b4823917

@b4823917

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This ETP, set to launch in Q1 2025, will provide traditional finance investors in Europe with exposure to Floki, a memecoin ranked 66th by market capitalization.

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The Floki DAO has unanimously voted to allocate part of its community buyback wallet, containing 16.3 billion Floki tokens, as liquidity for the upcoming Floki Exchange-Traded Product (ETP).

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Etherscan data shows the KEKIUS memecoin was created on Dec. 13, which accumulated $11.4 million by Dec. 31 before exploding to $380 million at its peak on Jan. 1, according to CoinGecko.

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“Meanwhile, CPI, PPI, and PCE inflation are all back on the rise as the labor market weakens,” The Kobeissi Letter noted, adding:

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A 25 basis points cut will mark the Fed’s third rate cut of 2024, bringing the total reduction to 100 basis points.

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According to data from CME Group’s FedWatch Tool, the odds of the Fed keeping interest rates unchanged are now standing at 4.6% at the time of writing, against 95.4% for a 0.25% rate cut.

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As such, market participants have now turned their focus on the US Federal Reserve’s interest rate cut decision later today.

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“Tomorrow marks the final Fed meeting of 2024,” declared capital markets commentator The Kobeissi Letter in a Dec. 17 post on X.

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This performance highlights the impact of interest rate cuts on the valuation of the largest companies listed on stock exchanges in the United States.

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The Dow Jones index clocked its ninth consecutive daily loss, its longest losing streak since 1978, losing 0.61% to close the trading day on Dec. 17 at 43,339.

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The ongoing correction in the crypto market mirrors the weakness witnessed in US equities. The S&P 500 dropped by 0.4% to close the day at 6,050.61 on Dec. 17, while the Nasdaq composite index declined by 64 points.

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A predominance of long liquidations suggests that the crypto market was overleveraged on the bullish side, primarily due to profit-taking and risk-off mode ahead of today’s Fed decision on rate cuts.

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A similar move was seen on Dec. 9 in the derivatives market when more than $1.5 billion long positions were liquidated. These liquidations accompany an 11% drop in TOTAL—the combined market capitalization of all cryptocurrencies—with more than $400 billion being wiped off the crypto market.

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Notably, Patomak signed Sam Bankman-Fried’s now-defunct exchange FTX as a client in January 2022, around 10 months before the exchange imploded.

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After leaving the SEC, Atkins founded the financial sector consultancy firm Patomak Global Partners in 2009. Patomak specializes in regulatory advice, risk compliance services and enforcement and litigation support.

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“When we look at how the commission is going to work moving forward, they have familiarity. They’ve already rolled up their sleeves and been in the war together,” said Carbone.

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Both Peirce and Uyeda were staffers for Atkins during his six-year stint at the agency.

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Interest in the keyword “Microsoft Bitcoin“ on the Google search engine has surged ahead of the vote on Dec. 10, according to Google Trend’s seven-day timeframe data. Increased search activity for crypto-related keywords often reflects curiosity among retail traders.

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Despite the proposal’s inclusion, the “Board Recommendation” section advised shareholders to vote against it. Microsoft’s board of directors stated that the company’s management had already thoroughly evaluated the matter.

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