US data on Thursday showed that the US PPI annual rate in October was 2.4%, higher than the expected value of 2.3%. The previous value was revised up from 1.8% to 1.9%. The US PPI monthly rate in October was 0.2%, in line with expectations of 0.2%. The previous value was revised up from 0% to 0.1%. The number of initial jobless claims for the week was 217,000, lower than the expected value of 223,000 and lower than the previous value of 221,000. After the release of PPI (one of the inflation indicators, the Producer Price Index) and initial jobless claims data, US stock indexes opened lower, with the Nasdaq down 0.5%. Markets are still betting on a rate cut from the Fed, with an 82% chance of a third rate cut at the Fed's December meeting (up from 75% a day earlier).
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Bloomberg: The British government will unveil plans to regulate the cryptocurrency industry this month, trying to counter the Trump-led U.S. push for the industry and reassure companies about their prospects in the U.K. The U.K. Treasury plans to introduce two pieces of legislation on stablecoins, as well as an exemption for cryptocurrency providers to exclude so-called escrow services from current financial regulations. The risk for the U.K. is that startups could opt for other jurisdictions, such as the U.S., where the rules are clearer or more favorable. On Nov. 14, U.S. Republicans won enough seats to take control of the U.S. House of Representatives, securing their control of both houses of Congress and the White House. U.S. Republicans had previously won control of the Senate. 8 Market data shows that BTC has risen to $93,000 and its market cap has increased to $1.84 trillion, surpassing Saudi Aramco (Saudi Arabian National Oil Company; commonly known as Saudi Aramco; market cap is $1.79 trillion) and rising to the 7th position among global mainstream assets. On November 14, Tether added $2 billion in stablecoins to the ETH and Tron mainnets. On November 13, Tether added $1 billion in stablecoins to the ETH mainnet. On November 13, Australia's Monochrome spot BTCETF holdings reached 206 BTC. BlackRock launches BUIDL fund on Aptos, Arbitrum, Avalanche, OP, and Polygon. Local media in South Korea reported that the trading volume in the South Korean cryptocurrency market has exceeded the combined trading volume of the South Korean stock markets KOSPI and KOSDAQ.
The US dollar index rose to its highest level since November 2023, reaching 106.54. Former US Securities and Exchange Commission (SEC) chief Jay Clayton said that the US Congress could pass laws regulating cryptocurrencies after Trump takes office. Clayton said he supports easing regulatory burdens to encourage companies to go public, comments that foreshadow major public policy changes that the industry is currently anticipating. In an interview with Bloomberg TV, Galaxy Digital founder Mike Novogratz dressed up as “Stephen Jobs” and said that if speculation about BTC being designated as a US strategic reserve asset becomes a reality, the price would hit $500,000, but “it has become the US dollar.” strategic reserve asset “Asset” has a low probability that if BTC becomes a reserve asset, other countries will need to buy BTC. QCP Capital's research report said that BTC has entered a new phase after reaching the $90,000 mark, cementing its position as a U.S. treasury asset increasingly held by U.S. institutions. Demand for BTCETF has set a new record, with inflows within three days. . $2.28 billion. After the U.S. election last week, the BTC ETF attracted $1.8 billion in funds. This week started strong with another $1.1 billion in net inflows. The market is adapting to BTC's new high and demand has never been stronger. On November 14, the U.S. spot BTC ETF had a net inflow of $514.43 million, which is a net inflow for 6 consecutive trading days; the U.S. spot ETH ETF had an inflow of $148 million.
Bloomberg ETF analyst Eric Balchunas said that within 211 days of its launch, BlackRock IBIT's assets reached $40 billion (just two weeks after reaching $30 billion), breaking the previous record of 1,253 days for the IEMG (BlackRock's Emerging Markets ETF). IBIT now ranks in the top 1% of all ETFs in terms of asset size. Nearly 10 months after its launch, its asset size is larger than all 2,800 ETFs launched in the past decade. DefiLlama data shows that the total number of stablecoins has increased by $7.334 billion since Trump won the election (November 6), and the current market value of stablecoins is $181.022 billion. British research firm Zaye said that BTC has retreated from its all-time high set on Tuesday. The pullback may be temporary. The $100,000 price target is closely watched and could be achieved before Trump's comments on crypto. recently boosted BTC and other cryptocurrencies. The pie continues to reach new heights, local dogs are in vogue, and some people are worried. I found some anxiety-relieving information on the internet: 1. If you're having a bad day, just know that the PNUT developers sold their PNUT for 3.5 SOL ($700). All assets are now worth $105 million; 2. A trader spent 8 SOL to buy 19.4 million Pnuts, then sold them for 4.09 SOL, resulting in a loss of $681, and this amount of PNU is now worth over $24.69 million. Data on Thursday showed the US PPI annual rate in October was 2.4%, higher than the expected value of 2.3%.The previous value was adjusted from 1.8% to 1.9%.
The US monthly PPI rate in October was 0.2%, in line with expectations of 0.2%. The previous value was revised up from 0% to 0.1% (one of the PPI inflation indicators, the producer price index). The number of initial jobless claims for the week was 217,000, lower than the expected value of 223,000 and lower than the previous value of 221,000. After the release of PPI and initial jobless claims data, traders are still betting on the Fed to cut interest rates, while Wall Street predicts an 82% chance of a third rate cut at the Fed's December meeting (75% the day before). A Bank of America fund manager survey found that global stocks and gold will do well next year, with investor exposure to US stocks rising to the highest since 2013, a “sustained rally” and 23% expecting stronger global economic growth next year, while 10% in last month’s survey predicted the economy would weaken, the proportion of fund managers bullish on US stocks has almost tripled to a net 29%, with capital flowing into small-cap stocks since the election. Notably, the Russell 2000 index has risen nearly 6% since Election Day. Citi economists expect the monthly core PCE inflation rate, one measure of inflation, to slow significantly in November, but November data will not be released until New Year’s Eve. Fed Kashkari said: The overall CPI report data (2.6%) confirms the current trend and there is no clear risk of rising inflation.The bigger risk is that the economy could stagnate. Fed Schmid: Fed will continue to cut rates; the extent and eventual rate remains to be seen. The rate cuts so far are an “acknowledgment” of growing confidence that inflation is moving toward the Fed’s 2% target. Musallem: The Fed may be “in the final mile” of achieving price stability, with inflation expected to move toward the 2% target over the medium term.
PPI was 2.4% on Thursday, slightly higher than the expected 2.3%. US stock indexes opened lower, with the Nasdaq down 0.5% and the S&P 500 down 0.45%. The probability of a Fed rate cut in December has steadily increased to 82%, up from 75% the day before. The amount of cash accumulated by US money market funds exceeded $7 trillion for the first time. The yield on money market funds is higher than other instruments (especially since these funds tend to transmit the impact of the epidemic more slowly). Low interest rates from the Federal Reserve When the Federal Reserve's interest rate falls to 3-4%, it is expected to see money flowing into the so-called risk market. BTC increased by 1,900% during Trump's first term (November 2016 to November 2020). Most analysts are bullish on the market by the end of 2024 and the market in 2025. The market has clearly established a bullish momentum. There is no need to worry and remain bullish. The currency market is entering a bull market.
