. In the midst of all the anticipation surrounding the approval of the spot BTC-ETF, investors are hopeful that the cryptocurrency will experience a significant increase in its market capitalization.
With the CEO of Galaxy Digital confidently predicting that the spot BTC-ETF will be approved before January 10th, expectations among investors continue to rise.
The overall state of the global markets and its influence on the price and future of Bitcoin
In economic news, the recent inflation data in the US didn’t cause much of a stir. The PCE price index rose 2.6% in November on an annualized basis, falling below estimates of a 2.9% increase and also lower than October’s reading of 3%. The core PCE came in at 3.2%, which was also below expectations of 3.4% and lower than October’s 3.5%.
The PCE is considered the Federal Reserve’s preferred measure of inflation and it is nearing the Fed’s 2% inflation target. According to the report, it has been growing at an annualized rate of 1.9% over the past six months, increasing the likelihood of interest rates decreasing in 2024.
Futures traders now believe that there is an 85% chance of the first rate cut happening at the March meeting. Meanwhile, the 10-year Treasury note saw a 4 basis points drop to 3.86%.
The Dow experienced a marginal decrease of less than 0.1%. The Nasdaq trimmed its gains to 0.2%, while the S&P 500 closed with a 0.2% increase. The Russell 2000 small-cap stocks demonstrated the strongest growth, rising by 0.8%.
The Nasdaq recorded a 1.2% increase for the week, while the S&P 500 rose by 0.8%. The Dow Jones Industrial Average ended the week with a surplus of 0.2%.
Trading volumes on the New York Stock Exchange and Nasdaq decreased compared to Thursday as investors prepared for the long holiday weekend.
What will be the future price of Bitcoin?