How is the world stock market this morning? Oil, gold and Bitcoin stable

Traders expect data on US gross domestic product for the third quarter, which will be released on Thursday

Asian stock markets are on the rise at the beginning of the trading week, which is expected to publish quarterly reports on the operations of a large number of companies, although news from China about the introduction of property taxes in some regions had a negative impact on shares in Hong Kong and Chinese capital markets.

MSCI’s broadest Asia-Pacific stock index, excluding Japan’s, rose 0.26 percent, while Japan’s Nikkei fell 1.0 percent due to weakening profits of several domestic companies, Reuters reports.

Australian stocks rose 0.47 percent, supported by the value of mining firms, while South Korean stocks rose half a percent, with their rise limited by more subdued investment activity in Greater China.

The Chinese index of the most liquid stocks stagnated, while the sub-index of shares in the real estate sector fell by 3.0 percent.

The Hong Kong Stock Exchange Reference Index strengthened 0.18 percent, despite a 2.6 percent drop in shares of land-based real estate companies listed on the market.

The decline in the shares of real estate companies came after Saturday’s announcement from the Chinese parliament that a pilot real estate tax would be introduced in some regions.

As a reminder, the Chinese construction giant Evergrande last week barely escaped collapse by paying coupons on bonds, and according to today’s Reuters reports – some bondholders received the money.

At the same time, that company is not the only one that is on the financial edge. Namely, there are at least 4 more, which suggests that the Chinese real estate market is quite shaken.

On the currency exchanges, the dollar index, according to the latest available data, is 93,521 points, down 0.15 percent on a daily basis, and is moving towards its monthly low of 93,455 points recorded last week.

Traders are waiting for data on the gross domestic product of the USA for the third quarter, which will be published on Thursday.

Markets are still trying to position themselves for the expected reduction of the US stimulus program at the end of this year and a possible increase in interest rates by the end of 2022.

Federal Reserve Chairman Jerome Powell said on Friday that the US central bank should begin the process of cutting support by reducing asset purchases, but that it should not yet touch interest rates.

In commodity markets, oil prices are still on an upward trajectory, continuing the growth registered before the weekend, with American oil reaching a seven-year high because global supply is still insufficient in relation to growing demand around the world.

Brent North Sea crude jumped 0.88 percent to $86.28 a barrel, while U.S. WTI oil soared 1.11 percent to $84.69, the highest level in seven years.

The price of gold for spot delivery strengthened 0.3 percent to $1,797 an ounce. The value of this precious metal has been rising for the past two weeks due to growing concerns about inflation.

Bitcoin, which is also increasingly credited with protection against inflation, is trading at $61,901, up 1.6 percent on a daily basis, after last week’s turbulent trading when it reached a new high of $67,016.

The first Bitcoin trading on Wall Street: Satisfied investors, do not have to mine themselves

The digital coin recorded strong growth this month, in anticipation of the fund’s stock market debut.

The first trading of the stock exchange fund related to Bitcoin futures was done on Wall Street, which finally gave investors in cryptocurrencies what they were looking for, reports the American TV station CNN.

The ProShares Bitcoin Strategy ETF began trading at $40 a share on Tuesday, under the label “BITO,” and ended the day with a 5.0 percent raise.

This is the first fund of several expected ETFs that are preparing to debut with Bitcoin futures on the New York Stock Exchange.

VanEx, Invesco, Valkyrie, and Galaxy Digital are among several investment companies that have filed applications with the Securities and Exchange Commission to start trading Bitcoin ETFs, CNN states below.

Bitcoin has seen strong growth this month in anticipation of the fund’s stock debut and thanks to the fact that it is being bought by large institutional investors.

The value of this cryptocurrency has recovered, despite constant criticism from Jamie Damon, the general director of the investment bank “JPMorgan Chase”, who recently said that Bitcoin is “worthless”.

The price of the most famous coin exceeded 64,000 dollars on Tuesday afternoon, thus strengthening from the level recorded at the end of September of just under 44,000 dollars, which is an increase of over 40 percent.

Bitcoin is now just 1.0 percent away from its all-time high – just under $65,000 reached earlier this year.

Experts say that the ETF will bring Bitcoin closer to the masses and enable the average investor to participate in trading, without having to mine it himself.

Cryptocurrencies brought him to the Forbes list of the richest

Sam Bankman-Fried earned $22.5 billion before his 30th birthday thanks to the cryptocurrency exchange he started, although he himself does not believe much in the cryptocurrency market, writes Forbes, which recently published a list of the richest, which also includes Sam.

On a foggy evening in the late summer of 2021, Sam Bankman-Fried headed to a restaurant on the 24th floor of the five-star Equinox Hotel, which is part of the Hudson Yards complex in Manhattan.

The 29-year-old, who earned billions on cryptocurrencies, arrived from Hong Kong in part to organize his private celebration, but so as to go unnoticed.

The clothes he mostly wears, as Forbes writes – a black hooded sweatshirt, gray bermuda shorts, old “new balance” sneakers – could “hide” him on the street, but in the sea “cuffs” and “cocktail dresses”, he stands out even more than 205 centimeters tall Obi Topin, the center of the New York Knicks, who flies among the guests.

It didn’t take long before someone “hooked” him: “Can I suggest something to you?”, “What do you think about the latest fall in cryptocurrencies?”, “How about a photo for Instagram?” …

He didn’t have any Bitcoin in 2017

All of that is part of the job of the richest on Forbes’ list of rich people under 30.

FTX, Bankman-Fried’s cryptocurrency exchange that allows traders to buy and sell digital money such as Bitcoin and Ethereum, raised $900 million in July from funds (Coinbase ventures and Soft Bank) at an estimated value of $18 billion.

FTX manages about 10 percent of the face value of $ 3.4 trillion in derivatives (mostly futures and options), which are traded by crypto investors every month.

FTX earns an average of 0.02 percent on each of these transactions, has a profit of about $750 million in revenue with almost no risk, and has made $350 million in net profit in the last 12 months.

On its own, its trading company Alameda Research recorded a profit of $1 billion on timely transactions last year.

Recently, Bankman-Fried appeared on television to express his opinion on Bitcoin prices, regulations, and the future of digital assets writes Forbes.

The shady history of the Upbit crypto exchange

Upbit is a crypto exchange from South Korea that launched on October 24, 2017.

The company was led by Chi-Hyung Song, the CEO of the company, and Sirgoo Lee, who was the CEO of Dunamu, the parent company.

Not long after, the Upbit exchange started receiving a very high trading volume, positioning among the top 10 crypto exchanges in the world based on 24h trading volume.

Also as a part of their efforts, they received certifications from Korea Internet and Security Agency for Information Security Management System(ISMS).

However, not all went great.

The first raid on Upbit

On May 10, 2018, the main office of Upbit was raided due to fraud allegations.

KIU, FSC, and Seoul Police entered the offices of Upbit at 10 AM, suspecting that Upbit doesn’t hold the quantity of funds it reported.

The Upbit team however published their own audit, trying to clear the suspicion of fraud from their names.

A formal charge of Upbit executives

On December 21, 2018, 3 executives from Upbit got charged by the South Korean prosecutors.

The executives allegedly made fraudulent transactions in 2017, making fake orders totaling around $226.2 billion.

It was suspected that they did this in order to fake the trading volume of the Upbit exchange, thus attracting more users to their platform.

Apart from that, they got accused of selling 11,550 Bitcoins(worth around $120 million) to their customers at inflated prices.

The prosecutors asked for a 7 year fine in prison for the Upbit executives, as well as to order them to pay around 1 billion WON.

A clearing of fraud from Upbit

However, on January 2, 2020, the charges got dismissed on the grounds of lack of evidence.

Even though prosecutors accused Upbit of creating fake orders and inflating prices, Deputy Judge Oh Sang-Yong dismissed the case based on a lack of evidence to support the prosecutor’s story.

The Upbit Ethereum hack

On November 27, 2019, Upbit lost 342,000 ETH, worth about $48 million.

The funds were, over a single transaction, transferred to an Ethereum wallet with the address of 0xa09871AEadF4994Ca12f5c0b6056BBd1d343c029.

The investigation has later shown around 815 wallets trying to cash out the funds, mostly through Bitmax, Binance, Okex, and Huobi exchnages.

Of course, the exchanges like Binance managed to identify and freeze many of the hacker funds, however not all of them got recovered.