November 10, 2023
This week in the world of cryptocurrencies, Bitcoin and Ethereum have shown remarkable performance, with Bitcoin closing up 6% and Ethereum making an even more impressive leap of 11%. Here’s a closer look at the key events that shaped the week:
- BlackRock Files for another ETF: In an exciting development for Ethereum enthusiasts, BlackRock took a significant step by registering the iShares Ethereum Trust in Delaware. This move could be a precursor to something bigger; just a week before filing an ETF application with the SEC, BlackRock similarly registered its iShares Bitcoin Trust. Could this signal a new ETF on the horizon?
- Steady as She Goes: The US 10-year treasury note experienced a rollercoaster week but ended almost where it started at 4.615%. This stability comes despite a mid-week dip triggered by a less-than-stellar treasury auction.
- A Pause in the Rally: The stock market’s 8-day winning streak came to a halt, influenced by both the underwhelming treasury auction and the cautious tone from Federal Reserve Chairman Jerome Powell. His recent statements have not ruled out further rate hikes, and he’s pointedly remarked on the deceptive nature of fluctuating inflation data, calling them “head fakes.”
As we wrap up another week in the financial world, these developments remind us of the ever-evolving and dynamic nature of markets. Whether you’re an investor, a trader, or simply a curious observer, these movements in the realms of cryptocurrency and traditional finance offer valuable insights and perhaps a hint of what’s to come.
Culvem 