SEC X account hacked, false ETF claim spreads

The US Securities and Exchange Commission (SEC) saw its X account hacked for a brief time, with a post claiming it has approved listings for Bitcoin ETF

By Ahmed Azzam | @3zzamous | 10 January 2024

Market open
  • Japanese equities surge to new three-decade highs

  • Bitcoin price fluctuates following SEC's hacked account and ETF rumors

  • Australia's CPI inflation dips to a near two-year low

  • US crude inventories see significant drop

Japanese stocks have surged to a fresh three-decade high, standing out in contrast to the broader declines across Asian markets. The Topix index hit a 34-year peak, boosted by a weakening yen which favored exporter stocks, while the Nikkei 225 index soared over 2% following its highest close since 1990. These gains have nudged the Asian equities gauge higher, even as markets in mainland China and Hong Kong have experienced losses.

SEC chair denies a bitcoin ETF has been approved

The cryptocurrency market witnessed a bout of volatility after the US Securities and Exchange Commission’s (SEC) X account was hacked, falsely announcing the approval of spot-Bitcoin exchange-traded funds (ETFs). The SEC clarified that it had not approved the ETFs, and the misleading post was untrue. Bitcoin later rose over 1% to trade at around $46,167 amid the unfolding events.

Australia's easing inflation

Australia’s monthly CPI indicator signaled a deceleration in inflation, rising 4.3% year-on-year in November, down from 4.9% in October and below market forecasts. This marks the second consecutive month of moderated annual inflation, reaching the lowest level since January 2022, primarily driven by slowed food and transport price increases.

US Crude inventory and global oil market

US crude inventories fell by 5.2 million barrels last week, according to API data, potentially bringing total holdings to a 10-week low. However, distillate stockpiles increased, reaching the highest in over two years. This change in shipping costs, influenced by high demand for vessels, has made long-haul crude too costly for Asian consumers, leading to increased spot barrel purchases from the Persian Gulf and supporting the overall oil market.