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Yahoo
14-05-2025
- Business
- Yahoo
Stock Rally Nobody Is Comfortable With Makes It Hard to Chase
(Bloomberg) -- Equity investors pushed back into the market by a relentless rally are about to find out that the real challenge is just beginning. As Coastline Erodes, One California City Considers 'Retreat Now' What's Behind the Rise in Serious Injuries on New York City's Streets? A New Central Park Amenity, Tailored to Its East Harlem Neighbors How Finland Is Harvesting Waste Heat From Data Centers Lawsuit Challenges Trump Administration Policy on Migrant Children A sharp rebound in risk assets — fueled by progress in trade talks, economic resilience and receding volatility — is turning skepticism into a trade that nobody's really comfortable with, following a month in which the consensus was to brace for the worst. The three-month pause in US-China trade tensions is reassuring investors, yet lurking in the background is the risk that stocks get so extended that they're vulnerable to any fresh surprises. 'Markets are in limbo as world leaders scramble to agree deals within the 90-day tariff pause,' notes the TS Lombard research team including Steven Blitz and Davide Oneglia. 'What matters is the potential for permanent damage during and after the trade war purgatory.' The powerful move off the April lows was almost impossible to predict or to fully participate in. A mix of out-of-the-blue headline risk, blurry data and a flip-flopping narrative created an unprecedented rebound. The speed of the drop and the still-unfolding rebound resembles the Covid market of 2020. Hence, a full recovery for the S&P 500 might be much quicker than other bear markets. Feeling the Squeeze Monday's surge offered a stark example of the squeeze facing underexposed investors. Stocks leveraged to global growth and China-sensitive sectors surged on a wave of fast-money buying. Data compiled by Bloomberg shows that many risky themes, which suffered losses of as much as 60% since the S&P 500 peaked in February, are back in favor. 'Stocks are bid on the back of the cooling trade war temps, but it's the low-quality themes that are pacing stocks,' note the traders at Goldman Sachs Group Inc.'s equity trading desk. They add that client activity levels were up by 71% on Monday. Systematic strategies are adding to fuel to the rally. This cohort of investors uses quantitative models to buy stocks and cares not one bit about headline risk. Those flows push the market higher into areas where risk/reward becomes thin for everyone using classic valuations or a lack of conviction due to economic uncertainty. Even retail investors — often the first to give up and the last to join rallies — were constantly buying during the selloff. Mindful of Risks Professional investors, however, seem far from all in on stocks. Data from the Commodity Futures Trading Commission shows that asset managers remain light on S&P 500 futures. UBS Group AG strategists including Nicolas Le Roux said trend following strategy funds, or CTAs, have been supporting the rebound in risky assets but are in no rush to add significant exposure. 'Given the speed and strength of the rebound, CTAs are not rushing to add,' the UBS team said. 'They prefer smoother trends, and will wait for price confirmation before pressing the buy button hard.' Meanwhile, data from Goldman Sachs' Prime Desk showed global equities had the second-largest notional net buying from hedge funds in five years on Tuesday. That was 'driven by short covers and to a lesser extent long buys,' the desk wrote in a note to clients. That positioning disconnect means the squeeze may not be over. Deutsche Bank AG strategists argue that the US-China trade announcement alone justifies a re-risking shift. 'It exceeds anything the market could have anticipated back in March,' they wrote. 'Stay bullish.' Technical indicators also suggest the rally could run further. Market breadth isn't overextended, and potential turning points such as the 200-day moving average posed little resistance. Also, V-shaped recoveries have a habit of leaving cautious investors behind. Data complied by SentimenTrader shows that performance, while weak in the short-term, is offering good returns for steady hands. 'Based on behavior since the April low, the rally does seem more likely than usual to be sustainable,' SentimenTrader said. 'Of course, nothing is guaranteed, and all we're dealing with are probabilities. The good news is that the probabilities shifted in bulls' favor.' But this chase has its own risks. The stronger the rally, the more asymmetric the setup becomes - higher prices and lower volatility increase the chance of a painful reversal if good news stalls. The risk-reward balance is thus pivoting back toward unappealing levels for many. That's especially true as many of the tailwinds fueling this surge aren't rooted in hard data just yet. Signs that the economy did get hit even from the very short-lived punitive tariffs could cause optimism to fade quickly and stocks to eventually face a buyer's strike. 'It's not all perfect out there,' warned Charlie McElligott, managing director of cross-asset strategy at Nomura Securities International Inc. Things could get turned upside down again when moving closer to the tariff pause deadline in case President Trump 'can't help himself and risks twisting the knife again.' --With assistance from Michael Msika. (Updates with commentary on CTAs from UBS in 9th-10th paragraphs.) Cartoon Network's Last Gasp DeepSeek's 'Tech Madman' Founder Is Threatening US Dominance in AI Race Why Obesity Drugs Are Getting Cheaper — and Also More Expensive Trump Has Already Ruined Christmas The Recession Chatter Is Getting Louder. Watch These Metrics ©2025 Bloomberg L.P.
Yahoo
10-04-2025
- Business
- Yahoo
Crypto Daybook Americas: Memecoins, AI, DeFi Lead the Rebound as Tariff Concerns Ease
By Omkar Godbole (All times ET unless indicated otherwise) The crypto market consolidated on Wednesday's tariff pause-spurred price bounce with memecoins, AI and DeFi tokens standing out as the best-performing crypto sub-sectors. Coins including HYPE, HBAR and SHIB led the recovery. Bullish technical patterns and a sharp overnight pullback in Treasury market volatility, as represented by the MOVE index, suggested further gains are in the offing. The China-sensitive Australian dollar extended Wednesday's gain, offering positive cues to risk assets. U.S. equity futures, however, did not reflect that optimism, trading more than 1% lower. Another note of caution showed in derivatives data. LTC, TON, BCH, BNB and PEPE were the only coins with 24-hour growth in open interest, validating price recovery. Open interest in other majors cryptocurrencies, including BTC and ETH, fell, a sign the recovery was mainly led by the unwinding of bearish bets and not fresh bullish positioning. President Donald Trump's decision to raise tariffs on China to 125% and reduce others to 10% for 90 days still leaves the U.S. with an average import tax rate of 24% versus 27% before Thursday. That's still, anti-growth, pro-inflation and anti-risk assets, according to Bloomberg. In broader crypto market news, the SEC published the 19b-4 filing by Cboe BZX Exchange to list the Fidelity Solana Fund in the Federal Register. That's said to bring the regulator one step closer to listing the SOL ETF in the U.S. The minutes of the Federal Reserve's March meeting showed consensus among policymakers over the risk of the economy entering stagflation, characterized by higher inflation and slower growth, with some members saying "difficult tradeoffs" could lie ahead of the central bank. The focus today will be on the U.S. consumer price index data for March, which is forecast to have increased by just 0.1% month-on-month, the slowest pace in eight months, according to FXStreet. A soft print may be dismissed as backward-looking, considering the trade war escalated more recently. On the other hand, a hotter-than-expected reading may lift Treasury yields and the dollar. Stay alert! Crypto April 10, 10:30 a.m.: Status conference for former Terraform Labs CEO Do Kwon at the U.S. District Court for the Southern District of New York. April 11, 1 p.m.: U.S. SEC Crypto Task Force Roundtable on "Tailoring Regulation for Crypto Trading" in Washington. April 17: EigenLayer (EIGEN) activates slashing on Ethereum mainnet, enforcing penalties for operator misconduct. Macro April 10, 8:30 a.m.: The U.S. Bureau of Labor Statistics (BLS) releases March consumer price inflation data. Core Inflation Rate MoM Est. 0.3% vs. Prev. 0.2% Core Inflation Rate YoY Est. 3% vs. Prev. 3.1% Inflation Rate MoM Est. 0.1% vs. Prev. 0.2% Inflation Rate YoY Est. 2.6% vs. Prev. 2.8% April 10, 8:30 a.m.: The U.S. Department of Labor releases unemployment insurance data for the week ended April 5. Initial Jobless Claims Est. 223K vs. Prev. 219K April 10, 10:00 a.m.: U.S. Senate Banking Committee hearing on the nomination of Michelle Bowman as Federal Reserve Vice Chair for Supervision. Livestream link. April 11, 8:30 a.m.: The U.S. Bureau of Labor Statistics (BLS) releases March producer price inflation data. Core PPI MoM Est. 0.3% vs. Prev. -0.1% Core PPI YoY Est. 3.6% vs. Prev. 3.4% PPI MoM Est. 0.2% vs. Prev. 0% PPI YoY Est. 3.3% vs. Prev. 3.2% April 14: Salvadoran President Nayib Bukele will join U.S. President Donald Trump at the White House for an official working visit. Earnings (Estimates based on FactSet data) April 22: Tesla (TSLA), post-market April 30: Robinhood Markets (HOOD), post-market Governance votes & calls Spartan Council is voting on raising the liquidation ratio for SNX solo stakers, with an initial increase to 250% on April 11, then to 500% on April 18 and 'high enough to deprecate solo SNX staking' on April 21. Voting ends April 19. Lido DAO is discussing onboarding credit delegation protocol Twyne into the Lido Alliance. Twyne aims to expand stETH's use cases and is requesting strategic endorsement, promotional support and technical guidance from Lido. April 10, 10 a.m.: Hedera to host a community call discussing the HBR Foundation joining ERC3643, the non-profit's standards, and the Header Asset Tokenization Studio. April 11, 3 p.m.: Zcash to host a town hall on lockbox distribution & governance. April 14, 10 a.m.: Stacks to host a livestream with recent announcements from the project. Unlocks April 10: Internet Computer (ICP) to unlock 0.57% of its circulating supply worth $13.54 million. April 12: Aptos (APT) to unlock 1.87% of its circulating supply worth $51.69 million. April 12: Axie Infinity (AXS) to unlock 5.68% of its circulating supply worth $21.73 million. April 15: Starknet (STRK) to unlock 4.37% of its circulating supply worth $16.71 million. April 16: Arbitrum (ARB) to unlock 2.01% of its circulating supply worth $26.27 million. April 18: Official Trump (TRUMP) to unlock 20.25% of its circulating supply worth $324.35 million. Token Launches April 10: Stacks (STX) to be listed on Bitfinex. April 10: Streamr (DATA) to be listed on April 10: Babylon (BABY) to be listed on Binance, Bitget, Bybit, Bitrue, KuCoin, OKX, and others. April 10: Ren (REN), KonPay (KON) and Symbol (XYM) to be delisted from Bybit. April 22: Hyperlane to airdrop its HYPER tokens. Day 3 of 3: Paris Blockchain Week Day 2 of 2: FIBE Fintech Festival Berlin 2025 Day 2 of 2: Mexico Finance & Fintech Summit 2025 (Mexico City) Day 2 of 2: Middle East Resilient Banking and Payments Symposium 2025 (Abu Dhabi) April 10: Bitcoin Educators Unconference (Nashville) April 10: FinXtex Malaysia 2025 (Kuala Lumpur) April 10: Institutional Crypto Conference (New York) April 10: SheFi Sumit 2025 (Seoul) Day 1 of 2: BITE-CON 2025 Conference (Miami) Day 1 of 2: 2025 Fintech and Financial Institutions Research Conference (Philadelphia) April 11-12: Strategy's OPNEXT Conference (Tysons, Va.) April 12: Ethereum Argentina (Córdoba) April 12-13: DeSci London 2025 By Shaurya Malwa DeFi-focused upstart Berachain has recorded net outflows of $320 million in the past week, the most among all networks, followed by Arbitrum with just $30 million in exits. Berachain's daily active users dropped from a high of 630,000 on March 3, according to TokenTerminal, to just over 300,000 as of April 8. The network's BERA token is down 40% in a week, shrinking its market cap to $465 million and fully diluted value to $2.1 billion. It got a 12% lift on Thursday after Trump's 90-day tariff pause, but it's still a far cry from good news. Total value locked is down 23% to $2.7 billion from a peak of $3.5 billion on March 26, DefiLlama data shows. Still, the blockchain enjoys a cult following and is hyped among retail traders making it one to watch when market conditions improve. Meanwhile, Ethereum layer-2 Base, backed by Coinbase, has emerged as the top network with over $186 million in net inflows in the past 10 days. BTC, ETH annualized futures basis held steady above 5% during the recent rout, signaling resilient market sentiment. Put skews for the two largest cryptocurrencies on Deribit have weakened, but continue to show downside fears out to the June end expiry. Flows featured purchases of $100K BTC calls expiring in December, reflecting a bullish long-term outlook. BTC is down 1.74% from 4 p.m. ET Wednesday at $81,748.51 (24hrs: +6.2%) ETH is down 4.65%% at $1,595.49 (24hrs: +7.78%) CoinDesk 20 is down 1.72% at 2,372.30 (24hrs: +7.55%) Ether CESR Composite Staking Rate is unchanged at 3.69% BTC funding rate is at 0.0043% (4.7085% annualized) on Binance DXY is down 0.85% at 102.03 Gold is up 2.23% at $3,124.6/oz Silver is up 1.68% at $30.83/oz Nikkei 225 closed +9.13% at 34,609.00 Hang Seng closed +2.06% at 20,681.78 FTSE is up 3.97% at 7,984.64 Euro Stoxx 50 is up 5.33% at 4,868.37 DJIA closed on Wednesday +7.87% at 40,608.45 S&P 500 closed +9.52% at 5,456.90 Nasdaq closed +12.16% at 17,124.97 S&P/TSX Composite Index closed +5.42% at 23,727.00 S&P 40 Latin America closed +7.02% at 2,330.16 U.S. 10-year Treasury rate is down 7 bps at 4.29% E-mini S&P 500 futures are down 2.13% at 5,374.00 E-mini Nasdaq-100 futures are down 2.44% at 18,818.50 E-mini Dow Jones Industrial Average Index futures are down 1.58% at 40,189.00 BTC Dominance: 63.47 (0.34%) Ethereum to bitcoin ratio: 0.01953 (-3.36%) Hashrate (seven-day moving average): 899 EH/s Hashprice (spot): $41.08 Total Fees: 5.6 BTC / $438,630 CME Futures Open Interest: 134,545 BTC priced in gold: 26.2 oz BTC vs gold market cap: 7.47% The per barrel prices for West Texas Intermediate crude oil have dropped below the long-held support at $67, suggesting more losses ahead. Sliding crude could help compensate for the inflationary impact of Trump's tariffs, helping central banks, including the Fed, to cut interest rates and support risk assets in case of a major market instability. Strategy (MSTR): closed on Wednesday at $2296.86 (+24.76%), down 3.64% at $286.06 in pre-market Coinbase Global (COIN): closed at $177.09 (+16.91%), down 2.31% at $173 Galaxy Digital Holdings (GLXY): closed at C$15.19 (+14.9%) MARA Holdings (MARA): closed at $12.31 (+17.02%), down 2.44% at $12.01 Riot Platforms (RIOT): closed at $7.38(+12.84%), down 1.56% at $7.26 Core Scientific (CORZ): closed at $7.51 (+15.36%), down 3.6% at $7.24 CleanSpark (CLSK): closed at $7.63 (+13.2%), down 2.75% at $7.42 CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed at $13.06 (+13.66%) Semler Scientific (SMLR): closed at $35.16 (+9.98%) Exodus Movement (EXOD): closed at $43.14 (+7.47%), up 8.92% at $46.99 Spot BTC ETFs: Daily net flow: -$127.2 million Cumulative net flows: $35.61 billion Total BTC holdings ~ 1.11 million Spot ETH ETFs Daily net flow: -$11.2 million Cumulative net flows: $2.36 billion Total ETH holdings ~ 3.37 million Source: Farside Investors The chart shows the breakdown of BTC options block trades on Deribit. Block trades are large trades executed on over-the-counter tech platforms and then listed on Deribit. Selling call options has been the most popular play, a sign market participants are betting on a drop in volatility and slow price ascent. China State Media Hints at Rate Cuts to Counter Trump's Tariffs (Bloomberg): Front-page commentary in the state-run Securities Daily urged rate cuts and lower bank reserve requirements to fight deflation and offset Trump's tariffs. Russia, United States to Hold Talks on Diplomatic Missions (Reuters): Talks in Istanbul aim to resolve embassy issues, including restrictions on diplomat movements and frozen assets such as consulates, trade missions, and historic estates. Crypto Investors Flee Spot Bitcoin, Ether ETFs on Tariff-Driven Uncertainty (CoinDesk): U.S.-listed spot BTC and ETH ETFs saw outflows Wednesday even as cryptocurrency prices surged. Bitcoin Eyes $87K After Double Bottom Breakout; Dogecoin, XRP Bulls Look to Establish Control (CoinDesk): Bitcoin rebounded from two recent lows near $74,600 and broke above $80,800, a move analysts say could push it toward $87,000. Binance Gains Market Share as Bitcoin Volume Declined 77% From Yearly Peak: CryptoQuant (CoinDesk): A volume drop of such magnitude suggests traders and investors are losing interest or confidence. NFT Marketplace Magic Eden Buys Trading App Slingshot (CoinDesk): Slingshot allows trading tokens from a single USDC balance, removing the need for wallet setup, gas fees or moving assets across blockchains, expanding Magic Eden beyond Solana to all chains. Sign in to access your portfolio
Yahoo
09-04-2025
- Business
- Yahoo
Crypto Daybook Americas: Bitcoin Downside Risks Linger Despite China's Readiness for Talks
By Omkar Godbole (All times ET unless indicated otherwise) Markets remain squarely focused on the U.S.-China trade tussle and headlines from both countries. Bitcoin fell below $75,000 during the Asian morning, with S&P 500 futures nursing a 2% loss after the U.S. lifted the total levy on the world's second-largest economy to 104%. The Australian dollar, a China-sensitive commodity currency, fell to a five-year low of 0.5913 against the greenback and the volatile U.S. Treasury market threatened a USD liquidity squeeze. Sentiment improved somewhat after China's State Council Information Office released a white paper on the tensions that said Beijing is willing to communicate on issues and didn't mention fresh retaliatory taxes on U.S. imports. It soured some hours later after the Ministry of Finance raised tariffs to 84% from 34%, sending BTC, which had rallied to around $77,000, back below $76,000. In any case, the sustainability of the recovery was always under question as China's comments beyond the headlines were tough and suggested the government was unlikely to blink any time soon. For instance, the document said China won't be bullied and the U.S. will need to show respect and equality if it wants to resolve the problem. The country will take measures to safeguard its rights and interests, it said. Besides, persistent volatility in bonds, triggered by the supposed unwinding of carry trades and fears of sticky inflation, could work against a sustained recovery in the risk assets. A growing number of observers, including economist Nouriel Roubini, say markets are too optimistic in pricing an aggressive Fed easing, and central bank support will come only after President Donald Trump tempers his rhetoric. Meanwhile, Bank of Japan Governor Kazuo Ueda said interest-rate hikes will continue if the economy improves as expected, adding the need to be alert to trade tensions. In the broader crypto market, BlocScale, a launchpad to onboard projects and community-driven token introductions to XRP Ledger, continued to make waves, with strong uptake for the seed sale of its native token BLOC. 'With over 35% of the seed sale allocation already claimed, BlocScale Launchpad is gaining significant traction from early-stage investors, developers, and XRP enthusiasts looking to be part of something groundbreaking,' it said. The TRUMP token, associated with President Trump, traded at record lows near $7.5 in the wake of massive selling by whales early this week. It is now down 90% from its record high, with a $360 million unlock due later this month. Stay Alert! Crypto: April 9: The Mercury network upgrade gets applied to the Neutron (NTRN) mainnet, migrating it from Cosmos Hub's Interchain Security to a fully sovereign proof-of-stake network. April 9, 10 a.m.: U.S. House Financial Services Committee hearing on updating U.S. securities laws to take into account digital assets. Livestream link. April 10, 10:30 a.m.: Status conference for former Terraform Labs CEO Do Kwon at the U.S. District Court for the Southern District of New York. April 11, 1 p.m.: U.S. SEC Crypto Task Force Roundtable on "Tailoring Regulation for Crypto Trading" in Washington. Macro April 9, 8:00 a.m.: Mexico's Instituto Nacional de Estadística y Geografía (INEGI) releases March consumer price inflation data. Core Inflation Rate MoM Prev. 0.48% Core Inflation Rate YoY Prev. 3.65% Inflation Rate MoM Prev. 0.28% Inflation Rate YoY Prev. 3.77% April 9, 11:30 a.m.: U.S. Senate to vote on ending the debate for Paul Atkins' nomination as SEC Chair. If invoked, confirmation vote at 7 p.m. April 9, 12:01 p.m.: China's 34% retaliatory tariffs on U.S. imports take effect. April 9, 2:00 p.m.: The Fed releases minutes of the FOMC meeting held March 18-19. April 9, 9:30 p.m.: China's National Bureau of Statistics (NBS) releases March's Consumer Price Index (CPI) report. Inflation Rate MoM Prev. -0.2% Inflation Rate YoY Est. 0% vs. Prev. -0.7% PPI YoY Est. -2.3% vs. Prev. -2.2% April 10, 8:30 a.m.: The U.S. Bureau of Labor Statistics (BLS) releases March consumer price inflation data. Core Inflation Rate MoM Est. 0.3% vs. Prev. 0.2% Core Inflation Rate YoY Est. 3% vs. Prev. 3.1% Inflation Rate MoM Est. 0.1% vs. Prev. 0.2% Inflation Rate YoY Est. 2.6% vs. Prev. 2.8% April 10, 8:30 a.m.: The U.S. Department of Labor releases unemployment insurance data for the week ended April 5. Initial Jobless Claims Est. 223K vs. Prev. 219K April 10, 10:00 a.m.: U.S. Senate Banking Committee hearing on the nomination of Michelle Bowman as Federal Reserve Vice Chair for Supervision. Livestream link. April 11, 8:30 a.m.: The U.S. Bureau of Labor Statistics (BLS) releases March producer price inflation data. Core PPI MoM Est. 0.3% vs. Prev. -0.1% Core PPI YoY Est. 3.6% vs. Prev. 3.4% PPI MoM Est. 0.2% vs. Prev. 0% PPI YoY Est. 3.3% vs. Prev. 3.2% April 14: Salvadoran President Nayib Bukele will join U.S. President Donald Trump at the White House for an official working visit. Earnings (Estimates based on FactSet data) No earnings scheduled. Governance votes & calls Bancor DAO is discussing the expansion of its taker fee to 0.001% on stable-to-stable trades on Sei v2 to make Carbon DeFi more competitive. April 9, 12 p.m.: Vana to host an X Spaces session on VRC-20 and the future of decentralized data markets. April 10, 10 a.m.: Hedera to host a community call discussing the HBR Foundation joining ERC3643, the non-profit's standards, and the Header Asset Tokenization Studio. April 11, 3 p.m.: Zcash to host a town hall on lockbox distribution & governance. April 14, 10 a.m.: Stacks to host a livestream with recent announcements from the project. Unlocks April 9: Movement (MOVE) to unlock 2.04% of its circulating supply worth $15.25 million. April 12: Aptos (APT) to unlock 1.87% of its circulating supply worth $49.08 million. April 12: Axie Infinity (AXS) to unlock 5.68% of its circulating supply worth $20.73 million. April 15: Starknet (STRK) to unlock 4.37% of its circulating supply worth $15.71 million. April 16: Arbitrum (ARB) to unlock 2.01% of its circulating supply worth $25.31 million. Token Listings April 9: IOST airdrop claims portal for a roughly 1.7 billion IOST token airdrop to open. April 10: Stacks (STX) to be listed on Bitfinex. April 10: Ren (REN), KonPay (KON), and Symbol (XYM) to be delisted from Bybit. April 22: Hyperlane to airdrop its HYPER tokens. CoinDesk's Consensus is taking place in Toronto on May 14-16. Use code DAYBOOK and save 15% on passes. Day 2 of 2: Digital Accord Summit 2025 (Paris) Day 2 of 3: Paris Blockchain Week Day 1 of 2: FIBE Fintech Festival Berlin 2025 Day 1 of 2: Mexico Finance & Fintech Summit 2025 (Mexico City) Day 1 of 2: Middle East Resilient Banking and Payments Symposium 2025 (Abu Dhabi) April 9: Blockchain & Finance - Evolution or Revolution? (Paris) April 9: FinTech and Banking Unconference Colombia 2025 (Bogota) April 10: Bitcoin Educators Unconference (Nashville) April 10: FinXtex Malaysia 2025 (Kuala Lumpur) April 10: Institutional Crypto Conference (New York) April 10: SheFi Sumit 2025 (Seoul) April 10-11: BITE-CON 2025 Conference (Miami) April 10-11: 2025 Fintech and Financial Institutions Research Conference (Philadelphia) April 11-12: Strategy's OPNEXT Conference (Tysons, Va.) April 12: Ethereum Argentina (Córdoba) April 12-13: DeSci London 2025 By Shaurya Malwa Confidential Balances, a new feature on Solana's blockchain that lets people send and manage tokens privately, went active late Tuesday. It uses zero-knowledge proofs (ZKPs), as a way to prove something is true — like you have enough money to pay — without needing to say exactly how much you have. It's like showing a locked box and proving the cash is inside without opening it. When tokens are sent, the amount stays secret. Normally, on blockchains, everyone can see how much is being transferred. Here, only the sender and receiver know the details. The token balance (how much you own) is also kept private. Think of it like a bank account where nobody but the owner can peek at the total, unlike most blockchains where balances are public. This means the creation or destruction of tokens (minting and burning) can take place without everyone knowing the numbers. For example, a company could issue new tokens or remove some quietly, keeping the total supply under wraps. The feature is built for privacy-focused financial apps, like payroll systems or business payments, where participants don't want the amounts to be made public. It's a big deal for institutions that want privacy but still need to follow rules. BTC futures open interest on offshore exchanges increased as prices dropped during Asian hours, validating the downtrend. The level held steady during the subsequent recovery, suggesting a spot-led move or absence of bullishness among derivative traders. The same can be said about the ETH market. The open interest-adjusted cumulative volume delta for the top 25 coins, except BNB, SHIB, BCH and HBAR, is negative for the past 24 hours, a sign of net selling pressure in these markets. BTC options flow on Deribit has been mixed with puts lifted along with put spreads and a notable block trade involving a long position in the $84K call expiring on April 25. BTC is up 0.24% from 4 p.m. ET Tuesday at $77,232.03 (24hrs: -1.81%) ETH is down 0.36% at $1,475.05 (24hrs: -5.66%) CoinDesk 20 is up 0.95% at 2,203.46 (24hrs: -3.04%) Ether CESR Composite Staking Rate is unchanged at 3.69% BTC funding rate is at -0.0018% (-1.9392% annualized) on Binance DXY is down 0.68% at 102.25 Gold is up 3.19% at $3,063.20/oz Silver is up 2.53% at $30.34/oz Nikkei 225 closed -3.93% at 31,714.03 Hang Seng closed +0.68% at 20,264.49 FTSE is down 2.01% at 7,751.59 Euro Stoxx 50 is down 2.11% at 4,673.14 DJIA closed on Tuesday -0.84% at 37,645.59 S&P 500 closed -1.57% at 4,982.77 Nasdaq closed -2.15% at 15,267.91 S&P/TSX Composite Index closed -1.54% at 22,506.90 S&P 40 Latin America closed -2.24% at 2,177.30 U.S. 10-year Treasury rate is up 8 bps at 4.38% E-mini S&P 500 futures are down 0.21% at 5,031.00 E-mini Nasdaq-100 futures are up 0.63% at 17,352.00 E-mini Dow Jones Industrial Average Index futures are unchanged at 37,857.00 BTC Dominance: 63.40 (0.08%) Ethereum to bitcoin ratio: 0.01916 (-0.73%) Hashrate (seven-day moving average): 925 EH/s Hashprice (spot): $42.03 Total Fees: 7.88BTC / $622,998 CME Futures Open Interest: 429,112 BTC BTC priced in gold: 25.3 oz BTC vs gold market cap: 7.25% BTC's monthly candlesticks chart shows the cryptocurrency has almost retraced to the former resistance-turned-support level at $73,757 (March 2024 high) in a classic throwback pattern observed after bullish breakouts. A bounce from that level would signal a resumption of the broader uptrend. Strategy (MSTR): closed on Tuesday at $237.95 (-11.26%), up 2.14% at $243.05 in pre-market Coinbase Global (COIN): closed at $151.47 (-3.69%), up 0.45% at $152.15 Galaxy Digital Holdings (GLXY): closed at C$13.22 (+7.13%) MARA Holdings (MARA): closed at $10.52 (-6.57%), up 0.67% at $10.59 Riot Platforms (RIOT): closed at $6.54 (-8.02%), up 1.22% at $6.62 Core Scientific (CORZ): closed at $6.51 (-7.26%), down 1.54% at $6.14 CleanSpark (CLSK): closed at $6.74 (-9.29%), up 0.89% at $6.80 CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed at $11.49 (-7.41%), up 10.1% at $12.65 Semler Scientific (SMLR): closed at $31.97 (-6.38%), down 1.02% at $33.80 Exodus Movement (EXOD): closed at $40.14 (-4.06%) Spot BTC ETFs: Daily net flow: -$326.3 million Cumulative net flows: $35.74 billion Total BTC holdings ~ 1.11 million. Spot ETH ETFs Daily net flow: -$3.3 Cumulative net flows: $2.37 billion Total ETH holdings ~ 3.38 million. Source: Farside Investors The chart shows gyrations in the U.S. 10-year yield and the Nasdaq futures this month. Since Friday, the 10-year yield has surged over 50 basis points despite the continued weakness in Nasdaq. The rising yield presents a challenge to the Trump administration which wants to lower it to help manage its debt load. Exclusive: China to Hold High-Level Meeting in Response to U.S. Tariffs, Say Sources (Reuters): Policymakers are expected to weigh export tax breaks, market support and steps to lift consumption as Beijing responds to the 104% U.S. tariff on Chinese imports. Argentina's Congress Launches Probe Into LIBRA Fiasco (CoinDesk): Argentina's lower house approved measures to investigate the LIBRA token, which caused turmoil after being promoted by President Javier Milei earlier this year. Bitcoin Bears Eye $70K, Ether Drops 10% as Trump Tariffs Start Global Menace (CoinDesk): As Trump's higher individual tariffs took effect, the sell-off in major crypto tokens resumed, reversing gains from Tuesday's relief rally. Treasuries 'Fire Sale' Sends Long-Term Yields Soaring Worldwide (Bloomberg): U.S. 30-year Treasury yields jumped 25 basis points as the tariffs sparked a global bond sell-off and an unexpected drop in the dollar, fueling concerns of waning foreign demand. Argentina and IMF Reach $20 Billion Deal to Boost Free-Market Overhaul (The Wall Street Journal): The IMF said the deal, pending board approval, aims to stabilize Argentina's economy and support long-term growth amid a volatile global backdrop. UPDATE (April 9, 11:38 UTC): Adds China's tariff retaliation in third paragraph. Sign in to access your portfolio
Miami Herald
09-04-2025
- Business
- Miami Herald
Stock Market Today: Stocks slide, bond markets tumble amid tariff grip
U.S. equity futures moved higher in early Wednesday trading, paired with a spike in Treasury bond yields, as investors braced for the global market impact of President Donald Trump's sweeping tariffs and the rising odds of a domestic recession. Stocks ended sharply lower on Tuesday following a volatile session that included a 360 point peak-to-trough swing for the S&P 500, one of the largest on record, as the benchmark closed below the 5,000 point mark for the first time in more than a year. The Nasdaq, which is now 25% south of its mid-December peak, fell 2.15% yesterday as China-sensitive stocks such as Apple (AAPL) and Tesla (TSLA) tumbled ahead of President Trump's decision to impose a crippling 104% levy on goods from the world's second-largest economy. The mid-cap Russell 2000 index, meanwhile, entered bear market territory at the close, defined as a 20% retreat from its recent peak, suggesting elevated odds of a U.S. recession over the next twelve are braced for a similarly wild session today, with the CBOE Group's VIX volatility index pegged at $48.63, near the highest in five years and a level that suggests daily swings of around 3.05%, or 150 points, for the S&P 500. Bond market volatility gauges are also on the rise, with Merrill Lynch's Options Volatility Estimate, known as the MOVE index, trading at the highest levels in a year amid a violent bond market selloff that has added around 40 basis points to benchmark 10-year note yields over the past week. The paper was last marked at 4.376% heading into the start of the New York trading session and a key $39 billion auction of re-opened notes later in the session. Related: 10-year bond auction will provide key test to Trump's tariff strategy Heading into the start of the trading day on Wall Street, futures contracts tied to the S&P 500, which has suffered the largest five-day loss since the index was established in the 1950s, suggest an opening bell decline of around 22 points. Futures linked to the Dow Jones Industrial Average, meanwhile, are priced for a 255 point slump while the Nasdaq is called for a 10 point bump. Stocks overseas are also in retreat, with Europe's Stoxx 600 falling 14 points, or 2.82%, to drag the regional benchmark to within touching distance of bear market territory. Britain's FTSE 100, meanwhile, fell 2.4% in London. Overnight in Asia, the Nikkei 225 slumped 3.93% on the first day of President Trump's so-called 'reciprocal' tariffs on Japanese goods kicked-in, pinning the index at its lowest levels since August. The region-wide MSCI ex-Japan benchmark, meanwhile, fell 1.21% into the close of trading. More Economic Analysis: Wall Street overhauls S&P 500 price targets as tariff selloff acceleratesInflation would like a word, pleaseStocks could bounce, but big bank earnings hold the cards The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
Zawya
18-03-2025
- Business
- Zawya
Hong Kong stocks and kiwi rise on China outlook
SINGAPORE - Hong Kong shares rose to three-year highs and led Asian markets higher on Tuesday, as investors turn positive on the outlook for the world's second-biggest economy and cheered recent data and promises to further support consumption. The Hang Seng was up 2% in morning trade and its 23% year-to-date gain is easily the largest of any major market. Short sellers rushed to cover bets against the New Zealand dollar, which is sensitive to China's consumer via food exports, sending it to a three-month high of $0.5827. The China-sensitive Australian dollar hit a one-month high just shy of $0.64 and China's yuan hovered near its strongest levels of the year so far. On Monday the OECD forecast U.S. President Donald Trump's higher tariffs will drag down growth in Canada, Mexico and the U.S. while driving up inflation. Yet China has been an unlikely winner of Trump's burst of tariffs and cuts to government spending in his first two months in office, as fears of a U.S. slowdown turn investors abroad. "Momentum and sentiment (is) shifting now as well in a positive way," said Nick Ferres, chief investment officer at Vantage Point Asset Management in Singapore. On Sunday China announced childcare subsidies and a "special action plan" to boost domestic consumption and on Monday data showed retail sales growth quickened in January-February. Trump said Chinese President Xi Jinping may visit the U.S. in the not-too-distant future, further raising expectations that some sort of breakthrough deal could reduce tariffs. The Hong Kong dollar is parked in the strong half of its trading band against the dollar and Hong Kong interbank rates have been falling lately, pointing to the weight of money pouring into the financial hub. Mainland shares made more modest gains, while MSCI's broadest index of Asia-Pacific stocks rose 1% with markets in Seoul, Sydney and Taipei also higher. Japan's Nikkei bounced 1.5%, putting it on course for its sharpest rise in three weeks. Overnight on Wall Street stocks stabilised but the mood remains fragile leading into April, when Trump's threatened reciprocal tariffs are set to take effect. Softer-than-expected retail sales and factory activity figures kept downward pressure on the U.S. dollar and on U.S. yields, opening further gains for gold. Gold marked a record high at $3,005 an ounce in the Asia morning. The euro was firm above $1.09 and sterling, which touched a four-month top overnight, traded a whisker short of $1.30. Ten-year Treasury yields were steady at 4.293%. Ahead in the day a German economic survey is due, though markets' focus is on the U.S. Federal Reserve, which concludes a two-day meeting on Wednesday, and the outcome of a phone call between Trump and Russian President Vladimir Putin. Trump said he would talk to Putin about ending the Ukraine war - a prospect which has pushed down on European gas prices and sent the euro rallying in recent weeks. (Reporting by Tom Westbrook Editing by Shri Navaratnam)
