– JPMorgan stated that the approval of a spot Ethereum ETF by May is fifty-fifty, and if not approved, litigation against the SEC may follow.
The UK fell into recession in the second half of last year with a steeper contraction in GDP than expected. The economy has been stagnant for the past couple of years and is expected to bounce back this year. Weaker household spending may suggest weaker demand than anticipated. Inflation is expected to fall, which could lead to a debate around rate cuts. Oil prices remain volatile due to uncertainty in the Middle East, the economy, and interest rates. Gold has dropped below ,000, indicating that rates may not fall as soon or as fast as hoped. Bitcoin has reached a new two-year high above ,500.
The Bank of Japan (BoJ) has decided to keep interest rates and its yield curve control policy unchanged, indicating that a decision on negative rates may come in the future. The central bank is waiting for the outcome of spring wage negotiations to determine if price pressures are filtering through to the economy in a sustainable way. The BoJ also suggested that the first rate hike won’t necessarily come alongside new economic forecasts. The yen is rapidly falling, raising the question of whether the Japanese Ministry of Finance will intervene or tolerate the currency’s movements. Oil prices remain uncertain due to factors such as the economy, interest rates, OPEC+, and the Middle East. Gold continues to trade above ,000 despite traders reducing expectations for interest rate cuts. Bitcoin has experienced a decline, falling below ,000, but the focus is on what could generate excitement and further gains in the cryptocurrency market.