Round up of today's market news *

North American News

Mixed Start to the Week for US Stocks: Dow Dips While Nasdaq and S&P Edge Higher

Market Summary:
The US stock market posted a mixed performance to kick off the new trading week, with tech-heavy indices outperforming while the Dow lagged.

Dow Jones Industrial Average: -55.39 points (-0.13%) at 43,389.60.
S&P 500 Index: +23.00 points (+0.39%) at 5,893.62.
NASDAQ Composite: +111.69 points (+0.60%) at 18,791.81.
Russell 2000: +2.51 points (+0.11%) at 2,306.34.

Notable Movers:

Nvidia (NVDA): Fell -1.29%, pressured by reports of overheating issues with its Blackwell chip ahead of Wednesday’s earnings release.
Amazon (AMZN): Dipped -0.45%, underperforming its peers in the Magnificent Seven.
Tesla (TSLA): Jumped +5.62%, leading gains among major tech stocks.
Alphabet (GOOGL): Gained +1.63%, extending its recent rally.
Apple (AAPL): Rose +1.34%, contributing to Nasdaq’s strength.
Meta (META): Closed nearly flat.

Key Takeaway:
Tech stocks provided support for the broader market, with notable strength in Tesla and Alphabet, while the Dow slipped due to muted performance in industrials. Nvidia’s chip concerns weighed on sentiment, but optimism remains ahead of its earnings.

US NAHB housing market index for November 46 versus 43 estimate

NAHB housing market index for November 2024

Prior month 43
NAHB housing market index for November 46 versus 43 last month. Anything under 50 is considered negative
Current conditions +2 to 49
Expectations +7 to 64
Buyer traffic +3 to 32
Housing market index is and it’s highest level since April

Feds Goolsbee : I see concentration of treasury clearing as a risk

Chicago Fed Pres. Goolsbee

The Chicago Fed Pres. Austen Goolsbee is giving me opening remarks Financial Markets Group fall conference and says:

Sees concentration of treasury clearing as a risk

US Trump team supporting former Fed member Kevin Warsh as Treasury Sec.

Warsh was Fed Governor from 2006 to 2011

It is being reported on Bloomberg, that the Trump team is supporting former Fed Governor Kevin Warsh (2006 to 2011) as the next Treasury Secretary.

President-elect Donald Trump is evaluating several candidates for the position of Treasury Secretary. He was expected to meet with these candidates at his Mar-a-Lago club in Florida to further assess their suitability for the Treasury Secretary position.

Canada housing starts for Oct (annualized) 240.8K vs 240.0K estimate

The Canada housing starts for October 2024
Prior month 223.4K revised from 223.8K
Housing starts annualized 240.8K vs 240.0K estimate

Foreign investors in C$ rises by $29.3B vs $10.33B last month (revised from $9.97B)

Foreign investors increased their exposure to Canadian securities by $29.3 billion in September (largest investment since April) vs 10.33 prior month (revised from 9.97B..
Canadian acquisitions of foreign securities slowed to $4.14 billion in September (down from $12.3 billion in August).
International transactions in securities generated a net inflow of $25.2 billion in the Canadian economy in September.
Total net inflow for the third quarter amounted to $30.6 billion.

Details:

Canadian debt securities:

Foreign acquisitions totaled $14.7 billion, mostly in bonds.
Year-to-date bond acquisitions reached $172.0 billion in 2024 (up from $61.9 billion in 2023).

Private corporate bonds:

Foreign investors added $10.1 billion in September, mainly in new bonds by financial institutions denominated in foreign currencies.
Federal government bond holdings increased by $2.7 billion (lowest monthly investment in 2024).

Canadian shares:

Non-residents invested $14.6 billion in Canadian shares in September (largest since December 2021).
Investment followed a divestment of $11.9 billion in August.
Year-to-date foreign divestment in Canadian shares totaled $9.7 billion (down from $40.7 billion in 2023).
Market performance:
- Canadian share prices (S&P/TSX composite index) increased by 2.8% in September.

Foreign securities acquisition slowed:

Canadian investors acquired $4.1 billion of foreign securities in September (down from $12.3 billion in August).

Foreign debt securities:

Added $4.4 billion to holdings, including $6.6 billion in bonds.
US government bond investment totaled $3.5 billion (rebounding from a $3.9 billion divestment in August).

Foreign shares:

Reduced exposure by $296 million in September (after a $15.5 billion investment in August).
US equity holdings decreased by $1.2 billion (following a $12.7 billion investment in August).

Market performance:

US share prices (S&P 500 composite index) increased by 2.0% in September.

Bank of Canada reduced its policy rate to 4.25% in September (down from 4.5%). Policy rate has been reduced by 75 basis points since January.

Commodities

Gold Rebounds After Sharp Decline, Technically Strong at Key Levels

Market Overview
Gold is experiencing a significant rebound today, rising 1.87%, following a tough week where it dropped -4.52%, marking its worst weekly performance since June 2021. The price is currently trading at $2611.12, recovering after hitting its lowest point in over two months last week.

Technical Breakdown
The price action today signals a recovery, as gold breaks back above its 100-hour moving average at $2581.13. After stalling at key support levels, including the 50% midpoint of the move from the June 10 low to the October high at $2538.70, the momentum shifted, leading to a modest rebound into Friday’s close.

The price retested the 100-hour moving average today before pushing even higher. The next significant target is the 200-hour moving average at $2622.85, and gold is now trading near this level at $2611.12.

Outlook
Gold’s bullish momentum remains intact as it maintains a position above the 100-hour moving average. The 200-hour moving average at $2622.85 is the next major upside target. A sustained move above this level could confirm a stronger bullish trend. However, a break below the 100-hour moving average and the 50% retracement level at $2538.70 could signal further downside momentum.

Actionable Insights

Bullish scenario: A continued rally above $2622.85 would signal a strong upward trend in gold prices.
Bearish scenario: A drop below the 100-hour moving average and 50% retracement levels at $2581.13 and $2538.70, respectively, could open the door for more downside movement.

WTI Crude oil settles @ $69.16

Up 3.19% on the day

The price of WTI crude oil is settling at $69.16. That is up $2.14 or 3.19%.

Of interest is the January contract price traders briefly above the December price for the 1st time since February.

Bullish Factors:

Geopolitical Tensions:

U.S. approval for Ukraine to use long-range missiles inside Russia raises conflict risks.
North Korea may send 100,000 troops to aid Russia in Ukraine, increasing direct involvement.
Iranian leader Ayatollah Ali Khamenei warns of a “crushing response” to Israel, raising concerns over Middle East crude supply disruptions..

Bearish Factors:

Weak Chinese Demand:
- China’s October oil demand fell -5.4% y/y to 14.07 million bpd, with Jan-Oct demand down -4.03% y/y to 14.00 million bpd.

Goldman Sachs have reiterated their gold target of $3,000 an ounce by December 2025

GS see Brent crude trading US$70 – 85, but could pop on tougher Trump sanctions on Iran

Goldman Sachs with the usual suspects cited for a rising gold price, saying structural drivers include:

higher demand from central banks
flows into exchange-traded funds
Federal Reserve rate cuts

GS restated their US$3,000 target for end -2025.

Also cited:

unprecedented escalation of trade tensions could revive speculative positioning in gold
rising concern over US fiscal sustainability

On oil:

Brent crude expected to trade in a range of US$70 and $85 a barrel n in2025
GS see some near term risk to the upside if Trump clamps down on flows from Iran, “The new US administration further raises the risks to Iran supply”

Singapore Non-oil Domestic Exports (NODX) October 2024: -7.4% m/m vs. +2.3% expected

Singapore’s non-oil domestic exports (NODX)

Singapore’s non-oil domestic exports (NODX)

-7.4% m/m in October 2024

expected +2.3%, prior -0.6% (revised from +1.1%)

-4.6% y/y

expected +4.0%, prior +0.9% (revised from +2.7%)
notable NODX to Chi9na fell 22.3% y/y
exports of non-electronics decreased
exports of electronics increased

EU News

Major European indices are closing mixed

German DAX Italy’s FTSE MIB close lower

Major European indices are closing the day with mixed results. The German DAX and Italy’s FTSE MIB move lower. The major indices are higher.

German DAX, -0.18%
France’s, +0.12%
UK’s FTSE 100, +0.57%
Spain’s Ibex, +0.33%
Italy’s FTSE MIB, -1.27%

In the European debt market, the benchmark 10 year yields are showing:

Germany 2.369%, +2.9 basis points
France 3.096%, +2.2 basis points
UK 4.466%, +0.6 basis points
Spain 3.069%, +1.2 basis points
Italy 3.569%, +2.3 basis points

Eurozone September trade balance €12.5 billion vs €4.6 billion prior

Latest data released by Eurostat – 18 November 2024
Prior €4.6 billion

SNB total sight deposits W.E. 18 November CHF 463.4 bn vs CHF 463.5 bn prior

Latest data released by the SNB – 18 November 2024
Domestic sight deposits CHF 455.0 bn vs CHF 455.4 bn prior

Swiss sight deposits were little changed in the past week, still keeping within the range seen in the last few months. The trend as per below:

ECB’s Lagarde: Europe is falling behind in innovation and productivity compared to the U.S

A summary of a speech from EU Lagarde at College des Bernardins:

Current Challenges

Technological Lag:
- Europe is falling behind in innovation and productivity compared to the U.S. and China.
- EU specializes in outdated technologies; only 4 of the world’s top 50 tech firms are European.
- Lack of unified digital market and venture capital investment hinders technological progress.
Geopolitical Shifts:
- Global trade fragmentation and competition with China threaten Europe’s open economy.
- EU’s declining world trade share and increased reliance on foreign venture capitalists for tech funding.
Economic Pressures:
- Slowing productivity growth reduces tax revenue potential, threatening funding for pensions, climate, and defense needs.
- Estimated €1 trillion annually required for climate, innovation, and security investments.

Proposed Solutions

Adaptation

Economic Integration: Unlock single-market potential; address internal trade barriers (e.g., equivalent to 44% tariffs on manufacturing).
Capital Investment: Redirect €8 trillion in EU savings toward innovation and technology development.
Skills Development: Focus on digital and advanced skills to empower individuals and enhance inclusion in the digital economy.

Anticipation

Technology Impact: Prepare for AI-driven automation by prioritizing reskilling and adult learning.
Geopolitical Unity: Treat the EU as a single, unified economy with shared interests in climate, defense, and social welfare.
Public-Private Partnerships: Collaboration to fill education and training gaps, enabling workers to adapt to rapid technological changes.

Call to Action

Regain lost ground in productivity and competitiveness.
Pool resources for collective challenges (e.g., green transition, security).
Balance social welfare and technological progress to sustain Europe’s unique economic model.

Conclusion

Europe must adapt to modern challenges with a renewed focus on unity and innovation, quoting Marcus Aurelius: “What stands in the way becomes the way.”

BOEs Greene: UK services inflation is elevated but on a downward path

BOE Greene is speaking and she says:

UK’s services inflation is elevated but on a downward path
UK budget will raise inflation
inflation gauges are generally coming down.
Services inflation not falling as fast as I would like.
Labor market easing and wage growth it should come off

ECBs Stournaras: A 25 basis point cut by the end of the year is reasonable

ECB members Stournaras and Lane speaking

ECBs Stournaras:

A 25 basis point cut by the ECB by the end of the year is reasonable
Trump tariffs could lead to recession in the medium-term

In other ECB commentary, ECBs Lane is also talking and says:

if policymakers had had perfect foresight about the shocks that were about to hitthe economy, interest rates would have been raised earlier and more sharply

ECB’s Makhlouf: I don’t think the job is done on taming inflation

Remarks by ECB policymaker, Gabriel Makhlouf

Services inflation is still slightly higher than I would prefer
Prudence and caution have a premium to them, we should continue in that manner
I don’t feel at the moment the need to rush
We need to think like a long-distance runner
Believes in cautious and prudent approach, policy is working as it is
It would be “going a bit far” to say that a rate cut in December is “in the bag”
We are going meeting by meeting
Let’s see what the data tells us but reasonable to assume we are on a downwards trajectory on rates

ECB’s de Guindos: The balance of risks has shifted from inflation concern to growth

Remarks by ECB vice president, Luis de Guindos

The growth outlook is clouded by uncertainty about economic policies, geopolitical landscape
Trade tensions could rise further, increasing tail risk of events materialising
The balance of risks has shifted from concerns about high inflation to fears over economic growth

Asia-Pacific-World News

Chinese city of Shanghai said it would reduce some taxes on real estate transactions

Move aimed to support the local property market

Chinese state media with the report, taxes on property reduced in Shanghai.

Shanghai said on Monday it would reduce some taxes on real estate transactions effective from Dec. 1, a move that will support the local property market, according to state media report.
Residents will be exempt from VAT when they buy a property for two years or more and sell it

Info comes via Reuters, more at the link.

Goldman Sachs downgrade Hong Kong stocks to underweight

Hong Kong Exchange news

Goldman Sachs downgrade Hong Kong stocks to underweight.

Hong Kong stock valuations are not high, but don’t offer much economic or earnings growth
property and retail sectors remain under pressure
economy may not benefit as much from policy support in China as it previously has, given China’s focus on bolstering the domestic economy

China Securities Regulatory Commission to expand number of stock eligible for Stock Connect

CSRC announcement

China Securities Regulatory Commission (CSRC) is the regulator of the securities industry in the country.

Its said it’ll be expanding the scope of stock eligible to trade via Stock Connect.

PBOC sets USD/ CNY reference rate for today at 7.1907 (vs. estimate at 7.2312)

PBOC CNY reference rate setting for the trading session ahead

In open market operations (OMOs) the PBOC injects 39bn yuan via 7-day RR, sets rate at 1.5%

134bn yuan mature today
net drain is 95bn yuan

RBA’s Kent: Forward guidance might be less useful here than compared to the US

Remarks by RBA assistant governor, Christopher Kent

No evidence monetary policy overall is more potent in Australia than elsewhere
Worth reviewing RBA’s approach to forward guidance from time to time
That includes considering other ways to clarify nature of reaction function

Goldman Sachs lower its forecast for Australia’s economic growth in 2025 on Trump vs China

Goldman Sachs forecasts a 25bp Reserve Bank of Australia rate cut in February 2025

Goldman Sachs lowered its forecast for Australia’s economic growth in 2025 (info comes via Bloomberg (gated):

forecasts Australian domestic product (GDP) rising 1.8% in 2025, down from its previous forecast of 2%

GS cite likely “negative spillovers” from the incoming Trump’s expected increase in tariffs on China, specifically the impact on Australia’s exports to China. Trump has promised 60% tariffs on exports from China.

GS’ Reserve Bank of Australia outlook:

forecasts a 25bp interest rate cut from the Bank in February 2025
terminal rate of 3.25% by November 2025
“higher US tariffs on China as having a dovish read-through for Australian rates”
GS express wariness over further fiscal stimulus in Australia ahead of the 2025 federal election, warn of upside risks to rates

Goldman Sachs expects a 50bp Reserve Bank of New Zealand rate cut this month

RBNZ meet November 27

a 50bp rate cut from the Bank on November 27
another 50bp rate cut from the Bank at its following meeting, February 19, 2025
terminal rate of 3% in July 2025 forecast, achieved by 25bp rate cuts at each meeting after February

New Zealand Q3 PPI Output +1.5% q/q (expected 0.9%) and inputs +1.9% q/q (expected 1.0%)

New Zealand data

New Zealand services PMI (October) 46.0 (prior 45.7)

BNZ – BusinessNZ Performance of Services Index (PSI)

New Zealand’s services sector PMI from the BNZ – BusinessNZ Performance of Services Index (PSI) for October 2024:

46.0

prior 45.7
still in contraction and well under the average of 53.1 over the history of the survey

BNZ’s Senior Economist Doug Steel comment:

“although it is contracting at a much slower pace than it was in June (when the PSI was 41.1), the PSI has been hovering between 45 and 46 over the last four months. The activity outlook for the sector has improved in recent business surveys, but the here and now remains extremely challenging”.

Bank of Japan Governor Ueda says economy recovering moderately, some weak signs

Bank of Japan Governor Ueda speech

In summary:

Economic Activity:

Corporate Sector: Business sentiment has improved, with corporate profits on an upward trend. Firms maintain active investment stances, focusing on future growth areas such as digitalization and decarbonization.
Household Sector: Private consumption shows a moderate increasing trend, supported by clear rises in nominal wages and summer bonuses.
Overall Outlook: A virtuous cycle of rising income leading to higher spending is gradually intensifying, with real GDP projected to grow around 1% in the coming fiscal years.

Price Developments:

Current Inflation: The year-on-year increase in the Consumer Price Index (CPI) for all items excluding fresh food was 2.4% in September 2024. While the impact of past import price rises has eased, services prices remain stable, indicating a shift in inflation drivers from cost-push factors to domestic wage increases.
Outlook: The CPI is expected to continue rising moderately, with underlying inflation gradually increasing as the output gap improves and medium- to long-term inflation expectations rise.

Monetary Policy:

Policy Adjustments: In July 2024, the Bank of Japan raised the policy interest rate to around 0.25% and outlined a plan to reduce Japanese government bond purchases, aiming for sustainable achievement of the 2% price stability target.
Future Stance: The Bank plans to continue with gradual policy rate hikes, maintaining accommodative financial conditions to support economic activity.

These Headlines via Reuters:

Japan’s economy recovering moderately albeit some weak signs.
Rising corporate profits leading to higher capex.
Will continue to raise policy rate, adjust degree of monetary support if economy, prices move in line with our forecasts.
Will make policy decision by updating our economic, price outlook with data, information available at the time.
Timing of rate hike will depend on economic, price, and financial outlook.
Must be vigilant to various risks including overseas, market developments.
No change to BOJ’s stance to underpin economic activity.
Gradually adjusting degree of monetary support will contribute to durably achieving price target through sustained economic growth.
We are seeing big firms’ executives announce stance of continuing solid wage growth.
Important for firms to be able to pass on higher labour costs through price hikes.
Perception that long-term inflation expectations will heighten gradually is becoming embedded among households, firms.
Want to focus on outlook of wage negotiations, how rising wages will spread to price moves.

Overall trend in private consumption has returned to a moderate increasing trend.
Reason for this positive albeit not strong development in private consumption seems to be the clear increase in nominal wages, on the back of a rise in scheduled cash earnings.
Income has been rising in both the corporate and household sectors.
Virtuous cycle in which this rise leads to higher spending is gradually intensifying.
Rate of increase in service prices has been stable.
This shows driving force for price rises has been shifting from cost-push factors stemming from the rise in import prices to domestic wage increases.
While effects of pass-through to consumer prices of cost increases led by the past rise in import prices are expected to continue to wane, inflationary pressure stemming from wage increases is projected to strengthen.
Underlying inflation likely to continue rising moderately.
It has become more likely that U.S. economy will achieve a soft landing but necessary to continue to carefully monitor situation.
BOJ will carefully assess developments in the U.S. economy, keeping both upside and downside risks in mind.
Market sentiment has improved recently but market remains susceptible to economic indicators of various economies and media reports regarding geopolitical risks.
BOJ will continue to pay attention to whether fluctuations in global financial and capital markets will affect economic activity and prices in Japan.

Crucial to achieve sustained increase in real wages such as by raising productivity.
Market sentiment improving recently due to receding concern over U.S. economy.
We are still seeing conditions where markets could turn volatile depending on economic data, geopolitical risks.
We continue to pay attention to whether volatile market moves could affect Japan’s economy, prices.
Uncertainty surrounding China’s growth pace is high.
U.S. economic trend is firm but need to be vigilant to chance rapid rate hike could affect economy with a lag.
Cannot also rule out chance of renewed rise in U.S. inflation.
Expect wage-driven inflationary pressure to heighten in Japan.
Japan’s inflation to converge around levels consistent with our price target in the latter half of our 3-year projection period through fiscal 2026.
Driver of Japan’s inflation shifting away from cost-push factors towards rise in domestic wages.

Japan Machinery orders for September 2024: -0.7% m/m (expected +1.9%)

A leading indicator of capital spending in the coming six to nine months

Machinery Orders (MoM) (September) -1.7%

expected 1.9%, prior -1.9%

Machinery Orders (YoY) (September) +4.8%

expected 2.2%, prior -3.4%
for the July – September quarter machine orders fell 1.3% q/q
October -December machinery orders are forecast at +5.7% q/q

South Korea official says stock mkt decline a little excessive, will stabilize as needed

Equity market intervention

South Korea’s financial regulator statement:

recent declines in stocks a little excessive
will prepare measures to stabilize markets as needed

Info via Reuters

Cryptocurrency News

Ethereum Faces Potential Downside to $2,258 Amid Rising Exchange Reserves and Selling Pressure

Market Overview
Ethereum (ETH) is currently trading at $3,110, up 1% on Monday, supported by strong Ethereum ETF inflows, which reached a record $515.5 million last week. Despite these positive ETF inflows, Ethereum is facing potential downside risks, driven by increasing exchange reserves and realized losses, which could signal rising selling pressure.

Key Factors Driving Market Sentiment

Exchange Reserves: Ethereum’s exchange reserves surged over the weekend, rising by 181,000 ETH (approx. $545 million). This uptrend indicates that more Ethereum is being moved to exchanges, which typically signals an increase in selling pressure, potentially weighing on the price.
Realized Losses: Ethereum’s Network Realized Profit/Loss metric also showed that investors realized nearly $1 million in losses on Monday, indicating that there is significant pressure in the market.

Ethereum ETF Performance
On the positive side, Ethereum’s ETFs saw impressive inflows, with $515.5 million coming in last week, marking the highest weekly inflows since their launch. This surge in institutional interest, particularly from US investors, has been linked to the aftermath of the US presidential election, as highlighted by Bloomberg analyst Eric Balchunas.

Technical Outlook
Ethereum is facing critical technical levels that could determine its short-term price direction:

Key Support: Ethereum needs to hold above $2,817 to avoid further downside. A break below this level would bring $2,258 into focus as the next major support zone.
14-Day EMA: Falling below the 14-day EMA would further exacerbate bearish pressure, increasing the likelihood of a decline toward $2,258.

Outlook
While Ethereum is experiencing a short-term bounce, the rising exchange reserves and realized losses point to increasing selling pressure, which could trigger a decline to $2,258 if key support levels fail to hold. However, continued strong inflows into Ethereum ETFs could provide support and limit the downside.

Bitcoin Outlook: Extended Consolidation Below New Record High, Eyes on Bullish Resumption

Market Overview
Bitcoin (BTC) is holding steady around the $90,000 level, maintaining a firm tone despite being in an extended consolidation phase just below the new record high of $93,500 set last week. The price has been range-bound in the past four days, with limited dips being contained above $85,000. This sideways action follows three consecutive long-legged Doji candles, indicating indecision but also setting the stage for potential breakout action.

Sentiment and Macro Drivers
The bullish sentiment remains intact, largely driven by the Trump trade and Bitcoin’s appeal as both a hedge against inflation and a safe-haven asset. The US inflation rate continues to remain elevated, which may prompt the Federal Reserve to slow the pace of rate cuts, further boosting Bitcoin’s role as an alternative investment. Additionally, the geopolitical uncertainties provide underlying support for Bitcoin as investors seek refuge in non-traditional assets.

Technical Outlook

Resistance: The immediate resistance level is at $93,500, Bitcoin’s most recent record high. A break above this level would expose targets at $95,000 (round figure) and $95,648, which aligns with the Fibonacci 150% projection. The psychological $100,000 barrier remains the ultimate target for bulls.
Support: Initial support is seen at the $90,000 handle, followed by $88,685 (today’s low) and the rising 10-day moving average at $87,373. The key downside support remains at $85,132, should the market test lower levels.

Outlook
For bulls to regain control, a weekly close above $90,000 is crucial, following last week’s attempt to push above $93,500 but failing to close above the $90,000 level. A firm break above the $93,500 resistance would open up further upside potential, likely pushing Bitcoin towards $95,000 and potentially the $100,000 mark. However, any dips below $90,000 would require monitoring of key support levels to confirm if the consolidation phase continues or if a larger pullback is in store.

Trump Media in advance talks to buy Crypto Platform BAKKT

According to the FT

The FT is reporting that Trump Media is in advanced talks to buy Crypto Platform BAKKT.

Of course President-elect Trump is the largest stock owner of Trump media. Shares of DJT are up 10.89% at $31.20. Also Pres. Trump is to meet privately with Coinbase CEO Brian Armstrong presumably to talk about a SEC chair that he would like to deregulate the crypto market.

Bitcoin is trading at $91,540 up $1679 or 1.88%. The high price today reached $92,624 on the low price was at $89,392.

Cryptocurrency Wrap: Solana, Bitcoin & MicroStrategy

Solana (SOL) Price Forecast: Potential for New All-Time High
Solana (SOL) reached a new monthly peak of $248 on November 18, marking a 60% gain over the last 14 days. The recent surge is attributed to significant inflows, with VanEck and BONK contributing to a total of $2.9 billion. Market trends, particularly in derivatives, point to continued upside potential, with bulls now eyeing the all-time high levels.

Bitcoin (BTC) Outlook: Extended Consolidation Under Record High
Bitcoin (BTC) remains in an extended consolidation phase just below its new record high of $93,500, which was posted last week. Holding steady around the $90,000 level, Bitcoin continues to maintain a firm tone despite sideways movement. The outlook remains bullish, supported by elevated US inflation, geopolitical tensions, and strong institutional interest. A weekly close above $90,000 would signal potential for a breakout to the next upside targets.

MicroStrategy (MSTR): Major Bitcoin Acquisition
MicroStrategy, a business intelligence firm, announced the acquisition of 51,780 Bitcoin for $4.6 billion on November 18, at an average price of $88,627 per BTC. This purchase brings the company’s total Bitcoin holdings to an impressive 331,200 BTC. The acquisition further solidifies MicroStrategy’s position as one of the largest corporate holders of Bitcoin, reinforcing the ongoing institutional demand for digital assets.

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Round up of today’s market news

ByBilals Tech