Weekly Market Update: September 9, 2024 📊✨
Weekly Market Update: September 9, 2024 📊✨
Welcome to your Weekly Market Review! Here’s a rundown of the latest in financial and crypto news, plus some must-know updates on top Telegram airdrop bots. 🚀🔍
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🔍 Key Updates & Insights 🔍
- Ripple’s Political Endorsement: Ripple co-founder backs Kamala Harris as the potential future US president.
- CFTC Action: The U.S. Commodity Futures Trading Commission (CFTC) has filed an emergency motion to halt prediction market Kalshi’s election contracts for two weeks.
- Stablecoin Surge: The stablecoin market has soared to $162 billion, fueled by rising institutional interest.
- NFT Trading Boom: Magic Eden experiences a surge in multi-chain NFT trading volumes.
- ETF Drops: U.S. Bitcoin and Ethereum ETFs hit new lows following a bearish week, with Bitcoin ETFs seeing $211 million in outflows.
- Coinbase Lawsuit: Coinbase is set to face a shareholder lawsuit over SEC-related risks.
- Binance Compliance Issue: Binance’s financial compliance head has been detained in Nigeria since February; a bail decision is expected next month.
📈 Market Analysis 📉
Last week, equities caught up to crypto, with the S&P 500 and Nasdaq falling by 3.5% and 5.5%, respectively. Bitcoin (BTCUSD) tested the ascending channel from October 2023, finding support around $55,000, bouncing back from a low of $52,550. Our Head of Sales took a long position at $53,000—expect more updates on this in the coming weeks! 😉
The current institutional adoption, marked by a stablecoin market cap of $162 billion, combined with the upcoming U.S. election and macroeconomic factors, suggests BTCUSD is unlikely to stay below the $50,000 mark for long.
Recent U.S. jobs data was weak, leading to uncertainty about the Federal Reserve’s September meeting. Futures markets are fluctuating between a 25% and 35% chance of a 50 basis points rate cut. The Fed’s stance could be clarified by upcoming U.S. CPI and PPI figures.
What to Watch:
- U.S. CPI and PPI Data: Elevated figures could push media toward a stagflation narrative, potentially confusing markets.
- Risk Assets: Expect volatility this week. A positive CPI and PPI outcome may push BTCUSD into the high $50,000s or even $60,000s, while negative results could lead to a short-term drop.
For now, the lesson remains clear: Hodl as the crypto enthusiasts say. 🚀
🔮 What to Watch Next Week 🔮
- Monday: Chinese CPI and PPI Data
- Tuesday: UK Unemployment Rate and Average Earnings Index
- Tuesday: Bank of Canada Governor Tiff Macklem speaks at the Canada / UK Chamber of Commerce in London
- Wednesday: U.S. CPI Data
- Thursday: U.S. PPI and Unemployment Rate
Stay tuned for more updates and insights in our next weekly review! 🌟📅