Ethereum Dominates Headlines As Bitcoin Dips Below $70K

It has been a whirlwind week in the crypto realm, with PEPE stealing the spotlight by smashing its previous records multiple times. Meanwhile, Bitcoin (BTC) took us on a rollercoaster ride, dipping below $66,500 only to bounce back and soar past $69,000 in a thrilling overnight surge. The highest recorded price for BTC during the last seven days was just below $71,500.

Altcoin Season

In the midst of all this, the cryptocurrency world was abuzz with the news by the U.S. Securities and Exchange Commission, particularly affecting Ethereum. The recent green light for eight Ethereum ETFs sent ETH on a rocket ride to over $3,900 mid-week, settling at a tantalizing $3,750.

PEPE was also not the only one experiencing a surge, as various other altcoins saw substantial gains. UNI, in particular, stole the spotlight with its impressive 20% leap, edging closer to $11. Other players like XRP, DOGE, TON, SHIB, DOT, IMX, and NEAR all made waves in the green sea. Currently, Bitcoin commands a market cap of $1.350 trillion and maintains its dominance over altcoins at 50.2%.

In the world of stocks, the NASDAQ Composite Index stands at 16,920.80, with a gain of 184.77 points or 1.10% as of 10:00 AM. The NASDAQ-100 is at 18,808.35, up by 184.96 points or 0.99% at the same time. The Dow Industrials are at 39,069.59, showing a minimal increase of 4.33 points or 0.01%. The S&P 500 is at 5,304.72, marking a rise of 36.88 points or 0.7%. The Russell 2000 is at 2,069.66, up by 21.25 points or 1.04%, while the Russell 1000 stands at 2,899.86, showing a gain of 20.16 points or 0.7%. In commodities, the Gold June 2024 futures are at 2,334.50, indicating a slight decrease of 2.70 points or 0.12%.

Other Markets

As the Indian election unfolds, the local markets brace for a potential selloff amidst uncertainty surrounding electoral objectives. Meanwhile, the Fed observes a cooling trend in its favored underlying inflation gauge. In the financial realm, bets on risky Collateralized Loan Obligations (CLOs) are yielding significant gains, as noted in the latest Credit Weekly report. Economist Paul Krugman warns that investors harboring confidence in interest rates may be deceiving themselves.

Elsewhere, Chinese companies push for a dumping probe into EU pork imports, while the Philippines prepares for its first storm of the year, inching closer to the capital. Corporate shifts are also underway, with BP Southern Africa and Shell Downstream poised to divest refinery assets, and Millennium allegedly urging Weiss to trim staff and shed clients during negotiations.

Additionally, Trafigura finds itself in a standoff with aluminum bulls over a substantial metal stash, while concerns arise in Shanghai as the pork price surge poses inflation risks. While China investigates a state tobacco official, Turkish state lenders intervene to support the lira following a significant drop. Amidst these market fluctuations, the U.S. imposes restrictions on some Australian poultry imports due to concerns over avian flu.