“Waiting helps you as an investor and a lot of people just can’t stand to wait. If you didn’t get the deferred-gratification gene, you’ve got to work very hard to overcome that.” - Charlie Munger
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BTC reached $37.9k, a level not seen in a year and a half, fuelled by hopes that US authorities will approve a spot Bitcoin exchange-traded fund (ETF). The US Securities and Exchange Commission is considering 12 Bitcoin ETF applications, with nine potentially receiving a decision by January 10.
Despite a surge in high-volume transactions on November 8, typically associated with profit-taking and price decreases, BTC's ascent has resisted selling pressure with low risk as the Risk Signal suggests. This tenacity implies a favourable feeling among traders even in the face of usual profit-taking indicators.
Treasury yields rose, and global equities fell as Federal Reserve Chair Jerome Powell doubted whether interest rates were high enough to keep inflation at bay. Powell stated that the fight against inflation "has a long way to go," implying that more "disinflation" through economic slowdown may be required.
In response to Powell's statements, futures adjusted, extending the expectation that the Fed will keep its overnight lending rate above 5% through next July rather than June and decreasing the size of rate decreases by the end of 2024.
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