Cryptocurrency-related stocks fall sharply due to Bitcoin adjustment; US November CPI (Consumer Price Index) forecast tonight | 10th Financial Tankan

12/12 (Tuesday) morning market trends (compared to the previous day)

traditional finance

• NY Dow: 36,404 +0.4%
• Nasdaq: 14,432 +0.2%
• Nikkei average: 32,791 +1.5%
• USD/JPY: 146.1 -0.01%
• Gold futures: 1,997.6 -0.8%
• NVIDIA: $466.2 -1.8%
• Tesla: $239.7 -1.6%

Today’s US stock index continues to rise. The US market was in a cautious mood on Monday as major events such as the November CPI (Consumer Price Index), PPI, and FOMC interest rate announcements are coming up this week. Big tech stocks like Nvidia and Tesla have fallen, pausing from last week’s gains.

The key point will be whether the CPI, which will be announced tonight, continues the disinflationary trend in the United States.

• Overall Monthly change: Previous 0.0% Forecast +0.1%
• Overall YoY: Previous +3.2% Forecast +3.1%
• Core Monthly change: Previous +0.2% Forecast +0.3%
• Core YoY: Previous +4.0% Forecast +4%

connection: Weak October CPI raises expectations for interest rate cuts next summer; crypto-related stocks continue to fall

Meanwhile, expectations for an early interest rate cut next year have subsided somewhat following last week’s employment data, but the market is still almost 100% expecting the FOMC to leave interest rates unchanged next week. Additionally, the FOMC members’ interest rate forecasts (dot plots) will also be announced at this FOMC meeting, so future policy interest rate scenarios will be a focus of attention.

Today’s main market materials are as follows:.

• Macy’s, a long-established US department store chain, has increased by 19.4% from the previous day, with an investor group offering to buy it for $5.8 billion.
• U.S. bond yields continue to rise, auctions slump
• New York Fed’s survey of inflation expectations one year ahead falls for two consecutive months

connection: VanEck predicts the amount of capital inflow upon approval of Bitcoin spot ETF, taking into account gold ETF cases and economic environment

Important economic indicators/events from this week onwards

• 12/12 (Tue) 22:30 U.S. November Consumer Price Index (CPI)
• 12/14 (Thu) 4:00 US FOMC policy rate announcement
• 12/15 (Friday) 22:30 December New York Fed Manufacturing Industry Index
• 12/19 (Tuesday) Morning Bank of Japan Monetary Policy Decision Policy Interest Rate Announcement
• 12/19 (Tue) 15:30 Regular press conference by Bank of Japan Governor Kazuo Ueda
• 12/21 (Thursday) 22:30 U.S. quarterly real gross domestic product (GDP, final value)
• 12/22 (Fri) 22:30 US November personal consumption expenditure (PCE deflator)

connection: Stock investment recommended for virtual currency investors, “10 representative virtual currency stocks in Japan and the United States”

connection:Learn about Bitcoin ETFs from the beginning: Explaining the advantages and disadvantages of investing and how to buy US stocks

Virtual currency-related stocks fall sharply

• Coinbase｜$138 (-5.8%)
• MicroStrategy | $555 (-7.2%)
• Marathon | $14.6 (-12.7%)

Cryptocurrency-related stocks fell sharply yesterday due to the price adjustment of Bitcoin.

connection: Loss cut of 40 billion yen due to Bitcoin plummet, major alts also fall in reaction

connection: Bitcoin market capitalization rises to 9th place, surpassing Tesla and Berkshire, approaching 1/16th of the gold market

Virtual currency market AVAX retrograde high

• Bitcoin: $41,190 -6%
• Ethereum: $2,216 -6%
• Avalanche: $38.6 +4.2%

While Bitcoin and major altcoins have fallen sharply, Avalanche (AVAX) has had a reversal, and Avalanche-based DeFi stock BENQI (QI) has increased by 76.2%. The reason behind this is that there have been over 1,000 transactions of $100,000 or more on Avalanche Chain. Another market factor is that JPMorgan will use Avalanche’s subnet technology in its RWA proof of concept in November.

connection: JP Morgan uses Avalanche in RWA proof of concept AVAX +22% compared to previous day

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— CoinPost (virtual currency media) (@coin_post) November 15, 2023

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