WEEK OF FEBRUARY 26, 2024
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Traderverse Update
Exciting updates are on the horizon at Traderverse! Soon, users can discover like-minded investors, filtering based on specific investment traits, and expressing their interests to forge valuable connections. Traders will have the opportunity to showcase their skills and experience, establishing credibility within the financial community, while simultaneously expanding their network and net worth. Additionally, a new feature will allow users to share their trading and investing knowledge, contributing to a collective pool of industry insights. These enhancements aim to create a dynamic platform that not only empowers individual financial journeys but also fosters collaboration and knowledge-sharing within the Traderverse community. Get ready for a groundbreaking experience that goes beyond conventional social and trading platforms!
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Important Prices
What’s Moving The Markets?
Nvidia Surpasses $2T Market Cap
Nvidia has reached a market capitalization of over $2 trillion following a strong Q4 earnings report, with its stock rising 59% in 2024, largely attributed to the AI boom in the tech sector, marking a significant milestone for the semiconductor firm.
Taiwan Chip Companies Flock To Japan
Japan’s semiconductor industry is receiving a boost from Taiwanese chip companies, drawn by the prospects of a new TSMC plant and shifting global alliances aimed at limiting China’s semiconductor advancements.
Reddit Strikes A Deal With Google
Reddit has partnered with Google in a $60 million per year deal, allowing Google to access its content for training AI models, as Reddit aims to boost revenue ahead of its upcoming stock market debut amidst competition from platforms like TikTok and Meta’s Facebook.
Binance’s Hefty Fine
Following a guilty plea in November 2023, a US Judge approved Binance’s plea deal, resulting in the exchange being fined $4.3 billion, marking one of the largest penalties in US history after a lengthy investigation into the exchange.
Ethereum ETFs Incoming
Grayscale CEO Michael Sonnenshein expressed confidence in the eventual approval of a Spot Ethereum ETF, citing the company’s collaboration with regulators and likening the process to that of the Spot Bitcoin ETF, which also required a focus on investor protections.
Nigeria Blocks Access To Crypto Exchanges
Nigeria has recently blocked access to major cryptocurrency exchanges including Binance, Kraken, and Coinbase, aiming to curb the depreciation of its local currency, the Naira, amidst record lows and ongoing government efforts to limit currency speculation.
S&P Outlook
Bear Case:For bears to assert control and drive the market lower, a decisive move would involve breaking and maintaining the price below the 5060 level. Achieving this would be a clear indication of potential downward momentum, with the next significant marker to solidify a bearish stance set at 4960. This step is crucial for confirming a bearish trend in the market.
Bull Case: Bulls, on the other hand, are tasked with keeping the price above 5060, especially in the face of any retracement. Should the price fall below this pivotal level, 5018.75 emerges as a potential support line, with a key demand zone further down at 4990. This layered defense strategy is vital for bulls to maintain upward momentum or to cushion any downward pressure.
EARNINGS RELEASE CALENDAR
FOR WEEK OF FEBRUARY 26th
Economic Data Calendar
