Financial markets and macroeconomics

The Nasdaq Index gained 156 points (1.15%) at the close of trading.

Even though the Fed anticipates two more rate increases by the end of the year, speculation that the Fed will avoid the long-awaited recession boosted markets.

Goldman Sachs on the 6th, regarding the possibility that the US economy will enter a recession within a year, based on the diminishing risk of credit instability caused by the bank failure and the bipartisan accord on the US debt ceiling issue. The discount has been reduced to 25%.

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Today's meeting of the Bank of Japan called for the continuation of large-scale monetary easing and no revision of the Yield Curve Control (YCC) in light of the Nikkei Stock Average reaching 33,000 for the first time in 33 years since the speculative economy. Decided.

The government will maintain its negative interest rate policy and exchange-traded fund (ETF) purchases to bolster the economy.

US equities rebound as rate hike cycle nears conclusion; Bank of Japan meeting expected to continue monetary easing | 16th Financial Tankan

"10 selections" of recommended stock investments for cryptocurrency investors, representative cryptocurrency equities of Japan and the United States.

Digital currency exchange

Bitcoin rebounded to $25,473 on the crypto asset (virtual currency) market, an increase of 1.64% from the previous day.

In addition to the rise in the US index, the largest asset management firm in the world, BlackRock, reportedly applied for the administration of "Bitcoin ETF (Exchange Traded Fund)", which was well received.

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BlackRock Submits Bitcoin Exchange-Traded Fund

iShares Bitcoin Trust is the name of the Bitcoin ETF offered by the BlackRock Group's "iShares" ETF (Exchange Traded Fund) division, which administers more than $9 trillion in assets. The Coinbase Custody Trust was appointed as the custodian responsible for the administration and custody of assets under management, and BNY Mellon was appointed as the bitcoin holdings custodian for the trust.

Noting BlackRock's keen interest in the cryptocurrency industry's future in light of the Securities and Exchange Commission's (SEC) hardening stance and the increasing regulatory pressure headwinds in the United States.

Several companies, including prominent US asset management firms Fidelity and VanEck, have registered for physical Bitcoin ETFs in the past, but the US SEC (Securities and Exchange Commission) has never approved them. do not have.

Now, Ark Invest, led by Kathy Wood, and 21Shares, a Swiss asset manager, are also pursuing approval for a physical Bitcoin ETF. 21Shares launched "ETP (listed trading financial product)" in June 2022 in anticipation of a market decline.

The Bitcoin futures ETF of the US investment firm ProShares was approved by the SEC and listed on the New York Stock Exchange Arca on October 15, 2021. Following this, the price of Bitcoin (BTC) attained an all-time peak of $69,000 (approximately 8 million yen).

US SEC approves the first Bitcoin Futures ETF

In the wake of the FTX bankruptcy in November of 2017, the largest crypto asset (virtual currency) exchanges, Binance and Coinbase, were sued by the US SEC (Securities and Exchange Commission), and BNB, Solana (SOL), Polygon (MATIC), Ada (ADA), and other altcoins with high market capitalization were designated as securities one after the other, and Robinhood, a major US securities app, has decided to delist the corresponding issue, and the

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Under these conditions, the expansion of "Bitcoin Dominance", which indicates market share, suggests that altcoins with poor performance are being sold, withdrawn from the market, and funds are being transferred to Bitcoin.

In previous market cycles, Bitcoin has attracted capital during bear markets due to its relative durability. BTC dominance has reached approximately 50%, its highest level in approximately three years.

In spite of this, the probability of a Bitcoin ETF being approved is currently low, which is a far cry from an improvement in sentiment, which has fallen to record lows. Technically, the weekly MACD crossed dead and breached the zero line for the first time on August 22, indicating the trend's frailty and the imminence of a challenging situation. *Figure beneath