Bitcoin stabilizes after FTX collapse
| Part of  Network | |
 Presented by  |
US Markets Stocks were down on Thursday after board members indicated that the Federal Reserve is likely to continue increasing interest rates despite some signs that inflation is slowing. - Further interest rate hikes will make access to capital more expensive and could contribute to a recession.
- The Fed seems likely to continue raising rates because the annual inflation rate is still considerably higher than the central bank's 2% target.
- The current 10 Year U.S. Treasury yield is set at 3.77130%
| Dow Jones | 33,546.32 | -0.02% | | S&P 500 | 3,946.56 | -0.31% | | Nasdaq | 11,144.96 | -0.35% | | Russell 2000 | 1,839.12 | -0.76% | *Stock Market data as of the last closing bell. Data received directly from the reference indexes through ICE Data Services. Do you not understand any of these figures? Check out our explainer.
| |
 A message from DELL Tech Savings Keep Coming! Dell's Black Friday deals are here to help you from client systems to infrastructure hardware. We have your startup covered with the best scalable technology. Our most powerful 13-inch XPS laptop is up to twice as powerful as before* in the same size. It features 12th Gen Intel® Core™ processors and the latest battery technology, providing long battery life in a lightweight design—all for a stunning combination of speed, performance, and premium mobility. Plus, dual fans are now larger, providing up to 55% more airflow* and in turn, enabling a more powerful system in the same size without increasing noise or temperature. Inside members can save up to 50% off on Dell orders when connected to a Startup Advisor. For more information go to www.dell.com/inside or contact us at startups@dell.com. Claim your discount
| |
Canadian Markets A new survey by Accenture shows that Canadians plan to cut back on their holiday season spending due to inflation concerns. - 69% said they would reduce spending on non-essentials, 63% would spend less on traveling, and 61% said they would even cut back on their Christmas decorations to lower their utility bills.
- Christmas presents have also become a victim of inflation, with 67% claiming they will be spending less on gifts for family and friends, and 57% saying they would not be exchanging gifts at all.
- Canadians are also trying to earn additional income, with 41% saying they want to start a side hustle and 39% saying they plan to work extra time.
*Canadian stock prices are as of the last close. Data received directly from the references indexes through ICE Data Services
| |
European Markets Markets in Europe were down again on Thursday as investor sentiment remained negative due to geopolitical factors and concerns about the U.K.'s new fiscal plan. - The Stoxx600 closed down 0.5% after rising earlier in the day.
- Tech stocks were the only sector to finish the day in the green, adding 0.3%, while all other sectors were negative, led by a 1.8% decline in mining stocks.
- U.K. markets fell slightly after the release of the U.K.'s new budget, which includes tax hikes and spending cuts.
- The U.K. government forecasts that disposable income will fall by 4.3% in 2023, the largest drop since 1957.
| Euro STOXX 50 | 3,878.42 | -0.11% | | UK (FTSE 100) | 7,346.54 | -0.06% | | Germany (DAX) | 14,266.38 | 0.23% | | France (CAC 40) | 6,576.12 | -0.47% | *European stock prices are as of 7 am ET. Data received directly from the reference indexes through ICE Data Services.
| |
Asian Markets Markets in Asia ended the day in the red, led by a decline in Chinese tech stocks. - Tech stocks in China fell after Tencent said it plans to reduce its $20B stake in Meituan.
- Asian economic leaders will meet in Thailand today for the Asia Pacific Economic Cooperation Summit.
- NetEase lost 13% after Activision Blizzard said that it was suspending its gaming services in China.
| S&P Asia 50 | 4,260.75 | -1.46% | | Japan (Nikkei 225) | 27,930.57 | -0.35% | | South Korea (KOSPI) | 2,442.90 | -1.39% | | China (Hang Seng) | 18,045.66 | -1.15% | | India (SENSEX) | 61,750.60 | -0.37% | *Asian stock prices are as of 7 am ET. Data received directly from the reference indexes through ICE Data Services.
| |
Commodities Oil prices dropped after Fed officials commented on plans to continue hiking interest rates, a move that will likely strengthen the U.S. Dollar, making oil more expensive for most importers. - Brent crude fell 3%, while U.S. West Texas Intermediate crude lost 4.1%.
- Investors are concerned about the rise in COVID-19 cases in China and the potential impact that may have on oil demand.
- New figures from the U.S. government show that crude oil stocks fell by more than 5 million barrels last week.
| Oil (NYSEARCA:OIL) | 30.53 | -2.49% | | Gold (NYSEARCA:GLD) | 163.92 | -0.73% | | Silver (NYSEARCA:SLV) | 19.29 | -2.28% | | Corn (NYSEARCA:CORN) | 26.57 | 0.00% | | Lumber (NASDAQ:WOOD) | 75.17 | -0.96% | *Commodity prices are as of 7 am ET. Data from MarketWatch. To understand why investors track the prices of these commodities, click here.
| |
Currencies The U.S. Dollar rose following hawkish statements from Federal Reserve officials. - The British Pound lost 0.5% after the unveiling of the country's new budget.
- The U.S. Dollar Index gained 0.4% but remains 8% lower than its September high.
- The Euro was down significantly early in the day but rebounded to gain on the USD.
| UK(GBP) | £0.84 | 0.19% | | Europe (EURO) | €0.96 | -0.07% | | Canada (Canadian Dollar) | $1.33 | 0.43% | | Japan (Yen) | ¥140.23 | 0.98% | *Exchange rates as of 7 am ET. Data from Morningstar Financial Research. To understand why we track these currencies and the differences between them, click here.
| |
Cryptocurrency Bitcoin was stable on Thursday and continues above the $16,000 support level it has been at since the collapse of FTX. - VGX rose following reports that Binance plans to bid for the assets of bankrupt lending platform Voyager Digital.
- Binance and OKX suspended support for USDC and USDT on Solana this morning. Later in the day, Binance reopened USDT trading, but OKX said it will delist the currencies.
- Ether staking is at an all-time high following the Merge.
| Bitcoin | $16,678.10 | -1.20% | | Ethereum | $1,202.56 | -1.04% | | Litecoin | $62.06 | 8.02% | | Bitcoin Cash | $103.80 | 0.06% | *Exchange rates as of 7 am ET. Data from Morningstar Financial Research. To understand why we track these currencies and the differences between them, click here.
| |
 |  | Liam Gill is a founder, lawyer and investor.
He previously founded Fumarii Technologies, which became a top 20 ranked cloud computing service (Yahoo Finance! 2019) valued at over $30M. He holds an LLB Laws (UK), MSc Management and Master of Laws and currently practices law in Vancouver, Canada.
|   | | Editor | Eduardo Garcia is a writer and editor based in New York. He is the author of "Things You Can Do," an illustrated book about climate action. Bylines in The New York Times, The Guardian, Slate, Scientific American, and others. In one of his previous lives, Eduardo worked as a Reuters correspondent in Latin America for nearly a decade. | |
| |
| 767 Bryant St. #203, San Francisco, CA 94107
Copyright © 2022 Inside.com | |
| |
