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PDAXScope: Bitcoin Surges, Ethereum Eyes ETFs

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PDAX

January 12, 2024

4 min read

PDAXScope

(January 12) In this week's market updates, the SEC approves spot Bitcoin ETFs post-X incident, propelling Bitcoin to $47k and Ether to $2.6k. Highlights for 2024 include the Bitcoin halving and evolving DePINs and RWAs. Locally, the Philippines sees a 3.9% inflation rate and positive economic indicators. Globally, concerns arise with a 3.4% CPI inflation rate. Stay updated with PDAXScope. 📰

Crypto Updates - Market and Regulatory Updates

-> A day after a hacked X (formerly Twitter) post, SEC has approved all spot bitcoin etf filings, a major positive for bitcoin institutionalization as an asset class

-> Bitcoin tops $47k, and the rest of the cryptocurrencies followed the surge; Ether reaches $2.6k as attention now turns to spot Ethereum ETFs due on May 23

-> Aside from ETFs and regulations, things to look out for in 2024 include the bitcoin halving, US elections,  DePINs and RWAs

Local Market Updates - Monetary and Fiscal Policy

-> PSA posts December inflation to have cooled down to a 22-month low of 3.9%, falling well within the 2-4% target of the BSP

-> While the BSP says it plans to keep the monetary policy tight, banks as Citi and Metrobank are already expecting rate cuts at Q2-Q3 this year

-> Unemployment rate hits 3.6%, the lowest since 2005

-> PSEi up 6.6k, peso appreciated to 55 on positive economic outlook

Global Market Updates - Monetary and Fiscal Policy

-> While unemployment rate held steady at 3.7%, jobs are up 216k and hourly wages are up 4.1% YoY, suggesting potential inflationary pressures and therefore delay in Fed rate cuts

-> CPI inflation for December picked up higher than expected taking YoY inflation rate to 3.4%; increase is mainly coming from shelter costs

-> Stocks are a little unchanged; Nasdaq is flat, Dow is up 0.04% and S&P dropped 0.07%

DISCLAIMER: PDAX would like to reaffirm that the statements in this article do not constitute financial advice. PDAX does not guarantee the technical and financial integrity of the digital assets and their ecosystems.  Trading with any cryptocurrency is subject to the user’s risk and own discretion and must be done after adequate and in-depth research and analysis.  

External links are provided for convenience and for informational purposes. They are not statements of PDAX and PDAX bears no responsibility for the accuracy, legality or content of said links.

For inquiries or complaints, please contact us through the following channels: Chatbot: https://pdax.ph or https://web.pdax.ph/ (click webchat feature); ‘Customer Support’ webpage at https://support.pdax.ph; Email: support@pdax.ph. Please provide us your name, email address, and any other information that we may need to identify you, your PDAX Account, and the particulars of the Order and/or Transaction on which you have feedback, questions, or complaints. If you already have a registered PDAX account, please provide us your registered name and use your registered email address.

The Philippine Digital Asset Exchange  (PDAX), Inc. is an entity regulated by the Bangko Sentral ng Pilipinas (BSP) https://www.bsp.gov.ph. You may get in touch with the BSP Consumer Protection and Market Conduct Office through the following channels: 

Email: consumeraffairs@bsp.gov.ph; 

Webchat: http://www.bsp.gov.ph (click webchat feature); 

Facebook: https://www.facebook.com/BangkoSentralngPilipinas; 

Direct Line: (02) 5306 2584 / (02) 8708 7087;

Trunk Line: (02) 8708 7701 loc. 2584;  or 

SMS: 21582277 (for Globe subscribers only). 

For further details, you may refer to BSP's Inclusive Finance - Consumer Protection.

DISCLAIMER: PDAX would like to reaffirm that the statements in this article do not constitute financial advice. PDAX does not guarantee the technical and financial integrity of the digital assets and their ecosystems.  Trading with any cryptocurrency is subject to the user’s risk and own discretion and must be done after adequate and in-depth research and analysis.  

External links are provided for convenience and for informational purposes. They are not statements of PDAX and PDAX bears no responsibility for the accuracy, legality or content of said links.

For inquiries or complaints, please contact us through the following channels: Chatbot: https://pdax.ph or https://web.pdax.ph/ (click webchat feature); ‘Customer Support’ webpage at https://support.pdax.ph; Email: support@pdax.ph. Please provide us your name, email address, and any other information that we may need to identify you, your PDAX Account, and the particulars of the Order and/or Transaction on which you have feedback, questions, or complaints. If you already have a registered PDAX account, please provide us your registered name and use your registered email address.

The Philippine Digital Asset Exchange  (PDAX), Inc. is an entity regulated by the Bangko Sentral ng Pilipinas (BSP) https://www.bsp.gov.ph. You may get in touch with the BSP Consumer Protection and Market Conduct Office through the following channels: 

Email: consumeraffairs@bsp.gov.ph; 

Webchat: http://www.bsp.gov.ph (click webchat feature); 

Facebook: https://www.facebook.com/BangkoSentralngPilipinas; 

Direct Line: (02) 5306 2584 / (02) 8708 7087;

Trunk Line: (02) 8708 7701 loc. 2584;  or 

SMS: 21582277 (for Globe subscribers only). 

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