A highlight from MARKETS DAILY: Crypto Update | SEC Says Stoner Cats NFTs Are Unregistered Securities, With Host Noelle Acheson
This episode of Markets Daily is sponsored by Kraken. To make sure you don't miss an episode, be sure to follow the podcast on your platform of choice. And just a reminder, CoinDesk is a news source and does not provide investment advice. Now, a markets roundup. Crypto markets edged higher today as details emerged regarding the timing of FTX asset sales. You may recall a couple of days ago, I talked about how asset prices were down because of fears of downward pressure from the sale of Bitcoin and other tokens held by the FTX estate. Well, yesterday, a judge ruled that the estate could proceed with the asset sales, but gently. The estate does not have to give advance notice of any sales, but it is limited to $100 million worth a week. This can be increased in special circumstances and with some paperwork, but on the whole, it looks like the market impact will be less than originally feared. The estate can take its time with the sale and is likely to take care to not adversely impact the market. As at 10 a .m. Eastern Time, Bitcoin was up over 1 .7%, trading at almost $26 ,565. Ether is up 1 .8 % over the past 24 hours, trading at $1 ,624. In traditional markets, US stocks have been moving higher after US retail sales came in notably higher than expected, with a month -to -month increase in August of 0 .6 % versus the consensus forecast of 0 .2%. This is higher even than July's month -on -month increase of 0 .5 % and reinforces the surprising resilience of the US consumer. However, the jump was largely due to higher -than -expected receipts at the gas pump due to higher oil prices. This could end up crowding out other expenditures, especially as the cost of credit starts to bite and as student loan repayments resume next month. At 10 a .m. Eastern Time today, the S &P 500 and the Nasdaq were both up roughly 0 .3%, while the Dow Jones was lagging with a 0 .1 % gain. The strength of the US economy was also a tailwind over in Europe, with the FTSE 100 index up more than 1 .3 % as at 10 a .m. Eastern Time today. The mood was also lifted by hints from the European Central Bank that the 25 -basis -point hike delivered this morning could be the last. Inflation in the Eurozone is still much higher than the target rate, and staff raised the forecast for the end of 2023 to 5 .6%, dropping to 3 .2 % in 2024. Obviously, the phrase higher for longer does not just apply to US rate expectations, as at 10 a .m. Eastern Time, the German DAX index was up almost 0 .5%, while the broader Eurostock 600 was up 1%. Over in Asia, the Nikkei jumped 1 .4 % as sharper -than -expected drop in machinery orders for July dampened speculation that the Bank of Japan could raise rates in the near future. In China, the Shanghai Composite was largely flat with no clear catalysts, while the Hang Seng index rose a modest 0 .2%. In commodities, oil prices continued their climb today, with the Brent crude benchmark breaching $93 per barrel for the first time since November of last year. At 10 a .m. Eastern Time, Brent was trading at $93 .25, up more than 1 .2 % over the past 24 hours, and up a painful 13 .6 % since the beginning of this year. This does not bode well for global inflation figures. Gold is largely flat today as traders digest the latest US economic data. At 10 a .m. Eastern Time today, it was still hovering around $1 ,906 per ounce.