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1. The three major U.S. stock indexes closed slightly lower. The Dow Jones Industrial Average fell 0.13% to 50,121.4 points, the S&P 500 was flat at 6,941.47 points, and the Nasdaq Composite fell 0.16% to 23,066.47 points. IBM fell more than 6%, and Salesforce fell more than 4%, leading the decline in the Dow. The Wind U.S. Tech Big Seven Index fell 0.57%, with Google and Microsoft falling more than 2%. The Nasdaq China Golden Dragon Index fell 0.65%, with Hesai Technology falling nearly 6% and Huya falling more than 5%. 2. The three major European stock indexes closed mixed. The German DAX fell 0.53% to 24,856.15 points, the French CAC40 fell 0.18% to 8,313.24 points, and the UK FTSE 100 rose 1.14% to 10,472.11 points. 3. International precious metals futures generally closed higher, with COMEX gold futures rising 1.53% to $5107.80 per ounce and COMEX silver futures rising 4.60% to $84.08 per ounce. 4. The most active US crude oil contract closed up 1.45% at $64.89 per barrel; the most active Brent crude oil contract rose 1.15% to $69.60 per barrel.The China Earthquake Networks Center officially determined that a 4.7-magnitude earthquake occurred in the South China Sea at 06:27 on February 12, with a focal depth of 10 kilometers.February 12th - A surprisingly strong surge in US non-farm payrolls weighed on the US Treasury market, with traders reducing their bets on a Federal Reserve rate cut this year. Short-term Treasury bonds were hit hardest, with the two-year Treasury yield rising 6 basis points to around 3.51%. The money market now expects the next Fed rate cut to occur in July, rather than the previously anticipated June. Asian stock index futures diverged after US stocks closed flat. Futures indicated a rise in Japanese stocks after Thursdays holiday, while the Australian benchmark stock index contract fell. This volatility suggests that the current strength of the US economy is offsetting market desire for lower borrowing costs, supporting risk sentiment. Bret Kenwell of eToro said investors should welcome the US jobs report, even if it gives the Fed more room to keep interest rates unchanged. He noted, "If the labor market does stabilize, that will be constructive for both the economy and the markets."On February 12, Ukrainian President Volodymyr Zelenskyy refuted reports that he would announce elections on February 24, emphasizing that elections could only be held if all security guarantees were in place. Furthermore, Zelenskyy denied reports that the United States had threatened to withdraw its security guarantees to Ukraine if it did not announce a presidential election date, stating, "Some of Ukraines partners have raised the issue of elections, but Ukraine itself has never brought it up. However, Ukraine is absolutely ready for elections. Achieving this goal is simple: as long as there is a ceasefire, elections can be held."February 12th - Federal Reserve Governor Jerome Milan said on Wednesday that he would be "very happy" to remain at the Fed long-term if asked, but the decision is not in his hands. Milans term has expired, making it the only remaining position available for President Trump to nominate former Fed Governor Peter Warsh as his nominee for Fed Chair, unless Fed Chair Jerome Powell resigns when his term expires in mid-May. Powell has not yet indicated his intention to leave. In an interview, Milan stated, "What happens next this year depends on many factors: whether there is a vacancy, the presidents choice, and the Senates confirmation decision."

Crypto Market Daily Highlights – SOL Tumbles Out of Top Ten

Cory Russell

Nov 10, 2022 16:34

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For the top 10 cryptos on Wednesday, it was a bearish session. BNB and XRP led the crypto top ten losses, while SOL fell by 38.6% to drop out of the top ten. For the fourth session in a row, BTC saw losses. BTC dropped below $16,000 for the first time since November 2020, which is noteworthy.


On Wednesday, the midterm elections and the US economic calendar took a backseat. Following news that Binance had signed a Letter of Intent (LOI) on Tuesday, the market's attention was still on the FTX and Binance transaction.


However, Binance indicated it would not move forward with the acquisition after doing thorough due diligence.


"As a result of corporate due diligence, as well as the latest news reports regarding the handling of customer funds and alleged US agency investigations, we have decided that we will not pursue the potential acquisition of FTX.com," Binance said in a statement announcing its decision to pull out of the deal.


According to Bloomberg, Sam Bankman-Fried, the CEO of FTX, informed investors that there is a gap of up to $8 billion and that the business will have to declare bankruptcy absent a capital infusion.


Changpeng Zhao (CZ), CEO of Binance, summed up the situation by stating that "FTX going down is not helpful for anyone in the business. DON'T consider it a "victory for us." There is a serious loss of user confidence. Exchanges will be more closely inspected by regulators. Globally, obtaining a license will be more difficult. Because they believe we are the biggest, they will attack us more. Our level of openness, proof of reserves, insurance funds, etc., must be greatly increased. There will be a lot more in this area. We still have a lot of challenging work to do. not to mention the dramatic fluctuations in pricing.


Contagion risk and greater regulatory scrutiny will be a focus in the near future with FTX potentially declaring bankruptcy.


When speaking on the past 48 hours, SEC Chairman Gary Gensler said, "Investors suffer damaged when we don't rely upon the time-tested public policy guardrails."


The recent 48 hours' worth of cryptocurrency market developments caused a greater decoupling from the NASDAQ Composite Index. On Wednesday, the cryptocurrency market declined by 14% while the NASDAQ plummeted by 2.48%.


For the upcoming day, the news wires will continue to control the cryptocurrency market. The cryptocurrency market will likely experience a domino effect for a third day in a row. Investors can nonetheless cling to the dream of a last-minute agreement saving FTX from failure.