update primarily reflected upward revisions to nonresidential fixed investment and state and local government spending that were partly offset by a downward revision to consumer spending,” the release said.
US advanced goods trade balance for October -$89.84 billion vs. -$86.4 billion estimate
- US advance good trade balance for October 2023
- Prior month $-85.78 billion
- The international trade deficit in October was $89.8 billion, an increase of $3.0 billion from September’s $86.8 billion. The estimate was $86.4 billion
- October exports were valued at $170.8 billion, which is $3.0 billion lower than exports in September.
- Imports in October stood at $260.7 billion, remaining almost unchanged from September’s import figures.
US MBA mortgage applications w.e. 24 November +0.3% vs +3.0% prior
- Latest data from the Mortgage Bankers Association for the week ending 24 November 2023
- Prior +3.0%
- Market index 176.1 vs 175.6 prior
- Purchase index 144.9 vs 138.4 prior
- Refinance index 327.8 vs 359.9 prior
- 30-year mortgage rate 7.37% vs 7.41% prior
Fed’s Beige Book: On balance, economic activity slowed since the previous report
- Highlights from the Fed’s anecdotal report on the economy
- Retail sales, including autos, remained mixed; sales of discretionaryitems and durable goods, like furniture and appliances, declined, onaverage, as consumers showed more price sensitivity.
- four Districts reported modest growth, two indicated conditions were flat to slightly down, and six noted slight declines in activity
- Demand for transportation services was sluggish
- Manufacturing activity was mixed, and manufacturers’ outlooks weakened
- Consumer credit remained fairly healthy, but some banks noted a slight uptick in consumer delinquencies
- The economic outlook for the next six to twelve months diminished over the reporting period.
- Price increases largely moderated across Districts, though prices remained elevated
- Most Districts expect moderate price increases to continue into next year.
- Demand for labor continued to ease, as most Districts reported flat to modest increases in overall employment
- Several Districts continued to describe labor markets as tight with skilled workers in short supply
Biden Administration to revamp EV tax credits to curb Chinese influence
- The Biden administration is set to shake up tax-credit rules for electric vehicles (EVs), aiming to limit Chinese battery materials and boost domestic supply chain.
The Wall Street Journal is reporting that the Biden administration is expected to announce tax-credit rules for electric vehicles (EVs) on Friday, impacting the American EV market.
- These rules involve a $7,500 tax subsidy for new EV buyers, with a specific focus on limiting the use of battery materials from “foreign entities of concern,” primarily targeting Chinese suppliers.
- The definition of “foreign entity of concern” is crucial and challenging for the administration, as it will significantly influence EV prices in the U.S.
- The aim is to encourage domestic auto-supply chain development and reduce reliance on China, a major clean-energy technology supplier and geopolitical rival.
- Strict application of these rules could disqualify many EVs from the subsidy, potentially slowing the transition from gasoline-powered vehicles.
- The subsidy will likely be blocked for vehicles with batteries, components, or minerals made by state-owned Chinese companies, affecting many current EV designs.
- The prohibition takes effect in 2024 for battery components and in 2025 for minerals.
J.P. Morgan’s Dimon: Believes there is a higher likelihood of an additional rate hike compared to others’ views.
- Speaking at a Summit event
J.P. Morgan/Chase CEO Jamie Dimon is speaking at a NYT/Dealbook summit and says:
- May be the most dangerous time the world has seen in decades
- Oil and gas can be explosive and it hurts poor nations
- China/Taiwan more will eventually happen
- US as a nation should not be complacent
- We should fix our reliance on supply chain from China
- I am not afraid of China. We should engage with China, good for American bank to be there
- Always talking to China about right way to deal with security risk
- Politics is personal. We get involved in policy. We need better immigration policy. We need better education policy.
- Whoever is president, I will do my best to help the president for the good of the American people
- Believes there is a higher likelihood of an additional rate hike compared to others’ views.
- Considers the probability of a soft economic landing to be lower than what others anticipate.
Fed’s Mester: Monetary policy is ‘in a good place’
- A shift to neutral?
- Sees ‘clear progress’ in getting inflation to 2%
- It will take time to get to 2% but Fed will do it
- Fed has time to vet incoming data
- Monetary policy must be nimble in current circumstances
- Monetary policy well positioned to be flexible
The Bumpy Path to Achieving 2% Inflation: Insights from Fed’s Bostic
- Fed’s Bostic expects a continued downward trajectory of inflation and foresees a bumpy but achievable path to 2% inflation. He acknowledges the impact of tighter monetary policy on economic activity and notes diminishing pricing power of companies.
- Bostic expects the downward trajectory of inflation to continue.
- He anticipates a slowdown in economic activity in the upcoming months.
- Bostic acknowledges that tighter monetary policy is significantly impacting economic activity.
- He believes the path to 2% inflation will be bumpy but achievable.
- Bostic notes that companies’ pricing power is diminishing.
- He observes ongoing disinflation and a measured slowdown in economic activity.
- Fed’s Bostic feels more confident in the current economic outlook.
Feds Barkin: I’m hearing consumers slowing down, but not falling off the table
- Fed’s Barkin speaks at CNBC CFO Council summit
- Revised consumer spending data is more consistent with what I am hearing on the ground
- I’m hearing consumers slowing down, but not falling off the table
- Skeptical that price setters at this point have gone back to where they were pre-Covid
- 5.2% GDP tells companies that they can still try to raise prices
- The goods inflation has clearly come down. Then that of that is basically back to pre–Covid levels
- While I think that entry rates have clearly come down, but housing inflation is still going up
- A lot of services prices are still going up driven by wages
- I am still in the “looking to be convinced category” that inflation is coming down
- Not willing to take another rate hike off the table.
- Want the option of doing more on rates if inflation flairs again.
- Markets have a different forecast than me on inflation
- I believe inflation will be stubborn then we’d like
- Talking about rate cuts is premature
- We do hope the messages we send go into the financial conditions in the markets.
- Try not to get overly focused on the financial conditions in the markets.
- Market bets on 4 rate cuts next year might be based on expectations for soft landing. I hope they are right.
Fed’s Goolsbee says he has some concerns about keeping rates too high for too long
- Fed’s Goolsbee emphasizes housing inflation as key market driver in radio interview.
Federal Reserve Bank of Chicago President Austan Goolsbee in a radio interview, headlines via Reuters:
- Of all pieces of data, housing inflation is most paramount
- Market-based inflation expectations have been anchored
- Have some concern about keeping rates too high for too long
- Once you believe you are on path to 2% inflation, amount of restrictiveness needs to be less
- Data will determine how fast we go
Bank of America strategist predicts S&P 500 to 5000 in 2024, but concerns in the shadows
- Bank of America’s Savita Subramanian remains optimistic about the overall market health.
Bank of America’s head of U.S. equity and quantitative strategy Savita Subramanian spoke on Tuesday with CNBC. Analysts at the firm have a 5000 target for the S&P 500 by the end of 2024, saying the market has handled Fed rate hikes well.
- “There’s a high probability of pullbacks next year around various areas of concern, but I do think that we’re in a healthier market setup than we have been in a long time,”
- “The higher interest rates are gonna hit a lot of pockets of the economy, not necessarily public equities, because public equities have been marked for this environment … public equity right now is marked to exactly what’s happened, and that is a high interest rate environment.”
- “What I worry more about is all the stuff sloshing around in private equity, private credit, the shadow lending machine that’s been taking place for the last 10-15 years.”
Hedge Fund chief Bill Ackman says Federal Reserve will cut rates sooner than expected
Acman interviewed on Bloomberg TV, main points:
- I do think the economy is weakening. We’re seeing evidence of that in some of our companies you’re seeing.
- what’s going to be interesting is to see what happens when people have to reprice their debt. And I think that can have sort of a cliff like effect. And you’re certainly seeing that in real estate on the markets are assuming and the markets are not always right, but the markets are assuming that there’s going to be a Fed cut sometime next year.
- Fed … I think they’re going to cut rates and I think they’re going to cut rates sooner than people expect
UBS warns of the risk of an impending financial crisis due to private credit bubble
- UBS Chairman says risk of a major financial crash, crisis in confidence.
ICYMI – UBS is warning that the growing private credit bubble risks becoming the cause of the next financial crisis.
UBS Chairman Colm Kelleher was speaking at the Financial Times Global Banking Summit in London on Tuesday:
- warned of the risks surrounding private credit: “There is no doubt that there’s an asset bubble going on in private credit. You are seeing leverage building up.””
- said a single incident could spark a “crisis in confidence” that leads to a major crash
- “risks building up”
- warned there are “many other asset bubbles building” (eg. commercial real estate as another risk)]
Canada Q3 current account balance -$3.22B vs $1.00B expected
- Canada current account data
- Prior was -$6.63B (revised to -$7.328B)
Commodities
Gold sees back and forth trading on Wednesday, holding above $2,040
- Spot Gold is caught in the middle as buyers and sellers play tug-of-war on Wednesday.
- Intraday price action holding on the high end after Tuesday’s afternoon rally.
- Gold is looking to catch a foothold on the $2,050 level.
Gold prices are continuing to drift into the upside, holding on the high side of $2,040 on Wednesday. Gold hit its highest bids in six months.
The yellow metal briefly ticked over $2,050 in the early Wednesday session before slipping back into $2,035, and Spot Gold is now testing back towards $2,050 heading into the back segment of the day’s trading session. The day’s bullish target will be setting fresh daily highs above $2,052.
Crude oil futures surge to settle at $77.86, supported by Saudi production cut hopes
- Crude oil futures settle at $77.86, up $1.45 or 1.9%, amid reports of potential deeper OPEC+ cuts driven by Saudi Arabia seeking up to 1 million BPD reduction. However, there is a lot of opposition.
The price of crude oil futures settled at $77.86.That is up $1.45 or 1.9%. Helping the upside was:
- Reports suggesting Saudi Arabia seeks deeper OPEC+ production cuts.
- Saudi Arabia favoring a reduction of up to 1 million barrels per day (BPD).However, other members, like the UAE, are hesitant to lower their quotas.
- Despite these discussions, the most likely outcome appears to be maintaining most of the current output restrictions.
Weekly EIA inventories crude oil +1609K versus -933K expected
- Weekly US oil inventory data
- Crude +1609K vs -933K exp
- Gasoline +1764K vs +229K exp
- Distillates +5127K vs -394K exp
The OPEC cut talk starts up again
- The WSJ’s Summer Said reports that a cut of 1 million bpd could come
OPEC+ is considering a new oil production cut of as much as 1 million barrels a day, according to a report in the WSJ published earlier.Oil has been volatile today, falling earlier in New York trade and then storming back. A similar pattern played out yesterday.
“A deal for further cuts isn’t assured, and the prospect is facing significant resistance within the Organization of the Petroleum Exporting Countries. A rollover of most existing output curbs is the most likely scenario, the delegates said, but talks are continuing.”
No delay currently expected to OPEC+ meeting tomorrow – report
- Reuters reports, citing two sources from the bloc
The sources also say that negotiations are still ongoing “but no delay is expected”. This comes after some murmurs yesterday that there could be a further delay, after having seen disagreements over output quotas for African producers. The sources say that the group has moved closer to a compromise on said issue.
EU News
European equity close: DAX rises to the highest since August 1
- Closing changes for European equities
On the day:
- German DAX, +1.1%
- France CAC, +0.3%
- UK FTSE 100 -0.4%
- Spain’s IBEX +0.6%
- Italy’s FTSE MIB, +1.0%
- Euro STOXX 600 +0.4%
Germany November preliminary CPI +3.2% vs +3.5% y/y expected
- Latest data released by Destatis – 29 November 2023
- Prior +3.8%
- CPI -0.4% vs -0.1% m/m expected
- Prior 0.0%
- HICP +2.3% vs +2.6% y/y expected
- Prior +3.0%
- HICP -0.7% vs -0.5% m/m expected
- Prior -0.2%
Saxony November CPI +3.9% vs +4.5% y/y prior
- Latest data released by Destatis – 29 November 2023
The reading is out much earlier than expected, with the headlines captured by Reuters.The monthly reading shows a 0.3% decline in consumer prices.Put together with the other state readings, we might see German headline annual inflation come in between 2.9% and 3.2%, which is much lower than the 3.5% estimate and the 3.8% reading from October.
Bavaria November CPI +2.8% vs +3.7% y/y prior
- Latest data released by Destatis – 29 November 2023
The other state readings released around the same time:
- Hesse CPI +2.9% vs +3.6% y/y prior
- Brandenburg CPI +3.4% vs +4.6% y/y prior
- Baden Wuerttemberg CPI +3.4% vs +4.4% y/y prior
Germany October import price index +0.3% vs -0.1% m/m expected
- Latest data released by Destatis – 29 November 2023
- Prior +1.6%
UK October mortgage approvals 47.38k vs 45.00k expected
- Latest data released by the BOE – 29 November 2023
- Prior 43.33k; revised to 43.68k
- Net consumer credit £1.3 billion vs £1.5 billion expected
- Prior £1.4 billion
Spain November preliminary CPI +3.2% vs +3.7% y/y expected
- Latest data released by INE – 29 November 2023
- Prior +3.5%
- HICP +3.2% vs +3.7% y/y expected
- Prior +3.5%
BOE’s Bailey: We are not in a place now to be discussing interest rate cuts
- Remarks by BOE governor, Andrew Bailey
- That (the discussion) is not happening
- We have not seen enough evidence of inflation moving to 2% yet to be confident
ECB’s de Guindos: Our objective is to bring inflation back to 2% target
- Remarks by ECB vice president, Luis de Guindos, in an interview
- Rate hikes are both for borrowers and savers
- That is part of our monetary policy transmission
- If savings become more attractive, consumers will spend less, reducing demand
- This is what we aim for to push down inflation
Other News
OECD sees global growth slowing further but hard landing to be avoided
- The organisation slashes global GDP growth for this year, leaves forecast unchanged for next year
- 🌎 2023 global GDP growth lowered to 2.9% (previously 3.0%)
- 🌎 2024 global GDP growth unchanged at 2.7%
- 🌎 2025 global GDP growth seen at 3.0% (first estimate)
- 🇺🇸 2023 US GDP growth improved to 2.4% (previously 2.2%)
- 🇺🇸 2024 US GDP growth improved to 1.5% (previously 1.3%)
- 🇪🇺 2023 Eurozone GDP growth unchanged at 0.6%
- 🇪🇺 2024 Eurozone GDP growth lowered to 0.9% (previously 1.1%)
- 🇬🇧 2023 UK GDP growth improved to 0.5% (previously 0.3%)
- 🇬🇧 2024 UK GDP growth lowered to 0.7% (previously 0.8%)
- 🇯🇵 2023 Japan GDP growth lowered to 1.7% (previously 1.8%)
- 🇯🇵 2024 Japan GDP growth unchanged at 1.0%
- 🇨🇳 2023 China GDP growth improved to 5.2% (previously 5.1%)
- 🇨🇳 2024 China GDP growth improved to 4.7% (previously 4.6%)
Chinese local governments provide capital boost to struggling banks amid property crisis
- Local Chinese governments have sold a record amount of Special-purpose bonds this year
Local governments in China have been injecting into capital into struggling smaller banks, seeking to contain spillover risks from a deepening property crisis and only slowly recovering economy.
- Local governments have sold record amounts of Special-purpose bonds this year
- Special-purpose bonds are a form of off-budget debt financing used by local governments in China
- Local governments plan to use the proceeds of the latest bond sales to purchase equity or convertible bonds from smaller banks, most of them state-owned, effectively recapitalising them
- have raised 152.3 billion yuan (US$21.05 billion) via such bonds so far in 2023
Australian monthly CPI for October 2023 4.9% y/y (vs. expected 5.2%)
- Also construction work data for Q3.
Australian monthly CPI for October 2023 % y/y
- expected 5.2%, prior 5.6%
- trimmed mean inflation was 5.3% y/y in October, down slightly from the rise of 5.4% in September
- goods inflation 4.6% y/y (from 5.7% in September
- services inflation 5% (from 5.3%)
- the m/m CPI was -0.4% compared with September’s +0.3%
The monthly CPI data from Australia does not show all components of the CPI, that’ll have to wait for the quarterly data release.
There was also data on construction work done during Q3: +1.3% q/q
- expected 0.3%, prior 0.4%
RBNZ Gov. Orr says forecasts show upward bias to rates, but not a done deal
RBNZ Governor Orr press conference following the policy decision:
From Orr:
- Meeting with new PM was highly constructive
- We’ve been adamant on holding rates through next year
- Projection shows upward bias to rates but it is not a done deal
- Had a robust discussion about rates
- Nervous that inflation has been outside the band for so long
- concerned that longer-term inflation expectations are creeping up
- Global rates do matter to us, very tuned into that outlook
- Will make decision on debt to income restrictions early next year
- Seeing credit growth slowing rapidly, our message on rates is being heeded
- We are saying rates need to be this high for some time to come, banks should listen
- Domestic inflation is causing the challenge, big part of that is dwelling costs
From the minutes of the meeting:
- Committee agreed that interest rates will need to remain at a restrictive level for longer
- Members agreed they remain confident that monetary policy is restricting demand
- Ongoing excess demand and inflationary pressures were of concern, given high core inflation
- Members discussed the possibility of the need for increases to the OCR
- Members agreed that with interest rates already restrictive, it was appropriate to wait for further data and information
- Members agreed that monetary policy was supportive of sustainable house prices
- Pressure in the labour market is easing, although employment remains above its maximum sustainable level
- Members also noted that most major central banks have indicated that they intend to retain current restrictive policy rates for longer, and are willing to tighten further, if required
- While growth in parts of the economy is slowing, there has been less of a decline in aggregate demand growth than expected earlier in the year
- Committee noted that the estimate of the long-run nominal neutral OCR has increased by 25 basis points to 2.50%
RBNZ leaves cash rate unchanged at 5.5%, as expected
- Reserve Bank of New Zealand emphasizing the need for restrictive policy to control inflation
Reserve Bank of New Zealand leaves its cash rate unchanged, as was very widely expected, but insists it’ll remain restrictive with inflation still being too high.
Indeed the track of the OCR from the Bank is slightly higher:
- Sees official cash rate at 5.63% in March 2024 (prior 5.58%)
- Sees official cash rate at 5.66% in December 2024 ( prior 5.5%)
- Sees official cash rate at 5.56% in March 2025 ( prior 5.36%)
- Sees official cash rate at 3.55% in December 2026
- Sees NZD TWI at around 70.7% in December 2024 ( prior 71.0%)
- Sees annual CPI 2.5% by December 2024 ( prior 2.4%)
- Interest rates are restricting spending in the economy and consumerprice inflation is declining, as is necessary to meet thecommittee’s remit.
- Demand growth has eased, but by less than anticipated over the first half of 2023 in part due to strong population growth
- The OCR will needto stay restrictive, so demand growth remains subdued, and inflationreturns to the 1 to 3 percent target range
The risk of an RBNZ rate hike “is real”
Westpac response (in brief):
- RBNZ … was more hawkish on future prospects.
- RBNZ’s projections continue to reflect the risk of further increases in the OCR in 2024. An easing cycle looks quite some time off.
- The projections imply a gradual easing of policy from the first half of 2025.
- The long-run neutral OCR was adjusted up 25bp to 2.5%.
- … more tightening may be required to ensure inflation returns promptly to target
Bank of Japan’s Adachi denies speculation of ending negative interest rates
- Says maintaining easy policy
Adachi emphasized that:
- recent tweaks to YCC were not policy change
- now is not the time to say the Bank’s inflation target has been met
- policy will remain easy
- Japan yet to see positive wage-inflation cycle become embedded enough
- Appropriate topatiently maintain easy policy
- If needed BOJ willtake additional easing steps
- Steps BOJ took in October to make YCC flexible not aimed at laying the groundwork for policy normalisation
- Japan’s inflation expectations heightening moderately
- See risk to Japan’sinflation outlook skewed to upside
- Companies starting to shed deflationary price-setting practices
- Hard to predict now whether wage hikes will continue next fiscal year
- Given highuncertainty over global economic outlook, there is risk japan’sinflation, wages face downward pressure
- If positivewage-inflation cycle strengthens, that could further push up prices
Goldman Sachs to boost investments in Japanese businesses and real estate
- Info via Japanese media outlet Nikkei
Japan’s NIkkei media spoke with Marc Nachmann, global head of asset and wealth management at Goldman Sachs.
He outlined plans the investment bank has to accelerate its interests in Japan:
- will boost investments in Japanese businesses
- also will increase investment into Japanese real estate
Cryptocurrency News
XRP price could reach $0.70 soon enough as eyes remain peeled to possible Ripple settlement with SEC
- Ripple price has flipped the 25-day EMA to a resistance hurdle at $0.6142 as it thinly holds above $0.5891 support.
- XRP could extend south if the $0.5891 support breaks, spiraling 10% lower to consolidate under $0.5751 in a dire case.
- The bearish thesis will be invalidated once the price breaks and closes above $0.6857, the supply zone’s mean threshold.
Ripple (XRP) price is trading with a bearish bias, but the wheels could turn soon amid rumors that the US Securities and Exchange Commission (SEC) could be holding a closed-door meeting with Ripple on Thursday, November 30.With rumors of a possible settlement discussion, XRP’s market value could soon hit $0.7000 if the speculation pans out to be true.
Ripple could settle with US SEC on November 30
There are speculations about a possible settlement between Ripple and the SEC, after a report that the financial regulator will be holding a closed-door meeting on Thursday. Neither the subject of the meeting nor the other attendee is known, for now, leaving all things to speculation as XRP community members watch the clock.
Bitcoin price eyes $41,000 target with declining BTC balance on exchanges
- Bitcoin worth $1 billion has been withdrawn from exchanges in the last two weeks.
- The SEC asked for public feedback on Franklin Templeton’s Spot Bitcoin ETF, fueling anticipation of approval.
- Analyst predicts Bitcoin price rally to its $41,000 target in December.
Bitcoin eyes a bullish breakout as BTC price hovers close to $38,000, early on Wednesday. Market participants anticipate a bunch of approvals on Spot Bitcoin ETFs, as the US Securities and Exchange Commission (SEC) asks for public feedback on Franklin Templeton’s ETF application.
MATIC whales on a buying spree, Polygon’s native token could extend gains
- MATIC’s large wallet investors scooped up over 120 million MATIC in the past week.
- Polygon’s native token is likely to extend gains as on-chain metrics turn bullish.
- MATIC price yielded nearly 4% weekly gains and the altcoin could continue its rally.
MATIC, an Ethereum scaling token, noted a considerable increase in accumulation by large wallet investors in the network. Whales holding between 10 million and 100 million added $90 million worth of MATIC tokens in a two-week timeframe. The scaling token is likely to extend its gains with bullish on-chain metrics.
MATIC whales scoop up the altcoin
Based on data from crypto intelligence tracker Santiment, MATIC’s large wallet investors, holding between 10 million and 100 million tokens, have added 120 million MATIC to their holdings. In a two-week timeframe, the whales invested $90 million in adding MATIC to their portfolio.
Cristiano Ronaldo hit by lawsuit for promotion of unregistered securities at Binance
- Cristiano Ronaldo is slammed by a lawsuit alleging that the footballer assisted Binance in promoting the sale of unregistered securities.
- Ronaldo was instrumental in driving NFT sales on Binance with his reach of 850 million followers on Instagram.
- The lawsuit cites the SEC’s guidance that directs celebrities to disclose payments received for promotion of crypto.
Cristiano Ronaldo is slammed by a class-action lawsuit from plaintiffs alleging that they suffered losses from the footballer’s promotion of at least three of his NFT collections with Binance, as reported by Cointelegraph. Binance entered a partnership with the sports player in 2022 for his NFT promotion.
Cristiano Ronaldo hit with class-action lawsuit
According to a Cointelegraph report, a class-action lawsuit was filed by plaintiffs that alleges that they suffered losses from Ronaldo’s promotion of the crypto exchange Binance. Plaintiffs filed the lawsuit on November 27, to a US district court in Florida and alleged that Ronaldo “promoted, assisted in, and/or actively participated in the offer and sale of unregistered securities in coordination with Binance.”
Chainlink price eyes compelling gains with bullish on-chain metrics
- Chainlink observed the largest spike in whale transactions in 2023, early on Tuesday.
- LINK noted over 2,600 transactions exceeding $100,000 in a single day.
- Chainlink recorded the largest movement of dormant LINK tokens, since September 15, supporting a bullish thesis.
Chainlink price climbed nearly 11% in the past week, amidst bullish catalysts. Whale activity, and declining on-chain metrics such as Supply on Exchanges, support gains in LINK price. Chainlink is trading at $14.71 on Binance, yielding nearly 2% daily gains.
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