ChainCatcher message, according to 4E monitoring, the S&P 500 halted three consecutive weeks of gains last week, falling 0.64% for the week; the Dow Jones dropped 1.82% over the week, marking seven consecutive trading days of decline; the Nasdaq rose 0.34% over the week, breaking the 20,000 point mark for the first time in history.
Bitcoin rose above $100,000 last week, setting a record for the longest seven-week consecutive gain since 2021. The altcoin market saw a decrease in enthusiasm, with a general pullback. Over the week, Bitcoin ETFs saw a net inflow of $2.115 billion, Ethereum ETFs had a net inflow of about $712.7 million, and stablecoin supply increased by $2.1 billion, indicating a sustained positive sentiment. As of the time of writing, Bitcoin surged suddenly, breaking its historical high to reach $106,648, with the top ten cryptocurrencies also seeing increases of nearly 1% to 4%.
In the foreign exchange commodities sector, the US dollar index performed strongly last week, breaking above 107 on Friday, reaching a two-week high, with nearly a 1% increase for the best weekly performance in a month, while non-US currencies fell for the week. International oil prices surged sharply last week due to geopolitical tensions, halting two weeks of declines, with US oil rising over 6% for the week and Brent oil increasing 4.54% for the week. Benefiting from market expectations of an upcoming interest rate cut by the Federal Reserve next week, spot gold rose 0.56% for the week.
The most closely watched economic event this week is the FOMC meeting of the Federal Reserve on Wednesday, followed by the announcement of interest rate decisions and quarterly economic forecasts on Thursday. The market has fully priced in expectations of a 25 basis point rate cut in December, and the real focus is on clues regarding the future direction of Federal Reserve policy. The market expects that rate cuts next year will be more cautious and gradual, with a possibility of pausing rate cuts in January.
Additionally, this week is also the last 'central bank super week' of 2024, with up to 25 central banks including Japan, the UK, Sweden, and others meeting in the same week. The decisions from some key central banks could trigger market fluctuations, especially in the fast-paced foreign exchange and commodities markets. eeee.com is a financial trading platform supporting assets such as cryptocurrencies, stock indices, commodity gold, and foreign exchange, and has recently launched a USDT stablecoin wealth management product with an annualized yield of 5.5%, providing investors with potential hedging options. 4E reminds you to pay attention to market volatility risks and to allocate assets wisely.
