Macroeconomics and financial markets
On the US New York stock market on the 24th of last week, the Dow Jones Industrial Average closed 170.5 points (0.45%) higher than the previous day, and the Nasdaq Index closed 111.9 points (0.75%) higher.
On the Tokyo stock market, the Nikkei Stock Average exceeded the 35,000 yen level, reaching its highest level in 34 years since the bubble economy of the 1990s.
The inflow of funds into high-tech stocks accompanying the decline in long-term interest rates in the U.S. bond market is providing a tailwind.
connection:10 major virtual currency stocks in the Japanese and US stock markets
Virtual currency market conditions
In the crypto asset (virtual currency) market, the Bitcoin price rose 1.26% from the previous day to 1 BTC = $46,600.
As a result, the leveraged positions in the high price range were wiped out as sell-the-fact (fact selling) with profit-taking took precedence during the wild swings after yesterday’s fake approval, and it appears that the selling pressure after the fake approval was alleviated.
connection:Bitcoin market fluctuates around $3,000 due to SEC fake approval regarding ETF
It was a historic day when a “Bitcoin Spot ETF (Exchange Traded Fund)” was approved by the US SEC (Securities and Exchange Commission) for the first time in US history.
connection:SEC approves listing of Bitcoin spot ETF by 5-3 vote, committee chair reveals background and views
The 11 companies approved for listing include BlackRock, ArkShares, VanEck, and Fidity.
The process of starting trading for a typical ETF usually takes one to two weeks, but expert James Seyffart said he believes it is likely to start trading as early as tomorrow.
We’re seeing a bunch of these prospectuses going Effective. S-1’s approvals are being checked off.
✔️ Effective Prospectuses (S-1’s)
These things will indeed begin trading tomorrow. There are no more steps needed pic.twitter.com/YmYyw8b0C9
— James Seyffart (@JSeyff) January 10, 2024
The CEO of the investment app Robinhood said, “We want Bitcoin ETFs to be available on Robinhood quickly.This milestone strengthens the integration of crypto assets with traditional finance.” He expressed a sense of expectation.
connection:Learn about Bitcoin ETFs from the beginning: Explaining the advantages and disadvantages of investing and how to buy US stocks
As a result, major asset management companies such as BlackRock, which has over $9 trillion in assets under management, will be able to offer exposure to Bitcoin (BTC) investment products to U.S. institutional investors.
Although the impact on the market will not be immediately apparent immediately after the ETF’s handling, and it will take several months for the broader impact to be felt, analysts at major bank Standard Chartered predict that after the Bitcoin ETF (exchange traded fund) is approved, The company expects to see an influx of $1 billion over the next three months, with the potential to exceed $100 billion by the end of the year.
Ethereum (ETH), which ranks second in market capitalization, soared 9.4% from the previous day, reaching a 20-month high of 1 ETH = $2,500.
BlackRock submitted an application (S-1 form) for an Ethereum (ETH) spot ETF in November 2023, and expectations for approval are high.
connection:ETH rises significantly, BlackRock applies for listing of spot Ethereum ETF
ETH has lagged behind the BTC-denominated market, and some believe that it has become the target of funds looking for profits in Bitcoin.
Analyst BACH indicated that the bull flag would break out and indicate a continued upward trend. The target is 1ETH = $3,500 to $4,000.
Ethereum shouldn’t be ignored! Still looks incredibly bullish and ready to go!🚀
Showing some nice relative strength today. Seems like it’s gearing up to break through that daily bull flag🚩
— BACH (@MortensenBach) January 10, 2024
Furthermore, Ethereum (ETH) is preparing to launch a testnet of a major upgrade called “Dencun” in the first half of the year.
The tentative schedule is as follows.
- Goerli: January 17th
- Sepolia: January 30th (tentative)
- Holesky: February 7th (tentative)
connection:Ethereum developers to test next upgrade “Dencun”
Bitcoin ETF special feature
We have introduced the “Heat Map” function to the CoinPost app for investors!
In addition to important news about virtual currencies, you can also see at a glance exchange information such as the dollar yen and price movements of crypto asset-related stocks in the stock market such as Coinbase.
■Click here to download the iOS and Android versions
— CoinPost (virtual currency media) (@coin_post) December 21, 2023
Click here for a list of past market reports