Weekly Market News.


Crypto news

U.S. Prosecutors Scrutinise Political Donations by Sam Bankman-Fried and Allies

According to a report by the New York Times, U.S. federal prosecutors have reached out to top members of the Democratic Party seeking more information about political donations made by former FTX CEO Sam Bankman-Fried and the two executives he worked with.

A prosecutor from the U.S. Attorney’s Office for the Southern District of New York sent an email to a law firm representing prominent Democratic political groups, asking for details on donations made by SBF and colleagues. Similar emails were sent over to other members of the Democratic and Republican parties, including Rep. Hakeem Jeffries.

OKX Cites Intermittent Outage Amid Alibaba Cloud Equipment Anomaly

Crypto exchange OKX has reportedly not processed any withdrawals for almost seven hours due to a hardware failure in the Hong Kong data centre of its primary infrastructure provider Alibaba Cloud.

OKX announced that it was working together with Alibaba Cloud to resolve the issues. In the meantime, users have listed complaints that state that they are unable to withdraw and deposit funds, and account balances have glitched to show $0 in their funds. Some investors also confirmed that their trades got stuck midway and have shown concerns about possible losses.

Sam Bankman-Fried to Reverse Decision on Contesting Extradition

Sam Bankman-Fried (SBF), the former CEO of FTX, has reportedly reversed his decision to contest extradition and is expected to appear in court in the Bahamas on December 19 to seek a reversal. This means that SBF has consented to be extradited to the US.

Before the U.S. courts, SBF currently faces charges of conspiracy to commit wire fraud on customers and lenders, securities fraud, commodities fraud, money laundering and conspiracy to defraud the United States and violate campaign finance law. If convicted on all counts, he could potentially face 115 years in jail.

According to defence lawyer Zachary Margulis-Ohnuma, SBF will likely be held at the Metropolitan Detention Center in Brooklyn upon his arrival in the United States. He could also be held at jails just outside New York City due to overcrowding at the facility.

Dutch Bitcoin Exchange Bitvavo Alleges Digital Currency Group Is Having ‘Liquidity Problems’

In a recently published blog post, Dutch crypto exchange Bitvavo stated that the Digital Currency Group (DCG) “has suspended repayments” after “experiencing liquidity problems due to the current turbulence in the crypto market.”

Bitvavo also revealed that it has 280 million Euros ($297 million in USD) or 17.5% of the $1.6 billion Euros it currently manages stuck with DCG. However, Bitvavo assured customers that the situation “does not have any impact on the Bitvavo platform.” It has also guaranteed no service disruption to its users and has announced that it will prefund the locked assets.

Stock Market

The holiday season is underway, but a few key earnings and economic reports will deck the halls on Wall Street before markets shut down for a long Christmas weekend.

Consumer Confidence

Coming out Thursday a half hour after the market opens, is the consumer confidence number. Just like last month, this has the potential to be a real market mover, especially given that it is the Holiday season and it is usually a time of higher-than-usual spending on goods and services.

If this comes out this weak it could cause some significant volatility and could also signal the beginning of a recession. With interest rates on the rise, job number revisions, and wage growth slowing this has the potential to be a very important report going into Christmas.

In the days ahead, the economic calendar will bring investors the latest personal consumption expenditures price index — or PCE — which is the Fed’s preferred inflation measure, as well as another reading on GDP, a batch of housing data, and the Conference Board’s gauge of consumer confidence.

On the corporate side, earnings from Nike (NKE), FedEx (FDX), Micron Technology (MU), Carnival (CCL) will keep traders busy.

Pure./Trade is a website operated by Redpine Capital Limited, a Cypriot Investment Firm, which is authorised and regulated by the Cyprus Securities and Exchange Commission, licence number 391/20. Its registered office at Spyrou Kyprianou 65, Crystalserve Business Center, Ground Floor 4003, Limassol, Cyprus.

Risk Warning Trade: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. The vast majority of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Restricted regions: The Company does not provide investment and ancillary services in the territories of third countries.

Pure Community

Join Into Our Social.

Related News.

The Role of Economic Indicators in Forex Trading

The Role of Economic Indicators in Forex Trading

The foreign exchange (forex) market is the largest and most liquid financial market globally, with trillions of dollars traded daily.

The Art of Timing: Understanding Market Cycles and Trends

The Art of Timing: Understanding Market Cycles and Trends

In the world of investing, timing is often referred to as an art form. Just like a skilled artist knows when to apply brushstrokes with precision, successful investors must master the art of timing to make informed decisions in the ever-changing financial markets.

Advanced Forex Trading Strategies: Breakouts, Trend Following, and Range Trading

Advanced Forex Trading Strategies: Breakouts, Trend Following, and Range Trading

In the dynamic world of forex trading, mastering advanced strategies can be a game-changer for traders seeking to elevate their skills and capture more profitable opportunities. In this article, we will explore three powerful advanced forex trading strategies: breakouts, trend following, and range trading.