More stories

  • in

    French debt risk premium eases as government falls

    Following the collapse of the French government, the risk premium on French debt decreased from its highest point in over a decade. This shift occurred on Thursday when the premium investors require to hold French bonds rather than German Bunds lessened by 3 basis points to 80.90 bps. Earlier in the week, the premium had expanded to 90 bps, the widest margin since 2012.The government’s downfall was precipitated by a coalition of far-right and left-wing legislators who supported a no-confidence motion against Prime Minister Michel Barnier earlier this week. Market observers had anticipated a subdued market response to the government’s collapse, or even a ‘buy on rumors, sell on news’ behavior.Analysts have suggested that France may be entering a period of prolonged crisis, potentially leading to a gradual decline in sovereign creditworthiness and weaker economic growth. They referenced the government’s draft budget proposals, which included 60 billion euros in spending reductions and tax hikes aimed at reducing the deficit to 5.1% of GDP by 2025.Euro zone borrowing costs have seen a slight increase as investors await employment data from the United States, which could influence expectations for the Federal Reserve’s future monetary policy. Federal Reserve Chair Jerome Powell indicated on Wednesday that the U.S. economy’s resilience surpassed the central bank’s forecasts from September, suggesting a potential slowdown in the pace of interest rate reductions.Meanwhile, Germany’s benchmark 10-year government bond yield rose by 2.5 basis points to 2.08%, after reaching a low of 2.033% the previous week, marking the lowest point since early October. This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

  • in

    Elon Musk’s Neuralink Lab Cited by FDA for Conditions- Report

    Neuralink, the brain technology firm led by Elon Musk, has been cited by the Food and Drug Administration (FDA) for “objectionable conditions or practices” at its animal testing laboratory in California, Reuters reported. This notice follows the company’s approval for a human brain implant study. The FDA’s discovery of the issues occurred in June 2023, shortly after Neuralink was permitted to conduct a limited study on its brain implant technology in humans. The concerns regarding the animal testing facility were addressed in a letter to Congress on November 29, responding to issues raised by Representative Earl Blumenauer, an advocate for animal welfare from Oregon.The FDA has urged Neuralink to implement voluntary corrective actions to remedy the conditions found. The agency has indicated that the issues, while warranting citations, were not significant enough to necessitate regulatory action. The FDA emphasized that the inspection did not reveal any violations that would compromise the safety of Neuralink’s devices.In a statement, the FDA clarified that the citations were related to the documentation of animal research but did not specify the nature of the concerns. The agency’s inspection report from June 2023 had previously noted quality control and record-keeping issues at the facility, although it was unclear at the time what level of action would be required.Neuralink has not publicly commented on whether it has addressed the FDA’s findings. The company has previously stated that its animal testing protocols exceed the requirements of current regulations. This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

  • in

    German Christmas markets get creative as prices hit new highs

    BERLIN (Reuters) – For Eva Henschke, Germany’s Christmas markets are a chance to temporarily forget about the colder, darker days with a hot mug of mulled wine or eggnog and a bratwurst off the grill. But more so than in years past, she has had to keep a careful eye on costs when deciding what festive bite to indulge in. “When I come here, I buy something. But you have to pay attention to the prices,” Henschke said at the market next to the preserved World War Two ruins of Berlin’s Memorial Church where it was established in 1948.As costs for festive treats at traditional Christmas markets hit record highs in Germany, traders are unwrapping new strategies, such as all-inclusive tickets and special themes, to keep attracting locals and tourists alike.”A crisis makes you creative,” said Fabian Lau, managing director of FARO Group. “We founded Germany’s only all-inclusive Christmas market.”For those who want unlimited mulled wine and as many German specialities as possible without worrying about costs, the Christmas Market at the Spree offers all-inclusive tickets starting from 29.90 euros ($31.48) – for those willing to go after 8 p.m. and during the week. A ticket at peak time, during the weekend, will set any wannabe merrymakers back 45.90 euros. Lau said demand for the tickets is “extremely high,” with over 1,000 sold daily and 90% of them already snapped up for this Christmas season. “I think it has changed the way people go to the Christmas market,” said CJ, an international student in Berlin visiting the market. “With the all-inclusive ticket, I think people just come here with an empty stomach.” Other creative ways organisers have come up with to draw customers include a market catering to dogs, with a dog show and treats for four-legged visitors, as well as unique locations such as an abandoned spy tower and a former airport hall.”With more than 60 Christmas markets, Berlin is also the capital of Christmas markets,” said Christian Taenzler, spokesperson at Visit Berlin. “While the winter season used to be more of an off-season for Berlin, this has changed significantly since the 2000s.”In old and new markets, Germany’s favourite Christmas beverage, Gluehwein (mulled wine), now sells for a record 5 euros per mug in Berlin, a 50% rise from the pre-pandemic 3.25 euros.The elevated costs arise from high energy prices and staff shortages among other factors, said Luba Levkina, spokesperson for activa, which organises mobile Christmas markets.Sedat Sarikurt, a mulled wine vendor at the Memorial Church, hiked his prices by 50 cents compared with last year, despite initial concerns about selling fewer drinks due to higher costs.”But we observe that both tourists and locals still buy mulled wine,” Sarikurt said. “It is (just) once a year that we have Christmas.”($1 = 0.9500 euros) More

  • in

    FirstFT: Bitcoin hits $100,000 on back of Trump support

    $75 per monthComplete digital access to quality FT journalism with expert analysis from industry leaders. Pay a year upfront and save 20%.What’s included Global news & analysisExpert opinionFT App on Android & iOSFT Edit appFirstFT: the day’s biggest stories20+ curated newslettersFollow topics & set alerts with myFTFT Videos & Podcasts20 monthly gift articles to shareLex: FT’s flagship investment column15+ Premium newsletters by leading expertsFT Digital Edition: our digitised print edition More

  • in

    Ten years of Free Lunch

    $75 per monthComplete digital access to quality FT journalism with expert analysis from industry leaders. Pay a year upfront and save 20%.What’s included Global news & analysisExpert opinionFT App on Android & iOSFT Edit appFirstFT: the day’s biggest stories20+ curated newslettersFollow topics & set alerts with myFTFT Videos & Podcasts20 monthly gift articles to shareLex: FT’s flagship investment column15+ Premium newsletters by leading expertsFT Digital Edition: our digitised print edition More

  • in

    Aria Coin Achieves 3000% Growth, Pioneering a Galactic-Themed Crypto Ecosystem

    Aria Coin, an alien-inspired token, has experienced a notable 3000% surge in value. Aria Coin goes beyond being a token, positioning itself as a movement to reshape the meme coin market with its interstellar vision and community-centric mission.Aria Coin has unveiled an initiative to reach the moon—literally. Partnering with advanced technology to send a special package to the lunar surface by 2025. Guided by the motto, “Unlock the riches of Aria,” this token aspires to provide more than gains—it wants to provide an out-of-this-world experience for its community.Through the Aria Mini Application, users are empowered with opportunities to get tokens, enter exclusive raffles, and unlock experiences, including family vacations, plane tickets, and limited-edition NFTs. This innovative approach distinguishes Aria Coin in the crowded meme coin space.An Alien Perspective: A Fresh Take on Meme CoinsThe meme coin market has long been plagued by pump-and-dump schemes and projects lacking substance. Aria Coin want to rewrite this narrative with a mission to bring value, sustainability, and engagement to the forefront.At the core of Aria Coin is its vibrant community. Known as Arians, members are rewarded with experiences such as holidays, exclusive watches, and substantial token giveaways. By launching AriaLand, an immersive mini-application accessible via Telegram’s AriaLandBot, Aria Coin ensures its community thrives.AriaLand Features:The Story Behind Aria CoinAria Coin draws inspiration from the vastness of space, aiming to spark curiosity and innovation. Its ecosystem uses advanced AI and AR technology to gamify everyday life, providing users with engaging experiences similar to Pokémon GO.The experience is guided by Master Veludo, an AI-powered character central to Aria Coin’s story. Veludo acts as a personal assistant, leading users through interactive tasks that allow them to get tokens, discover hidden treasures, and unlock real-world benefits like discounts and potentially gain rewards.By seamlessly integrating cryptocurrency into daily life, Aria Coin offers a unique combination of education, community connection, and tangible rewards.A Shift in the Meme Coin LandscapeAria Coin distinguishes itself in the crypto space with a solid market cap, active trading volume, and unique community initiatives. Positioned for significant growth, targeting a 100x rise in the near future.“The meme coin market has never seen anything like Aria Coin. We’re here to inspire, connect, and reward our community in ways never imagined,” said Garry, the CMO of Aria Coin and one of the visionary behind it.About Aria CoinAria Coin is a community-focused cryptocurrency project designed to empower users while redefining the meme coin space. Through its innovative AriaLand ecosystem, AI-driven gamification, and groundbreaking lunar mission, Aria Coin is setting new standards in the crypto world.This article was originally published on Chainwire More

  • in

    To $100,000 and beyond: Bitcoin’s wild ride

    The world’s biggest and best-known cryptocurrency has more than doubled from this year’s low of $38,505 and is up over 50% since Trump’s sweeping election win in early November. Here are key events in bitcoin’s journey towards $100,000 and beyond: 2008: Satoshi Nakamoto, the pseudonym used by the cryptocurrency’s presumed developer, introduces the concept of bitcoin2010: The first retail transaction takes place when a user pays 10,000 bitcoin for two Papa John’s (NASDAQ:PZZA) pizzas2013: As bitcoin’s popularity grows, Cameron and Tyler Winklevoss, co-founders of crypto exchange Gemini, file their first application with the U.S. Securities and Exchange Commission to create a spot bitcoin ETF. Grayscale Investments launches the Bitcoin Investment Trust, an open-ended private bitcoin trust. 2016: The Winklevoss brothers adjust their application numerous times, such as the exchange on which the product would be traded. They also file amendments naming State Street (NYSE:STT) as administrator. Grayscale files with the SEC to convert its bitcoin trust into a spot bitcoin ETF.2017: The SEC rejects the Winklevoss application on the grounds bitcoin markets were not mature enough. Grayscale withdraws its first attempt to convert its trust into an ETF, saying the regulatory environment was not developed enough. 2018: The SEC rejects the Winklevoss twins’ second application to launch a spot bitcoin ETF, saying cryptocurrency exchanges do not have the necessary controls to prevent manipulation.2020: Grayscale transforms its trust into an SEC-reporting entity, and its shares begin trading on the pink sheets, for stocks that trade over the counter. Although not an ETF, it is the first publicly traded bitcoin fund in the U.S.2021: The first spot bitcoin ETF launches in Canada. Gary Gensler replaces Jay Clayton as SEC chair in April. In October, the SEC approves the ProShares Bitcoin Trust listed on the Chicago Mercantile Exchange, noting the CME has a satisfactory mechanism for surveilling abuse in the futures market. It is the first U.S.-listed futures-based bitcoin ETF, accumulating $1 billion in assets within its first days of trading – faster than any other ETF.Also in October, Grayscale again submits an application to the SEC to convert its trust into a spot bitcoin ETF. 2022: The SEC rejects several applications from would-be spot bitcoin ETF issuers, including SkyBridge, Fidelity and Bitwise. The SEC also rejects Grayscale’s application, prompting the company to sue the agency. Amid crashing crypto prices, multiple crypto companies file for bankruptcy, including Three Arrows Capital, Celsius Network and FTX, whose founder Sam Bankman-Fried is also charged with fraud.2023: May: Cathie Woods’ ARK Investments and CBOE Global Markets file for a spot bitcoin ETF, giving the SEC a maximum of 240 days to approve or reject the application.June: BlackRock (NYSE:BLK) files a spot bitcoin ETF application with the SEC, raising industry hopes the agency may approve the product and sending the price of bitcoin to a one-year high. A flurry of other issuers and exchanges, including Fidelity and Invesco, file bitcoin ETF applications in the subsequent weeks and months. August: A federal appeals court in Washington D.C. rules in favour of Grayscale, saying the SEC did not justify why it had rejected its proposal. Europe’s first spot bitcoin ETF begins trading on the Euronext (EPA:ENX) Amsterdam stock exchange. October: The SEC opts not to appeal the court’s ruling in the Grayscale case and is required to reexamine the application. 2024: Jan. 10: The SEC approves 11 proposals from issuers including BlackRock, Fidelity and VanEck, among others, to launch spot bitcoin ETFs.February: Net inflows into the 10 largest ETFs hit $4 billion in the first month, according to LSEG data.    March: Bitcoin tops $70,000 for the first time to hit a record high, having doubled in value in the five months.    June: Trump pitches himself as a champion for cryptocurrency and slammed Democrats’ attempts to regulate the sector during a San Francisco fundraiser.    July: Trump tells a bitcoin conference that, if elected, he will create a strategic national bitcoin stockpile and will ensure the United States is the “crypto capital of the planet.”     October: The SEC grants “accelerated approval” to U.S. exchanges to list and trade options tied to 11 spot bitcoin ETFs.Nov 6: Trump is declared winner of the presidential election, sparking a huge rally in a range of assets, with bitcoin being the standout gainer.Nov 12: Total (EPA:TTEF) crypto market cap tops $3 trillion. Year-to-date ETF net inflows hit $25.8 billion, according to LSEG data.Nov 21: Bitcoin nears $100,000 for the first time in history, driven by a swell of buying from investors in anticipation of Trump dismantling a lot of the regulation around crypto investment. Dec. 5: Bitcoin soars past $100,000 for the first time, taking its gains for the year to over 140%.  More

  • in

    Instant view: Bitcoin vaults above $100,000

    The world’s largest cryptocurrency was last trading at $102,900 . Since Trump’s win on Nov. 5, the price has surged around 45%, driven by a swathe of buying that has poured capital into U.S. bitcoin-backed exchange-traded funds. COMMENTS:DAN COATSWORTH, INVESTMENT ANALYST AJ BELL, LONDON“Smashing through the $100,000 level does not represent bitcoin going mainstream. It’s merely a psychological factor and ultimately just a number.“A lot of people have got rich from the cryptocurrency soaring in value this year, but this high-risk asset isn’t suitable for everyone. It’s volatile, unpredictable and is driven by speculation, none of which makes for a sleep-at-night investment.CHANG WEI LIANG, FX AND CREDIT STRATEGIST, DBS, SINGAPORE: Bitcoin prices are buoyant with crypto adoption possibly reaching an inflection point in the US. The incoming Trump administration is seen as more crypto-friendly, and 2025 could see progress in setting up a U.S. Bitcoin strategic reserve, on top of changes in regulatory guidance that could help industry growth.SHOKI OMORI, CHIEF JAPAN DESK STRATEGIST, MIZUHO SECURITIES, TOKYO”Individual investors must be excited to see the BTC price top $100,000 following the news of Paul Atkins being nominated as SEC chair. Markets knew Gensler would be stepping down and there would be someone who is less aggressive on crypto regulations. Of course, this doesn’t mean BTC will rally forever, as there will be moves to take profits. “I think if BTC were to rally more from here, other crypto majors should catch up a bit first, such as Ethereum. Ethereum looks cheap against Bitcoin. Ripple shot up, but again we saw profit taking at $2.80. Altos look choppy. The crypto community is looking for positive headlines to take crypto prices broadly up even higher. The tailwind from the Trump trade is starting to weaken as markets have a lot of headlines already priced in.”JEFF MEI, COO AT BTSE, HONG KONG”Bitcoin’s surge past the $100,000 mark is not just a milestone; it represents a pivotal moment for the cryptocurrency industry. “The confidence is spurred by an increasingly favourable regulatory environment in the U.S., particularly with the appointment of Paul Atkins to chair the SEC. This is likely to drive further institutional investment in the sector, giving Bitcoin more credibility and leading to a new wave of adoption.”Looking forward, Bitcoin could reach even greater heights as more institutions begin to perceive it as a viable store of value and allocate funds to Bitcoin ETFs. I’d also expect more institutions to rotate into Ethereum ETFs, which haven’t been as popular as the Bitcoin ones up until now. “GEOFF KENDRICK, GLOBAL HEAD OF DIGITAL ASSETS RESEARCH, STANDARD CHARTERED, LONDON”At the end of the day, it’s just a number…but the reality is we’ve been able to get to this level because the industry has become institutionalised this year particularly – and that’s mostly the ETF inflows.”Roughly 3% of the total supply of bitcoins that will ever exist have been purchased in 2024 by institutional money.”TONY SYCAMORE, ANALYST, IG, SYDNEY”After spending the past 12 sessions working off overbought readings and rebuilding energy, the King of Crypto has smashed its way above $100k in trading today.”This is likely to be the catalyst for the next wave of momentum buying which takes it towards the next stop of $105k, before $120k in 2025.”KYLE RODDA, SENIOR FINANCIAL MARKET ANALYST, CAPITAL.COM, MELBOURNE”It’s a massive milestone for the true believers and possibly evidence of the asset’s legitimisation. If we are talking where we go from here, there’s reason to believe this thing could keep going. These end of year melt-ups often see Bitcoin more than double in value. “Given the reduced regulatory risk, the continued appeal of non-fiat assets because of the perception of US fiscal profligacy, and greater geopolitical risks, there are continued tailwinds that could support prices going higher.”JUSTIN D’ANETHAN, INDEPENDENT CRYPTO ANALYST, HONG KONG:”Bitcoin crossing $100,000 is more than just a milestone; it’s a testament to shifting tides in finance, technology, and geopolitics. The figure not that long ago dismissed as fantasy, stands as a reality.”Institutional adoption is evident, as seen by the increased volume on the CME, ETFs (exchange traded funds), and derivatives markets during U.S. hours. Essentially, funds now need to either get involved or risk standing on the sidelines while more gutsy competitors potentially outperform.”BOBBY ONG, CO-FOUNDER, COINGECKO, KUALA LUMPUR:”Bitcoin reaching the $100,000 milestone marks a significant moment for the cryptocurrency market, reflecting its growing maturity and mainstream adoption.”The psychological importance of $100,000 is also attracting new investors and driving market sentiment. This rally demonstrates Bitcoin’s position as a leading financial innovation, solidifying its reputation as a digital store of value and a hedge against traditional economic uncertainties.”It also underscores the growing acceptance of cryptocurrencies as a legitimate asset class.”SHANE OLIVER, CHIEF ECONOMIST & HEAD OF INVESTMENT STRATEGY, AMP (OTC:AMLTF), SYDNEY:”As time goes by it’s proving itself as part of the financial landscape, slotting in more as a store of value as opposed to a regular asset you can value on the basis of things it produces, like shares.RAY ATTRILL, HEAD OF FX RESEARCH, NAB, SYDNEY:”It’s the ultimate speculative asset, isn’t it.”I wasn’t surprised … it was probably the cleanest ‘Trump trade’. Just from a regulatory point of view and the concept of a much more easily traded asset, it’s justified its run up, though it’s now taken on a life of its own.”The test will be if we do have a big puke in risk sentiment at some point, and we start to see a major stock market correction. Where does crypto sit in that? I don’t know the answer.”RICHARD TENG, CHIEF EXECUTIVE OFFICER, BINANCE, DUBAI:    “Almost 16 years since its first block was mined in 2009, bitcoin has reached the landmark milestone of $100K per coin, placing the asset at a total market capitalisation of $2.1 trillion. “This also places bitcoin firmly on the very short list of just seven assets or companies that have achieved more than 2 trillion dollars in market capitalisation, the rest being gold and tech giants NVIDIA (NASDAQ:NVDA), Apple (NASDAQ:AAPL), Microsoft (NASDAQ:MSFT), Alphabet (NASDAQ:GOOGL) (Google), and Amazon (NASDAQ:AMZN).    “With talks of a U.S. Strategic Bitcoin reserve and more companies adding bitcoin to their corporate treasuries, we are on the precipice of true mainstream global adoption.”JEAN-BAPTISTE GRAFTIEAUX, CEO, BITSTAMP, LUXEMBOURG:”Bitcoin reaching $100,000 is a watershed moment, highlighting its resilience after a challenging few years. Despite shifts in the political and regulatory landscape, bitcoin has proven its staying power. “This milestone reflects the growing maturity of the crypto market, as traditional financial institutions and retail customers increasingly embrace digital assets. Looking ahead, we anticipate broader integration of crypto into retail, professional and institutional holdings and pensions, coupled with a more diverse range of trading services and instruments, mirroring the evolution of traditional finance.” More