42.3% chances in June that #FED starting cut rates, regarding FED watch tool.
The S&P 500 ended November up 8.9%, while the Nasdaq rose 10.7%, marking the indices' best monthly gains since July 2022. The Fed kept interest rates constant at the last meeting and economic data on inflation showed that price increases are at their lowest level in the last two years.
Markets are now pricing in a 95.4% chance of rate maintenance at the Fed's December meeting, according to CME FedWatch. Also, investors are betting that interest rates will decrease in 2024, with a chance of over 93% of a rate cut by the end of the June meeting, according to current data.
DemaTrading.ai - 1st of December 2023
Weekly Crypto Update 📓
The U.S. Securities and Exchange Commission (SEC) is actively discussing the possibility of approving a bitcoin exchange-traded fund (ETF) with leading asset management firms like Grayscale and BlackRock. The SEC previously blocked Grayscale's move to convert the Grayscale Bitcoin Trust into an ETF, but Grayscale successfully challenged that decision in court. Additionally, BlackRock filed for a bitcoin ETF in June, alongside other asset management firms. Although the SEC could still choose to deny crypto ETFs, industry experts anticipate their launch in the U.S. early next year. The growing confidence in a potential bitcoin ETF approval has positively impacted the cryptocurrency's price, which recently surged to over $37,000 after a summer low of around $26,000.
In this week's Crypto Weekly Wrap, we highlight:
BlackRock's Bitcoin ETF Strategy: BlackRock, the global asset management giant, has made a strategic compromise with the SEC regarding its Bitcoin spot ETF application in the U.S.
Tokenized Funds in the UK: In a groundbreaking decision, the UK's Financial Conduct Authority (FCA) has approved the development of tokenized funds.
SEC's Investigation into Binance US: The SEC is ramping up its investigation into Binance US, following charges against Binance and its former CEO, Changpeng Zhao.