WEEK OF DECEMBER 18, 2023
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What’s Moving The Markets?
Green Light For Investors
BlackRock sees the Federal Reserve’s decision not to raise interest rates as a positive signal for investors, stating that the Fed is content with current economic conditions, while yields across various maturities experience significant declines in response.
Netflix Surpasses Disney+ In Ads
Netflix is projected to surpass Disney+ in U.S. advertising revenue next year, with a 50.3% increase to about $1 billion, driven by price hikes and a crackdown on password-sharing, according to an Insider Intelligence report exclusively shared with Reuters.
Elon Musk Opening University
Elon Musk is reportedly initiating plans to establish a new university in Austin, Texas, as indicated by recent tax filings associated with his Teh Foundation charity, with over $2 billion contributed in 2022 and an initial focus on a STEM-focused primary and secondary school, supported by a $100 million gift from Musk.
Gensler Speaks On Bitcoin ETF
SEC Chairman Gary Gensler revealed in a CNBC interview that recent court rulings are prompting the SEC to reevaluate Bitcoin ETF proposals, with the agency currently reviewing “between eight and a dozen filings” for spot Bitcoin ETFs, including those from financial institutions like Grayscale, Fidelity, and BlackRock.
Ethereum Predicted To Outperform Bitcoin
Despite a “cautious” industry outlook, JP Morgan predicts that Ethereum (ETH) will outperform Bitcoin (BTC) in 2024, citing “excessive optimism” and the belief that the incoming halving event is already “largely priced in” to Bitcoin’s current value, leading them to anticipate limited gains for Bitcoin in the coming year.
SafeMoon Declares Chapter 7 Bankruptcy
SafeMoon witnessed a drastic 31% decline in its token value within five hours of declaring Chapter 7 bankruptcy, exacerbated by setbacks including the arrest of key company members by the US Department of Justice on charges of defrauding customers of millions of dollars.
Bear Case: For a bearish trend to be confirmed, it’s essential for the price to break and sustain below 4734.50. The subsequent target in this scenario would be 4660.75. However, if the price maintains an upward trajectory, bulls should be cautious of the potential supply zone around 4834.75.
Bull Case: To maintain bullish momentum, it’s crucial for bulls to hold the pivot at 4734.50, especially if the price retraces. The next target in a bullish scenario would be 4834.75. A decisive break and consolidation above 4834.75 could pave the way for the next target being the daily supply starting at 4924.