- Social Trading
- Offering
- Resources
- Company
- About Us
- Help & Support
- Partnerships
NAGA Weekly Recap January 8 - 2024 – January 12 - 2024
12 January 2024
432 views
Share the article:
Maxim Bohdan
In this week's economic overview, we witnessed the landmark launch of U.S. spot Bitcoin ETFs, attracting over $4.6 billion in trading volume on their first day. The Nvidia Corporation's stock soared to new heights, driven by its AI sector dominance. Additionally, oil prices experienced a significant rise amidst geopolitical tensions involving a US-led coalition and Yemen, impacting global markets.
For a comprehensive understanding of these dynamic market movements, explore further details in our review.
US bitcoin ETFs see $4.6B in volume in first day of trading
This week, the U.S. saw the debut of spot Bitcoin ETFs, with more than $4.6 billion in trading volume on their first day. Grayscale Bitcoin Trust (GBTC) led the market, followed by significant contributions from Blackrock's iShares Bitcoin Trust (IBIT) and Fidelity's Wise Origin Bitcoin fund (FBTC).
These three entities combined accounted for about 87% of the day's total trading volume. Additionally, there are now 10 different spot bitcoin ETF products approved in the U.S., with Hashdex's Bitcoin ETF (DEFI) planning to convert from a bitcoin futures ETF to a spot product.
Trading involves significant risk of loss.
Nvidia hits new all-time high
Nvidia Corporation's stock price ($NVDA) reached a record high of $543, representing an impressive 66,180% growth since its initial public offering in 1999. The company's shares have seen a significant increase, particularly in the early months of 2024, climbing by 8.46%, which surpasses the performance of the $SPX500.
This surge is largely attributed to Nvidia's leading position in the artificial intelligence (AI) sector, with its chips being crucial for various AI technologies. Furthermore, Nvidia's financial stability is clearly demonstrated in its third-quarter earnings report, which revealed a 200% rise in sales and a dramatic increase in net profits, jumping from $700,000 to $9.2 billion year-over-year.
Trading involves significant risk of loss.
Oil prices rise amid US-led coalition conflict in Yemen
Oil prices have escalated due to the ongoing conflict in the Red Sea region involving a US-led coalition and Yemen. This development, alongside slightly higher-than-expected U.S. inflation data, has led to subdued reactions in Asian shares. Expectations of early and aggressive rate cuts in the U.S. and Europe continue, partly influenced by the European Central Bank's dovish stance.
Brent futures have increased by 2.0% to $79.00 a barrel, and U.S. West Texas Intermediate (WTI) crude is up by 2.1% to $73.55.
Trading involves significant risk of loss.
US inflation data fails to lift the US Dollar
The US Dollar outperformed its peers with the initial reaction to December inflation figures on Thursday but failed to preserve its strength as US Treasury bond yields turned south later in the American session. Although markets stay relatively quiet early Friday, Producer Price Index (PPI) data for December from the US could ramp up volatility ahead of the weekend.
Following some volatile action in the American session, EUR/USD settled above 1.0950.
Trading involves significant risk of loss.
This concludes our weekly recap. Have a great weekend and see you next week! 👋
IMPORTANT NOTICE: Any news, opinions, research, analyses, prices or other information contained in this article are provided as general market commentary and do not constitute investment advice. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and therefore, it is not subject to any prohibition on dealing ahead of dissemination. Past performance is not an indication of possible future performance. Any action you take upon the information in this article is strictly at your own risk, and we will not be liable for any losses and damages in connection with the use of this article.
RISK WARNING: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. A high percentage of retail client investors lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Related articles
Need Help? Visit our Help Section
Download NAGA Trader
Markets
Platforms
Pricing & Terms
Company
Documentation
Partnerships
Help & Support
Social Trading
Free Education
News & Analysis
Download NAGA Trader
Copyright © 2024 – All rights reserved.
NAGA is a trademark of The NAGA Group AG, a German based FinTech company publicly listed on the Frankfurt Stock Exchange | WKN: A161NR | ISIN: DE000A161NR7.
The website is operated by NAGA Capital Ltd which is authorised and regulated by the Financial Services Authority Seychelles (FSA) under licence No. SD026. The registered address of Suite 3, Jivan’s Complex, Global Village, Mont Fleuri, Mahe, Seychelles. Tel: +248 4373121
Partner Companies: NAGA Markets Europe Ltd, authorised and regulated by the Cyprus Securities and Exchange Commission ("CySEC") under license No. 204/13 with registered address at Agias Zonis 11, Limassol, 3027, Cyprus and NAGA Global (CY) Ltd, with registered address at Nikokreontos 2, NICE DREAM, 6th floor, Flat/Office 601, 1066, Nicosia, Cyprus.
RISK WARNING: Derivatives are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how derivatives work and whether you can afford to take the high risk of losing your money. This is not investment advice. Trading with NAGA Trader by following and/or copying or replicating the trades of other traders involves high levels of risks, even when following and/or copying or replicating the Lead Traders. Such risks include the risk that you may be following/copying the trading decisions of possibly inexperienced/unprofessional traders, or traders whose ultimate purpose or intention, or financial status may differ from yours. Before making an investment decision, you should rely on your own assessment of the person making the trading decisions and the terms of all the legal documentation.
Restricted countries: NAGA Capital Ltd does not provide services for the residents of certain countries, such as Afghanistan, Albania, American Samoa, Anguilla, Australia, Austria, Barbados, Belarus, Belgium, Bermuda, British Indian Ocean Territory, Bulgaria, Burkina Faso, Canada, Cayman Islands, Central African Republic, Christmas Island, Cocos (Keeling) Islands, The Democratic Republic of the Congo, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Falkland Islands (Malvinas), Finland, France, Germany, Gibraltar, Greece, Guam, Haiti, Heard Island and McDonald Islands, Hungary, Iceland, Islamic Republic of Iran, Ireland, Isle of Man, Israel, Italy, Jamaica, Japan, Jersey, Democratic People's Republic of Korea, Latvia, Libyan Arab Jamahiriya, Liechtenstein, Lithuania, Luxembourg, Mali, Malta, Montserrat, Mozambique, Myanmar, Netherlands, New Zealand, Norfolk Island, Norway, Palestinian Territory, Occupied, Pitcairn, Poland, Portugal, Romania, Russian Federation, Saint Helena, Ascension and Tristan Da Cunha, San Marino, Senegal, Serbia, Slovakia, Slovenia, Somalia, South Georgia and the South Sandwich Islands, South Sudan, Spain, Sri Lanka, Sweden, Switzerland, Syrian Arab Republic, Trinidad and Tobago, Tunisia, Turks and Caicos Islands, Uganda, Ukraine, United Kingdom and any other countries where the citizens have British proof of identity (i.e. British Virgin Island, Gibraltar, Isle of Man etc.), United States, U.S. Minor Islands, Vanuatu, Virgin Islands, British, Virgin Islands, U.S., Yemen, and Zimbabwe.