The big American technology companies jumped a few percent yesterday, but today fear has crept into the market again in pre-market trading and we are seeing red numbers everywhere. Only the Bitcoin price is firmly in the green today with a current price of $46,700. This mainly has to do with the Spot Bitcoin ETF, because on a macroeconomic level negative stories dominate the headlines.
BlackRock, for example, fears a year in which governments flood the markets with new debt in order to continue spending heavily in the big election year of 2024.
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Tuesday begins with a debt tsunami
The release of the American Consumer Price Index (CPI) on Thursday and the start of the earnings season in the stock market. Today, however, a debt tsunami of around $47 billion begins that governments are bringing to market. The market has to absorb this, which could explain the difficult opening of the American stock market.
“The New Year is already a test for the 2023 Christmas Rally,” said Evelyne Gomez-Liechti from Mizuho International.
Among other things, it points to the unexpected strength of the American labor market, which could be bad news for the market that had priced in numerous interest rate cuts before 2024.
But the focus for Bitcoin is, of course, on the spot Bitcoin ETFs, which could be approved by the US Securities and Exchange Commission (SEC) today.
Do you see Bitcoin ETF in the market on Thursday?
If we can believe Jan van Eck, the CEO of VanEck, the spot Bitcoin ETFs could hit the market on Thursday. In the video below from CNBC, ETF applicants in attendance are in the dark about how much capital will flow on day one. But judging by the happy faces, quite large quantities seem to have been promised.
JUST IN: VanEck's CEO speaks his mind #Bitcoin ETF trading begins on Thursday pic.twitter.com/Huvfrzxoo4
– Whale Insider (@WhaleInsider) January 9, 2024
Therefore, we can potentially expect major fireworks from Bitcoin this week. What do you think? Will we go up or down after the launch of spot Bitcoin ETFs?
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