Bitcoin's winning streak hits a year high thanks to ETF buzz
Bitcoin is on the verge of celebrating its longest winning streak in a year, all thanks to a booming interest in new US exchange-traded funds (ETFs) for the cryptocurrency. Since January 11, when nine new Bitcoin ETFs launched, they've pulled in over $9 billion from investors, with BlackRock Inc. and Fidelity Investments leading the pack. The excitement over these ETFs has reignited Bitcoin's spark, pushing its value up and even briefly surpassing $49,000 on their debut day. This rally is getting an extra boost from the upcoming Bitcoin halving in April, an event that typically spells good news for its value. While Bitcoin's price is still a way off from its all-time high, the current festive mood and ETF-driven interest are painting a rosy picture for its future.
ECB eyes March for deciding interest rate cuts says De Cos
Pablo Hernandez de Cos, a key figure at the European Central Bank (ECB) and the head of Spain's central bank, has highlighted the importance of upcoming March projections for future interest rate decisions. These projections are set to play a crucial role in determining if the ECB can confidently hit its 2% inflation target. There's a hint from ECB officials that they might start easing monetary policy by summer, based on these forecasts. After some initial missteps in predicting inflation trends post-pandemic and the Ukraine crisis, de Cos notes that their forecasting game has significantly improved. He also mentioned that signs of reducing inflation within the eurozone are strong and expected to continue, signalling a cautious but optimistic outlook for the economy.
Diamondback and Endeavor set to merge into a $50 billion oil behemoth
Diamondback Energy Inc. and Endeavor Energy Resources are on the brink of merging to form an oil and gas powerhouse valued at over $50 billion. The proposed deal, a mix of stock and cash, would see Endeavor, a private firm, valued at about $25 billion. This move is part of a larger trend where big mergers are reshaping the US shale industry, making it more appealing to major investors. The combined entity would strengthen its position in the Permian Basin, the heart of US oil production, where Endeavor alone pumps out 331,000 barrels daily. With this merger, Diamondback and Endeavor are joining the ranks of recent massive deals in the sector, marking a significant step in consolidating the fragmented shale oil landscape.
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