U.S. stocks continue to sell off virtual currency-related stocks due to sharp drop in Bitcoin, etc. | 4th Financial Tankan

1/4 (Thursday) morning market trends (compared to the previous day)

traditional finance

• NY Dow: 37,430 -0.7%
• Nasdaq: 14,592 -1.1%
• Nikkei average: 33,464 -0.2%
• USD/JPY: 143.1 -0.08%
• Gold futures: 2,049 -1.1%
• NVIDIA: $475.6 -1.2%
• Tesla: $238.4 -4%

Today’s NY Dow continues to fall since the 3rd (Wednesday), the first day of trading in 2024. The Nasdaq continued to fall today due to profit selling in IT and high-tech stocks.

The minutes of the December FOMC meeting were released early today, but reaction was limited. Regarding the content, the committee agrees that it is appropriate to maintain a policy stance that suppresses the economy for a while, and the current rate hike cycle is likely to end, with interest rate cuts beginning in 2024. This recognition has been shown. However, the timing of the rate cut is not clear.

After the FOMC meeting, many market participants strengthened their expectation that interest rates would begin to be cut from March of this year in response to inflation-reducing indicators such as the Personal Consumption Expenditure Price Index, which are said to justify interest rate cuts. It’s built into probability.

connection: Fed-focused PCE deflator causes negative inflation for the first time since 2020, soaring cryptocurrency-related stocks

Today’s main market materials are as follows:.

• U.S. Federal Reserve Bank President Richmond says: “The possibility of achieving a soft economic landing is increasing, but it is not certain.” “Additional monetary tightening is also a possibility.”
• December U.S. ISM Manufacturing Industry Composite Business Index was almost as expected, rising from the previous time, but remained in the contraction zone for 14 consecutive months
• Number of US job openings in November was the lowest since March 2021 due to the low interest rate environment
• NY crude oil price rebounds, Libya’s largest oil field “Sharara oil field” shut down due to protests

connection: “Bitcoin is the Godzilla of the financial world”, the revival of Solana and the spread of DePIN/AI = Messari’s 2024 report

This week, the key indicators to watch are tonight’s ADP employment report and the December unemployment rate, which is scheduled to be released tomorrow night.

Important economic indicators/events from this week onwards

• 1/4 (Thu) 22:15 US December ADP employment statistics
• 1/5 (Fri) 22:30 U.S. December unemployment rate
• 1/17 (Wed) 22:30 US December retail sales
• 1/25 (Thu) 22:30 U.S. 4th quarter real GDP

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

Cryptocurrency-related stocks fall

• Coinbase｜$152.2 (-2.9%)
• MicroStrategy | $631 (-7.8%)
• Marathon Digital Holdings | $23.4 (+2.2%)

Cryptocurrency stocks and Bitcoin were sold off last night following the Matrixport report and the continued decline in US stocks.

connection: U.S. SEC disapproves Bitcoin spot ETF again? Matrixport releases new analysis

Virtual currency market

• Bitcoin: $42,793 -4.8%
• Ethereum: $2,207 -6.4%

Due to last night’s market crash, the daily (24-hour) loss-cut (forced liquidation) amount in the virtual currency market reached $610 million.

BREAKING: CRYPTO LIQUIDATIONS OVER THE PAST 24H SURPASS $600M – OVER $550M OF LONGS LIQUIDATED pic.twitter.com/sn07WqtFOE

— DEGEN NEWS (@DegenerateNews) January 3, 2024

Source: Binance

connection: TOP 20 virtual currency market capitalization and domestic tokens, fluctuation rate in 2023

CoinPost Special feature for virtual currency beginners

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
https://t.co/9g8XugH5JJ pic.twitter.com/bpSk57VDrU

— CoinPost (virtual currency media) (@coin_post) December 21, 2023

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