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The SPX index was down 0.1% overnight as the market focused on the upcoming consumer price index report for January. The broader cryptocurrency market was up, with Bitcoin and Ether rising by 3.58% and 5.03%, respectively in the past 24 hours.
Today’s outperformer is BTC, which jumped 3.58%, crossing the $50,000 mark for the first in over 2 years after strong inflows into spot bitcoin ETFs and selling pressures facing GBTC recedes.
Bitcoin (BTC) surged past $50,000 driven by strong ETF inflows and growing institutional interest in Ethereum, which also saw significant gains, surpassing $2,600 spurred by the filing of a spot Ethereum ETF by Franklin Templeton. The Bitcoin ETF attracted more than $1.1 billion in new funds, while the outflows from established funds like Grayscale Bitcoin Trust (GBTC) and ProShares' futures-based ETF (BITO) slowed down. However, there is a possibility of selling pressure in the future due to Genesis, a crypto lender facing bankruptcy protection, liquidating its $1.6 billion worth of GBTC holdings, which could impact ETF inflows and prices.
Franklin Templeton has submitted an application for a spot Ethereum ETF, joining other financial giants like BlackRock and Fidelity in the race, despite a less successful launch of its bitcoin ETF. The company, transitioning into the crypto space under CEO Jenny Johnson since 2020, is making notable efforts to align with crypto culture, including adopting laser eyes for its logo on social media. Meanwhile, the SEC has delayed decisions on Ethereum ETF approvals, with mixed expectations on the approval timeline. Amidst these developments, the price of ether and bitcoin has seen significant increases.
Date | Report | Actual |
Tue, Feb. 13 | Core Inflation Rate MoM | 0.3% |
Tue, Feb. 13 | Core Inflation Rate YoY | 3.9% |
Tue, Feb. 13 | Inflation Rate MoM | 0.2% |
Tue, Feb. 13 | Inflation Rate YoY | 3.4% |
In December 2023, US core consumer prices, excluding food and energy, rose by 0.3%, matching the previous month and expectations. There were softer increases in services excluding energy and transportation, while costs for shelter and medical care services rose faster. Apparel, new vehicles, and alcoholic beverage prices rebounded, whereas used cars and trucks, medical care commodities, and tobacco products saw declines. The annual core inflation rate dropped to a 2.5-year low of 3.9%. The overall CPI increased by 0.2% month-over-month, with revised figures showing a consistent upward adjustment for previous months. Forecasts for January 2024 suggest the lowest annual inflation rate since March 2021 at 2.9%, with core inflation expected to slow to 3.7%, indicating a continued downward trend in inflation from its peak in June 2022.
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