Stocks, Bitcoin and Gold Are All Surging
Ulrik Lykke | Dec 05, 2023 01:56PM ET
Intriguing developments are unfolding in the global financial markets, and a clear polarisation is materializing among investors.
On one hand, there are investors looking to take on risk; the S&P 500 is up 4.67% over the past month and just 5% shy of its all-time high. Bitcoin is surging more than 13% over the past week, and is currently trading above $41,500.
On the flip side, risk-averse investors are flocking towards gold. The precious metal staged a weekend rally, reaching an all-time high of $2,148 per ounce.
h2 Bitcoin’s Price Hits Fresh Yearly Highs /h2As highlighted in one of my recent letters, this bullish momentum has mostly been fueled by the potential approval of a Bitcoin Spot ETF in the U.S.
I continue to believe the first approval will happen on January 10th, 2024 when the SEC faces the final deadline for a decision on the ARK 21Shares Bitcoin ETF.
- Total adjusted on-chain volume surged by 29.8% to reach $255 billion (BTC: +21.2%, ETH: +43.9%).
- Legitimate CEX spot volume recorded a robust increase of 52.8%, reaching $445 billion.
- Other noteworthy metrics showing growth include open interest (BTC: +10.3%, ETH: +19.2%), monthly NFT marketplace volume on Ethereum, which saw a remarkable uptick of 109.5%, and the daily average volume of GBTC, rising by 30% to $119 million.
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- Cristiano Ronaldo Faces a Class Action Lawsuit for Promoting Binance: Soccer star, Cristiano Ronaldo, is facing a class action lawsuit seeking damages exceeding $1 billion for his involvement in promoting Binance. The legal action claims that Binance engaged in the sale of unregistered securities and operated unlawfully in the United States, with Ronaldo leveraging his celebrity status to attract users and investors to the platform. The plaintiffs contend that Ronaldo should have been aware of the potential illegality of his promotions and assert that he financially benefited from directing traffic to Binance.
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